The Washington times., 1907-11-06
Trust Company of Amer
lea and Lincoln Trust
Viii Be Tided Over.
Perkins and His Chief
See Cortelyou-.Long
Conference Among
Bankers.

NEW YORK, Nov. s.-That the Trust
! Company OF America and the Lincoln
/ Trust Company Will be taken care OF
by the other trust companies OF this city
cooperating with the Morgan interests
was definitely stated today while a pro-
Ionged conference between the repre-
sentatives Of those trust companies and
other bankers was in session in J. p.
AIorgan's library.
The announcement was made by A B.
Hepburn, president OF the Chase Ma
tional Bank. who. upon leaving the con-
ference, said:
Both companies will be taken care
OF, but at this hour II is only a ques-
ton OF Frightening out the matter Of
support with the trustees and arranging
other details"
The conference from which this an
nouncement came was the last Of
series held by the bankers. who. under
the guidance O. J. P. Morgan, have
taken IN hand the complicated financial
situation, IN which the heavy demands
upon tho Trust Company of America
and on the Lincoln Trust Company were
among the most dificult problems pre-
scented.
Holds T. C. I. as Collateral
Regarding the relations OF the Trust
Company Of America 20 the Tonnes
see Coal and Iron Company President
Thorne Issued this statement:
The Trust Company OF America does
not own a single share Of Tennessee
CCal and Iron stock The Trust Com
pany Of America has outstanding loans
to responsible parties With Tennessee
Coal and Iron stock as collateral TO
the sum Of $4,000, which leans are
amply margined.'
This statement indicates the extent
to which the taking VI Of loans on
Tennessee Coal and Iron stock will bene-
fit the Trust Company OF America
This loan OF $4,000 is part Of the
100000 which is understood 70 have
been borrowed from various institutions
by those who were carrying me con-
trolling interest in Tennessee Coal ana
Iron.
The most important OF the conferences
was that which convened IN Mr. Nor
gan's library at 9 O'Clock last evening.
This meeting was called to bring def
nftely to a conclusion all the plans
which had been under discussion ana
TO put into definite shape the scneIne
for the full support OF the Two trust
companies.
Thirty Attend Conference.
within q. few minutes OF the hour set
for the conference those who had been
called TO It arrived in groups OF -four or
five at a time. Within half an hour
thirty bankers and Steel Corporation
directors had gathered In the Morgan
library, but Mr. Morgan himself did
not arrive until ten minutes before 10
O'Clock.
George W. Perkins, who had been at
the Manhattan Hotel most OF the after
noon and during the early part OF the
evening. was the first to reach the
library He was followed shortly by
Richard TrImble, secretary OF the Steel
Corporation, and by President ". K
Corey, E. II. Gary. chairman OF the
board, and Carnegie Phipps. A few
minutes later II. Q. ETick, another d.
rector Of the Steel Corporation, en-
tered the library.
He was followed by a number OF
bankers, including A. 3. Hepburn,
president Of the Chase National BauR;
George +. Baker, IT., son OF President
Baker OF the First National, and by
number OF trust company presidents,
including Edward King. Of the Union
Trust chairman OF the committee OF
I'VE appointed fortnight ago 20 act as
a rel ef committee. Thomas 7. Ryan,
who mad been at the Morgan library IN
the afternoon, returned to the evening
conference.
Corey Didn't Stay Long.
President Corey and Secretary Trim
bic, OF the Steel Corporation, did not
remain long with the other conferees.
Their presence was understood TO have
been needed in connection with the set
Element OF some details Of the Steel Cor
poration's acquisition OF the Tennessee
Coal and Iron Company.
After the. conference have been IN sea-
son an hour and a half the committee Of
Lincoln Trust Company directors came
TO the library and entered IN a body
An hour later the committee Of the
Trust Company OF America directors,
with the exception of President ThOrnC
who stayed at the Union League Club,
Joined the Morgan conference
Cortelyou Sees Perkins.
During the afternoon Secretary OF the
Treasury Cortelyou. WNO had been TO
his Long Island home to vote. came
to the Hotel Manhattan, where he was
closed for some time with George W.
Perkins Clark Williams, the State su-
perintendent OF banks; members OF tho