New-York tribune., 1909-09-30
C. W. MORSE PRESIDENT
STEAMSHIP LINES HEAD.
Convicted Financier Regains Control
of Hudson Navigation Com pang.

Charles w. Morse. who recently bought up a
torfty of the outstanding claims against the Metro
polItan Steamship Company and purposes buying
In the line at the foreclosure sale October s. has
been elected president of the Hudson Navigation
Company which, like the Metropolitan nf
the lines he formerly controlled Since his release
from the TOmbs last June under S125OO0 bail, pend
ing his appeal from Judge HOugh's decision
fencing him 70 fifteen years in the federal prison
at Atlanta for violating the national banking laws
Morse has been making strenuous efforts to reha-
biitate his fallen fortunes and that he has far
succeeded as to regain practical control of Of
his former steamship companies Is evidence that
he has not lost any of his ability a snancer.
Certain powerful financial interests, among which.
IL Is understood is Charles s. Melen. president of
the New York, New Haven & Hartford Railroad
Company are believed 70 be aiding Morse in re-
gaining control of some of his former steamship
properties.
MFR Morse II was learned yesterday, was elected
a director of the Hudson Navigation Company two
weeks ago in the place of Peter Mccarthy, who
resigned 10 make room for him on the board. Mr.
Mccarthy who formerly connected with the
Murray Line, which merged with the Hudson
Navigation Company early in 1908, had previous tN
his resignation sold his stock In the company to
Mr.. Morse
Mr. Morse succeeds Abel I. Culver as president
The latter is an old friend and associate of his and
was at one time vice-president of the Delaware q
Hudson Company. He Will remain director
Other friends of Mr.. Morse on the board of the
steamship company John w. McFStnnOn and
George f. Shaw. president and vice-President' re-
spectively of the Assets Realization Company,
which took prominent part in the liquidation Of
Morse's National Bank of North America. Mr. Nc
KinnOn being the liquidating agent for the IN
stttutiOn.
Mr. Morse when seen at his office in the Ma
tional Bank Of North America Building. admitted
that he had been elected president OF his old
steamship company. but said there was nothing
surprising in that as family owned three times
as much stock in the line as any one else He
declined to discuss the matter further. other than
to say that there would be change in the future
policy Of the company. which he said had passed
a very successful year
The Hudson Navigation Company was owned by
Mr. Morse for several years before the formation
of the Consolidated Steamship Lines was under
taken. 1t was never merged into this concern. but
always remained an outside proposition The COM
many is however more or less closely identified
with the Metropolitan Steamship Company. ana
II may be that Morse means TO combine the two
II is asserted also that and the interests asso-
ciated with him buying into the Gulf and West
Indies Steamship Company, the reorganlzed con-
solidated Steamship Lines. and IL is not believed
impossible that in time he may regain the position
he once held in local steamship affairs
The Hudson Navigation Company, of which Mr
Morse has regained control, was incorporated IN
November 1902. in New Jersey. On April II. 1885,
It absorbed the New Jersey Steamboat Company
peoples IIne), and IN the year also acquired
control OF the Citizens Steamboat Company OF
Troy. The Murray Line. already stated. was
taken over early in 1905 The authorized capital
stock of the company is 100000. of which SlSs5VO
Is outstanding on which dividends are being
earned at present at the rate of between and .
per cent a year. The company owns a fleet Of
seven steamers. among them the Charles W. Morse
and the Adirondack. and operates between this
city. Albany and Troy