The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-01
Morgan a. Co. Have Agreed tn Pay
: 1000 for Six Millions worth
of Ordinary shares.
OFFICIAL CIRCULAR ISSUED
EXPLAINING THE OFFER OF TIL
AMERICAN SYNDICATE.
Chairman ElIcrmsn. of the LeyIand
steamship Company. TO Retain
the MontrenI-Antwerp Line.

LONDON. April SO.-A circular was issued
Leyland line. I'm which the shareholders
are informed that he has entered into a
provisional contract with j. Pierpont Nor
gan for the sale of his entire holdings Of
ordinary shares i'm the steamship line.
namely. Il 900 shares at GA los per share
for each e10 share. and that Mr.. Morgan
agrees 10 purchase on similar terms all
ordinary shares offered on or before May
26. Holders OF a great majority OF the
ordinary shares have. according 10 the cir
cular. intimated TO Mr.. Ellerman that they
will avail themselves OF the offer of Mr..
Morgan. and the effect will be that the
purchasers will become owners of practical
~ all the ordinary shares of the American
corporation at a cost of upwards of 81, 750.-
coo sterling. Mr.. Elierman 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 a term
of fourteen years on condition that the
purchasers sell him the Mediterranean,
Portugal and Montreal fleets and the bust
ness connected Herewith at an agreed on
price. Mr.. Ellerman adds that he proposes
TO retain his entire holding In preference
shares, amounting to over G1s0,0oo sterling,
and his codirectors will retain all their
preference holdings. amounting TO f12O.0W
sterling. Mr.. Ellerman also offers 70 buy
any preference shares at par and their ac-
crued interest.
A circular issued by the secretary OF the
Leyland line accompanies Mr.. Ellerman's
circular. 1t explains that the directors. In
GLIDING Mr.. Ellerman. hold ess6. $50 sterling
ON of e. 00, 900 sterling share capital and
e314. 900 sterling out of 91,415.0D sterling
preference capital. Several Of the directors
also control a large amount of other shares.
and all the directors intend TO vote in sup
port of Mr.. Ellerman's arrangement at all
the meetings called in connection there
with. The secretary adds: 1T is antici-
pated that practically all the ordinary
shareholders will accept the offer. and the
effect will be that the Morgans will hold
81. 200. 900 sterling ordinaries at a cost OF
over 81, $4,000 sterling. a meeting Oh TIE
The shipping combine absorbs the interest
of the commercial world here. Though no
definite information is yet obtainable, II is
understood that the American line has also
been in conference with Messrs. Morgan
and Baker, with the idea either or joining
or making a working arrangement Liver
pool shipping circles. seemingly in ignor-
ance of this phase of the affair, predict
sharp competition between the Morgan
people and the American line.
Aside from the new combination, there is
general activity among the Atlantic steam
ship lines. Two conferences will be held in
the near future. The first will be held with
the view to bring the White Star and
CIInard lines into the continental pool. The
second will be a conference of the purely
continental lines to fix a uniform steerage
rate. 1t will be held in Paris this week. 1t
is said that oVertures have been made 10
certain Manchester engineering firms for
the purchase Of their concerns by an Amer
lean syndicate.