The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-30
And British Shippers Fear There Il
Trouble in store for Lines Out
side the Combination.
WILL HELP THE STEEL TRUST
WHICH WILL GAIN DOCKING PRIvI-
LEGEs AT MANY PORTS.
Fifty Million Dollars to he Spent on
New Steams n ps-Ten Big At
lantic Liners Ordered.

LONDON. April 29.-The first step in the
direction of the consolidation of some of
the biggest transatlantic shipping interests
has been accomplished by the purchase by
j. =. Morgan & Co. of the Leyland line of
steamers. A deposit on the purchase
money has been paid. The officers of the
Leyland line. in confirming the sale, said
an official statement will be issued from
the head office of the line at Liverpool to-
morrow.
The Leyland line. whose fleets will thus
pass into the control OF Americans. is one
of Great Britains greatest shipping in
stitutions. far exceeding the Peninsula and
Oriental Steam Navigation Company In
tonnage and Importance. When. some
months ago, 1t was suggested that the line
was likely TO pass into the hands OF the
Atlantic Transport people, much comment
followed In regard to the effect IL would
nave on other British lines. ii was gen.
orally felt In shipping circles that any such
wide-reaching shipping amalgamation, I'm
close touch with American railroads, would
have serious consequences for lines outside
the combination.
IL was learned this evening that the
purchase of the Leyland line is tanta-
mount To its consolidation with the At
lantic transport line For the present the
Leyland VIII retain its name and be under
the same management. though changes la
the directorate are likely 10 occur shortly.
President Baker. OF the Atlantic transport
line. said: Although the Leyland line
has been purchased by the Morgans. am
rot yet at liberty nor indeed fully IN
u position TO discuss the arrangement pro-
jected. Beyond the purchase nothing will
be settled until return from the United
States I'm June" Mr.. Baker sails on Sat
urday. The result of the projected con-
soldation will be a steamship company
with the largest tonnage of any com
pany I'm the world.
The report OF the Leyland line for 1900.
just issued says the purchase OF the West
Indian and Pacific Steamship Company has
been completed. The company now owns
upwards OF 90 per cent. of the capital
of the Wilson and the Furness-L -Leyand
lines. Steamers of the value of e1.O000OO
were recently added to the joint fleets.
The directors declared a dividend of
per cent. on ordinary shares and set aside
E370.000 10 the account OF the reserve fund.
While the subsidy bill was pending the
representative of the Associated Press
learned the White Star line. the Cunard
line and other English concerns were APP
preached with the view of entering into
combination which should transfer a
certain amount of tonnage TO the Amer-
can corporation, to secure for it
| the benefits of the projected law. These
efforts. however. have been desisted in
since the bill was defeated.
Mr. w G.. Wolff. NJ. T.. OF the Belfast
ship building firm of Hart x Wolff. i'm in
terview with a representative of the Asso-
cIatcd Press said: II do not any harm
done. Certainly 1t is not likely TO hurt
the ship building industry. Under exist
ing conditions many lines were compelled
To waste money without the public reap
ing any advantage. The Atlantic Trans
port Company Is very go-ahead con-
cern. Speaking for ourselves, we have no
prejudice against the use of American
| capital In England"
Sir Christopher Furness. former owner
| of the Furness line. took an opposite view.
| lie said: 81 am opposed 10 consolidation
because I believe II kills competition. Mr..
Morgan is a friend of mine. but L believe
| he would be wiser IL he would stop pllng
up burdens, In the shape of millions. for
| his children. l do not believe that the
great concentration of wealth In the United
states can be OF the countrys good. The
| Cunard and White Star lines are not at
all likely to join in amy further combina-
| tions that may possibly be contemplated"
Mr.. Baker received notice to-day that
the American hospital ship Maine, which
he has been supporting at his own ex-
rense since January for the benefit of the
loI MIL H..
TO him in July. He has refused to sell
the vessel 10 the government.
The Daily Mail publishes an interview
with Mr.. Gynn. director of the Leyland
line. at Liverpool. in which Mr.. Glynn said
the American syndicate represented by
MIR. Morgan sought to obtain sufficient OF
the ordinary shares of the company to give
them the right to the nomination OF two
OF the dill ectors. Mr.. Glynn explained that
! the negotia lions were incomplete. but that
only 10 this extent would the Leyland line
be under the American syndicate. "The
transfer" said Mr.. Glynn. concerns the
companys interest I'm the American. Mexi-
can and West Indian fleets. and Liverpool
would not. az least for a year o. two, be
| affected by the transfer of shares"
Sir Christopher Furness. head of the Fur
ness line of steamers I'm an interview.
! yesterday. made a striking statement con-
cerning American competition. He said: II
have just been approached by certain
wealthy and enterprising Americans for sea
conveyance for 100000 tons OF coal 10
Mediterranean and Eastern ports as well
as for general cargo. There is big move
ment on now by Americans to capture our
oversee coal trade, and. helped by the new
] coal tax. they VII. 10 so. They have excel
lent coal and have oniy -esn hampered by