Description: $10,000 6% Bond printed by American Bank Note Company. Issued to The Rockefeller Foundation. The International Mercantile Marine Company, originally the International Navigation Company, was a trust formed in the early twentieth century as an attempt by J.P. Morgan to monopolize the shipping trade. IMM 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 great concern 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. IMM was a holding company that controlled subsidiary corporations that had their own subsidiaries. Morgan hoped to dominate transatlantic shipping through interlocking directorates and contractual arrangements with the railroads, but that proved impossible because of the nature of sea transport, American antitrust legislation, and an agreement with the British government. One of IMM's subsidiaries was the White Star Line, which owned the RMS Titanic. Analysis of financial records shows that IMM was overleveraged and suffered from inadequate cash flow that caused it to default on bond interest payments in late 1914. As a result, a "friendly" receivership was put in effect in 1915, which allowed IMM to reorganize its finances; it emerged from the receivership in 1916. Saved by World War I, IMM eventually re-emerged, after a merger with Roosevelt Steamship Company, as the United States Lines, which itself went bankrupt in 1986. A proposed subsidy bill in the United States Congress failed, as had become widely apparent by April 1902 and the company thus was never really successful. Beginning in the 1920s, the company underwent a series of corporate acquisitions and mergers, which resulted in its becoming the United States Lines in 1943. As the shipping industry prospered in the late 19th century, some sought to create a trust that would monopolize U.S. shipping companies. However, all negotiations in this regard in the 1890s fell short. The intervention of John Pierpont Morgan, one of the richest men in the world, would change that. The Atlantic Transport Line, owned by Bernard N. Baker and having both passenger and cargo ships, competed intensely with British and other shipping companies. Baker tried to sell his company to John Ellerman, chairman of the cargo-carrying Leyland Line, who had tried unsuccessfully to take possession of the Cunard Line and HAPAG, two powerful European companies. Negotiations between Baker and Ellerman, advanced but ultimately fell through. Meanwhile, J. P. Morgan had already concluded agreements with Clement Griscom, president of the International Navigation Company, which operated the Red Star Line and the American Line. Finally, in Dec Item ordered may not be exact piece shown. All original and authentic.
Price: 434 USD
Location: Portsmouth, New Hampshire
End Time: 2024-09-17T15:00:17.000Z
Shipping Cost: 6.25 USD
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Return shipping will be paid by: Buyer
All returns accepted: Returns Accepted
Item must be returned within: 30 Days
Refund will be given as: Money Back
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