OPERATIONS OF AN AMERICAN MILLIONAIRE.

Otago Witness, Issue 2467, 26 June 1901, Page 26

OPERATIONS OF AN AMERICAN MILLIONAIRE.

(From Ol*r Own Cokresfoxdext.) CHICAGO, U.S.A., May 4. Mr J. P. Morgan liar, taken another plum out of the pudding-. He has purchased the Leylaud line of 65 steamers engaged in the Atlantic, and West Indian trade, and it is reported that this, is only the beginning. A despatch from London credits the secretary of the Chamber of Shipping with the statement : " Morgan's purchase of Leylar.d's line is only the beginning of Morgan's huge operations here. He has already cast eyes on the Cunard, tire White Star, and the American transport lines. A huge movement is on foot for a great ocean line trust." A leading steamship authority of London" said : "I am convinced that we sco in Mr Morgan's purchase of the Leyland vessels the beginning of a determined attempt to wipe out thoss Lindrances to American commerce which have sprung from America's destitution, with regard to merchantmen. It was inevitable that a mer-cl-.pnt marine for yankee shippers should come shortly Mi Morgan and his associates have practically extended their railway terminals to Europe. I expect them to move right along until they put a mighlly consolidation of ocean-carrying ships under the American flag. They hare already secured the largest fleet of modern vessels _in the weild. I believe that Congress will subsidise ship-building next winter, and that within five years at the most the yankees will learn the art of constructing these vast floating properties more cheaply than any other nation in the world. However, I do not nee why a yankee merchant marine spells disaster to the Ibvilish shipping industry. We shall simply Lave competition in this line as we have i». all others." Mr Morgan reported to have paid for 71.000 shares at '.he rate of £14- 10s each with interest, and has agreed to buy all ordinary shares a I a similar price. If the shareholders accept the offer, and there is little doubt that they will, the ordinary sliiires will be purchased at a co»t of £1,750.000. It i= authoritatively stated that Mr J. P. Morgan iua purchased the famous Gainsborough portrait, of which a, full account was given in a previous letter. The price paid was 150,000dol!