Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-05

Coal. Iron and Railroad com pany were
transferred.
This sale cannot fail to do much
to relieve the present financial strin-
gency as large amounts OF stock OF
the Tennessee Coal and Iron company
are now held as collateral for loans
by the local banks. The taking up OF
these loans by the owners of the stock
will add materially to the cash re-
sources Of the financial institutions.
In the absence of an official state
ment, Il Is estimated that the steel
Corporation, acting through j. p. Nor
gan g. Co.. has secured about S20,-
000, 900 of the Tennessee Coal and
Iron stock at an outlay of some SlI.-
000, 900. This important deal has had
The effect of strengthening the Trust
Company Of America, which held
considerable of the stock as collateral.
and will alleviate the financial situa-
ton OF conditions that have tended 10
retard the return of confidence gener-
ally. The Tennessee Coal and Iron
company is a manufactures Of open
hearth STEEL and about two months
ago received all the orders placed by
the Hartman roads for rails needed
by them in 1907 and 1908.
Last January 1t became generally
knONn III tilNlto bAsiA 0NNNid
Institutions were carrying consider
able Tennessee Coal and Iron stock.
II was subsequent to this that the
loans were scaled down 10 $50 a
share. Early in the following April
John w. Gates announced his retire
ment from wall street and a por-
ton OF his holdings were taken over,
IT is said, by the other members of the
pool short while afterward Col
onel Payne, Harry S. Plack and
George Kessler retired. The Trust
Company Of America then, II is said,
lent its resources to prevent the stock
from coming on the market at a time
when il would have caused general
Generalization.
The loan by this company is said
10 have comprised a substantial por-
ton Of the pools holdings at a price
around $50 a share. At yesterday
conference at Morgan's home steps
were taken to assist the trust COM
pany which resulted in an agreement
for today's sale. Those at this con-
ference with Mr. Morgan included
Henry c. Frick, Ebert H. Gary and
Secretary Richard Trimlin, of the
United states Steel Corporation. and
Oakleigh Thorne. who is a director
of the Tennessee company. as well as
president Of the Trust Company of
America.
The total outstanding stock of the
Tennessee Coal, Iron and Railroad
company is $29,500,0O0. There Is also
t24Sl30O Of preferred stock outstand-
ing. The bonded debt consists of s14,-
900, 600 mortgage. five per cent due
July. 1851.
Judge Gary and Mr.. Frick returned
tonight from Washington, where they
had a conference today with President
Roosevelt. Judge Gary would not dis
cuss his missiop or its results further
than to say, THE president is disposed
to do everything in his power that Is
right and proper to benefit the busi-
ness interests of the country"
IL had been reported that one Of
the objects which former Judge Gary
and Mr.. Frick had In iourneying 10
Washington was to ascertain whether
the taking over of the Tennessee com
pany would be viewed by the admin
istration as an undesirable act. which
might possibly In time come to cause
the steel Corporation ~ r. looked
upon as approaching a monopoly.