The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1907-11-05
Surmounting Difficulties
of Financial Problem
Gold Will Begin to Come
From Europe Today.
Financiers Fixing Up
the Affairs of Some Of
the Big Companies.

New York, Nov. To-day, which
was the last business day before the
arrival OF the initial shipment Of gold
from abroad. passed not only without
an unfavorable development, but~lwitn
every indication that solution had
been practically reached of the ques-
tion of surmounting the difficulties dis
cussed at the all night conferences
Saturday and Sunday nights.
Among the prominent financiers who
had participated in these conferences
we're several who had been without
sleep for two nights, but despite this
privation, these as well as the others
expressed cheerful views regarding
the outcome of the conferences, and
at the close of the days business ex-
pressed satisfaction at the develop
ments of today and OF the week end.
Details remain to be arranged ut con-
| ferences to be held tomorrow but un.
less the entirely unexpected happens
tomorrow, Il is certain that the con-
troll 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 corpo-
ration or bankers acting for that COM
pany; that the Trust Company of
America will continue In business and
pay off checks against II much more
expeditiously than OF late, and that
the Lincoln Trust company will be
strengthened and supported with sim.
ilarly favorable results.
Another distinctly favorable devel.
opment OF the day was a continuation
of the gold export movement. The
bank of England raised It's minimum
rate of discount to six per cent, pri.
vate rates or discount in London were
az high as TX per cent, and sterling
exchange rates, both for cable and de-
mand bills, again touched new high
marks for several years; yet bankers
here not only secured all the $2,000,000
gold laid down in the London open
market but withdrew large sums In
addition from the bank OF England.
Gold engagements for the day ag
gregated S3650,000. These engage
ments brought the total for the move.
ment up TO the handsome amount OF
$32. 100000. Tho negotiations for tht
transfer of control OF the Tennessee
Coal and Iron were regarded as favor.
able both In effect on the United
States Steel corporation and In max
ing possible the transfer or payment OF
heavy loans made on Tennessee Coal
and Iron stock. IL was reported on |
excellent authority that banks and !
trust companies in this city we're car.
ryIng loans with this stock as securl |
ty to the amount OF more than $40.
100000. II was assumed that part |
OF such loans was In the Trust com
pany OF America and that the payment
would place that company even more
strongly In funds. Oakleigh Thorno,
president OF the Trust Company OF
America, was one OF the members OF
the Tennessee Coal and Iron syndicate.
One OF the other ways in which the
Trust Company OF America, II be-
came known, has raised money was IN
the transfer OF a loan OF S2,260, 900 Sc.
cured by Central r. r. OF Georgia
stock. The entire capital stock OF the
company, $4,000. 900 was purchased by
Mr.. Thurne and Marsden ]. Perry, In
the interest Il Is general understood
OF T. II. Hartman. The stock was
placed In the Trust Company of Amer
lea as security for the $4,000 900 but
since the run began the loan has been
taken over by some other banking In
stitution or institutions. knowledge
of the transfer today raised the inter
esting point as TO whether or not the
loan is carried for Mr. Hartman now
or whether some other interest has Sc
cured control.
Definite information was lacking. but
II was widely believed that the stock
was in some way or other In Mr.. Har-
a apfd