The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-01
THE TERMS OF THE DEAL.
LeyIand Line officials Issue State
ments.

ments.
London, April 30.-A circular was issued
this morning by Chairman EAerman of the
Leyand Line in 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 in the steamship line,
namely. 7l,000 shares, al f1410s per share
for each f10 share and that Mr.. Morgan
agrees to purchase on similar terms all
ordinary shares offered before May 20
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.. Morgan and the effect will be that
the purchasers will become owners Of
practically all the ordinary shares of the
American corporation at a cost of upwards
of f1,750 900. Mr.. Alderman 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 business connected there
with at an agreed on price. Mr.. Ellerman
adds that he proposes TO retain his entire
holding in preference shares, amounting
to over $4,000, and his co-directors will
retain all their preference holdings
amounting to 100000.
Mr.. Ellerman also offers to buy any
preference shares at par and their ac-
crued interest.
Morgan Has Controlling Interest.
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
1856, $50 out of Fl, 10000 ordinary share cap
ital, and f314.9O0 out of f1,415,OO0 preference
capital. Several of the directors
also control large amount
of other shares and all the
directors intend to vote in support of Mr..
Ellermans arrangement at all the meet
ings called in connection Herewith.
The Secretary adds:
1T is anticipated that practically all
the ordinary shareholders will accept the
offer, the effect of which will be that
the Morgans will hold 100000 ordinaries,
at a cost of over fl.75O.0OO"
A meeting OF the shareholders has been
called for May z.
The shipping combine absorbs the in
terest Of the commercial world here.
Though no definite information Is yet OBJ
tainable, it is understood that the Ameri-
can Line has also been in conference
with Messrs. Morgan and Baker. with
the idea either Of joining or making a
working arrangement. Liverpool ship
ping circles, seemingly i'm ignorance of
this phase of the affair, predict sharp
competition between the Morgan people
and the American Line.
Other Combines May he Made.
Aside from the new combination there Is
general activity among the Atlantic
steamship lines. Two conferences will be
held I'm the near future The first will
be held with the view to bringing the
White Star and Cunard lines into the con-
tinental pool. The second win be a con-
ference Of the purely continental lines, 90
fix a uniform steerage rate. IL will be
held i'm Paris this week.
II is said that overtures have been made
to certain Manchester engineering firms
for the purchase Of their concerns by an
American syndicate.