New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-22

| dent, who has established six prosperous
branches since that time on Washington Heights
and in The Bronx. E. r. Thomas for the last
six months had owned only one hundred shares
in the bank.
LIE Roy W. Baldwin, president of the Empire
Trust Company. said yesterday that Arthur P.
! Heinze had within the last few days resigned as
( an officer Of that institution
E. r. Thomas announced yesterday morning
/ that he had resigned as a director of the Bowl
ing Green Trust Company.
MECHANICS AND TRADERS OUTLOOK
Leo Schesinger, vice-president of the Me-
chanics and Traders Bank, said yesterday that
there would be meeting of directors this morn
| ing to accept the designations of e. r. Thomas.
o. F. Thomas and F. Augustus Heinze as d.
rectors in the bank and to elect successors. Mr..
! Schlesinger said that the bank never in
better condition and that it had taken in more
than 100000 yesterday over the counter at it's
main office and had paid out only $4,000 against
normal Monday Withdrawals of $4,000 10 $780,
! 600. He added that its reserve was we'll above
the Clearing House requirement.
II was learned yesterday that John W. Gates
and Robert NJ. Thompson were no longer MEM
bers OF the directorate of the National Bank OF
North America, both having retired since the
! last issue of THE Directory OF Directors was
published AS announced in The Tribune yester-
]
At the Garfield National Bank IT
nounced that no steps had been taken as yet to
elect a director to succeed Charles w. Morse
President Poor, when asked IL there would be
any other changes in the banks directorate, said
he had nothing to say on the subject. The only
/ other member of the board affiliated with the
! Morse element Is Harry +. Morse. a cousin OF
Charles w. Morse. who IS at present IN Europe.
, At meeting OF the directors OF the Consol-
lam o. Allison was elected president to succeed
Orlando F. Thomas, and Thomas J. Lewis was
elected vice president and cashier, The resig
nations of Edward R Thomas and Orlando F.
Thomas and f. Augustus HeinEe directors
OF the bank were accepted. No SUCCESSORS were
chosen.
| NEW ENGLAND NAVIGATION RUMOR.
According to a rumor last night the New Eng
land Navigation Company, one OF the subsidiary
lines OF the New York. New Haven & Hart
ford Railroad Company. had option on two
steamship lines of the Consolidated Steamship
Company. in which Charles ". Morse Is heavily
interested
President Calvin Austin. OF the Consolidated
Steamship Company said last night, at the
Hotel Gotham. that so far as he knew the rumor
was bsseless and he felt sure that Mr.. Morse
would not dispose of any of his steamship prop
/ erty.
The Morse steamship lines and property
continued Mr.. Austin. ARE in better financial
shape to-day than they have ever been before,
and am satisfied that he has no intention of
parting with any of them
Mr. Austin was asked II the funds Of the Con-
solidated Steamship lines had been used by
Morse in any Of his other financial ventures.
and answered that not only had Mr.. Morse not
used any OF the Consolidated funds. but that
the balance stood the other way. as tho Con-
solidated had been q large and frequent Dor
rover from Mr.. Morse and his banks.
Mr. Morse has never borrowed ii dollar from
the Consolidated Steamship Company" said Mr.
Austin, "and not only that. but We, the Con-
solidated Steamship Company. have frequently
borrowed from soma OF the Morse banks. as we'll
as other financial institutions. We have given
notes 10 some OF the Morse banks, and these we
are taking UP. one for $4,000 from the Ma
tional Bank OF North America we took UP to-
day"
STEAMSHIP COMPANY'S CONDITION.
The purpose Of the various loans, Mr.. Austin
said. was equipment and boats and as
n result he pointed 10 the strong financial con-
dition OF the Consolidated Steamship Company
and the fact that its profits now were h'sheE
than they had ever been before.
The trading in Consolidated Steamship Com
nanv bonds on the curb yesterday was extreme
" heavy, aggregating S2,300.0O0 par value. Inc
bonds which once sold as high as 80 opened
Yesterday at 16Ia and sold down to rs Inc
stoc, of the company. which recently ruled as
high as T. yesterday touched q. or 20 cents
Goo ebare The sales were 5000 shares.
charles w. Morse yesterday also said that he
had never borrowed any money from the Con-
solIdated steamship Company or any OF It's SUD-
sidiary lines.
The further sharp drop in the price Of Con-
soIidated Steamship bonds on the curb market
Yesterday led to a rumor that Mr.. Morses ship
ming merger associates would try to follow the
example set by tho Clearing House authorities
and eliminate him from his steamship enter
1r,ses This was not regarded as possible, how
ever, in well Informed circles.
Tho Consolidated steamship Lines was in
corporated last January TO acquire the stocks
OF coast lines controlled by Charles W. Morse.
They include the Clyde Metropolitan, Eastern
Mallory New York and Cuba Mall and New YORK
and Porto RIcan companies. comprising ninety
seven vessels, with aggregate tonnage or
265, 100 The value of these ships Is placed at
S4ooO0O0O and In addition there are equities
in pler leases and terminal properties valued at
$5,OO0,O00.
Mr.. Morse has been. understood to own or con-
troll a trihe more than 80 per cent of the $780,.
100000 per cent collateral trust bonds and of
the $6O0O00O0 stock which constitute the total
Capitalization of the Consolidated Steamship
Lines
The reassurlng effect In banking circles of tho
protective measures undertaken by the Clearing
House authorities reflected in the stock
market yesterday which opened at an advance
of from / to points in number of active
issues, such as Amalgamated Copper, American
Smelling Union Pacific. Northern Pacific and