Waning of White Star in International Combine
J. Bruce Ismay, who figured in the news a few months ago by reason of being among the Titanic survivors, is to resign as President of the International Mercantile Marine Company, it is understood today, on good authority, and will probably be succeeded as executive head of the company by P. A. S. Franklin, now Vice President and head of the business in this country.
Harold A. Anderson, [sic] First Vice-President, will resign at the same time, it is understood and will be succeeded by Frederick Toppin, his assistant. Mr. Sanderson has been head of the Liverpool office. The changes are expected the first of next year.
The head office of the International Mercantile Marine Company, which was incorporated ten years ago in New Jersey with a capital of $120,000,000, has always been in this city. Clement A. Griscom was for two years president and executive manager. When he resigned through ill-health Mr. Ismay was elected president. Mr. Griscom's ability was thought so much of he was elected chairman of the Board of Directors when be retired as president. He is now seventy-two years old, and it is regarded as likely that on his retirement Mr. Ismay will be elected to the chairmanship.
New York is already the most important port of the company. There will be a new service out of here for the Pacific coast after the Panama Canal Canal [sic] is opened. J. P. Morgan controls the stock of the International Mercantile Marine, and it is understood the changes mentioned were agreed on at a London conference with him this summer.
Mr. Franklin, who is slated to succeed Mr. Ismay, is about forty. He has been engaged in shipping for twenty years. It is understood that with the resignation of Mr. Ismay the White Star Line will not be so prominent in the management of the International. One rumor is that when Mr. Ismay leaves the presidency of the International he will become Chairman of the Board of the London and Northwestern Railway.
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