The daily morning journal and courier., 1907-04-24
TERMS AND SCOPE OF
 MORSE STEAMSHIP MERGER
SIX LINES INCLUDED IS THE
 GREAT COMBINATION.

All Embraced in the Consolidated
 Steamship Cbmpany--Latter VIII Is-
 Eue $t24,O00,0O0 of secnrities-Half of
 Them to Be in One Class of sticks, and
 the BGIance, s02,0Oo,0OO, in a Collat-
 eraI Four Per Gent. Bond--Nrore Than
 One Hundred Steamships VIII Re
 Owned.
 New York, April 23-Details became known tonight of the terms and scope of the C. w. Morse steamship consoli- dation in connection with the merging of the Clyde and Mallory lines under the control of the holding company, which is known as the Consolidated Steamship company.
 The latter will issue, 1t was stated, $124,00O,000 of securities when the mer- ger details are completed Half of this amount will be. in one class of stock, and the balance, $62,000ND0. will be q collateral trust four per cent bond. More than one hundred seagoing steam- ships will be owned by this company. The terms of consolidation, briefly | stated, are that one hundred shares of l new stock of the Consolidated Steam 1 ship company and ten bonds will be given in exchange for each one hun dred shares of stock of each company. The Clyde and Mallory lines, to the stockholders of which the merger terms will be officially announced by circular l tomorrow, have each a capitalization of $1A000,000 The Eastern Steamship company and the Metropolitan have each a capitalization of $S000,000. To consolidate these companies, which have an aggregate capitalization of 34,O00,00O, the Consolidated Steamship company will issue $84,OOO,00O of stock I and SS4 000, ,000 of bonds. It is announce ed that the preliminaries are not com pleted for the exchange of the secur1- ties of the Ward line and the New York and Porto Rico Steamship company, and the exchange of holding company securities for the stocks of these com panies will be effected at later date. | These companies will be included how ever, in the final merger The Hudson River Navigation company will not be | included in the combine, it is said, 1 though it is reported that an offer has been made to the minority holders of the Citizens Steamship company, or Troy line, to exchange it's stock for that of the Hudson Navigation company, controlled by Morse.
 Holders of the stock of the following companies will obtain new securities of the Consolidated Steamship company as follows: Eastern Steamship company, l 8, 900, GOO; Metropolitan Steamship com pany, $S,O0O, ,00O, Clyde Steamship com pany, $140OO, ,0O0, Mallory line, $14,000 O0O; Ward line, $2O,OOO,OOO; New York and Porto Rico, $S,OoO,000 Total, $62,- 00O,0O0.
 If all the stockholders of the various companies avail themselves of the offer to exchange their stocks, SPA, 001 of securities will be issued. If 1t is found necessary to increase the capital of the Consolidated Steamship company to $62, O00, 900 the authorized capital will be increased from $6O,OOo,OOO the present amount to such figures as are deemed necessary.
 It was announced that c. w. Morse and his friends had already turned in to the Consolidated company 26O00O shares, out of total of 34O0OO shares of the Eastern, Metropolitan Clyde and Mallory lines stock. In effect S26,OOO, 900 of stock of the four companies to which the offer of exchange is now made have assented to the consolida- tion terms. To the remaining holders of SO, ,O00 shares of these two companies, the offers of exchange are now made Later similar offers will be made to the Ward line and the Porto Rico line,