New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-12
MORSE Has RISEN TWICE.
Bloc Comes Just as He Seemed an
Fair Han to Regain FOrfure-

Charles W Morse's first financial successes we're
IN the ice business He is native OF Maine and was
born there in $50 After getting control OF les
plants there he extended his operations banks
Of the Hudson River II in 1897 that he formed
a plan TO organize the American Ice Company,
fanniliarly known the Ice Trust This was
launched in 1880. and through Mayor Van WycI0
he obtained control OF all the dock privileges 10
wanted
From the control OF the ice business Mr. Norz,
bent his energies TO banking. and followed this Up
by organizing the Consolidated Steamship Com
pany, merger OF coastwise transportation lines
The banks controlled by Mr. Morse were used IN
his corporation operations. and when in 1907 anan-
cial troubles began his interests were hit hard In
Maine an effort Was made TO reorganze steam
ship combination. and the first step applications
we're made for receivers for the several companies
In the organization.
Mr. Morses troubles began with the Mercantile.
National Bank episode. when the Clearing HOUSE,
came to the rescue and saved H. Associated with
Mr. Morse in the management OF this bank vvsrs
Z R and o. F Thomas. F Augustus Heinzs ana
the late Charles 7. Barney. Late in October,
1901. it was announced that Morse and E. r.
Thomas had agreed 70 abandon all their banking
connections. The National Bank OF North America
and the New Amsterdam National Bank. both
Morse concerns. closed their doors. After tho
panic the former paid its obligations.
Early last year the federal and grand juries
began TO investigate Norse's affairs He made a
sudden trip TO Europe at the time but immediately
came back and faced the situation Morse and
Curtis were indicted and convicted in the Federal
Court Curtis was let go under suspended SEN
tence and Morse was sentenced to fifteen years in
the federal prison at Atlanta.
In the brief period pending his appeal that yr
Morse az liberty, eliminating with the refusal
OF trial yesterday, he succeeded IN so far -
facilitating himself as to regain practical control
OF two OF the steamship companies that he formerly
owned wping OUT all but $4,000 OF his tndebrea-
ness. amounting originally to about 100000 How
he succeeded in raising the money 70 pay Of such,
a large proportion OF his debts and 20 buy back
some OF his former properties has been more or
less of a mystery 70 Wall Street II is understood
however. that he got a large amount or the neces-
sary cash through selling stock Of the Morse S.
curities Company. S0O00oOO concern that he or
ganized in Bath. Ne, some time ago. ostensbIy 70
deal in securities
number OF his creditors ars also said to bav,
accepted stock in this concern in payment OF their
claims. and it has been further reported that csr-
tain big financial interests have been aiding him
Then. too. much Of the collateral which he had d.
posted security for loans has appreciated to
such extent, it is said, as leave balance in
his favor in many Instances after the loan had
been closed out
The two steamship companies or which he has
practically regained control are the Hudson Navf-
cation Company. OF which he was elected presidents
few weeks ago and the Metropolitan Steamship
Company. which was bought in the foreclosure
sale last week by the Assets Realization Company
concern in which Mr.. Morse Is understood 10 "a
largely interested. and which Is believed to have
acted for him in the purchase OF the steamship
company. He was TO have been elected presldsne
OF the recognized line yesterday. but the amrma-
ton OF his hfteenyear will no dOubt results
IN a change OF plans.
In addition TO resainng practical control OF thess
two steamship lines. Mr. Morse. according to re-
ports current IN the Street. was buying into ths
Atlantic, Gulf and West Indies Steamship Com
pany. the reOrganized Consolidated Steamship
Lines, the $4,000 600 steamship consolidation which
he formed and formerly controlled. These rumOrz
were. however. denied both by Mr.. Morse hiraselr
and the officers OF the company.
Before tho financial troubles in the autumn OF
1907 Mr. Morse appeared the lists OF directors %
the following concerns:
Bath Trust Company. Boston Insurance Com
pahys BUtJerick Company, Century Realty Com
snip company Fifth Avenue Estates. Fourteenth
street Bank. Garfield National Bank Garfield Safe
Deposit Company. Hudson Navigation Company.
Mallory steamship Company. Mercantile National
Bank. Metropolitan Steamship Company, National
Bank OF North America New Amsterdam National
Bank. New Amsterdam Safe Deposit Company.
New York and Cuba Mat Steamship Company.
New York Mortgage and Security COmpanV New
OF New York. Van NOrden Trust COMPANY. Van
NOrden Safe Deposit Company. Wall Street Fx~
change building Association and William Camp
bell Wall Paper Company.
He is a member OF the Union League CIuh IN,
University. Metropolitan. Lawyers and Riding
clubs. the Chamber OF Commences. the New Ensland
Society and the New York Historical Society
BANK ROBBERS GET 500 LINCOLN CENTS
Des Moines Oct. u.-Four men gave IN robbin<