The early 1910s marked a turning point for the IMM. Indeed, on 15 April 1912, the "Titanic", flagship of its fleet, sank during her maiden voyage. Besides the financial and human losses, the sinking had repercussions on the organization of the trust. Through the American commission of inquiry devoted to the sinking, Senator William Alden Smith openly attacked the very principle of the company and Morgan. As had been arranged before Titanic sank, J. Bruce Ismay retired as president of IMM in 1913 and was succeeded by Harold Sanderson Morgan died on 31 March 1913. After the 1915-16 receivership, Sanderson was succeeded as president by Franklin, who had been the receiver.