The American shipping combination was actually in- corporated at Trenton,
New Jersey, on Wednesday, under the name of the International Mercantile Marine Company, the capital being increased from £3,000,000 to 224,000,000, half of which is to be preference stock with 6 per cent. cumulative dividend. The Company is also authorised to issue 43/4 per cent. bonds to the amount of 215,000,000. Mr. C. A. Griscom is to be the president. The British committee consists of Sir Clinton Dawkins (chairman), and Messrs. W. J. Pinie, J. Bruce Ismay, Henry Wilding, and Charles F. Torrey. It is stated, however, by the Daily Express that the real control of the Com- bine will be vested, not in the directors of the Trust, and still less in those of the subsidiary companies, but in a dictatorship of five men, one of whom is to be Mr. Pierpont Morgan. The other. "voting trustees," says the Express, will be Mr. Ismay, Mr. Pirrie, and two of the American directors.
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