The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-31
Courts Requested to I AXE
Charge Of Affairs Of
Consolid Co.
MORSE HOPED TO
CONTRD Dl THEM.
Company Now Embarrassed
Formed by Him in Pursuance
of Plan to Direct Practically
the Entire American At
8lantic Coastwise
Business.

NEW YORK, January 20.-Applica-
tion has been made in Portland, Me-,
aud in Boston and in this city for the
appointment OF a receiver for the Con-
solidated Steamship Company.
A representative of the bondholders.
protective committee said that the
who are not untriendly to the company,
and 1t Is believed q receivership Will
best protect the security holders and
other Interests conce rned 1t Is an
nounced also that the proceedings do
not affect the Clyde, Mallory. New
York and Porto Rico or the New York
and Cuba lines, the resources OF which
are considered to be ample.
The lines affected principally are the
Metropolitan and Eastern Steamship
Company. The proceedings will conc
in Maine on February 4th. when ap-
plication for the appointment OF d
receiver will be decided.
The lines for which recetverships Is
asked are the Consolidated Steamship
Lines, Maine corporation, which IL
the holding company. and for the
Metropolitan and Eastern Steamship
Company.
Was Formed by Morse.
The Consolidated Steamship Lines.
organized under the laws OF arainy,
was formed by Charles w. Morse 10
carry out Ms plans looking to the
control OF practically the entire Amer
lean Atlantic coastwfse steamship bust-
ness. The aggregate capitalization con-
sists of sG0.000,000 collateral trust 4
per cent. bonds and an equal amount
In stock. making the grand total $780,
100000 The total amount of bonds Of
the six companies was s21,691, 900 t
s per cent, and stock $62.0o0.0o0. Late1
additional bonds were issued by the
various companies, which brought tli.,
amount to S2i,624,000. A greater pro-
portion of these bonds are held by
private individuals. but the stock Of oil
Is owned by the Consolidated Steamship
Company.
Up to within a compa- a lively few
months the ambition OF Morse appear.
ed to be In a fall. way toward reallza-
tion. One after another half dozen OF
the big companies which operated
steamships along the Atlantic coast and
from New York to Cuba and Porto Rico
rad come under his direct co nmand.
With the financial crash OF October
which carried down several financial
institutions in which Morse was heav-
lily interested, support was " withdrawn
from his steamship enterprise and
talk Of a reorganization gained wide
circulation. While no such reorgan,.
zation yet has taken place. commit.
tee has been at work upon plans tc
that end, and the component companies
have been operated under separate
managements.
Interest on Bonds Unpaid.
AS aNresult OF the troubles which
came to the big holding company th:
Toa ,Iat.r ie,
sue of collateral bonds was not paid.
The financial condition of the Con.
solidated Steamship Company during
the latter part OF the summer begar
to attract attention, and especial,
whenait was Learned that over s3.000..
600 had been taken from the earning.
Of the six companies In order to pa.
for two new steamships the Harvars
and Yale.
stses aaa t ster hs s5ss M f.
from q number Of financial institution
in2New York. Tho market price ofstl
consolida ted 4 per cent. bonds declinet
committee was organized: With the fol
lowing members: e. ]. Berwind. pres
ident Of the Berwind White Coal Com
pany: II. r. Mallory. Fl. p. Booth, w
New York.; Gaien stone ana Henr!
lHornhlower. of Boston, and Governo
W. II. Cobb. OF Rockland, Maine
On October Sd the hoating Indebted
ness OF the Consolidated STEAMSHIP
Company was compare lively small. bu
there were a number Of bills and in
stalments on steamships In course o
|3construction coming due.
Lack Of money In the treasury dur
ling the IS past few weeks n ecessitatet
| the postponeme OF the payment Q
comparative small bills, and nnall,
]resulted In, the application for e. re
Scetyer to-day. g, M,