Daily press. [volume] (Newport News, Va.) 1896-current, 1908-01-31
Owe LIKE INTO NEWPORT NEWS
clyde Steamers Which Come into This
Port Are Not Affected by tho RcoeIv.
erShp Prooeedings-Fluanelal strlu.
sensy Which Morse Was Somewhat
Responsible FOR, Hit the Company.
DIV A.ssocIatea prnrs,

NEW YORK. Jan. DISQUALIFICATION
mas boon made In Portland. Me. and
III Boston and IN this city for the an.
poiniment OF a receiver for the con.
solidated Steamship Company.
representative OF the Bondhold.
ers Protective Company said tina. tho
suits had been brought by creditors
VINO are not unfricndly To the compa-
ny and that is the belief H. will pro
uct me londho!ders. IL Is anuounc.
"a aiEo that the proceedings do not
chect the Clyde, Mallory New York
and Porto REQ or New York q Cubo
lines, the resources OF which are con.
aidered to be ample.
The lines affected principally ara
the Metropolitan and Eastern steam.
shin Companies
The proceedings win come up be.
fore TIE United States Circuit Ce,-.
In February when application for the
appointment OF q receiver will be de.
cided.
The lines FIR which arrecciversh,o
II asked ars tho nSoiii.ate1 Bttsltif..-
ship Lines, n Malne ccfporation
which is the holding company, and for.
che Metropolitan and Easter Steam.
ship Companies.
Tho Consolidated Steamship lines,
organized under the laws Of Maine.
was formed by Charles w. Morse to
carry ont his plans looking to the
control OF practically the entire Am.
crican Atlantic coast wise steamship
business.
capitalization $4,000 900,
The aggregate capitalization of the
company consists Of 100000 900 col.
lateral trust 4 per cent. bonds and nm
equal amount in stock making the
grand total S120.oO0.O00. The total
amount of bonds of the six conY,a.
mics WAS Si21 $4,000 Mt five per cent.
and stock $62.0000oo. Later addit,
ional bonds were issued by the var
louis companies which brought tho
amount to $24G2i.0u0 \ greater
proportion of these bombs are held by
private individuals but the stock OF
all is owned by the CmsolIdated
Steamshil, Company.
Up TO within a comparatively tow
months the ambition Of Morse appear
I'd To be in "A fair way toward reaii.
7ation. One after another. half n
dozen of the big companies. which
operated steamships along the Atlantic
coast and from New York to Cuba ana
Porto Rico had come under his direct
command
Hit Hard by strineeney
With the financial crisis Of October
last. which carried down several fin
ancial institutions in which MorBe
was heavily interested. support was
withdrawn from his steamship enter
prises and talk of a reorganization
gained wide circulation. While DO
such reorganization yet has taken
place, committee is at work to that
end and component companies have
opeinted under separate nanageents.
AS a result OF, the troubles. which
came 10 the big holding companies,
the January interest on the $50, 0OO,.
600 issue of collateral bonds was not
paid.
The financial condition OF the Con
solidated Steamship Company during
the latter part of the summer began
to iattnact ATTENTION and especially
when IL was learned over $4,000, 00e
had been taken from the earnings OF
the six companies in order to pay for
two new steamships, the Harvard and
Yale.
"A ihCAijl ihtt1 tuiEe llt6 CRASH All
Wall street and the resignation OF
Morse from n number of financial in-
stituticDs in New York. The market
price OF the Consolidated four per
cent. bonds declined rapidly and LII
protection committee was
with the following members:
o. y. Berwind, president of the Der
wind-White Coal Company: H. r. Nal.
lory, II. p. Booth. w. II. CRANBERRY
ana A. w. Krech. all of New York:
Galen Stone and Henry r. Hornblow-
er, OF Boston, and Governor w. NJ. r.
Cobb, OF Rockiand. Maine.
Could Not Pay For New shpe.
Through the efforts CT this commit
lee the former owners OF the four
New York lines, Ward, Clyde, Mallory
aud New York 6 Porto Rico. offered
10 meet the current t!lls CT tho hold
era provided bon Is were pooled. On