The news-democrat. (Providence, R.I.) 1906-1909, 1907-10-26
MORSE FORCED
OUT Of ICE
AND SH|PP|NC

New York Oct 26.-There are uncon-
firmed reports that yesterdays changes
in the Atlantic shipping situation meant
that ]. r. Morgan e. Co. and the New
York. New Haven and Hartford railroad
had entered the affairs of the shipping
combine, with powerful influence. and that
this foreshadowed a greater combine, in
cluding the Morse companies and the New
Haven roads marine lines. TO control the
American coastwse shipping trade of the
Atlantic and the Gulf
G. w. Morse. who was eliminated from
the banking field late last Saturday night
when the clearing house committee. after
five hours examination OF the books OF
the National Bank OF North America de-
manded forthwith his resignation from
that bank and from all the others with
which he was connected, has been forced
out of two more OF his strongholds
He has been driven from the Consoli-
dated Steamship lines and the Ameri-
can Ice company, and now his hold on
the general financial field has been re-
duced practically to nothing.
He has been completely eliminated from
the realm OF high finance, and even his
position among his associates, the near
bankers. including the Heinzes and the
Thomases, is seriously jeopardzei.
A plan for the reorganization OF the
Consolidated Steamship company was
drawn up whereby Mr.. Morse will have no
further control OF Its management. each
subsidiary being turned over for that pur-
pose to the interests which were I'm con-
| trol before the arrival OF Mr.. Morse
Mr.. Morse's hold on the American
Ice company has dwindled from month
TO month and he has been forced to sac
rlnce more and more stock, until at the
present time he is hardly factor In the
company.
Early this year Mr.. Morse had so strong
a position that he nearly succeeded I'm
debating to the New Haven railroad and
| forcing II. through fear of a destructive
competition with his Metropolitan Steam
ship company. to accept his offer OF $780,
10000 for the lines under its control
! Though President Mellen of the New
Haven was understood to be I'm favor of
selling. the directors finally declined
Though the final plan for the reorgan6-
cation of the Consolidated Steamship conn
pany will not be made public until after
the meeting for the election OF a new di-
rectorate. which IL to take place Monday.
the outline Of the scheme has become
! known.
1t is understood that Mr. Morse was
forced by the stringency OF the money
: market TO go 10 the men from whom he
| bought the control of the different COM
panies which compose the Consolidated
Steamship Hines fer funds with which to
| continue the development of the COM
| pany, and that they agreed TO help him
out on condition that he retire from all
| connection with the concern except a
| nominal one and leave the management OF
| the subsidiaries to them. each man taking
over again the management OF his own
company.
Calvin Austin. president of the Consoli-
/, dated Steamship lines. and the head OF all
/ the subsidiary companies. excepting the
| New York and Porto Rico Steamship conf
| panies OF Maine and New York. retired
as president OF the Ward and Mallory
lines. He was succeeded by H. p. Booth
and Henry r. Mallory. respectively, who
| had formerly been at the head of those
| companies.
Other changes were made as follows: f.
| ID. Mooney succeeded ~. III. Campbell as
| secretary and treasurer OF the Ward line.
Harry H. Raymond succeeded Theodore
III. Eyer as vice president and general
| manager of the Clyde Steamship company
and n. II. Campbell. secretary and treas
urer OF the same company. gave way to
Il. A. Kelly. Harry III. Raymond was
elected vice president and general mana
ger OF the Mallory Steamship company in
| place of +. G.. Bingle, Clifford ID. Mallory.
who had been assistant secretary in the
company was made secretary, succeeding
| N. ii. Campbell, who had held the posi-
| tion of secretary and treasurer.