New-York tribune., 1901-05-01
TERMS OF MORGAN DEAL.
LEYLAND SHARES BOUGHT AT AD-
VANCED PRICE.
socIETY's BUSY DAY IN LoNDON-W. B.
CUTTINGS MARRIAGE.
Copyright: 1901: BY The New-YorIz Tribune)
IBY CABLE TO THE TRIBuNEl

D
GBY CABLE TO THE TRIBUNE.l
London. May /, / a. m.-The excitement in
chipping circles over J. Pierpont Morgan's raid
on British commerce remains unabated A cir
cular has been issued to the shareholders of the
Leyland company by the directors stating that
q provisional contract has been entered into by
the chairman j. r. Ellerman, by which he dis
poses Of his holdings of seventy-one thousand
ordinary shares Of f10 par value each to ]. P
Morgan & Co. of New-York, and J s Morgan &,
Co, OF London. at the price of fla los. for each,
with interest.
MI Morgan agreed to buy all ordinary shares
at a similar price, and there is no reason to
doubt that the shareholders will accept the offer
at meeting to be held on May T. This will
mean that Mr.. Morgan will buy all the ordinary
shares at a cost of about Fl, 10000 It should
he stated that the present capital of the COM
pany amounts to f3,115,000. divided into 10000
ordinary shares of f10 each. Ill 500 preference
shares al t10 each. and 100000 Of debentures
The price Of the ordinary shares went up 10
shillings yesterday to f14 and their appreciation
in TWO days amounted TO f150,000. The effect Of
the deal Will be in the first instance TO place two
American directors the board. AS TO the ul-
innate outcome, it seems to be a foregone con-
cluson that the company will in the end become
q purely American undertaking.
Extensive use was made in the Parliament
lobbies yesterday Of a story that an American
syndicate intended 10 export coal on large
scale 10 Europe and that IL was bent upon Sc
curing control Of the ocean freight business Sir
Christopher Furness ana other Liberals used
this argument against tho export coal
duties The Commons cannot be frightened by
elarmist tales respecting Yankee raids The
British commercial marine. and shipowners
rI,;r1-
then TO contract for the construction of new
fleets on the Clyde and the Tyne.
A prominent member of Parliament tells me
that the Opposition is making impression
and that Sir Michael Hicks -Beach's budget is
now absolutely safe.
London has had another busy day with many
public social events The enthronement Of the
Bishop of London at ST. Paul's was a stately
and impressive service. with vast assemblage
10 witness the ceremony and TO listen to the
majestic music.
Ysaye was the conductor at the musical festi-
val at the Queens Hall. with Beethovens over
ture 'Egmont," and the "Eroica" symphony
and the funeral march from Die G6tterdam-
nerung'' the main orchestral numbers, and
with Marie Brena as vocalist. Lady Halle
in her violin concerts at the Mendelssohn festi-
val is well supported but there is complaint be-
cause only two selections by British composers
are performed.
The most important wedding was that Of Will
lam Bayard Cutting and Lord Desart's daugh-
ter, Lady Sybil Cuffe, at All Saints Church.
which was attended by few Americans outside
Of the Embassy. but by many English friends
Mr.. Cutting and Lady Sybn viii sail for New
York a. the end Of the month.
Lady Charles Cavendish- -Bentinck opened the
South African charity sale, at Church House,
Westminster. and Sir Henry Irving in Water
loo" Joined other actors in a charity matinee at
the Haymarket Theatre.
Mariana de Ortega, Morejon and other Span
iards who have contributed TO the success Of the
Guildhan show. express the hope that there will
be a similar exhibition in New-York in another
year. They assert that the Spanish collectors
and painters would do everything in their power
10 assist the enterprise. and that it would be pos
sible TO secure from Madrid a selection Of well
known books of Velasquez. Murio. Goya, For
tuny and other masters, we'll as a complete
representation Of living painters at an exhibit
tiUn in America. l. y. F.