Waterbury evening Democrat., 1907-11-05
MORE HELPFOR BANKS
Morgan Gets Control of the Ten-
 nessee Coal Company.

nessee Coal Company. RESULT OF BANKERS C0NFAB Concern Will Be Turned Over to Steel
 Trust if Department of Justice Raises
 No objections-Gary and Prick Con-
 fer With Roosevelt.
 New York, Nov. 5.-Events of far reaching importance developed in the financial world, following the memora- ble all night conference of bankers. trust company presidents and capital ists at the Morgan library which began early on Sunday afternoon.
 Probably the most important result to the security market was the remov- al of the group of Tennessee Coal and Iron stock loans, which had menaced the solvency of firms and institutions. In addition to the taking up of these loans, enough additional stock of the Tennessee Coal and Iron company was acquired by J. P. Morgan & Go. to give to that firm the control of the con- pany.
 It will be turned over to the United States Steel corporation, provided there is no legal obstacle raised by the de- partment of justice at Washington. It is understood that Judge Gary, chair man of the United States Steel cor poration, and H. c. Prick, one of its executive committeeman, went to Washington to confer with the presi- dent and others about the deal.
 Designations In Hand.
 More aggressive measures were adopted by the trust company commit tee to rehabilitate both the Trust Con- pany of America and the Lincoln Trust company, both of which have been un- der q terrific strain in the last two weeks
 Measures on these lines adopted at the Morgan conference have not been fully worked out, but they provide for drastic changes in the personnel of the directorates and assistance from the men who are now directing the companies affairs.
 It is also stated that the resignation of the entire board of the Lincoln Trust company is in the hands of the trust company committee, of which Edward King, president of the Union Trust company, is chairman. Similar action by the directors of the Trust Company of America is expected in view of the assistance rendered by the trust company association.
 Diatory Tactics Adopted.
 There was no announcement of the exact plans of the trust company asso- citation toward the Trust Company of America, and the details will not be announced until later. In general way it was known, however, that the directors of the two companies guaran- teed the solvency of their concerns and that the association had decided to "see them through to the end"
 That the plans discussed and deter mined upon at the Morgan conference did not bear fruit was evident in the fact that directors of the Trust Con- pany of America and the Lincoln Trust company again met and sent repre- sentatives to the committee of the Trust Company association. In addi- tion, dilatory tactics were adopted in paying depositors and others in the lines at both companies. That some thing was held in abeyance was also brought out when Clark Williams, su perintendent of banks, visited the in- stitutions to see whether they were in a position to do business.
 Trust Companies Open.
 Mir. Williams, on behalf of the state banking department, had received nu- merOus complaints from banks and others that checks on those trust com panies were being returned by banks marked Not collectible." Mir. Will Hams sent his representatives to the trust companies to see precisely what their condition was to do business. The state banking department was in- formed of the pending plans and of the decisions of the directors to assist as far as was possible. As a result the trust companies opened their doors. 1 At the Trust Company of America one bank messenger with a bundle of &c- cumuIated checks was at the paying 1 teller's window all day. Practically 1 the same tactics were adopted at the | Lincoln.