The Washington herald., 1907-11-05
SIGNSALLFAYORABLE
Cheerful Feeling Dominates
Banking Situation.
TEMPORARY TROUBLES MET
Plans of FinancIers to Aid Threat
ened Institutions Are Fast Taking
full Factor in Restoring Confidence.
Day Passes without Incident,

New York, Nov. 4.-To-day, which was
the last business day before the arrival
Of the initial shipment OF gold from
abroad, passed not only without an un-
favorable development, but with every In
dication that solution had practically
been reached OF the question of sur
mounting the difficulties discussed at the
conferences Saturday and Sunday night
All the prominent financial men who
had participated. expressed cheerful
views regarding the outcome. and at the
close of the days business showed salts
faction az the developments OF to-day
and over the week end.
Details remain to be arranged at con-
ferences to be held tomorrow. Unless
the entirely unexpected happens to-mor-
row it is certain that the control Of the
Tennessee Coal and Iron Company Will
pass from the syndicate which has owned
the company for two years TO the United
States Steel corporation. or bankers act
ing for that company; that the Trust
Company OF America will continue In bus
mess and pay off checks against It much
more expeditiously than OF late. and that
the Lincoln Trust Company Will be
strengthened, and supported with SINH
larly favorable results.
Gold Coming Freely.
Another distinctly favorable develop
ment OF the day was a continuation OF
the gold exports movement. The Bank OF
England raised its minimum rate Of dis
count to per cent; private rates OF dis
count in London were as high as IA per
cent, and sterling exchange rates, both
for cable and demand bills. again touched
new high marks for several years; yet
bankers here not only secured all the
100000 gold laid down in the London
open market. but withdrew large sums
in addition from the Bank of England.
Gold engagements for the day aggregated
s.. $4,000 or this amount $4,000 Was Sc
cured by the Commercial National Bank
of Chicago. and the remainder by New
York bankers. As follows Lazard Freres,
81 .oOo. .O00; HeidIebach, Ickieheimer & Co,
SI.O0O,O0O; National Bank Of Commerce.
$4,000. Seaboard National Bank, $4,000.
These engagements brought the total for
the movement up TO the handsome amount
OF 81. 10000.
Regarded ns Favorable.
The negotiations for the transfer Of
control Of Tennessee Coal and Iron were
regarded as favorable. both in effect on
the United States Steel Corporation and
in making possible the transfer or pay
ment Of heavy loans on Tennessee Coal
and Iron stock.
II was reported on excellent authority
that banks and trust companies in this
city were carrying loans With this stock
as security TO the amount of more than
$le.C00000. II was assumed that a part
OF such loans was in the Trust Company
OF America, and that the payment would
place that company even more strongly
E funds
Oakleigh Thorne. president OF the Trust
Company Of America. was one OF the
members Of the Tennessee Coal and Iron
syndicate.
Transfer Of Railroad stocks.
One of the other ways in which the
Trust Company Of America. It became
known. has raised money. was In the
transfer OF "A loan Of S2.60O.OOO. secured by
Central of Georgia Railroad stock The
entire capital stock Of the company,
$500 600, was purchased by Mr. Thorne
and Marsden J. Perry. In the interest. It
is generally understood, of Z. II. Harri-
man. The stock was placed In the Trust
Company of America as security for the
S2,6oO000. but since the run on the com
pany began the loan has been taken over
By some other banking institution or in
stitutions.
knowledge Of the transfer to-day raised
the interesting point as 10 whether or
not the loan Is carried for Mr.. Hartman
now or whether some other interest has
secured control Definite Information was
lacking, but IL was widely believed that
the stock was in some way or other IN
Mr. Har-imans control.