The International Mercantile Marine Co., originally the International Navigation Co., was a trust company formed in the early twentieth century as an attempt to monopolize the shipping trade. It was founded by shipping magnates Clement Griscom of the American Line and Red Star Line, Bernard N. Baker of the Atlantic Transport Line, J. Bruce Ismay of the White Star Line, and John Ellerman of the Leyland Line. The Dominion Line was also amalgamated. The project was bankrolled by J.P. Morgan & Co., led by financier J. P. Morgan. The company also had working profit-sharing relationships with the German Hamburg-Amerika and the North German Lloyd lines. The trust caused a great panic in the British shipping industry and led directly to the British government's subsidy of the Cunard Line's new ships RMS Lusitania and RMS Mauretania in an effort to compete. However, IMM dramatically overpaid to acquire some of the amalgamated companies, due to overestimation of potential profits. A proposed subsidy bill in the United States Congress failed, and the company thus was never really successful. In 1932 the company was dissolved; Cunard bought the remnants of the White Star Line and the remaining American pieces were amalgamated into United States Lines.
The company is noteworthy in popular history for having owned the RMS Titanic.
Presidents
References
- ^ "Father & Son in I. M. M.". Time magazine. February 10, 1936. http://www.time.com/time/magazine/article/0,9171,755832,00.html. Retrieved 2009-08-18. "From presidency to chairmanship of International Mercantile Marine Co. last week moved Philip Albright Small Franklin. From vice-presidency to presidency rose John Franklin, his son. P. A. S. Franklin was vice-president of International Mercantile Marine at the time of its organization in 1902, became president in 1916, at one point during the War directed the movements of all merchant ships flying the U. S. flag."
Further reading
- Vale, Vivian (1984). The American Peril: Challenge to Britain on the North Atlantic 1901–04. Manchester: Manchester University Press. ISBN 0-7190-1718-1. OCLC 10752931.
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