New-York tribune., 1909-09-23
MORSE-MELLEN COUP
ROSTON SEES Alliance.
WaH Street Interested in MetropoE-
fan Steamship Control Report.

.,,.~,as " Morse and Charles s. Mellen presi-
a., ~ the New York New Haven & Hartford
,oIroad Company. probably will divide ownership
a he new Metropolitan Steamship Company. to
- s,~,,es under the reorganization plan following
=, ssla Of the old company at auction next month.
.o-sinr 10 a statement made in dispatch from
,.,s.on received in Wall Street yesterday The dis
- sssed that II could he definitely stated that
-. New Haven road. through President Mellen.
- scoulre a substantial interest in the reor-
,a-ize5 company. but whether Mr. Mellen would
so,ssnt 20 become a member OF the directorate had
M. been decided
wr Morse when seen az his ONCE IN me Nauohal
rsrp N North America Building, said that no an
orr,er,ent would be made regarding the affairs OF
,ba Metropolitan steamship Company until after
tbe foreclosure sale on October s.
5,rac.or Of the New Haven Railroad said that
- ,,o,,5 not be any such deal in progress. so
s.r as that road was concerned. as Mr.. Mellen had
~, been authorized by the directors to conduct
go, ,eeotiations with regard TO acquiring any OF
.bs Metropolitan Steamship Company's stoch' he
ss5ed that he did not believe Mr. MeHen WAS IN
,e-ested In the deal in an Individual capacity
,,.ber although he not in a position 10 ihaAe
= .,,bovl,atiye statement on that point.
as already published in The Tribune MI Morse
- ,o,eL+ ,Ir a ma jority OF the outstanding claims
against the Metropolitan Steamship oohlAl,s'
-, - 4or-7,erlv one Of the subsidiaries OF the
consolidated Steamship Lines. He viii at'end tne
sla for the purpose. it is understood OF pusln ~
~ r-,,oertv Under the proposed reorganization
n ,}a new company viii have approximately
= %, oa capital stock. against the So'plo" CaI
-, stock Of the old company, al OF WHICH W" ~
tres out at the foreclosure sale
5h. BOSTON dispatch said that well informed
.-t;, authorities believed that the entrance OF
-. ecaD, Haven into the Metropolitan Stealnsiip
ron7rarv II il came to pass. would ne loHoNeN
o4.l7fr six months by the acquisition by the Ne"
haven ~ a large possibly a controlling hteTeSI
n the Eastern Steamship Company, another OF me
s,-rrar Morse lines The stock Of this company
!. 80 said was being steadily distributed TO New
r-c1ar5 investors. hut ownership was stin sum-
-I,i, concentrated to enable the Norse-Mellen in
..-.s+e n obtain substantial block of the stock
.,,bo,,t much difficulty. This company and the
.,e.rorolitsn Steamship Company were left out
~, the Consolidated Steamship Lines, OF which
~, mere formerly a part. reOrganized under
-. mama Of the Gulf and West Indies Steamship
~,-,,-,s-y The Eastern company was subsequent
~ tsken over by Hayden. Stone & Co. and reha-
bnHated.
The directors OF the reorganized company de-
csrea Yesterday an initial quarterly dividend Of !
~ cent. ravahle on November |. They also laid
aside out Of the years earnings. $4,000 or per
cent. upon the stock 20 meet the years dividend
et the rate Of 10 per cent upon its S3o0o9oo stock
above an fixed charges
The report that Charles ". Morse was 10 become
an ally of the New Haven interests had strange
sound u Wall Street. which remembered him as
the great rival Of the New Haven Railroad for
control of the Sound steamship traffic. II would
not cause surprise in many quarters. however, If
The alliance came 10 pass there have been
rumors for some time that Mr.. MeIlen was behind
Morse in some Of the recent plans by which the
latter is seeking to rehabilitate his fallen fortune.