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[10] [11] [12] On 1 October 1902, JP Morgan & Co. announced the founding of the International Mercantile Marine Company, more commonly called IMM. [ 13 ] [ 14 ] (Constituent elements of IMM, including INC (chartered in 1871), [ 15 ] had however been operating for many years already.) [ 7 ] IMM was incorporated in New Jersey .
1 Broadway (formerly known as the International Mercantile Marine Company Building, the United States Lines Building, and the Washington Building) is a 12-story office building in the Financial District of Manhattan, New York City.
In 1902, White Star Line was bought by the International Mercantile Marine Co. (IMM), owned by the American banker John Pierpont Morgan. He hoped to obtain a monopoly of the North Atlantic route by buying several shipping companies, and by entering into agreements with others such as the German HAPAG and the Norddeutscher Lloyd.
The International Navigation Company (INC) was a Philadelphia-based holding company owning 26 ships totaling 181,000 tons and carried more passengers than either Cunard or White Star, when the company was reorganized as International Mercantile Marine in 1902. [1]
It recommended that all its affiliates join the ITF, and refocused its activity on promoting friendship and co-operation among ships' officers. It undertook little activity, holding a conference in 1948, and the penultimate meeting of its board of directors in 1951, but remained in existence.
During her early years, this ship, mainly designed to transport migrants and goods, was the victim of several incidents. Her company was integrated into the International Mercantile Marine Co. (IMM) in 1902 and she was used by other companies within the trust, the Dominion Line and the Red Star Line.
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.
[1] [2] The Merchant Marine Act of 1928 would continue to incentivize and spur the construction of U.S. built ships through government loans, which would lead the International Mercantile Marine Company and along with other U.S. run shipping lines to order new ships up through World War II. [2]