ANOTHER MERGER

Hawke's Bay Tribune, Volume XX, Issue 192, 4 August 1930, Page 5

ANOTHER MERGER

BIG SHIPPING INTERESTS 46 VESSELS (United Press Association-By •CableCopyright.] New York, Aug. 2. Control of the International Mercantile Marine, founded by the late Pierpont Morgan, with a fleet of 46 vessels with a tonnage of 527,000, Las passed to the Roosevelt Steamship Company. Messrs Croit Roosevelt, Basil Harris and John M. Franklin are to be vice-presidents of tne new company, and Mr P. A. S. Franklin remains president. The disposal of the International Marine's foreign tonnage is planned by the new company in order to develop the American service. It is also reported that the Pennsylvania and Baltimore-Ohio railroad, interested in the Roosevelt Line, which operates a fleet of 24 motor ships, from Atlantic ports to the Far East, will merge with the new company. • THE ROOSEVELT LINE The sale of the 11,773-*.on, ships Steadfast, Eclipse, Archer, Independence and Victorious to tho Roosevelt Steamship Company, Inc., of New York, for 30,000 dollars cash each, was announced by the United States Shipping Board recently.

These vessels are to be so reconstructed as to increase their speed to 16 knots, and to provide passenger accommodation for approximately 100 passengers. Tho Roosevelt Line, in establishing this new passenger and cargo service between Baltimore and Hampton Roads, and Gremen and Hamburg, has the right to call at French Atlantic and Channel ports.

Within a short while the Roosevelt group will submit plans for modifying the hull lines of the ships, and for substituting new engines of considerably increased power over Those that were installed by tho Government. The board has made it plain, however, that, while these five ships will be used to inaugurate the new line, it will require the construction of two new liners having a speed of at least 18 knots. ‘While exact figures have not been given out as to the anticipated cost of reconstructing these five vessels, it is believed that this will range from 750,000 dollars to 1,000,000 dollars per ship.