Around midnight, J.P. Morgan informed a leader of the trust company presidents that keeping Moore & Schley afloat would require $25 million, and he would not commit those funds unless the problems with the trust companies could also be resolved.
Then, around midnight, J.P. Morgan informed a leader of the trust company presidents of the Moore & Schley situation that was going to require $25 million, and that he was not willing to proceed with that unless the problems with the trust companies could also be solved.