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Mr. Franklin has made his life more irksome than necessary. He is the nephew of General William Buel Franklin (1823-1903) and of Admiral Samuel Rhoads Franklin (1825-1909) and son of Colonel Walter Simmonds Franklin (1836-1911), who retired from the Army and made a fortune in iron and steel. Young Philip was educated at public and private schools and could have gone to college. But the opportunity to go to France as clerk to the U. S. Commissioner-General—it was his uncle, General Franklin—at the Paris Exposition in 1889, was too tempting to his 18 years.
He came back from Paris full of plans, took a job as office boy in the Baltimore office of the Atlantic Transport Co. Quick intelligence, energy, originality won him quick promotions—to the general managership in 1898. In 1902 the International Mercantile Marine Co. was created and took over the Atlantic Transport as a subsidiary. Mr. Franklin became president of the subsidiary.
The I. M. M. grew, grew under the nurturing hands of J. P. Morgan Sr., who dreamed of his financial empire extending over seas as well as continents. Eventually P. A. S. Franklin became, in 1921, president of I. M. M.
Meanwhile he expanded his personal financial interests; is now a director in several shipping, industrial and banking concerns.**
What makes Philip Albright Small Franklin of especial interest to those worried about the future of the national merchant marine is his sale of the White Star Line. This line is owned by the I. M. M.† which is a U. S. corporation and 95% of whose stock is held by U. S. citizens.
Shippers have been praying that the money derived from the sale be spent on the purchase of U. S. Shipping Board vessels, which perforce must sail under the U. S. flag. In fact such wishful thinkers have worked out a pretty syllogism: Mr. Franklin has the money and powerful associates; he (his I. M. M.) owns the Atlantic Transport Line (U. S.), has as a subsidiary the American Steamship Co. which in turn operates for the Shipping Board the Panama-Pacific Lines: ergo he ought as a "good American" to buy U. S. ships and thus insure a great U. S. fleet on the Atlantic, operating under its own financial steam, without help from a politically uncertain Government.
* Private companies last year operated some 200 ships at a loss to the Government of $30,000,000. About 900 more War-built ships lay inactive.
**One of his boys, P. A. S. Jr., is with the Harriman National Bank. Another, John M., is general manager of the Argonaut Line, owned by Norton, Lilly & Co., Manhattan steamship agents and brokers.
† I. M. M. also owns the International Navigation Co., Ltd., the Red Star Line, the Atlantic Transport Line and the Leyland Line, all under British registry except the Atlantic Transport, which is under U. S. registry.