Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1907-11-09
MORGAN HOLDS HELM
New York Banks Will Aid
M Trust Companies.
THIRTY TWO MILLIONS COMING.
Greatest Fight In the History Of
American Finance Ends Ina Vie
fory-Sroucy 5lngnates Ia
All Night Conference.

NEW YORK, Nov. G-Dcsplte what
had appeared to Doe auguries OF further
financial troubles there were neither
bank crashes nor a panic ln stocks
Prices were weak at the opening in
Wall street. hut there was "A decided
rally within AN hour There were still
Guns on the two trust companies that
were affected last week. but both kept
their doors open and seemed TO have
ample support
The prolonged conference of leading
ananciers evidently resulted in am ar
-angcment whereby the leading bank
,ng interests. under T. l.. Moreau's
guiding hand. were Go stand behind the
Trust Company OF America and the
Lincoln Trust company. The doors OF
zach Institution were opened promptly.
In an all nights conference the group
Of men whose immense fortunes have
stood between the companies and trou-
ble gathered in the library adjoining
The residence OF SIR. Morgan. In one
room at the Waid0rf-Astorla hotel the
entire board OF directors Of the Trust
Company OF America met while in an
adjoining room ON the same floor the
board OF directors OF the Lincoln Trust
company gathered.
Each OF these bodies went into ses-
sion at o o'clock Sunday night. and the
dnal closing of those sessions did not
come until $50 O'Clock Monday morn
ing. In the interim prominent hnan-
ciers connected with each OF those
three groups rushed back and forth be
tween the hotel and Mr. MOrgan's IL
brary, and four times before the en-
ing Of the discussion procession Of
men, which Included all the directors
Of one or the other or the companies
interested, wended its way from tia
hotel to the library or from the library
TO the hotel
Kumors OF impending difficulties
were set at rest by the deputy state
superintendent OF banks. Mr.. Hutchin-
son, who said he had assurances that
40 banking house would close its doors.
The directors of the Lincoln Trust
company were In session all the morn
ing. At noon President Frank Tilford
gave out this statement:
This has been the greatest fight in
the history of finance. The directors
have decided 70 continue The fight and
10 pay of the depositors"
The raising of the Bank OF England
discount rate 10 Is Ter cent az special
meeting OF the board Of governors was
not unexpected 10y those familiar with
conditions in Europe. although it was
hoped in some quarters that this ac-
ton of the governors would not be
taken until the regular meeting on
Thursday.
The fact that S2.O0000O in gold was
purchased in the open market in Lon
don during the morning for export to
America probably FASTENED the action
Of tie bank This brings the total
gold engagement up above So. 600 600.
Of which about $7,200,O00 win arrive on
Wednesday and $10,O00,0O0 on Friday.
This will go at once into bank re-
serves.
The United States Steel corporation
has secured a controlling interest IN
the Tennessee Coal, Iron and Railroad
company. The deal was concluded and
s traceable to a conference held at the
home of ]. Pierpont Morgan. 1t is I'M
Esrstood that the price paid is q little
above $50 q share.