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Fifty Years in Wall Street  (1908)

by  Henry Clews

A conspicuously important feature of the arrangements made at the Morgan conferences for supplying the needs and taking care of the Trust Company of America was the sale, at par - $100 a share - of the majority of the stock of the Tennessee Coal, Iron and R.R. Co. - which had been largely hypothecated with it - to the United States Steel Corporation, payment for the stock to be made in its 5 per cent sinking fund bonds at 84. This exchange of Tennessee stock for the Steel bonds was promptly made through J. P. Morgan & Co., on and after November 7, thus adding another large property to the many other subsidiary properties of the U. S. Steel Corporation.