| Show I US STEEL CO GO MAKES IKES BIG BIB DEAL Secures Controlling Interest st in inThe The Coal Coel Iron And Railway Co GOT IT THROUGH OUGH J 1 P MORGAN lot lut I Million li t rth of ot at ut r s rin I kHI New N w Yerk 1 Iov V 4 Ti I nii Sintie hae c a c trotting In ll th the Tennessee 1 CuO Iron company The deal WH VII vile today an emit i is I Ito to the held bald d at al too the tI home 01 of J 7 P Morgan Saturday tUA 1 ye It Is I t that the tb tAM W WI I la i it HUIa above a skate 11 The ITS I of at a 11 pool controlling some TO TOw Ie w edit cent of pt the took of ot the he h CoaL Cotal Iron company c m woe transferred In lit th the sal flU This Thia sate sale cannot tai laU to I do much t to relieve tho the t financial stringency lilt as J larKe large amounts of or the th stock of oC th the Tenn Coal Iron oem own pony any p ny are now held as na for Cot forby loan by the tha local banks The taking laking u UI of or these loons by the th tb new nw owners of ot the 0 k will add lid materially to the he rush euch of ot the h financial In th the abenr of ot an official state stat statement moot ment It U III estimated that the he Ih steel cor cot notIng through J 1 P Morgan lit Cr Company ham baR secured about bouP SM 90 IG of 0 the th Tennessee oui oal 1 de Iron Mock at nt an outlay of sonic SI oo This Important deal has baa had the Ih effect of f the Trust Company of If f America which bleh held considerable of the tb stock of at collateral and will al at the th financial conditions that have hae tended to 10 retard the return of confidence generally The rho Tennessee I Coal Col oal A Iron company In Its a manufacturer I II I r of steel atee and about two to mo month ego ago received ted rt all the th orders order laced 1 by the Harriman rod roads for fur rails needed by h them In and 1 Lat January It II became beame me K ialy known in banking circles that netral Institutions were I c carrying Ion Tennessee foal Poal oRl Iron stock It was waa subsequent to I me this that thai the loan loans were media Healed down tn to JkO bO a share harf Early In t the lb following April John W OateN Oat Announced his hi retirement from Wall Wa all Street and a II of ot bin lita hI hold holdIngs holdIng logs Ings wag taken tak over ever tV It la I d by the theother th other ot r members of t 1 the th jool 1 A 0 short abort I while anlU Col Ui Payne Harry S Black Dl ek and an O Kessler Kler retired The trust 1 I company then tk n It ts La said Id lent Its It re ro resource reI sources source to prevent the stock from Min corn MinIng corning I Ing oa cit the at a time when It I lu a general demoralize I tion The lthA l n by b this company CO tP lY la l lI I I to 10 hal har h a substantial p I thin Uon of ot poor pools p l holdings Il at n a 1 ISO a share At conC at Mr Morgans were M taki to assist MIt the trust company campan 11 which resulted In an agreement aT f for Cr CrI r ri i toda I Those Thom at this i enc enca with Mr Morgan orran Included II nn lieu lieury n nry ry 1 I FrIck KIb rt II U Oary and Secy Bey ot or the United Stats States Steel corporation eor and Thorn Thorne who ho is III a fl 1 director of ot the Ter company nr as all well 1611 as aa a of or the Trust Company of or America The Thew total outstanding toek of C the tho Tennessee Coal Ool Iron Ir n A nail Hal Railroad I road rem com company remany any pany Is III I There Th lit IN I HBO aim US aeo of cut preferred stock outstanding The Tb bonded debt consists of ot mortgage S 1 per cents due le July Jul 1951 |
