The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1901-05-03
SHIPPING COMBINE
STARTLED ENGLAND.
THE DETAILS OF MORGAN'S TRADE
WITH EILEISEAN
no f"id "cil for tho Stock-Enei iIshmcn
VIII Got Profit nf Nearly Three Millions.
Gnlk or Other AbsorptIons.

Galk or Other AbsorptIons.
London, May 1.--Tho Leyluntl
limo deal provokcs unusual discus
sion in tho English papers, which rc-
veals the existence Of not little ap
prchension as to tho possibility of
the United States dominating the
Atlantic carrying trade. Tho gon-
oral impression, however, is that the
transfer is connected with the prob
able passage by tho United States
senate Of subsidy bill
1t is conceded that tho torms of
the transfer arc SO profitable to the
Leyland limo people that thoro could
be no question of their acceptance
aud that other shipping companies
would gladly sell on tho samo tcrms.
Tho effects of the transfer are dis
cussod in all their bearings. Sir
Christopher Furncss, who contrib
utes to the Daily Mail a long ar-
tlclc, dealing with tho stool and other
trusts in tho United States, insists
upon tho necessity Of the country
waking up to meet tho now compo-
tition.
Tho Daily Telegraph asks, cdito-
rally, whether the whole British
empire is to be bought out by Ameri-
can millionaires. 1t calls Mr. Nor
gan "the Bonaparto Of trade" and
thinks the British public will be worry
foolish if it is lullcd by statements
that there is no intention to with
draw the vessels of tho Leyland line
from tho Union Jack.
"Ihls is q serious situation" says
tho Daily Telegraph, "which calls
for concerted action on this side,
especially looking to tho enormous
growth of the American export trade
and the increase Of the American
and German shipping TONNAGE"
A circular was issued this morning
by Chairman Ellerman of tho Icy
land limo, in which tho shareholders
arc informed that ho has entered
into a provisional contract with j.
Pierpont Morgan for the sale of his
entire holdings Of ordinary sharos
IN the steamboat line, namoly, II ,00C
shares at .E14.1O pcr share for each
4l0 share and that Mr. Morgan
agree to purchase on similar terms
all ordinary shares offered before
May 2G.
Holders of great majority of the
ordinary shares have, according te
the circular, intimated to Mr.. Eller
man that they will avail themselves
Of the offer of Mr. Morgan and the
effect will be that the purchasers viii
become owners of practically oil tn,
ordinary shares Of the American cor
poration at q cost of upward Of .Gl II,
10000. Mr.. Ellerman binds him
self not to engage either directly O.
indirectly in the North Atlantic trade
either with the United Kingdom O
the continent, except between Ant
werp and Montreal, for term Of I.
years, on condition that tho pur
chasers sell him tho Mediterranean
Portugal and Montreal fleets and tn,
| business connected thorowith at al
agreed on price. Mr.. Ellerman adds
that he proposes to retain his entir,
holdings in preference shares
amounting to over ElS0,000, and hi
odirectors will retain all their pro
ference holdings, amounting t,
f12O, 1000. Mr.. Ellorman also offer
to buy any preference shares at pa
and their accrued interest.
A circular signed by the socrotar,
of the Leyland line accompanies Mr.
Ellerman's circular. 1t explains tha
tho directors, including Mr.. EllermaI
hold e89G,G80 out of G1 100000 or
dinary share capital and G314,0O'
out of 81, 1,415,000 preference capital
Several Of tho directors also contrc
a largo amount of other shares an,
I'll tho directors intend to vote i
support of Mr.. Ellerman's arrange
mont at all the meetings in connoc
ton herewith.
The secretary adds: