Magazine content is available exclusively for TIME subscribers.Business: White Star
The International Mercantile Marine Co. (J. P. Morgan & Co.) sold the White Star Line, the only profitable part of its fleets, last week to the Royal Mail Steam Packet Co. for $34,000,000. The late J. P. Morgan could find no Judge Gary for the shipping trust he planned in 1902, although he did get the ablest shipping executive on the Atlantic seaboard, Philip Albright Small Franklin, for president. Mr. Franklin has had many things to fight—foreign competition, inertia of U. S. shippers, a heavy $36,000,000 bonded indebtedness, most of all legislative handicaps....
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