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- International_Navigation_Company abstract "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. INC was formed in 1871 with the backing of the Pennsylvania Railroad to operate foreign flagged vessels on transatlantic routes to Philadelphia. Clement Griscom, the company’s general manager, entered into an agreement with the Belgian Government to establish the Red Star Line to operate a mail service out of Antwerp to Philadelphia and New York. This subsidiary would provide most of the company’s profits for the next 30 years.In 1873, Griscom also took over the management of the American Steamship Company, a Philadelphia based passenger and cargo service to Liverpool that was also backed by the Pennsylvania Railroad. This company, known as the American “Keystone” Line was unprofitable because of the substantially higher costs associated with operating American-flagged vessels. In 1884, the assets of the American Line were acquired by International Navigation. Two years later, INC also acquired the assets of the financially troubled Inman Line, operator of a British flagged Liverpool-New York mail service. With PRR’s backing, Griscom ordered two record breakers to restore Inman’s fortunes. However, the British Government objected to Inman’s ownership change and revoked Imman’s mail contract. Griscom successfully lobbied Congress to reflag the two new express liners and qualify for an American mail subsidy. In 1893, Inman was merged the American Line and the company built two additional express liners in the US to create a premium weekly service, now routed to Southampton.Griscom believed that the major lines should be merged to control capacity and avoid rate wars. In 1899, he became acquainted with J. P. Morgan, an investment banker who was responsible for many of the large mergers during the period. With financing from Morgan’s syndicate, in 1902 Griscom and Morgan expanded International Navigation by acquiring the Atlantic Transport Line, the Leyland Line, the White Star Line, the Dominion Line and half of Holland America. International Navigation was renamed International Mercantile Marine (IMM).However, Griscom and Morgan paid too high a price for the companies they acquired and IMM struggled under the debt payments. Management was reorganized to focus on White Star, the most profitable subsidiary. In 1915, IMM was forced into bankruptcy when the war disrupted cash flow, but later was able to profit from the wartime demand for shipping. In the 1920s and 1930s, IMM gradually sold off its foreign subsidiaries. In 1931, it acquired the United States Lines, and merged all operations under that name in 1943. The company failed in 1986 and was liquidated when it over expanded in the cargo container business.".
- International_Navigation_Company foundingYear "1871".
- International_Navigation_Company keyPerson Clement_Griscom.
- International_Navigation_Company thumbnail Clement_A_Griscom.jpg?width=300.
- International_Navigation_Company wikiPageID "4469169".
- International_Navigation_Company wikiPageRevisionID "600636393".
- International_Navigation_Company areaServed "Transatlantic".
- International_Navigation_Company footnotes "Owned Red Star Line and American Line".
- International_Navigation_Company foundation "1871".
- International_Navigation_Company hasPhotoCollection International_Navigation_Company.
- International_Navigation_Company industry "Shipping".
- International_Navigation_Company keyPeople Clement_Griscom.
- International_Navigation_Company location "Philadelphia".
- International_Navigation_Company name "International Navigation Company".
- International_Navigation_Company type "Holding Company".
- International_Navigation_Company subject Category:Companies_based_in_Philadelphia,_Pennsylvania.
- International_Navigation_Company subject Category:Defunct_companies_based_in_Pennsylvania.
- International_Navigation_Company subject Category:Defunct_shipping_companies_of_the_United_States.
- International_Navigation_Company type Abstraction100002137.
- International_Navigation_Company type CompaniesBasedInPhiladelphia,Pennsylvania.
- International_Navigation_Company type Company108058098.
- International_Navigation_Company type DefunctCompaniesBasedInPennsylvania.
- International_Navigation_Company type Group100031264.
- International_Navigation_Company type Institution108053576.
- International_Navigation_Company type Organization108008335.
- International_Navigation_Company type SocialGroup107950920.
- International_Navigation_Company type YagoLegalActor.
- International_Navigation_Company type YagoLegalActorGeo.
- International_Navigation_Company type YagoPermanentlyLocatedEntity.
- International_Navigation_Company type Agent.
- International_Navigation_Company type Company.
- International_Navigation_Company type Organisation.
- International_Navigation_Company type Organization.
- International_Navigation_Company type Business.
- International_Navigation_Company type Agent.
- International_Navigation_Company type SocialPerson.
- International_Navigation_Company type Thing.
- International_Navigation_Company comment "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. INC was formed in 1871 with the backing of the Pennsylvania Railroad to operate foreign flagged vessels on transatlantic routes to Philadelphia.".
- International_Navigation_Company label "International Navigation Company".
- International_Navigation_Company label "International Navigation Company".
- International_Navigation_Company sameAs International_Navigation_Company.
- International_Navigation_Company sameAs m.0c4635.
- International_Navigation_Company sameAs Q1666782.
- International_Navigation_Company sameAs Q1666782.
- International_Navigation_Company sameAs International_Navigation_Company.
- International_Navigation_Company wasDerivedFrom International_Navigation_Company?oldid=600636393.
- International_Navigation_Company depiction Clement_A_Griscom.jpg.
- International_Navigation_Company isPrimaryTopicOf International_Navigation_Company.
- International_Navigation_Company name "International Navigation Company".