New-York tribune., 1907-11-06

with the other steel and iron issues, was due to
the fact that the pool had the stock virtually
cornered and was able to hold it at artificial
figure.
There are at present about $3O,OOO0OO of the
sinking fund.- collateral trust, second mortgage,
D per cent bonds Of 1903 in the treasury of the
steel corporation. The authorized common stock
of the Tennessee Coal. Iron &s Railroad Com
pany is $J0OOO,0O0, and of this amount there is
outstanding $29. .S37. $50 There is also out
standing S24S,3O0 of per cent cumulative pre-
ferred stock. The common stock has been a
per cent dividend basis for several years.
Secretary Cortelyou. who spent some time last
night at the Manhattan Hotel, to which he went
on his return from Hampstead, where he had
voted, started the midnight train for Wash
ington. Before leaving the hotel. he said:
"I am helping out the situation in St Paul
and Minneapolis. in connection with the grain
interests; also st. Louis. New Orleans and other
sections. In ordinary times collectors have ac-
cepted certified checks for revenue stamps.
They are required by law to take only lawful
money and of course. must keep within the law.
I have instructed them to take no i'll Judged
action.
II have also been studying the local situation,
but there is nothing to say about that yet"
TENNESSEE COAL AND IRON DEAL.
i ne Iahlng over or the tennessee Coal, Iron
and Railroad Company by the United States
Steel Corporation is expected TO go long way
toward clearing the present troubled financial
atmosphere. Not few banks and trust com
panies have lent considerable sums of money
on Tennessee Coal and Iron stock. and much
of the recent embarrassment has been due to the
inability Of these institutions to realize this
collateral. The substitution of the Steel Cor
poration bonds for this stock will give those
banks and trust companies which at present
have need for ready cash a form OF assets on
which they quickly realize without loss.
President Oakleigh Thorne OF the Trust Com
pany OF America authorized last night the fol-
lowing announcement: THE Trust Company
OF America has never owned a share of Tennes-
Coal and Iron. 1t has outstanding loans
made TO responsible parties on Tennessee Coal
and Iron stock collateral. TO the total amount
Of S620.0OO. all OF which loans amply mar
gined."
During the last three years the Tennessee Coal
and Iron property has been greatly improved
and its earning power raised TO a high degree
Of efficiency. It is the opinion in trade circles.
however, that the owners struck a good bargain
with the Steel Trust and received all the prop
erty was worth. The company's plants at
Birmingham, Ala. and elsewhere In the South.
It controls subsidiary concern the Alabama
ed Indebtedness Of approximately $4,000, 600
PARIS GOLD FOR LONDON.
Ono decidedly cheering development yesterday
was the announcement from Paris that the Bank
Of France had made its first shipment of gold
to London TO relieve the strain on the Bank OF
England caused by the heavy withdrawals Of
gold for America. According to its intention,
announced last week the Bank Of France pur-
chased 100000 of time sterling bills and re-
,nitted therefor British sovcreigns and American
eagles.
From Chicago came the announcement that
the First National Bank had engaged $15OOD
gold in London. and that the Illinois Trust and
Savings Bank had arranged to import Sooo'ooo
gold. This made the total amount of gold en-
gagged in London by the Chicago banks
$4,000
dispatch from Portland, Ore, announced
that Balfour, Guthrie & Co, grain exporters.
had engaged S5OOOO0 gold in London for ship
ment direct to Portland This is said to be the
first time that a Pacific Coast city has drawn
gold direct from London. importations in the
past having been made from Australia and
Japan Part of this gold was reported as al
ready the way.
GOLD ON KRONPRINZESSIN.
The North German Lloyd liner Kronprinzessin
III
gold, ordered abroad by American bankers to
relieve the stringency in the money market The
precious shipment was put aboard the big liner
at Bremen in 235 small boxes, each averaging
about $4,000 in gold bars and coin. The boxes
were taken aboard the Kronprinzessin in the
presence OF Captain HOgemann, the purser and
several of the ships officers shortly before the
steamer cleared from Bremen.
They were counted they were put into the
strong room. and locked. One key was handed
to the captain and one to the purser. although
the latter turned his key over to Captain Hoge-
mann soon after the steamer sailed.
No especiaI guard was placed over the gold.
Tho sbfn's officers said yesterday that this
not necessary, as the shipment was as safe in
the gold ROOM" as they call IL ABOARD SNIP as
II yvould be in the vault of the Sub-Treasury
a. VIII street The doors of the gold room
in sight of passengers, and hundreds or persons
.assed NV them daily on the passage from
Bremen
The gold will be removed from the Kronprin-
ueesin 10 day on trucks heavily guarded Kuhn
Loeb e. Co will receive thirty-fVe ooXes' Laz-
ard Erares sixty, Hedelbach Ickelheimer &
20 seventy. and the National City Bank TWEEN
ty-4hree The remainder will be sent to bankers
of Chicago and other Western cities. Ihe Cuh-
ord liner Lusitania due here on trlday' VIII
bring $4,000 900 of the S34oOO.0OO ordered iioiii
Europe by the American bankers
LINCOLN BOARD HAS NOT RESIGNED
The officers and directors of the Lincoln Trust
comnanv denied yesterday the report that they
bad resigned The following statement was
,;,,on ont from the office of President Frank
Tilford:
There has not been suggestion as to