The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-05
MORSE BUY The FRENCH LINE?
SUPPOSED OBJECT or THE BANK
Frs VISIT TO EUROPE.
Neg otiations for Control OF the Compasnle
Generate Transatlantique said TO Have
Been Pending Since Definite 0ner
to Buy was Made some Time ago.

W huY was hNue SOUle liHlc Rbo'
A friend of Charles W Morse, the banker
whose wifes divorce from her former hus-
band has led to 80 much stir in the courts,
said yesterday that the object Of Mr. Morse's
stay in Europe was, as he understood H.
TO bring about the sale to himself and his
associates Of the Compagnie Generate
Transatantique. the well known French
line. which operates ships between this
city and Havre. 1t had been expected
that Mr. Morse would terminate the nego-
tiations one way or the other in time to
return 10 this city for Christmas, but it was
apparently impossible for him TO carry out
this programme.
This friend Of Mr. Morse said that Mr..
Morse and his associates had made def
mite offer for the control of the line some time
ago but that there had been no absolute
decision on it. and that since then negotia-
tons had been under way until Mr. Morse
decided that it would be well for him to go
TO Paris personally in an attempt TO close the
matter up one way or the other. Dir Morso's
associates in this enterprise were not named
but it Is presumed that they include some
of the men who have been interested with
him in other water transportation enter
prises, including those which have put on
the Hudson River some Of the greatest
Of sidewhee passenger steamers, among
them the steel boat Charles w. Morse. Mr.
Morse is a director of the New Jersey
Steamboat Company, whose capital stock Is
81 .OCJ, and which operates limo OF
boats to Albany from this city.
The French line was originally capt.
talized OF 10000 900 francs. having $4,000
shares at par value of $50 francs each. At
the meeting of the stockholders in Paris
in July last, however the value Of these
shares was reduced to $50 franc making
the total common stock i2,0OO,Vu francs
and there was added II 10000 francs OF
5 per cent. preferred stock, making a total
capitalization OF 24,OOO,O0O francs, or about
81 500 600. The shares Of tho company are
quoted on the Paris bourse at about par
or $50 francs. In July, when the capitaliza-
ton was readjusted, IL was also provided
that the directors might have the power
TO amalgamate the company with other
companies or to dissolve it entirely, and
other provisions were made which might
have been arranged in anticipation Of a
transfer Of the control Of the company.
The preferred stock Of the company IS
mon receives 5 per cent and thereafter
the two stocks share equally. There are
also outstanding large amounts Of per
cent. bonds, the exact amount OF which it
was impossible TO ascertain yesterday
There we're $50 900 900 OF these bonds in
1897, each Of the value OF 500 francs, and
these are nowselling on the Paris bourse at
333 francs.
The French line runs a number Of very
popular ships from this port, including
La Savoie, La Touraine, La Lorraine and
L'Aouitaine. La Lorraine and La Savoie
are each Of II 900 tons and 1900 horse
power The company also has a West
Indian and Mexican mail service from
Havre. a Mediterranean mail service from
Marseilles and coastwise steamers which
bring the total Of the boats owned by the
line to a very large figure.
Friends Of Mr.. Morse think that he will
carry through successfully the negotiations
for the line before his return from Paris.
He has been prominent as a director and
important stockholder in number Of
banks in this city, including the National
Bank OF North America, the New Amster-
dam. the Mercantile and the Garfield, but
a report that he would abandon the banking
business in order TO devote all his time to
his steamship interests II he were successful
in this EFFORT to procure the French line was
denied yesterday. Mr.. Morse was heavily
Interested in the American Ice Company.
At the agency Of the French line in this
city il was said that nothing was known OF
any negotiations by Mir, Morse for the pur-
chase of the line