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Among Morgan’s many “loads” at the time was a scheme to create a huge international shipping syndicate that could stabilize trade and yield huge returns from the lucrative transatlantic routes. By June of 1902 he had purchased Britain’s prestigious White Star Line for $32 million and combined it with other shipping acquisitions to form a trust called the International Mercantile Marine. In 1904 Morgan installed White Star Line’s largest shareholder, forty-one-year-old J. Bruce Ismay, son of the line’s late founder, as president of the IMM. The second-largest shareholder was Lord William J. Pirrie, the chairman of Harland and Wolff, the Belfast shipbuilders responsible for the construction of White Star’s ships. Pirrie had been the chief negotiator with Morgan’s men and was placed on the board of the new trust. The British government had acceded to Morgan’s flexing of American financial muscle in the acquisition of White Star but had also provided loans and subsidies to the rival Cunard Line for the building of the world’s largest, fastest liners, Lusitania and Mauretania—with the proviso that they be available for wartime service. By the summer of 1907, the Lusitania had made its record-breaking maiden voyage, and Pirrie and Ismay soon hatched White Star’s response. They would use Morgan’s money to build three of the world’s biggest and most luxurious liners. Within a year Harland and Wolff had drawn up plans for two giant ships, and by mid-December the keel plate for the first liner, the Olympic, had been laid. On March 31, 1909, the same was done for a sister ship, to be called Titanic. A third, named Britannic, was to be built later.
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Hugh Brewster (Gilded Lives, Fatal Voyage: The Titanic's First-Class Passengers and Their World)