Атланттық мұхиттық кемелер тресінің құрылу тарихы

Transatlantic shipping group

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, which became widely apparent by April 1902 and the company thus was never truly 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 December 1900, after six months of negotiations, the Atlantic Transport Line joined INC. Subsequently, Baker, J. P. Morgan, and Simon Bettle Jr. (representative of the INC) negotiated with Ellerman, this time with a view to redeem his property. There would be two companies that would join the trust. The name of one of them was revealed in April 1901: the Leyland Line. The second turned out to be the prestigious White Star Line, bought by Morgan's team, after long negotiations, in April 1902. On 1 October 1902, JP Morgan & Co. announced the founding of the International Mercantile Marine Company, more commonly called IMM. (Constituent elements of IMM, including INC (chartered in 1871), had however been operating for many years already.)

Morgan's role evolved over the years. Being American, he could not directly own British ships, but he could own the company that owned the ships. was a key step in the formation of what was to become the IMM, but did not fully address long standing competitive friction between and amongst the major German and British transatlantic shipping companies. Responses in the United Kingdom helped intensify these rivalries. Cunard Line, one of the British shipping companies with independent significance, received grants from the British government for the construction of two great ocean liners, the Lusitania and the Mauretania, which were placed into service in late 1907. The competitive response from the IMM group came in 1908 when Harland & Wolff was authorized to build the White Star Line's Olympic class ocean liner trio: , , and
Since 1902, IMM had an agreement with James Pirrie, chairman of Harland & Wolff and member of the management of the White Star Line, stating that the vessels of the company will be built by Harland & Wolff for all the time. This allowed the IMM to schedule a ship each day from the United Kingdom, and passengers to change their tickets to a position equivalent to another vessel of the company. Baker retired from the direction of the Atlantic Transport Line shortly after its integration with the IMM, and was replaced by Philip Franklin. He later became vice president of IMM, while Griscom was replaced as president by Joseph Bruce Ismay in 1904 (who was also president of the White Star Line).