The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-04-30
BUYS SHIP LINE WHILE IN
LONDON.
REORGANIZATION
Secures Great Leylnad Fleet For
Consolidation with Atlantic
Transport Company.

London, April 29.-The first step to-
word the consolidation Of some of the
biggest transatlantic shipping inter-
ests has been accomplished by the
purchase by j. Pierpont Morgan & Co.,
o. the Leyland line Of steamers. A
deposit on the purchase has been paid.
The officials of the Leyland line, in
confirming the sale, salu an official
statement would be issued tomorrow
from the head Office of the line at
Liverpool. 1t is understood hat the
shareholders will receive ETA, los.
for each G1O share.
The Leyland line, whose fleets will
pass into the control of the Americans
is n of Great Britain's greatest ship
ping concerns, far exceeding the Pen
insular & Oriental Steam Navigation
company in tonnage and Importance.
When it was suggested some months
ago that the line was likely to pass
into the hands of the Atlantic Trans
port people, much comment followed
in regard to the effect on other Brit
ish lines, as it was felt in shipping
circles that any such widespread ship
ping amalgamation in close touch
with American railroads would have
serious consequences for lines out
side the combination.
A representative of the Associated
Press has learned that the purchase
of the Leyland line is tantamount to
it's consolidation with the Atlantic
Transport line.
For the present the Leyland will
retain it's name and be under the
same management, although changes
in the directorate are likely to occur.
President Baker, of the Atlantic
Transport line, said to a representa-
tive of the Associated Press: cal
though me Leyland line has been
purchased by the Morgans, l am not
yet at liberty, nor indeed will l be in
a position to discuss the arrange
ments perfected. Beyond that l can
only say / will return to the United
States in June"
The proposed consolidation will
form a steamship company with the
largest tonnage of any of the steam
ship companies in the world. The re.
port for the Leyland for 1900, just is
sued, says the purchase of the West
Indian and Pacific Steamship COM
pany has been contemplated. The
company now owns upwards OF SO per
cent of the capital of the Wilson and
Furness-Leyland lines. Steamers of
the value of G1,O00,00O were recently
added to the fleets. The directors de-
clared a dividend of 6 per cent on or
binary shares and set aside G370,000
to the account of the reserve fund.
New York, April 29.-Ine Worlu
will say tomorrow: Shipping men in
New York say the purchase of the Ley
land line is the most important deal
in the history of the American COM
merce and predict speedy absorption
of other ocean steamship lines by the
Morgans. Although Mr.. Bacon, the
spokesman for the firm of j. Pierpont
A4organ & Co., in the absence of the
senior member Of the firm, refused to
confirm the report of the purchase of
the Leyland line, there is little
or no doubt of it's accuracy. A. c..
Fetterol, and A. Martin, manager and
general agent respectively of the Ley
land line, admitted the possibility of
the purchase, but had no oficial. infor-
nation IN the subject from the com
pany.