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 capitalized on investment charges connected with establishing or reorganizing firms, without actually running the newly created companies. It appeared to be an opportune time for a large shipping merger. In 1902, another price competition emerged when the Boer War ended and fresh ships came into operation.