The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1907-11-05
MORE HELPFOR BANKS
Morgan Gets Control Of the Ten
nessee Coal Company.
RESULT OF BANKERS CoNFAB

Concern Will Be Turned Over to Steel
Trust if Department of Justice Raises
No objecaions--Gary and Frick Con-
fer With Roosevelt.
New York, Nov. 5.-Events of far
reaching Importance developed in the
financial world, following the memora-
BILE all night conference of bankers,
trust company presidents and capital
lists at the Morgan library which began
early on Sunday afternoon.
Probably the most important result
to the security market was the remov-
al of the group of Tennessee Coal and
Iron stock loans which had menaced
the solvency of firms and institutions
In addition to the taking up of these
loans, enough additional stock of the
Tennessee Coal and Iron company was
acquired by J. p. Morgan & Co. to give
to that firm the control OF the com
pany.
1t will be turned over to the United
States Steel corporation, provided there
is no legal obstacle raised by the de-
partment of justice at Washington. 1t
is understood that Judge Gary, chair
man of the United States Steel cor
poration, and H. C. Prick, one Of its
executive committeeman, went to
Washington to confer with the presi-
dent and others about the deal.
More aggressive measures were
adopted by the trust company commit
tee to rehabilitate both the Trust Com
pany of America and the Lincoln Trust
company, both of which have been UNI
der terrific strain in the last two
weeks.
Measures on these lines adopted at
the Morgan conference have not been
fully worked out, but they provide for
drastic changes in the personnel of
the directorates and assistance from
the men who are now directing the
companies affairs.
Diatory Tactics Adopted.
1t is also stated that the resignation
of the entire board of the Lincoln
Trust company is in the hands of the
trust company committee, of which
Edward King, president of the Union
Trust company, is chairman. Similar
action by the directors of the Trust
Company of America is expected in
view of the assistance rendered by
the trust company association.
There was no announcement of the
exact plans of the trust company assoc
citation toward the Trust Company of
America, and the details will not be
announced until later. In a general
way it was known, however, that the
directors of the two companies guaran-
teed the solvency of their concerns and
that the association had decided to
'see them through to the end"
That the plans discussed and deter
mined upon at the Morgan conference
did not bear fruit was evident in the
fact that directors of the Trust Com
pany of America and the Lincoln Trust
company again met and sent repre-
sentatives to the committee of the
Trust Company association. In addi-
ton, dilatory tactics were adopted in
paying depositors and others in the
lines at both companies. That some
thing was held in allegiance was also
brought out when Clark Williams, SUI
perintendent of banks, visited the in
situations to see whether they We're in
position to do business.
Trust Companies Open.
Mr.. Williams, on behalf of the state
banking department, had received nu-
merous complaints from banks and
others that checks on those trust COM
panies were being returned by banks
marked Not collectible" Mr. Will
liams sent his representatives to the
trust companies to see precisely what
their condition was to do business.
The state banking department was i'll
formed of the pending plans and of the
decisions of the directors to assist as
far as was possible. AS result the
trust companies opened their doors
At the Trust Company of America one
bank messenger with a bundle Of ac-
cumulated checks was at the paying
teller's window all day. Practically
the same tactics were adopted at the
Lincoln