New-York tribune., 1901-04-30
LEYLAND LINE BOUGHT.
T. P MORGAN & CO THE PURCHASERS.
ooNsoLIDATIoN WITH ATLANTIC TRANS
PORT LINE ExPECTED-oTHER
SYSTEMS AFFECTED

largest Of the transatlantic shipping interests
has been accomplished by the purchase bv
Perpont Morgan & Co. Of the L,eyland Line
Of steamers. "A deposit on the purchase money
has been paid
representative Of The Associated Press
learned that the purchase Of the Ievland line
1. tantamount TO its consolidation with the At
lantic Transport Line. For the present the
Ieyland Line will retain its name and be under
the same management, though changes in the
directorate are likely to occur shortly Presi-
dent Baker. Of the Atlantic Transport Line, said
to the representative Of The Associated Press:
Although the Leyland Line has been pur-
chased 5y the Morgans, I not yet at liberty
nor, indeed, fully in a position, to discuss the
arrangements projected. Beyond the purchase.
nothing viii be settled until I return from the
United States, in June.
WHAT PRESIDENT BAKER SAYS,
President Baker. who is going to sail for the
United States on Saturday, in order TO be pres
ent st the wedding of his niece while refusing
10 deny oE definitely confirm the report of the
consolidation Of the Atlantic Transport Line
with the Leyland Line. pointed out the ad-
vantages which would accrue to both the COM
pany and the public by a closer community OF
interests between rhe Leylands and ourselves"
He said
months, when the transatlantic lines all
bound, through stress of competition, to keep
up a full service for the benefit OF a handful Of
messengers. who do not secure proper attention
oTing to the fact that II is necessary for the
companies 20 cut expenses down TO the lowest
margin With the view Of something of this
sort the Continental arrangement was made
but this did not work very satisfactorily For
some time there has been a movement on foot
10 improve the existing conditions. both from
cur standpoint and from that Of the travellers.
While rne Subsidy bill was pending. it was
learned the White Star Lire, the Cunard Line
and Other English concerns were approached
with view of entering into combination
which should transfer certain amount OF ton
mage 70 the American corporation, so as TO Sc
cure for it the benefits Of the projected law.
These efforts however, have ceased since the
bill defeated.
W G Wolff NJ. P, Of the Belfast shipbuildins
firm Of Harland & Wolf. in an interview said:
do not see any harm done Certainly it is
not likely TO hurt the shipbuilding industry
Under existing conditions many lines were COM
PEELED 10 waste money without the public reap
ing any advantage. The Atlantic Transport
Company is very go ahead concern Speaking
for ourselves, We have no prejudice against the
use Of American capital in England
BRITISH sHIPowNER FEARFUL
Sir Christopher Furness former owner Of the
Furness Line, took opposite view He said;
7 an opposed to consolidation, because be-
lieva II kills competition Mr. Morgan is
friend Of mine. but believe he would be wiser
Il he would stop piling up burdens in the shape
Of millions for his children 1 do not believe
that the great concentration Of wealth in the
United States can be for the countrys good.
The Cunard Fand White Star lines are not at
all likely TO Join in any further combinations
that may possibly be contemplated
Mr.. Baker received notice to-day that the
American hospital ship Maine. which he has
been supporting ar his own expense since Janu-
airy for the benefit Of the British sick. and
wounded will be returned to him IN July. he
has refused to sell the vessel TO the government
The officials of the Leyland Line said that an
official statement would be issued from the head
Office OF the line, at Liverpool tomorrow. II
is understood that the shareholders viii receive
f14 los for each f10 share
The Leyland Line. whose fleets will thus pas.
into the control Of Americans. is one OF Great
Britain's greatest shipping institutions, far ex-
ceeding the Peninsular and Oriental Steam
Navigation Company in tonnage and impor-
tance. The result Of the projected consolidation
will be g steamship company with the largest
tonnage Of any company in the world.
When. some months ago, ii was suggested
that the line was likely 70 pass into the hands
OF the Atlantic Transport people. much COM
naent followed in regard to the effect IL would
have on other British lines. as it generally
felt IN shipping circles that any such wide reach
ing shipping amalgamation, in close touch with
American railroads. would have serious conse-
quences for lines outside the combination.
The report of the Leyland Line for 1900, just
Issued says the purchase Of the West Indian
and Pacific Steamship Company has been duly
COMPLETED. The company now owns upward Of
90 per cent Of the capital Of the Wilson and
Of he
value OF 100000. were recently added to the
joint fleets The directors declared q dividend
OF per cent on ordinary shares and set aside
f37O.O 70 the account Of the reserve fund.
London. April 3O-"The Daily Mall this
morning publishes an interview with Mr.. Glynn,
z director Of the Leyland Line. at Liverpool, in
which Mr. Glynn said that the American syn
dicate represented by Mr.. Morgan sought to
obtain sufficient Of the ordinary shares Of the
company 10 give them the right TO the nonina-
ton Of two Of the directors. Mr.. Giynn ex-
plained that the negotiations were incomplete.
but that only 70 this extent would the Leyland
Line be under the influence Of the American
syndicate.
The transfer" said Mr. Glynn, concern. the
oonpanys interest in the American, Mexican
and West Indian fleets. and Liverpool would
not, az least for year or two. be affected by
the transfer OF shares
TO CAPTURE BRITISH COAL TRADE
Sir Christopher Furness in an interview yes
tercay made striking statement concerning
American competition. He said:
l have just been approached by certain
wealthy and enterprising Americans for
conveyance for 100000 tons OF coal 10 Med
herranean and Eastern ports, as well as for gen.
There Is a on