davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-12-12
Eats Copper and Dies.

London, December -(SpeciaL)-A
remarkable case was reported by the
medical officer to the Aston board of
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-12-12

The Woman of It,
George Albert Of New York loved Dora
The Washington times., 1909-10-17

from his stupendous task of rehabili-
ratiOD almost as rich a man as ne
was before he -'pyramided" his way
into bankruptcy For he has laid the
foundation OF a new and stronger
structure than he ever built before
q structure that was being built upon
the costly ground of experience. lie
knows now 20 what he must turn his
hand and what % avoid, and he Is
not likely TO undertake another dizzy
dight of frenzied finance. His history
should be carefully read by the young
men Of the land There are chapters
of it which they may copy TO ad-
vantage, but those of them who look
uDon the gambling methods of high
finance with admiration must surely
see that they are unsafe and should
never be pursued.
If the grim doors Of the Federal
prison at Atlanta close upon Morse for
fifteen years, the fortune he has made
and lost and nearly made again viii
be of little avail 10 him. for he viii
go back 10 the world at the end of
that time-if ever he does go back
to IT, which is unlikely considering
his physique and temperament-an
old and feeble man Of sixty-five, and
the word "6nis" viii be written
after me story of his career.
The Washington times., 1909-10-17
MORSE OF TO-DAY.

YESTERDAY saw Charles ". Morse
in his plain little cell in the Tombs,
and talked with him and Mrs. Morse.
who was visiting him al the time.
Il am here. said Mr.. Morse, FOR
making $3.50 200 for the Bank Of North
America and turning it over to them.
How IS that? I'll tell you. On the
eighty-fOur counts on which I was in
dicted, seventy were swept away by the
court and only fourteen remain. These
are called false entry counts Now the
testimony or the directors officers. and
everyone was that they were true en-
tries; hut because / gave profits
amounting TO 5000 to the bank. the
Jury concluded that it must have been
stolen property How could these profits
have been entered differently and give
the bank what ] promised2
In these sO-called illegal transactions
of mine which have been so ma gnifed.
none OF the deposits. capital. or surplus
of the bank was loaned only the uH-
divided profits. which transaction on
my part was clearly legitimate. and I
think the Supreme COu wilt so hold
To-day the Bank Of North America
The Washington times., 1909-10-17
Bail Secured
BY Faithful Wife.

When the immuTed Napoleon was
finally admitted TO bail, which because
of various legal processes mounted at
last to the tremendous figure Of S125, 900.
Mrs. Morse was daily seen leaving her
Fifth avenue home and working early
and late to secure the amount which
should release her husband 1t was up
hin work for this clever little woman,
but by dint Of much going about from
Office 20 office she ACCOMPLISHED her
object at last.
Prior TO going 10 jail Morse had sent
out a circular 10 the depOsiIOrS or ms
defunct National Bank Of North Amer
ica telling them that ne would pay all
Claims against the bank in fun. Tie
had also begun 70 lay plans for the re-
Suscitation of some other enterprises
that were languishing because Of his
trouble. But while this determination.
followed by an actual attempt to carry
II out. gave pause to his financial rivals,
they were not prepared for the surprise
that now waited them, or rather the
series of SURPRISES which this real finan-
ciaI jugeler had planned for them
The Washington times., 1909-10-17

at the dock He was taken to JAM as
soon as he IaGded 10 New YORK. bul he
went there smiling and confident. ap-
parently sure Of his ability 10 cope WIN
the situation.
On his trial. where Mrs Morse was
seen SIS q daily figure in court save
when she was working with her Keen
woman's intuition and grasp of aIialfS
in collecting evidence to save him, tn7
dethroncd Napoleon evinCed such per-
feet control OF himself as to elicit words
of approval from newspapers that had
condemned him editorialiy- Morse.s
. iron nerve was a catChword seen ~
al the accounts OF the trial.
Morse Found Guilty, Sentenced 10
Fifteen Years in the Penitentiary at
Atlanta shrieked the headlines of the
yellow press not long afterward; but
the papers did not gloat That iron
nerve had made its impression upon
the editorial heart
Able lawyers took the case to the
United states Circuit Court of Appeals.
Then did the wOmanly devotion and un-
firing energy OF Mrs Morse display
itself. She began a ceaseless hght to
have her husband released on bail. This
was denied for long time, as the court
feared he would run away.
A storm of Indignation arose among
men who knew Morse intimately. and
were anxious to bafriend him. Such men
as Charles NJ Schwab who declared
that Morse had always done his best
and always carried out the understand
ing I'm every transaction save as the
money conditions interfered with it,
Seth NJ MiTIikeu, who had the utmost
faith In him; James Talcott. who also
believed in the man. and former Gov
ernor Cobb of Maine did all that lay
in their power TO effect his release on
bail Mr. Cobb declared that Morse had
never intended 20 do anyone an injury
or to break the law. or course, all
these men We're old friends of the for
mer Ice King and friends, as he bad
said and was now in a way TO prove,
re a mans best asset.
The Washington times., 1909-10-17
HOW MILLIONS MADE, AND RECLAIMED KING,
NOW, BY FAITHFUL BATTLES Fl

doesn't owe o dollar and the stock
holders viii get 5000 share. The bank
lost over a million By the Government
preCipitating affairs as it did by throw
ing the institution into the hands Of q
receiver. Last week 7 collected oVcf
$4,000 On railroad loan. and II the
authorities had let me remain at liberty
TWO months longer. not only would I
have had that bank where it vas be-
fore the panic, but [ would have fully
regained control Of all the corpora
tions of which 7 was president.
No White Feather
Shown By Prisoner
well Mr. Morse" said J. you
haven't shown the white feather yet
anyway.
No he said decisively. and I ne3er
VIII. There IS justice in the land and
viii get IT.
You owe a great deal 70 your wife
who secured your bail money for sou,
do YOU nOt2'
II owe her
Nov husband. protested Mrs
Morse. Then turning 20 me she said
what 7 have done for him has been
greatly magnifed-"
ct hasn't been maenifed enough
said Morse, looking with pride through
the bars at the woman who has been
his true heIpmate.
Mrs Morse smiled family Her beau
tiful face showed signs Of WEAKNESS.
4
for her And IL Is not over vet.
HE viii be set free. she said, looking
at him wistfully through the bars 50
grinly and COidly tnterposed between
her and her happiness. He must be
set free, for he has wrOnged no man.
and justice viii surely be done 10 him
in the court Of last resort
L said goOd-by 10 the immured Ma
poIeOn and he turned TO speak 10 one
of his bank managers who had just
been admitted 70 his cell, carrying ~
his hands a big bundle that looked Ike
stock certificates. For Morse Is working
every day in prison, doing what he can
there in that pent-up place toward his
financial ehabilitatiOn- Surely a strange
and anomalous position FOR one accus-
toned 20 work 10 a big Office suite with
a score of assistants at his beck and
call.
"Good-bv.~ said Mrs Morse, a. ]
started away. And I left her setting
on a cheap little chair, gazing in
through the bars while her husband
toiIed over his papers.
The Washington times., 1909-10-17
EMERGING FROM THE WRECK.

Just before the panic OF 1907 Morse s
personal fortune was computed at
so. co. 900, but at the time he went to
jail after his first trial it had shrunken
to s., 000. 900 or $3.0O0,000. with this rem
uant of his fortune he bravely set 20
work 70 carry out his plans Of regain ?
ing his hold upon his lost properties.
Within a month after his release from
the TCnlbs he recovered one Of his river
lines, that of the Hudson Navigation
Company, which runs the palatial
steamers Adirondack and Charles W.
Morse between New York and Albany,
and began TO lay plans for the recovery
Of the Metropolitan Steamship line.
Meantime the National Bank of North
America, which had been the heart Of
his financial system, had paid all bat
81 10000 OF tie S1SG00000 deposits. and
Morse had promised TO pay dollar for
The Washington times., 1909-10-17

He issued new bonds I'm exchange for
the compauy's outstanding indebtedness
of s. 100000. ON which interest had been
IN default for over "a year. and the
defaulted interest of $4,000 was paid I'm
new stock al par while the remaining
S5p.U00 bonds and 5000 COO Iu notes were
issued to take care OF Si.Hii-tJt, or
preferred debt and receivers certificates.
The balance Of the S2,2ls-9it hoaung
debt. which amounts to Sl,iJl2-5. repre-
scented unsecured claims 10 be paid for
in new stock. The majority OF the
claims We're purchased by Morse. and
We're converted into new stock Morse
was elected president Of the reorgauized
company with a friendly board of di-
rectors.
This was his first step toward gaining
control of his $50, O00 ship combine,
which was sold for the miscrably small
sum Of S6.500,60 after the panic.
On the very day OF this new triumph.
when IL looked as though Morse would
again become the strongest Eival pf
Morgan. the United States circuit court
OF appeals decided that his conviction
ON the charge of misapplyiug banking
funds was justified and that he mist
serve out his dftceu-yeav sentence IN
the atlanta Denitentiary.
This decision was. of course. ID great
shock to Morse. who had fully expected
70 remain a free man. but ne met the
situation bravelv Going back TO the
Tomhs ne summoned his lawyers and
began at once o fight TO carry his case
TO the United States Supreme Court
The Washington times., 1909-10-17
down ard Out"
Is Enemies Cry

Morse Is down and out" was tie
gIeeful CRY Of the men who hated him.
And il certainly looked that way
Forced out Of his banking and steam
ship companies. with some of his cor
porations in the hands Of receivers, and
facing bis judgments and involuntary
proceedings in bankruptcy. Morse sailed
for Europe nervous wreck" the
papers declared, but he wasn't. Never
Tor one moment during all that stress
and strain. nor during the trying stages
that followed il did the nerve of this
little man. the speculative peer OF
keeue. desert him. On his way to Eu-
rope he kept In touch with the terrible
situation by wireless. and when he
learned that he had been indicted on
charges Of violating the national bank
ing laws (the natural result of that
''pyramiding &C which Mr.. Munsey
Writes) ne at once returned TO America,
though he knew he would be arrested
The Washington times., 1909-10-17
Wife Undaunted
Renews Her Fight.

The brave little woman who had
worked so hard to get him out Of jail
after his first trial stiH remained UNI
daunted.
I'VE viii fight and we viii win vet
she declared. when after passiouateIy
embracing her her husband was led
away to the TOmbs "He has done no
wrong. and surely the United States
Supreme Court viii recognize his limo
cenCe and declare it,
She will make q determined en-
on bail pending his third trial, and If
she wins there is no doubt that Morse,
in the months and possibly years that
the case win drag itself through tine
Supreme Court. viii pay every dollar
due to his creditors. and will emerge
The Washington times., 1909-10-17
Continued from Fourth Page

I'm his purchasing Hisht. and sat down
IL catch his breath
Let US pause, too, and consider what
tits little red-haiTed man from Maine
stood for il the world of finance:
He was the absolute dictator of the
policies Of a chain of financial instiJU-
lions aggregating a capital of sl25,OOO 600
Including thirteen banks and trust conf
panies. capitalized at nearly $l5.60O,00},
three insurance corporations with q
capital OF s4,250.0o0 and seventeen steam
e, telephone and realty and other cor
porations, with an aggregate capital
stock or Sos. 2o9. 900. The combined re-
sources Of all the corporations controll-
I'd by him were over S300.O00.000.
Within fifteen years ne had bohbed
up from obscurity as one OF the most
powerful financial figures in America
For a time the newspapers and the
financial world iu general had more 10
say about him than about Morgan or
IAN and had he continued ar the rate
Al which he was acquiring big proper
ties between 1906 and 1e01-thc five mag
SC wears of his career, when his banks
were doing millions Of business and his
argosies were afiost upon the wide
seas-he would not only have cast his
penumbra over Morgan and Hill, but
he would have put Ready-Money Rookie
Teller in the shade. He had them all
stirred up At one time he was actual
IL dickering for the Morgan line Of
steamers and il looked as though ne
would acquire il. He offered big sum
for the two lines between New York
and New Haven, but being regarded as
TOO dangerous a rival, a combination
was formed against him and he did not
,arsfET
Rests Secure
In Financial Fortress.
Behold him then, IN the summer Of
1907, smiling from the top Of his huge
financial fortress serene, secure. ana
1lnaSsaiiabIe--a great captain OF finance
who had never known defeat Cfor even
out of the apparent collapse OF his ice
campaign he had emerged with mill
llonsl, but VINO had forced the capitula-
ton Of his enemies in siege after siege
a man who, though new to the game,
lad shown all the shrewdness, all the
patience ard Az the daring OF an OLD
campaiener: less nervous and driving
than Hartman, less rapacious than
Rockefeller, but with the protective
vision OF Hill. the patience of Van
derbilt and the grip and energy OF
Morgan. Such was Charles Wynan
Morse. the "Red-IIaired Napoleon, uF-
on the eve Of that tragic autumn wheH
financial thrones tottered TO their fall
and men who had beer kings we're made
bsggars. Let rs see what he and his
credit we're worth when the curtain
rose on Ike storm scene.
The Washington times., 1909-10-17
Break Comes
In the Secunties.

In March. 1907. there came break ia
securities. and II, as our authority points
out with the advance IN the interest
rates OF money, securities had gradual
~ fallen In price. We should have es-
capped the disaster that eliminated at
thar time. The break was the beginning
Of the end Of high prices. Hundreds
Of millions Of dollars. almost billions.
went crashing down the abyss. dragging
with them the mangIed bodies of thou
sands and tens Of thousands Of security
holders"
But. as is clearly pointed cut. 'the
March crash had no immediate effect
upon the price Of securities. Il had
no immediate effect upon the channels
or business. in manufactures and in
commerce men laughed at Wall Street,
secure as they saw themselves in their
own strongholds OF prosperity. And all
the spring and summer through. and
In fact. until within q few days or the
panic itself. there wasn't q cloud I'm the
~ OF the business ana industrial
world"
But In other business, as in finance.
the same insane spirit Of gambling was
visible And as MT. Muusey says.
with this SUR narged optimism inspir-
ing q people of 90.Cl0.G00, one vast ocean
OF people, on and on 10 greater activi-
ties, our circulating medium, our money,
was strained to the breaking point. 8
There wasn't money enough in The world
70 finance our railroads and other great
corporations, 10 finance our factories
and shops and establishments, to rebuild
our cities with modern sckscrapers and
10 keep up the high-pressure pace gen
orally OF whitehead production ana
nlatchless extravaganza" The railroads
were literally grooming under the bur-
dens Of prosperity They couldn't han
die the business OF The country. with
The March break in stocks the money
markets OF the world closed their doors
&c our railroads and other corporations.
But Morse and the other great finan-
clers OF the country thought they saw
their way through the difficulties Of the
situation. To be sure. Morse could not
borrow as much nohey as he wanted 10
buy more steamship lines ar that time,
but when the market should be restored
10 SIS former condition, which all save
. few old wise heads calmly expected
ana predicted, there would De money
The Washington times., 1909-10-17
VANISHING MILLIONS.

wv HAT happened TO Morse and the
" other great fnancieTs OF this
country who went down in that storm
IS best told in the words of Frank A.
AIunsey. who, from his careful inside
study of the financial history Of the
times, is more able, perhaps, than any
other writer in the country 10 present
the facts and to analyze them under
Ftandingly. Mr.. Munsey, in his review
OF the panic and the causes that led
up TO it. begins back over four years
ago. when. as ne says, money IN
Wall street reached the deadly price
Of I25 per cent on call. But the
higher it went the higher the gam
blers and manipulators of the market
forced up securities
Prices were maintained, a, Mr.
Adunsey points out, ''in the very roar
OF the oncoming disaster. The world, "
he declares, had never seen such
nerve and daring as was exhibited by
men responsible for this condition.
Every one pointed TO the magic
growth OF our industries, and every
one said il meant bigger dividends
and higher and higher and stiu
higher prices for securities
The greed for fortune-building aud
the general surrender to the gam
bling instinct swept men clear from
the moorings of common sense. The
cry Of success was contagious. Few
escaped its influence"
Mr.. Munsey very logically states that
If sanity instead OF insanity had OBJ
tanned, the prices OF securities would
have fallen In corresponding ratio with
the advance ia the price OF money"
Money" he declares, lis money-lt is
always worth one hundred cents on the
dollar; whereas with securities there
iE always an element OF risk in holding
them
The Washington times., 1909-10-17

enough and then perhaps he could set
control of the Morgan line and buy the
French line Of steamers, as he fondly
hCped
The Beginning
Of Morse's Troubles.
Then came the great upheavsl or Oc-
tober. which. as Mr.. Munsey has truly
reported. FIRST cropped out i'm the Mer-
camille National Bank and the National
Bank Of North America, part Of the so
called Morse chain of banks. This was
the beginning of Morse's troubles. and
il gave a glimpse Of the gymnastics in
high finance that he and Heinze and tho
Thomases and Barney of the Knicker-
booker Trust Company had been per
forming. The difficulties that developed
in these banks resulted I'm Morse and
his associates resigning from their man
agement. and also brought about Morse 3
resignation from the NessseAmsterdam
and several other banks tina he con-
uolled. His action was followed almost
Immediately by Barney's sudden resig-
nation OF the presidency of the Knicker-
booker Trust Company. the announce
ment OF which was accompanied by the
statement that this great financial insti-
tuition was in trouble"
Runs began. not only upon the
Knickerbooker. but upon all the Morse
banks and others that were without
strong connections.
But overextended as Morse and his
associates were" continues Mr.. Nun
sey. having 'pyramided' as they had
that is, using the securities of one in
stitution to control another. and those
of another 10 control another, and
those Of still another 20 control another,
and so on. and on. and on, until dozen
or more concerns were invOlved-Lhey
We're in no condition to Withstand the
financial strain to which they were put
in the awful stringency of the money
market. Something had to give way.
There was more. however. than ap-
peared on the surface in this matter.
Morse had never been a welcome factor
in the banking community OF New
York. He was brilliant. dashing. couT-
ageous, and the intrenched bankers
looked upon him with distrust. He was
not one of them His methods were
not their methods. He was clever and
daring-s disturbing and disQuieting
element in the banking circles Of the
metropolis, The bankers had been
cunning for him. But he had been
alert. elusive. resourcefui, and all their
efforts to eliminate him from the bank
ing business OF New York had failed
ANONYMOUSLY.
when the elimination came, it came
with a crash that shook up the whole
financial world. Morse and his asso-
ciates were not the only men who were
overeNtended. There were thousands
Of them-yes, tens OF thousands-all
over the country. But Morse in paTticu-
lar was hit hardest. He at once be-
came the stoIm-center of the cyclone"
The Washington times., 1909-10-17

dollar on other liabilities When asked
how he managed TO make such "a good
showing, he said.
I've been bustling. / feel eucourag-
ed. My affairs became greatly cntan-
gled during my stay i'm the rOmbS
whose Wouldn't Hosts Of friends have
come forward and given me more than
a shake of the hand. Men who had
foreclosed on collateral held for loans
have come forward and voluntarily Of
fered to restore the equity in them since
the advance in prices Tae future alone
can tell how J viii come out I'm not
without what the old hymn books used
90 call a sure and certain hope that
/ may recover my lost ground" He
said he had found that ft took more
brains TO make a second fortune than
a first.
To satisfy his creditors, his magnid-
cent Fifth avenue home had 10 go. and
IL is said that when he began his work
ul rehabilitation his wife sold her gowns
and iewelTy TO help her husband In
settling up the affairs of the Bank of
North America Morse showed his bril-
liant skill rs q fnaucier. The debts We're
not his, he declared, but the banks, but
ne paid them.
There didn't seem TO he anybody
else TO do IT, he'said. so I did it,
The Washington times., 1909-10-17

enough and then perhaps he could set
control of the Morgan line and buy the
French line Of steamers, as he foudly
hoped
The Washington times., 1909-10-17
Enemies Given
Series of Shocks.

To those who had regarded him as
down and out the news received from
time to time of his regaining this or
that property, thought to be irretriev-
ably lost TO him, came as a series of
shocks. How could this man. facing
a ffteen-year term at hard labor in the
penitentiaTy, have the nerve to go on
rebuilding his lost fortune in this wa "
And what good would Dc do him if he
had 20 go TO prison again2
But the greatest OF all surprises that
Morse had in store for his enemies was
that of the Metropolitan Steamship
Company. In the face of the strongest
opposition he forced his way into the
control Of the line that had passed out
of his hands. This was done By a
reorganization scheme that was the ad-
miratiOn Of all his friends. The board
of reorganization. BIZ its representative,
j. w McKinnon. bid in the Metro
pOlitan Line for - so. zoo al foreclosure
sale. Just where Morse got the money
il is not known, but here again fl IS
thought that his friends helped him.
The Washington times., 1909-10-17
Misses Wearing APP
parel at Real Money
Saving Prices

The new Misses college" Suits, all
wool serge, in sizes from - to 10 years.
Very smartly made; buttoned from Shout
der with silk emblems on front.
The Washington times., 1909-10-17
SIS Values. Sale Price, 1898

Misses Suits, made of broad vale
cheviot, in royal navy wistaria, catawba
taupe, and smoke. Made with satin-lined
long coats with the new pleated skirt ef-
fectS