The daily morning journal and courier., 1907-11-06
FIRST TREASURE
 SHIP ARRIVES
(Continued from First Page.)

other bankers, who acquainted him with the progress of events.
 He was told tha. tho situation in New York was raTldly improving be- cause of the developments in the last twenty-four hours.
 Those bankers who saw Secretary Cortelyou to-day are convinced that there is no intention on The part of President Roosevelt to call an extra session of congress to pass any rem edial financial legislations, as it is un- derstood the administration feels that the situation should settle down to basis where a proper Judgment can be formed on the various proposed Echanges in the present monetary laws, IL is further understood that the ad- ministration has not yet definitely shaped the plans of financial legisla- tion, which it may desire to have con sidered at the coming session of con- gress.
 Measures for strengthening the trust companies upon which runs have been going on were under further consider atlon to-day, bu; thus far 1t has not been clear how sufficient assistance could be hendered by other institutions and bankers without taking over as- sets which they do not consider abso- lutely "gilt edged" The project for the acquisition of the Tennessee Coal ana Iron company by the United States Steel corporation has improved the sit uation somewhat by making loans OF the Tennessee companys securities more acceptable at the banks The situation is still far from solved, bo"- ever, and It's difficulties are Increased hy the lack of a well knit and respon- sible organization on the part of the trust companies capable of organizing clearing house or entering Into deh- nite relations with the clearing house banks.
 A conference at which the details for taking over the control of the Tennessee Coal and Iron company by the United States Steel corporation were discussed, was held at Mir Nor gan's library to-day and attended by Mir Morgan, George w. Perkins, Sec retary Trimble of the United States Steel corporation, Vice President Dav- idson of the First National bank and Grant B. Schley, one of the members of the pool which held control of the Tennessee Coal and Iron company stock. No statement was made fol- lowing the conference. The taking over of the stock of the Tennessee company held by the Trust Company of America as collateral for large loan, removes a menace to the Trust Company of Americas affairs and is regarded by bankers generally as q safeguard against further financial trouble. The directors of the Trust Company of America were in session for some time to-day discussing plans for the more immediate future, but no formal announcement was made.
 That the corner in the recent mone- tarv difficulties has been turned was evidenced to-day when at conference 1 of ]. P. Morgan Levl P. Morton, 1 George w. Perkins together with sev- eral other well known financial men, attention was chiefly directed to the situation in other financial centers 1 throughout the country to ascertain If
 the strain of the last two weeks had disclosed any weak spots With the
 situation cleared here the bankers feel
 that they are now in position to render
 such aid as they can to other points
 should it prove necessary. MT. Per
 kins said, after one of a series of con- l ferences held to-day at the library of i J. P. Morgan:
 Things are shaping themselves very satisfactorily locally, and we spent
 most of to-day comparing notes on the situation throughout the country
 This was done, not because we felt any apprehension of difficulty any, where else, but to learn of the general situation"
 The treasury has much reduced the
 cash balance which was nominally available for deposit in the banks. but still actually holds about $130, 900, 900 in various forms of currency against
 outstanding checks, disbursing officers balances and other demand obligations,
 which never fall below st00, 900 in the amount outstanding.
 How far Secretary Cortelyou will feel 1 justified in drawing upon these funds
 he has not yet indicated, but he may
 use a part of them to meet the growing anrao1s frnv, tho Waet for raS0urcns fni,