In the same period, Morgan lost to accidents four of his existing ships: "Palmetto", "Globe", "Galveston" and the newly built "Meteor", with a total value of $250,000. As all four ships had been self-insured in line with Morgan's usual practice, none of the losses were recoverable. Morgan was by this time wealthy enough to be able to absorb the losses however, and in the following two years he had another four vessels built, including "Charles Morgan" (1,215 tons), "Nautilus" (898 t), "Orizaba" (734 t) and "Tennessee" (1,149 t), all but the last of which also had their engines supplied by the Morgan Works.