Interesting Detail of Formation of Pool Are Given
Special Cable Despatch to The Sun
London, June 30. With the retirement of J. Bruce Ismay to-day from the presidency of the International Mercantile Marine Company the firm of Ismay, Imrie & Co. will close its career after forty-five years of success.
The Times, in reviewing the career of the firm, says that when J. Bruce Ismay accepted the offer of the late J. Pierpont Morgan to buy the line and also, necessarily, the business of Ismay, Imrie & Co., he made it a condition that on his retirement (the date of which was fixed at a much earlier date than is generally supposed, and is wholly unconnected with the Titanic disaster) his name should no longer be used and should remain his personal property. This was in accordance with a provision made by his father in the original deed of partnership.
The Times says the story of that transaction has not yet been published but
can be told in a few words. Mr. Morgan approached Ismay, Imrie & Co., who in
accordance with their traditions declined to divulge any figures. Thus the
deal was arranged in the dark on the basis of ten times one year's profits,
a recent ordinary year being selected. An examination of the books disclosed
the fact that the net annual profits were in round figures at the rate of
100 per cent.
The White Star company announced in London on December 31, 1912, that Mr.
Ismay would resign on June 30. It was said at that time that an arrangement
for his withdrawal had been made in February, 1912, but it was determined
that no announcement should be made until the end of 1912. Harold A.
Sanderson, one of the directors of the company, it is said, will succeed.
Related Biographies:Joseph Bruce Ismay
Thomas Henry Ismay
Harold A. Sanderson
Retrieved from the Library of Congress' Chronicling America web site,