The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-05-01
TERMS OF LEYLAND LINESALE
OFFICIAL STATEMENTS ISSUED IN
LONDON YESTERDAY.

Thrce-fourths of tho Shares Already
Secured by Mr.. M0rgan-Tho Price Ella
los. per share-stir Caused in Business
| Circles.
| London, April 30.-A circular was is
sued this morning by Chairman Eller-
man, Of the Leyland line, in which he
| informed the shareholders that he has
entered into PROVISIONAL contract with
~. Pierpont Morgan for the sale Of his
entire holdings of ordinary shares IN the
steamship line, namely 1900 shares, at
ETA los. per share for each e10 share,
and that Mr.. Morgan agrees to pur-
chase on similar terms all ordinary
shares offered before May 2e.
All the principal ordinary sharehold-
ers, representing a great majority Of
the ordinary shares, according to the
circular, have intimated to Mr.. Eller-
man that they will avail themselves Of
the offer OF Mr.. Morgan, and the eff
feet will be that purchasers will become
owners practically, Of all the ordinary
shares, at a cost Of upwards of R1.750,-
900. Mr.. Ellerman binds himself not to
engage either directly or indirectly In
the North Atlantic trade, either with
the United Kingdom or the continent,
except between Antwerp and Montreal.
for term Of fourteen years, on condi
ton that the purchasers sell him the
Mediterranean, Portugal, and Montreal
fleets, and the business connected there
with, at an agreed-on price. Mr. FL
herman adds that he proposes to retain
his entire holding in preference shares,
amounting to over e1sO,000, and his CO.
directors will retain all their prefer
ence holdings, amounting to f120,000.
Mr.. Ellerman also offers to buy prefer
ence shares at par and their accrued
interest.
A circular issued by the secretary of
the Leyland line accompanies Mr.. Ell
lerrnan's circular 1t explains that the
directors. including Mr.. Ellermaf1, hold
sSsG6S0s out Of f1.200, 900 ordinary share
capital, and a314,9O0 out Of f1,415,000
preference capital. Several Of the d.
rectors also control large amount of
other shares, and all the directors in
tend to vote II, support Of Mr.. Filler
mans arrangement at all meetings call
ed in connection herewith. The secre-
tary adds:
ut is anticipated that practically all
the ordinary shareholders will accept
the offer and the effect will be that the
Morgans will hold R1,20O,0O0 sterling or
dinaries at a cost Of over R1,750,O00."
A meeting Of the shareholders has
been called for May I.
The shipping combination absorbs the
interest Of the commercial world here
no definite information Is yet
obtainable 1t Is understood that the
American line has also been in confer
ance with Messrs. Morgan and Baker.
with the idea either Of Joining or maxi
ing working arrangement, Liverpool
shipping circles this morning were
ignorant Of this phase. They
predict sharp competition between the |
Morgan people ana the American line.
Aside from the new combination.
here Is general activity among the At !
antic steamship lines. Two conferences
will be held In the near future, The
irst will be held with the view to bring
he White Star and the Cunard lines
INTO the Continental pool. The second
will be conference Of the purely Coli
mental lines. to fix a uniform steerage
ate. 1t will be held in Paris this week.
It is eald that overtures have been
made to certain Manchester engineering |
irms for the purchase of their concerns
~ an American syndicate.