The Mena weekly star., 1907-11-07

New York, Nov. 6.-The United States Steel Corporation has secured controlling interest in the Tennessee Coal, Iron & Railroad company. The deal was concluded Tuesday and Is traceable to the conference sheld at the home of J. Pierpont Morgan Sat urday and Monday. It is understood that the price paid is little above sS5 share. The holdings of pool con trolling some 70 per cent of the stock of the Tennessee Coal. Iron & Rail- road company were transferred in the sale.
 In the absence of an official state ment it Is estimated that the steel cor poration. acting through J. Pierpont Morgan & Co, has secured about $20.- 000,000 of the Tennessee Coal and Iron stock at an outlay of some ST. 100000 This important deal has had the effect of strengthening the Trust Company of America. which held con- siderable of the stock as collateral, and will alleviate the financial situa- tion of conditions that have tended to retard the return of confidence gener- ally.
 The Tennessee Coal and Iron com pany is manufacturer of open hearth steel, and about two months ago re- ceived all the orders placed by the Hartman roads for rails needed by them fin 1907 and 1908.
 Last January it became generally known in banking circles that several institutions were carrying consider able Tennessee Coal and Iron stock. It was subsequent to this that the loans were sealed down to $S0 share Early in the following April John w. Gates announced his retirement from Wall street and portion of his hold fngs were taken over, 1t is said, by the other members of the pool A short while after Colonel Payne. Harry s. Black and George Kessler re- tired. The trust company then, 1t is
 said. lent its resources to prevent the
 stock from coming on the market at
 a time when it would have caused | general demoralization. The loan by | this company Is said to have com
 prised a substantial portion of the
 pools holding at price around $50 share.
 At Mondays conference at Mir. Nor
 gan's home steps were taken to as-
 sist the trust company which resulted
 in the agreement of Mondays sale. l Those at this conference with Mir.
 Morgan included Henry C. Prick, for
 mer Judge Ebert H. Gary and Secre-
 tary Richard Trimble of the United States Steel corporation and Oak leigh Thorne, who is director of the Tennessee company as we'll as presi- dent of the Trust Company of Amer | lea
 | The total outstanding stock of the | Tennessee Coal and Iron and Railroad
 company is s29,500,000. There Is also
 $24S.3O0 of preferred stock outstand-
 ing. The bonded debt consists of s14,-
 100000 mortgage, per cent due July.
 1851.
 Judge Gary and MT. and Mrs. Prick returned late Monday night from Washington where they had confer ference Monday with President
 Roosevelt Judge Gary would not dis cuss his mission or it's results further than to say: "The president Is dis posed to do everything in his power
 that is right and proper to benefit the
 business interests of the country"
 It had been reported that one of the objects of former Judge Gary and Mir.
 Prick had in journeying to Washing ton was to ascertain whether the talk ing over of the Tennessee company
 would be viewed by the administra-
 tion as undesirable. which might pos
 sibly in time to come cause the steel
 corporation to be looked upon as ap- preaching monopoly.