New-York tribune., 1907-11-05
MORE AID FOR BANKS.
RESULT OF CONFERENCE.
United States Steel B,sying Tennes-
see Coal and Iron Com pany.

I
AF Morgan's library. which not terminated
until 7;;O o'clock yesterday morning Although
those statements conveyed little or no specific
/ information. it understood that at the all
night conference which was supplemented by
/ conferences elsewhere of the directors of the
trust Company of America and the Lincoln
trust Company respectively. plan was finally
worked out which assures a continuance of the
support hitherto given those institutions IN their
record breaking resistance to the runs upon
them which in progress
The Clearing House committee met at Id
| O'CLOCK yesterday morning and in an hour and
d NAN had put the plan in operation. II is said
1t was decided that the trust companies musr
help one another and that directors OF trusr
companies as individuals should aid their re-
spective companies. Behind this is the aid OF
the Clearing House banks and the counsel OF
Mr. Morgan and his associates.
j. Edward Simmons. president Of the Fourth
National Bank, on leaving the meeting of the
| Clearing House committee. sal dthe situation
revolved around the trust companies. and that
there was nothing TO be feared from the sit
uation.
CONFERENCE WITH PRESIDENT.
Judge Gary and Mr.. Frick returned late last
night from Washington. where they had a con-
terence yesterday with President Roosevelt.
Judge Gary would not discuss his mission or
It's results further than to say:
The President is disposed To do everything
IN N MS power that is right and proper to benefit
the business interests of the country"
With to-day legal holiday the fnanciers vvbo
nave been so steadily at work for the last fortv
eight hours In devising a way out Of the Diff
cult situation went TO bed early last nfebt
thoroughly tired out They will resume the con-
lerehces this afternoon or evening as many de-
taHs remain to be considered. although as al
ready said the situation is greatly improved
from Saturday
The T. C., l. & R R PURCHASE.
Negotiations for the acquisition of the Ten
nessee Coal. Iron Railroad Company by the
| United States Steel Corporation are we'll under
way, with every prospect Of being brought tn
/ an early successful conclusion. il was learned
yesterday from the highest sources. That such
| negotiations were in progress had been inferred
/ from the fact Of the presence at the conference
at Mr.. Morgan's library of Richard TrimbIe. sec
/ retary and treasurer OF the United States Steel
/ Corporation, with Judge Gary, chairman of the
/ Board and chairman of the executive committee.
/ and the attendance at several OF the Morgan
conferences in the last few days of Grant B.
/ Schley, one of the leading members OF the syn
/ dicate controlling Tennessee Coal Iron &
Railroad. Oakleigh ThoFne. president OF the
p
/ understood 10 be member OF that syndicate.
the operations of which are said to have been
not entirely dissociated from the affairs OF the
Trust Company of America.
/ The common stock OF the Tennessee company,
I of which about S30.OOO,0O0 is outstanding (the
preferred is less than S25OOOO). has long been
closely held. and at a high figure 1t pays only
4 per cent annual dividends. but has sold
high as 166. ex-rights. and only yesterday a
sale OF 100 shares was made at 135 on the Stock
Exchange. According 10 report yesterday. the
United states Steel Corporation. or hnanciers
identified with it, will provide the sum required
for taking over at about so the syndicates
holdings of around 20 per cent Of the outstand-
ing stock of the Tennessee company
This offer it is said. is closely related 10 the
arrangements making for turning additional
cash over to the Trust Company Of America
The sale would do much tc relieve the present
financial stringency, large amounts OF the
stock Of the Tennessee company are now held
as collateral for loans by local banks The TAX
ing up of these loans by the new owners of the
stock would add materially 10 the cash re-
sources of the financial institutions
BIG ADDITION To U. s. STEEL
With the acquisition OF the Tennessee Coal
Iron and Railroad Company the United states
Steel Corporation. which is now estimated TO
control about 90 per cent OF the steel business
of the country would largely Increase that per-
centage and it was reported in Wall Street YES
ter5av that one OF the objects Of ex-Judge Gary
and Mr.. Frick in journeying TO Washington was
10 ascertain whether or not the taking over &
the Tennessee company would be viewed by the
administration as an undesirable transaction
which might possibly in time 10 come cause the
Steel Corporation TO be looked upon as approach
ing a monopoly.
The committee of five trust company presi-
dents. of which Edward King president of the
Union Trust Company is chairman. is Under
stood 10 have still directly in charge the meas
nres for carrying the Trust Company Of Amer
ica and the Lincoln Trust Company through
their present crisis. The directors OF the latter
institution it was said yesterday what should
be good authority, have placed their designations
in the hands Of Mr.. King. John E. Borne, Will
lam F. Sheehan and ex-Justice Morgan J.
O'Brien, of the Trust Company of America
board. were in conference with Mr.. King late in
the afternoon. II is said that directors of the
two companies have been told that IL is their
duty to give individual aid to their Institutions.
and that some of them have made large deposits
within the last two three days
The directors OF the Union Carnegie Astor
and other trust companies held meetings yes
terday. presumably with the object of arranging
TO furnish support. If needed. for the COM
panies which have for so many days been bear
ing the brunt of the pressure from depOsitOrs-
MANY RUMORS AFLOAT.
Various rumOrs were aflOat Of negotiations by
other trust companies for taking over the Trust
Company of America and the Lincoln. but none
of them received definite confirmation. although
there is reason TO believe that control of the