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International Mercantile Marine Co.
The International Mercantile Marine Co., 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. The result was heavy losses for Morgan.
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. However, IMM dramatically overpaid to acquire some of the amalgamated companies, due to overestimation of potential profits.
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.〔The New York Times, 4 April 1915; IMM 1916 Annual Report.〕 Saved by World War I, IMM eventually reemerged as the United States Lines, which itself went bankrupt in 1986.〔John J. Clark, and Margaret T. Clark, "The International Mercantile Marine Company: A Financial Analysis," ''American Neptune'' 1997 57(2): 137–154〕
A proposed subsidy bill in the United States Congress failed, as had become widely apparent by April 1902 〔and presenting Morgan with the "Hobson's choice" of proceeding with the formation of a probably unprofitable holding company (by consummating the acquisition of White Star as its "crown jewel," but having to probably go without the subsidy envisaged under the Frye-Payne bill), or backing away at the last minute and absorbing considerable losses on the prior purchase of Leyland. Morgan ultimately chose to go ahead and continue putting together his "trust." Navin and Sears, pp. 316-19, Vale, pp. 94-97〕 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.
==History==
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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