The sun., 1901-05-01
SHIP COMBINES PLANS
Talk of the American Line Working
With Morgan's Fleet.
TERMS OF LEYLAND SALE.
Expected Tint Nearly All the Ordi-
nary Shareholders viii Acqui-
esce In Arrangement Giving
Mr.. Morgan Control.

London. April 3O-The shipping COM
binc. in which the first step has al
ready been taken by the purchase Of
the Leyland line by ]. Pierpont Nor
gan. absorbs the interest of the com
mercial world here.
Though no definite information Is yet
Obtainable. it is understood that the
American line has also been in confer
ence with Messrs. Morgan and Baker,
with the idea either of joining or max
ing working arrangement. Liverpool
shipping circles are seemingly ignorant
of this phase. They predict sharp COM
petition between the Morgan people
and the American line.
Aside from the new combination
there is general activity among the At
lantic steamship lines. Two confer
cnces will be held in the near future.
The first will be held with the view to
bringing the White Star and Cunard
lines into the continental pool. The
second will be conference of the
purely continental lines to fix uni
form steerage rate. 1t will be held in
Paris this week.
1t is said that overtures have been
made to certain Manchester engineer
ing firms for the purchase of their con
Germs by an American syndicate.
4 circular has been issued by Chair
man Ellerman of the Leyland line in
which he informed the shareholders
that he has entered into provisional
contract with Mr.. J. Pierpont Morgan
for the sale of his entire holdings of or
binary shares in the steamship line
namely, 1000 shares at El4 los. per
vhare for each flo share and that Mr..
| lOrgan agrees to purchase on similar
terms all ordinary shares offered be-
fore May %
VIII Accept the OGer.
All the principal ordinary sharehold-
FRS, representing great majority of
the ordinary shares, have according to
The circular, intimated to Mr.. Ellcrman
that they will avail themselves of the
offer of Mr.. Morgan. and the effect will
he that purchasers will become own
ers practically of all the ordinary shares
AT a cost of upward Of tl.I50.O00.
Mr.. Ellrrman binds himself not to en-
gage either directly or indirectly in the
north Atlantic trade. either with the
United Kingdom or the continent. ex.
cept between Antwerp and Montreal
for term of IA years. on condition that
the purchasers will sell him the Med
iterranean, Portugal and Montreal
fleets and the business connected there.
with at an agreed on price Mr.. Eller
man adds that he proposes to retain his
entire holding in preference shares
amounting 10 over flSOOOO. and his co
directors will retain all their prefer
encr holdings. amounting to E12O0OO
Mr. Ellprman also offers 10 huy any
preference SlnrrS IL par ANA their nc
crucl interest.
y circular issued ly the secretary OF
the IcNland line accompanies Mr.. FL
icrmans circular. 1t explains that the
directors. including Mr.. Ellerman. hold
:.SS,i.IiSi out Of t1.2u0.UOM ordinary
share capital and E3ll.9UU ont of II ,
4lo.Wm preference capital. Several OF
thedirectors also control large amount
of other shares. and all the directors in
tend to vote in support Of Mr.. Eller
man $ arrangement at all the meetings
called in connection Herewith The
secretary adds:
1T Is anticipated that practically al
the ordinary shareholders will accent
he Offer and the effect will he that tn,
Morgnns will hold II 300. 900 orlinarie.
ut cost of over E1.1JO.OOO."
meeting Of the shareholders has
been called for May I.