Morgan profited from the investment fees associated with creating or refinancing companies, but not actually operating the new enterprises. The timing appeared right for a large shipping merger. In 1902, another price war broke out when the Boer War ended and new vessels entered service.
Morgan reaped benefits from fees linked to forming or restructuring companies, but not actively managing the new businesses. The moment seemed ideal for a major shipping consolidation. In 1902, another price conflict erupted when the Boer War concluded and newer vessels entered service.