The Washington herald., 1909-10-11

New York. Oct. lot requires more
brains to make a second fortune than 1t
does first" Charles W. Morse was
quoted as saying a few months ago when
the doors OF the Tombs prison. where he
had been confined for many months.
swung open under an order from the
Federal court, and he was allowed 60
make his way once more back TO Wall
street 20 tackle the job OF getting back
the fortune he had lost.
over his head there hung then. and still
hangs. the sentence OF fifteen years i'm
prisonment in the Federal penitentiary
Mr.. Morse received just e year ago. after
jury in the United States Circuit Court
had found him guilty OF misapplying the
funds Of the National Bank OF North
America. Of which he was president al
the height Of his power and al the time
OF the panic. But with this sentence styl
hanging over him, Mr.. Morse has no,
been a bit deferred from getting after
that fortune. and now with the date when
he must surrender himself to the Circuit
Court Of Appeals. and learn its answer 10
his request for new trial. only a few
days away. Mr.. Morse seems fairly well
on his way 10 financial power and az
huenee.
Heads Rig Companies.
Wa
ne was elected president OF the Hudson
Navigation Company. which controls the
lines on the Hudson River. and with some
OF his friends quietly acquired the Metro
poitan Steamship Line, two OF the COM
panies which were taken away from him
I'm those dark days when bsnEs closed
their doors and the financial community
was heaping curses upon his head Pow
eTfm friends whose faith in him as a
financial genius is mistaken are once
more backing him
The rise OF Morse from defeat and dis
aster to a position of power in the mar
ket place where he was laid low fur
nishes one OF the most extraordinary
stories that Wan street has known
How great has been the task confront
Ing the former fee king In building m q
second fortune may be gathered from the
fact that the financial storm which broke
over his head in the panic In 1907 strippes
him Of fortune conservatively estimated
at 100000 and left him with 5000 900
Of debts TO face
Next Sent to Prison.
Mr. Morse. just before the panic vhna
not financial potentate OF the first
magnitude. belonged 10 a group OF men
whose fortunes and connections an,i,la
them to be called financial powers. He
controlled, with his friends a chain az
banks with deposits amounting 70 S9oO
100000 or more; a steamship trust which
held the Atlantic coast IN it's grin and
he was still the controlling spirit in the
affairs OF the ice trust, which he had
formed some years prior.
After the storm had wiped out this
fortune as a cyclone wipes out a town
in Kansas. and left him with those y7.COO.-
900 Of debts. the courts came along and
said that Morse must serve fifteen years
in prison to wipe out q little debt he
owed to the community for doing the
things he had In his bank.
Confronted with all that, a good many
men would have quit thinking OF fortune |
building right there. Some might have
committed suicide. unable to stand the
swift drop from prosperity to penury. !
Mr.. Morse did not belong 20 that class.
No Worry About Freedom.
When they put him in a cell after his
conviction. just a year ago, his brain
began to be busy devising ways Of pay
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