New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-05-08
MORSE'S FORTUNE GONE
Says Creditors Got His Wealth,
Once Estimated at $50, goa 900,

Charles ". Morse, who two years was re-
puted worth upward of $2o@H,peo testified last
Friday. when examined in the Tombs court in sup
Elementary proceedings upon a judgment for Si71,25
obtained by r. Clarence Jones. that he had given
all his property to secure his debts to creditors at
different times.
In response 10 quest ons put by solomon Han
ford. attorney for Mr. Jones, he described in detail
what had become 81 his stock holdings in the many
corporations in which he had been interested. and
his real estate holdings. He had never kept a
set OF books. he testified, and had never had a
ledger account No member of his family had any
property in which he interested, nor had the
firm Of Primrose & Braun any property belonging
him. Mr.. Morse also testified that was
indebted t. him for borrowed money, and that he
held nobody's promissory notes.
Asked 10 specify some Of the instances where
property was held IL pledge for some Indebtedness
Of his, Mr.. Morse answered that John ". Gates.
who had obtained a judgment against him. held
some o: the property but witness did not know
whether not it had been disposed Of The cred
itors holding his stocks ne added. had notes per
hitting them TO sell the securities. and he could
not tell without consultation with them whether
they had exercised their right.
In October. 1901. lie held two pieces Of real estate
Of which was subsequently conveyed to Z. J.
Berwind for loan and the other To Moseley &
Co Asked about various financial and Industrial
institutions in which he had formerly been proni-
Mr.. Morse said that he did not at present own
a share Of stock in these institutions: The Bath
Trust Company, of Bath, Me: the Boston Insur-
anoe Company. the Butterick Company, the Century
Realty Company. the Garfield National BanKS the
Mercantile National Bank the Fourteenth Street
Bank the Hudson Navigation Company. the Lin
coin National Bank Of Bath Ne. the New ATnster-
dam National Bank, the Garfield Safe Deposit Com
pany the New Amsterdam Safe Deposit Company,
the New York Mortgage and Security Company
the New York Produce Exchange Bank. the Title
Insurance Company. the Van Norden Trust Com
PAW the Van Norden Safe Deposit Company, the
Assets Realization Company, and the William
Campbell Wall Paper Company. Practically all Of
his securities these corporations had been pledged
with banks and individuals, and most OF them had
been sold.
As TO HIS steamship holdings. Mr.. Morse said that
his stock in the Mallory Steamship Company, the
METROPOLITAN Steamship Company and the New
York and Cuba Mail Steamship Company had been
exchanged into bonds and stock of the Consolidated
Steamship Company, all of which had gone to HIS
creditors
Asked whether or not II the sale OF his Garfield
National Bank stock should produce more than
the amount necessary to pay the debt for which
the stock had been given as collateral. he would
nv creditors would have it. ! would give it to
ments against me.
Similarly in response TO question regarding ms
Mercantile National Bank stock, he said that the
s,,rDlus if any would go not 10 him, but TO the
Fourteenth Street Bank and il any remained
after the claim Of the bank had been satisfied 1t
would go Philip J. Britt