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Eastern Steamship Lines
Eastern Steamship Lines was a shipping company in the United States that operated from 1901 to 1955. It was created through successive mergers by Wall Street financier and speculator Charles W. Morse. The line sailed along the eastern seaboard of the United States and Canada, operating out of Boston and New York. Much of its fleet was sold to the US government for use in World War I. After the war the company ordered additional ships for the post-war period. Eastern Steamship Lines served as operator for the War Shipping Administration in World War II. The United States government requisitioned all of the fleet's vessels for military duty on both the Atlantic and Pacific.
Morse's father had a large role in the towing business on the Kennebec River in Maine. Charles was already involved in the shipping business while a student at Bowdoin College, and at his graduation in 1877 he had accumulated a sizable capital. After college he went into business with his father and a cousin, Harry F. Morse, forming C.W. Morse & Company and engaging in an extensive business shipping ice and lumber.
After profiting in the creation and sale of substantial holdings known as the "Ice Trust," Morse returned to the realm of shipping in 1901, when he established the Eastern Steamship Company by consolidating the Boston and Bangor Steamship Company, dating from 1834; the Portland Steam Packet Company, organized in 1843; and the International Steamship Company, established in 1859.
In 1902 Morse acquired control of both overnight steamboat lines on the Hudson River - the People's Line, established in 1835, and the Citizens' Line, established in 1872 - and organized the Hudson Navigation Company to operate them. They were collectively known as the Hudson River Night Line. The People's Line named its new 411-foot steamer C.W. Morse in his honor in 1904.
Morse acquired control of the Metropolitan Steamship Company from the Whitney interests in 1906. He organized the Consolidated Steamship Company in January 1907 as a holding company for the Eastern Steamship Company, Metropolitan Steamship Company, Clyde Steamship Company and Mallory Steamship Company. Despite an initial announcement of such a sale, Morse failed in an attempt to purchase the Long Island Sound steamers of the New York, New Haven and Hartford Railroad. He did, however, acquire control of the New York and Cuba Mail Steamship Company and the New York and Porto Rico Steamship Company in 1907.[citation needed]
He parlayed this success into a prominent role in high finance in New York City. A failure speculating in 1907 led to the collapse of banking interests Morse had acquired driving his steamship lines into receivership, for varying periods, in February 1908. Indicted by United States District Attorney Henry L. Stimson, Morse was convicted of violations of federal banking laws. He was sentenced to 15 years in the Atlanta federal penitentiary in November 1908 but remained free on appeal.
The company was reincorporated in October 1909 in Maine with Morse as president. The Metropolitan Steamship Company and Maine Steamship Company were consolidated with the Eastern Steamship Company in 1911 to form Eastern Steamship Corporation. In 1912 The Eastern Steamship Corporation bought the steamships Yarmouth, Prince Arthur, and Prince George form the Canadian Pacific Railway. The vessels operated under the subsidiary called the Boston & Yarmouth Steamship Company, also known as the Yarmouth Line.[citation needed]
In 1914 Eastern Steamship Corporation went into receivership, and when it emerged in 1917 it had been reorganized as the Eastern Steamship Lines.[citation needed]
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Eastern Steamship Lines
Eastern Steamship Lines was a shipping company in the United States that operated from 1901 to 1955. It was created through successive mergers by Wall Street financier and speculator Charles W. Morse. The line sailed along the eastern seaboard of the United States and Canada, operating out of Boston and New York. Much of its fleet was sold to the US government for use in World War I. After the war the company ordered additional ships for the post-war period. Eastern Steamship Lines served as operator for the War Shipping Administration in World War II. The United States government requisitioned all of the fleet's vessels for military duty on both the Atlantic and Pacific.
Morse's father had a large role in the towing business on the Kennebec River in Maine. Charles was already involved in the shipping business while a student at Bowdoin College, and at his graduation in 1877 he had accumulated a sizable capital. After college he went into business with his father and a cousin, Harry F. Morse, forming C.W. Morse & Company and engaging in an extensive business shipping ice and lumber.
After profiting in the creation and sale of substantial holdings known as the "Ice Trust," Morse returned to the realm of shipping in 1901, when he established the Eastern Steamship Company by consolidating the Boston and Bangor Steamship Company, dating from 1834; the Portland Steam Packet Company, organized in 1843; and the International Steamship Company, established in 1859.
In 1902 Morse acquired control of both overnight steamboat lines on the Hudson River - the People's Line, established in 1835, and the Citizens' Line, established in 1872 - and organized the Hudson Navigation Company to operate them. They were collectively known as the Hudson River Night Line. The People's Line named its new 411-foot steamer C.W. Morse in his honor in 1904.
Morse acquired control of the Metropolitan Steamship Company from the Whitney interests in 1906. He organized the Consolidated Steamship Company in January 1907 as a holding company for the Eastern Steamship Company, Metropolitan Steamship Company, Clyde Steamship Company and Mallory Steamship Company. Despite an initial announcement of such a sale, Morse failed in an attempt to purchase the Long Island Sound steamers of the New York, New Haven and Hartford Railroad. He did, however, acquire control of the New York and Cuba Mail Steamship Company and the New York and Porto Rico Steamship Company in 1907.[citation needed]
He parlayed this success into a prominent role in high finance in New York City. A failure speculating in 1907 led to the collapse of banking interests Morse had acquired driving his steamship lines into receivership, for varying periods, in February 1908. Indicted by United States District Attorney Henry L. Stimson, Morse was convicted of violations of federal banking laws. He was sentenced to 15 years in the Atlanta federal penitentiary in November 1908 but remained free on appeal.
The company was reincorporated in October 1909 in Maine with Morse as president. The Metropolitan Steamship Company and Maine Steamship Company were consolidated with the Eastern Steamship Company in 1911 to form Eastern Steamship Corporation. In 1912 The Eastern Steamship Corporation bought the steamships Yarmouth, Prince Arthur, and Prince George form the Canadian Pacific Railway. The vessels operated under the subsidiary called the Boston & Yarmouth Steamship Company, also known as the Yarmouth Line.[citation needed]
In 1914 Eastern Steamship Corporation went into receivership, and when it emerged in 1917 it had been reorganized as the Eastern Steamship Lines.[citation needed]
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