New-York tribune., 1907-11-06
TRUST COMPANIES
ANNOUNCED SAFE
EDWARD KING STATES
PLAN DECIDED ON.
L. S. Steel Corporation Announces
Purchase of Tennessee Coal
and Iron Com pany.
and Iron Com pany.

and Iron Com pany.
Edward King. president of the Union Trust
Company. at about o'clock this morning is
sued the following statement as chairman os
me committee of trustees referred TO in the
statement:
The committee of trust companies or Ne,v
York CITY has had the assets of the T'rust Con-
pany OF America and of the Lincoln TTrnst Co.
panY examined by experts who report thai in
their judgment. on the present basis of values
me assets Oh each company sufficient TO nav
It's depositors in full.
1t has been arranged that a majority or Tho
SOCK or each company shall be placed under the
1olli9a neiSo VI committee composed of Mr.. King
pIeSlueLI OF the Union Trust Company: Mr.
Sheldon, president of the United States 'T,TIrt
company; MI Marston, president of the Farm
erS Loan and Trust Company: Mr. WaterhnrI,
president OF the Manhattan Trust CornnanIS'
Mr.. Castles, president of the C;uarantv rr,,yst,
Company, and Mr.. Wallace president of ~
central Trust Company. who will act in an ad-
NiSory capacity: and the necessary financial
arrangements have been made to enable both
companies to proceed with their business
\. B. Hepburn, president of the Chase National
Bank on leaving the conference Of bankers at
J. p Morgan's library at 1880 o'clock this
morning made the following statement:
"A decision has been reached whereby every
assistance will be given the Trust Companv NJ
America and the Lincoln Trust COMPANY F,yerv-
thing has been arranged except few minor
details. which will necessarily take some time
TO arrange. The situation is now clear"
He added that the directors OF the Lincoln
Trust Company and the Trust Company Of
America had discussed the deals with the trust
company committee which were TO save the two
companies, and declared they were closed and
that the morning would see everything 40. X"
Mr. Hepburn is a member of the Clearing
House committee four members of which
three besides Mr. Hepburn-were present at the
conference in the library
On Monday night the nearly wornout fnan-
ciers held no conferences. but took some much
needed rest. The conferences on the trust COM
panies position and the general financial situ-
alton were resumed yesterday morning. how
ever, and continued with various intermissions
until far after midnight.
At meeting in Mr. Morgan's library which
began at IL in the morning. an important step
in the direction of relieving the situation was
taken when agreement was arrived at for
the sale Of about s15.000,000 Tennessee Coal
Iron Railroad common stock. or trifie more
than one-half Of the amount outstanding to the
United States Steel Corporation.
The night conference IN Mr. Morgan's library
began at o'clock, with nearly twenty-five men
present. Among them in addition to Mr Nor
gan and George w. Perkins. OF J. P. Morgan
& Co., were Henry C. Frick. Thomas F. Ryan.
Company; A. B. Hepburn. president Of the
Chase National Bank; Oakleigh Thorne, presi-
dent of the Trust Company OF America; eX-
udge z. H. Gary, chairman Of the board of
le United States Steel Corporation. and Rich
d Trimble secretary and treasurer OF the
ceel corporation. At about 10 o'clock Messrs
Frick Thorne and TrImble left the meeting, Mr..
Thorne going to the Union League Club. where
the committee of five presidents Of trust COM
diota cha he
eral trust company situation in session;
and z half hour later a committee OF eight
Of the directors Of the Lincoln Trust Company
started from the Waldorf-Astoria. where con-
ference Of the board Of directors was gong on
for the Union League Club
The rest Of the Lincoln Trust Company di-
rectors went home, thus bringing their confer
ence at the Waldorf to an end for the night
At II o'clock committee from the Trust Com
pany Of America, including John E. Borne. Nor
gan J. O'Brien, George r. Sheldon and w. F.
Sheehan entered the Morgan library. Mr.
Thorne remained at the Union League Club
A woman dressed in black and heavily Veileo
arrived at Mr.. Morgans library while the night
conference was IN progress. 1t was at hrst
thought that she was Mrs. Hetty Green. but
this was found to be incorrect, and later 1t
was reported that she Mrs. Russell Sage
Last May Mrs. Sage took two mortgages on the
new building of the Trust Company Of America,
IN Wall street one Of 81 100000 and one OF
SJOO0OO. The mortgages were executed by the
Land Purchase Company. of which Oakleigh
Thorne is president. and which owns the build
ing.
Those present at the afternoon conference. at
which the sale OF the Tennessee cOmpany's con-
troll was arranged, were. in addition TO Mr.. Nor
gan George w. Perkins. ex-Judge Gary, Rich
ard TrimbIe, Grant b. Schey, of Moore e.
Schley who is a director Of the Tennessee Coal.
Iron & Railroad Company and commonly un-
derstood to be a member Of the pool which for
nearly two years has held the controlling inter-
est in the stock Of that company, and Henry p.
Dawson vice-presdent of the First National
Bank
Judge Gary said at midnight that the United
States Steel Corporation had arranged to buy
The majority f the capital stock of the Ten
nessee Coal, Iron & Railroad Company at par.
subject to ratifction by the steel corportion' s
board to-day, and that this offer will be open
to holders of the remaining stock for fifteen
days
Payment for the Tennessee company's stock
which is to be taken over is 70 be made in
United States Steel sinking fund per cent
bonds
The sinking fund bonds opened on Monday at
S3lk and closed at S4%. The last sale Of the