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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.
In 1902, J.P. Morgan & Co. financed the formation of International Mercantile Marine Co. (IMMC), an Atlantic shipping company which absorbed several major American and British lines, in an attempt to monopolize the shipping trade. Morgan hoped to dominate transatlantic shipping through interlocking directorates and contractual arrangements with ...
At the beginning of the 20th century, the U.S. banking magnate J. P. Morgan began to acquire a number of shipping companies, including White Star Line, Leyland Line, and Red Star Line, to build the trust International Mercantile Marine Company in order to monopolize transatlantic shipping.
In 1902, the company was bought by the US banker J.P. Morgan and in 1904 the company was under the control of the International Mercantile Marine Company. [4] Leyland line was given responsibility for the European part of the International Navigation Company but had to discontinue the Mediterranean service.
Like many aspiring bankers of the mid-19th century, young John Pierpont Morgan got into the business of finance with the help of some old-fashioned family connections. From 1857 through 1871,
Sold to Ernst Russ Reederei, 1935. Sunk by air attack, 1945. Präsident: 1905 Seized by United States Shipping Board, 1917, and renamed USS Kittery. Scrapped 1933 Amerika: 1905 Seized by United States Shipping Board, 1917, and subsequently renamed America, then ceded to United States Mail Steamship Company and later United
American millionaire businessman J. P. Morgan had decided to invest in transatlantic shipping by creating a new company, International Mercantile Marine (IMM), and, in 1901, purchased the British freight shipper Frederick Leyland & Co. and a controlling interest in the British passenger White Star Line and folded them into IMM. In 1902, IMM ...
Pennsylvania was the last of three sister ships built by the Newport News Shipbuilding and Drydock Company of Newport News, Virginia for the American Line Steamship Corporation, which at the time was part of J. P. Morgan's International Mercantile Marine Co. Pennsylvania was launched on 10 July 1929. [7]