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Salt Lake Telegram | 1926-11-27 | Page 1 | White Star Line is Purchased by British Company

Type issue
Date 1926-11-27
Paper Salt Lake Telegram
Language eng
City Salt Lake City
County Salt Lake
Rights No Copyright - United States (NoC-US)
Publisher Digitized by J. Willard Marriott Library, University of Utah
ARK ark:/87278/s6ns22m0
Reference URL https://newspapers.lib.utah.edu/ark:/87278/s6ns22m0

Page Metadata

Article Title White Star Line is Purchased by British Company
Type article
Date 1926-11-27
Paper Salt Lake Telegram
Language eng
City Salt Lake City
County Salt Lake
Page 1
OCR Text SI STAR AR UN LINE IS PURCHASED B BOHms DY OHms C MP AN Failure to Make Profits Under American Ownership Ownership Owner Owner- ship Held Cause of Sale PRICE IS Some of Largest TransAtlantic TransAtlantic Trans Trans- Atlantic Lines Are Included Included Included In In- in I. I M. M M. M Fleet LO LONDON DO Nov 27 7 United Press Purchase of the White Star steamship line by the Royal Mail 1 line reported in London and New NewYork NewYork NewYork York yesterday was confirmed here today officially The Royal Mail announced it will acquire the entire capital stock o of the Oceanic Steam Stam Navigation company com corn pany which is the owning company com com- pany o of the White Stat Star line January January Janu- Janu ary arv 1 The purchase it was stated stated stated stat stat- ed in no way affects the lines line's or organizatIon organization or- or or agency arrangements The White Star line was controlled controlled controlled con con- trolled by the International Mercantile Mercantile Mer Mer- cantile Marine an American com com- pany For months under under-i st sto stoa o da fiat 1 fh was for pak largely because of failure to make profits under American ownership Last summer the s sale tle to a British concern was practically completed I but the general strike in England forced postponement of or the negotiatIons negotiations negotiations I I and finally they were broken broken bro bro- ken off The line operates some of brO 1 the Continued on page 5 STAR Sf AR UHf LINE IS PURCHASED Of BY OHmS COMPAN Continued from pac paye 1 J. largest of the he trans Atlantic liners including the Homeric Majestic Olympic Adriatic Arabic Arable Baltic Cedric and several lesser ships It had been reported that a n price of was placed on the line NEW YORK Nov 27 21 AP AP Wall Wallstreet street Is convinced that the International International International Inter Inter- national Mercantile Marine nas practically completed renewed ne- ne for the sale of ot Its Us British registry White hite Star line fleet with witha a view to developing a an all Amer lean ican merchant fleet Preferred stock and nd 6 G per cent bonds bond of the I. I M. M M M. which has been operating at a loss for Cor yea years s rose nearly nearl 6 G points on the strength Of Pr the reports The sale price 1 li Ic 1 given as its a approximately ap nfl- p- p proximately for the ton fleet h includes some of the finest liners afloat a and the Royal Mall Mail St Steam am Packet company Is named as bu buyer er Part of the price e would be he paid in cash and the balance by notes or r debenture of the thc Royal Malls Mails P. P A A. A S. S S Franklin president of the I. I M M. M. M r. r Is b In Lon London on Last spring be ie had negotiations In London with Furness Withy Co for the sale but the deal fell tell through with the advent of the British general strike J J. J P. P PIOl Morgan Mor Mm gan gao and Charles Steele of the Morgan MorSan Mor Mor- lorgan gan San company withdrew as directors of ot the I. I M. M M. M during these negotiations because the London branch of Dt the Morgan firm was interested in the transaction Later they re resumed resumed resumed re- re their places as directors and yesterday esterday Mr Steele attended an I. I M. M M. M board meeting here at which It was reported the sale was va deCided decided de- de upon Directors said however however how Slow ever that only routine business completed The stockholders of the Oceanic Oceania Steam Navigation atlon company the tte White Star organization have been notified that the line must either sell cell the ships or finance an extensive exten exten- sive sl building program Amon Among the ships ship of the White Star fleet are ale the tile Homeric Majestic Majestic tic Olympic Adriatic Arabic Arable Bal lIal- tic tIe Cedric and a dozen others The I. I F M. M M. M also has other vessels under un un- del der the British and other flags Wall street speculation is completion of the tile White Star deal may b be followed by a bid for tor the United States lines The I. I M. M M. M recently bid for tor the Leviathan but the bid was rejected by the tile shipping shipping shipping ship ship- ping board in the absence of ot a bid for tor the entire fleet
Reference URL https://newspapers.lib.utah.edu/ark:/87278/s6ns22m0/19857387