The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-02
MORGAN DARING
STARTLES ENGLAND
America Threatens to Take
Her Carrying Trade.
THIS IS WHAT SHE FEARS
Is She to be Bought up by American
Gold? Asks the Press.
A CIRCULAR BY CHAIRMAN ELLERMAN
He Gives Out information Concerning Purchase
Of the leyland Line. Reported Purchase
Of the Maine Steamship Line
by Morgan.
(By the Associated Press.)

London. May Wednesday. 1.-THE
Leyland Line deal provokes unusual dis
cussion in the English papers which re-
veals the existence of not little appre-
hension as to the possibility of the Uni
ted States dominating the Atlantic car
rying trade. The general impression
however, is that the transfer IS connected
with the probable passage by -he United
States Senate of a Subsidy Bill.
It is considered that the terms Of the
transfer are so profitable to the Leyland
Line people that there could be no ques-
ton of their acceptance and that other
shipping companies would gladly sell on
The same terms.
The effects of the transfer are dis
eussed in all their bearings. Sir Chris
topher Fruness, who contributes to the
Daily Mail a long article dealing with
tbe~steel and other trusts in the United
ates insists upon the necessity of the
country waking up to meet the new COM
petition.
The Daily Telegraph asks editoriGlly
whether the whole British Empire IS TO
be bought up or bought out by American
millionaires. 1t calls Mr.. Morgan .'the
Bonaparte of trade and thinks the Brit
ish public will be very foolish f it is
lulled by statements that there is no r.
tention to withdraw the vessels of the
Leyland Line from the Union Jack. This
is a serious situation" says the Daily
Telegraph, (which calls for concerted ac-
ation on this side. especially to the enor-
Tvs growth of the American export trade
the increase of the American and
pan shipping tonnage.
" CIRCULAR BY ELLERMAN.
ecular was issued yesterday
by Chairman Ellerman, OF
Ind Line, in which the share
e informed that he has entered
Gisional contract with j. Pier
Morgan for the sale of his entire
Weddings of ordinary shares in the steam
ship lines, namely 71,000 shares az IA 10
pounds sterling per share for each 10
pounds sterling share and that Mr.. Nor
gan agrees to purchase on similar terms
all ordinary shares offered before May
18th.
Holders Of a great majority OF the or
binary shares have according to the cir
cular intimated to Mr. Ellerman that they
will avail themselves of the offer of Mr.,
purchasers will become owners Of prac-
tically all the ordinary shares ct the
American corporation at cost of up
wards of 100000 pounds sterling. Mr..
Ellernian 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 condition that the pur-
chasers sell him the Mediterranean, Por-
tugal and Montreal fleets and the business
connected Herewith at an agreed on
price, Mr.. Ellerman adds that he pro-
poses to retain his entire holding in
preference shares, amounting to over $780,
900 pounds sterling and his co-directors
wilI retain all their preference holdings
amounting to 100000 pounds sterling. Mr..
Ellerman also offers to buy any prefer
ence shares at par and their accrued in
terest
A circular issued by the Secretary OF
the Leyland Line accompanies Mr.. Eller-
mans circular. 1t explains that the di-
rectors, including Mr. Ellerman, hold