New-York tribune., 1907-11-04

Judge Gary announced that the trust had $76,-
100000 cash in bank.
For the last month the great strength OF the
United States Steel stocks has been a feature of
The stock market While other high grade
securities have been declining with alarming
rapidity, the steel stocks have remained com
paratively firm. Indeed. the buying OF steer
common has been so aggressive at times or late
es N give rise to the report that the Steel Trust
was purchasing it's own common stock in the
open market to retire a large block Of T.
There is n. present outstanding S1Os,49o,ZVO
Of steel common at par value. The stock closed
on Saturday at 23t4. This makes the market
value OF the total common stock outstanding
about S11SOOOOOO Were the Steel Trust TO
use q large part Of fits cash surplus to pur-
chase the common stock at present prices. It
will be seen at once that substantial part OF
the whole issue could be retired
Mr. Fricll and Mr.. Gary came out of the con-
ference together and drove away in the formers
automobile When the latter was asked as to
what took place at the conference. he smiled
and replied: II can't say anything. 1 can't
talk To like to, but I can't"
Thomas F. Ryan did not attend the con-
ference nor was he present at the meeting at
the same place on Saturday. Mr.. Morton is
supposed to have represented Mr.. Ryan as well
as his own interests.
MORTON SAW PRESIDENT.
The presence Of Paul Morton at the con-
ference yesterday gave rise TO the theory that
the purpose of the meeting was TO discuss the
advisability of calling upon President Roosevelt
to convene Congress at once in extra session TO
enact some remedial currency legislation. Mr.
Morton, who was formerly Secretary Of the
Nevy. was known to have seen the President In
Washington last Friday, and it was argued that
-0Fe ocra
from Mr. Roosevelt to the financial leaders who
have charge of the local situation. Mr.. Morton
did not attend the conference in Mr.. Morgan's
library Saturday.
Mr. Perkins was one Of the first Of the con-
ferrees 10 arrive yesterday afternoon at the
meeting place. Asked as 10 the significance
OF the meeting on Saturday. he said that It had
nothing whatever to do with the local financial
situation directly, but had been called to dis
cuss the prospects Of moving and shipping the
grain and cotton crop Of the country.
"A prompt movement Of grain and cotton 70
the seaboard,' said Mr.. Perkins. land their early
loading into bottoms-that IS, board ships
for export-means great deal TO the present
situation. indirectly. because soon as our cot
ton and grain 50 loaded We can draw against
them, and thus relieve the foreign exchange
situation materially"
Considerable activity was displayed yester-
day by the directors of the Trust Company Of
America, which has been fighting a severe run
for the last ten days, in which fight 1t has been
aided by the coterie of financiers headed by
J. P. Morgan.
A conference Of directors was held Satur-
day night which lasted through until a M.
on, Sunday, but at the end OF the meeting not
one of the directors would give out any intima-
ton Of the cause or results of the conference.
At II a. m. yesterday Oakleigh Thorne, presi-
dent Of the Trust Company of America, and
most Of the directors, went to the main offices
of the company at No. 81 Wall street, and re-
rnained there until 3 o'clock yesterday after
noon. No information was given out after the
meeting.
Late last night there were no deposftors in
line in front of the main Office Of the Lincoln
Trust Company. at No. 20S Fifth avenue. This
was the first night since the run started, eight
days ago, that there has been no line Of wait
ing depositors.
At the main Office Of the Trust Company Of
America, in Wall street, there was no line, but
at the Colonial Branch, at Broadway and Ann
street. half a dozen bank messengers were
waiting.