March 2014 MAINE COASTAL NEWS Page 23.
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whisperell in fi nancial circles that through the good offi ces of Mr. Root and of William Nelson Cromwell, who transacts a great deal of Mr. Morse’s business for him, Mr. Morse expects to become the purchaser of the Panama Steamship Co., which is now controlled by the United States government. To the offi ce of the Panama line, the report that the concern is to be disposed of does not receive any great credence, but inside canal administration circles it is known that high United States offi cials are not only weary of running the steamship line, but are not anxious to continue government ownership.
The Panama Steamship and Railway company was acquired s one of the assets of the Panama concession, bought of the French company for $40,000,000. Although the steamship and railway outfit cost $15,000,000 to build, it was scheduled to the government at $7,000,000. The argument which is being used by those representing Mr. Morse in his negotiations is that if the ice king buys the line, its effi ciency would be increased by reason of the greater facilities for shipment which he controls. When Mr. Morse was asked concerning the report that he had an option upon the Panama line, he refused to admit, deny or say anything whatever upon the subject. “Of course,” remarked one of Mr.
Morse’s confi dential men, “it is no secret that Mr. Morse wants the company and is doing all he can to get it. The Panama line is the key to what Mr. Morse has in view. He would like to get control of it at once, and the representations which he has made to the government of the increased usefulness which the lines would have under his control, have impressed some high offi cials in Washington, with some of whom Mr. Morse has intimate business relations. The interest which Wall Street has taken in the plans of Mr. Morse has led to investigations regarding the resources of his company. The result astonished even big men in the street. It is revealed that Mr. Morse’s holdings entitle him to rank with John D. Rockefeller and J. Pierpont Morgan as a king of fi nance. The capitalization of the companies, in which he is the controlling factor is $320,782,112 and he is fi nancially interested in many companies with which his name is not identifi ed. Those in a position to know the full extent of his fi nancial power claim that he is in a position to swing half a
billion dollars. Mr. Morse has been adding banks to his chain until he has become distinguished as New York’s biggest banker. He is now actually in control of only 12 known banks and trust companies, but this dozen represents more than twice that number, as he has done much consolidating. A Wall Street man said that Mr. Morse’s hobby for consolidation was likely to lead him to further incorporate all his banks under one name and control the various institutions as branches. He said: “Mr. Morse’s methods are peculiarly original. If he wants a bank, a steamship line or anything, he buys it outright and then puts it in the proper pigeon hole. It was J. P. Morgan’s idea to organize a company and then go after the concern he wanted. That may explain Mr. Morgan’s failure to get control of the sea-going steamers when he made the attempt. Morse buys only that which he can pay for.” Mr. Morse made his original fortune
in ice. He organized the ice trust. Some time ago it was reported that he had gone out of the American Ice company. He did, after a fashion. He jumped over into New Jersey and incorporated the American Ice Securities company with $18,434,200 stock and $3,000,000 bonds. He is credited with controlling the concern which controls the American Ice company.
After much shifting of corporate names and absorptions, the name of the Great Eastern Telephone company is to be found in recent fi nancial history. With a capital of $31,000,000 which is controlled by Mr. Morse, the present telephone trust is likely to have a competitor, unless there is brought about a merger of the two concerns. The Eastern company is at the present time soliciting subscribers. Should Mr. Morse care to store way his valuables he can do so in his own safe deposit companies. He controls the Garland, and New Amsterdam Safe Deposit company.
Aside from buying corporations Mr.
Morse’s operations are confi ned to real estate purchases. At Fifth avenue and 53d street he put up $800,000 for property, which gave him control of a frontage valued with what he had adjoined previously at $2,000,000. In other sections of New York he has heavy investments in real estate and is credited with an investment of $5,000,000
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