Morgan's role evolved over the years. Being American, he could not directly own British ships, but he could own the company that owned the ships. In 1902, the IMM carried 64,738 passengers, a total buoyed by high immigration to the United States. The IMM had signed a partnership with the two most important German shipping companies, Norddeutscher Lloyd and HAPAG, which carried a total of 66,838 passengers. The German-Morgan agreement, signed in New York on 20 February 1902,{{efn|Central planks of the agreement included dividend-sharing, route-allocation, and joint committee to oversee the agreement, and suspension in the event of war. A contemporaneous side deal authorized the subsequent acquisition by HAPAG, NDL and IMM of a controlling interest in the Holland-America line (but without the direct advance knowledge of Holland-America's management).The German Accession," chapter 3 in Vale, pp. 63–101, Annual Report of the Commissioner of Navigation [U.S.], 1902, pp. 395–99, Navin and Sears, pp. 308–12}} was a key step in the formation of what was to become the IMM, but did not fully address long-standing competitive friction between and amongst the major German and British transatlantic shipping companies.

Morgan's role evolved over the years. Being American, he could not directly own British ships, but he could own the company that owned the ships. In 1902, the IMM carried 64,738 passengers, a total buoyed by high immigration to the United States. The IMM had signed a partnership with the two most important German shipping companies, Norddeutscher Lloyd and HAPAG, which carried a total of 66,838 passengers. The German-Morgan agreement, signed in New York on 20 February 1902,{{efn|Central planks of the agreement included dividend-sharing, route-allocation, and joint committee to oversee the agreement, and suspension in the event of war. A contemporaneous side deal authorized the subsequent acquisition by HAPAG, NDL and IMM of a controlling interest in the Holland-America line (but without the direct advance knowledge of Holland-America's management).The German Accession," chapter 3 in Vale, pp. 63–101, Annual Report of the Commissioner of Navigation [U.S.], 1902, pp. 395–99, Navin and Sears, pp. 308–12}} was a key step in the formation of what was to become the IMM, but did not fully address long-standing competitive friction between and amongst the major German and British transatlantic shipping companies.

Responses in the United Kingdom helped intensify these rivalries. Cunard Line, one of the British shipping companies with independent significance, received grants from the British government for the construction of two large ocean liners, the ''Lusitania'' and the ''Mauretania'', which were placed into service in late 1907.{{harvsp|Riffenburgh|2008|p=12}} The competitive response from the IMM group came in 1908 when [[Harland & Wolff]] was authorized to build the White Star Line's {{sclass|Olympic|ocean liner|1}} trio: {{RMS|Olympic}}, {{RMS|Titanic}}, and [[HMHS Britannic|RMS ''Britannic'']].{{harvsp|Piouffre|2009|pp=33–36}}J.H. Isherwood, "The Great Olympic," ''Sea Breezes'' 21 (1956), p. 101

Responses in the United Kingdom helped intensify these rivalries. Cunard Line, one of the British shipping companies with independent significance, received grants from the British government for the construction of two large ocean liners, the ''Lusitania'' and the ''Mauretania'', which were placed into service in late 1907.{{harvsp|Riffenburgh|2008|p=12}} The competitive response from the IMM group came in 1908 when [[Harland & Wolff]] was authorized to build the White Star Line's {{sclass|Olympic|ocean liner|1}} trio: {{RMS|Olympic}}, {{RMS|Titanic}}, and {{HMHS|Britannic}}.{{harvsp|Piouffre|2009|pp=33–36}}J.H. Isherwood, "The Great Olympic," ''Sea Breezes'' 21 (1956), p. 101

Since 1902, IMM had an agreement with [[William Pirrie, 1st Viscount Pirrie|Lord Pirrie]], chairman of Harland & Wolff and member of the management of the White Star Line, stating that all the ships of the company would be built by Harland & Wolff. Ships of the company were also shifting from one company to another, like the ''Belgic'', built for the White Star Line, which was transferred to the service of the Red Star Line under the name {{SS|Belgenland|1914|2}}, or the ''Regina'', which became the {{SS|Westernland||2}}.[http://www.greatships.net/regina.html ''Regina/Westernland''], ''Great Ships''. Retrieved 7 February 2010 This allowed the IMM to schedule a ship each day from the United Kingdom and allowed passengers to change their tickets to another ship of the company. Baker retired from the direction of the Atlantic Transport Line shortly after its integration with the IMM and was replaced by [[Philip Albright Small Franklin|Philip Franklin]]. He later became vice president of IMM, while Griscom was replaced as president by Joseph Bruce Ismay in 1904 (who was also president of the White Star Line).{{harvsp|Piouffre|2009|p=10}}

Since 1902, IMM had an agreement with [[William Pirrie, 1st Viscount Pirrie|Lord Pirrie]], chairman of Harland & Wolff and member of the management of the White Star Line, stating that all the ships of the company would be built by Harland & Wolff. Ships of the company were also shifting from one company to another, like the ''Belgic'', built for the White Star Line, which was transferred to the service of the Red Star Line under the name {{SS|Belgenland|1914|2}}, or the ''Regina'', which became the {{SS|Westernland||2}}.[http://www.greatships.net/regina.html ''Regina/Westernland''], ''Great Ships''. Retrieved 7 February 2010 This allowed the IMM to schedule a ship each day from the United Kingdom and allowed passengers to change their tickets to another ship of the company. Baker retired from the direction of the Atlantic Transport Line shortly after its integration with the IMM and was replaced by [[Philip Albright Small Franklin|Philip Franklin]]. He later became vice president of IMM, while Griscom was replaced as president by Joseph Bruce Ismay in 1904 (who was also president of the White Star Line).{{harvsp|Piouffre|2009|p=10}}