The sun., 1907-11-04
BANKERS LONG IN CONFERENCE
WHILE DIRECTORS or TWO TRUSR
COMPANIES MEET NEAR by.

N--~N--~EN
A series OF conferences Of bankers was
held yesterday in J. Pisrpont Morgan's
library at which various aspects OF the
money stringency and remedial measures
were discussed.
Early this morning while these confer
ences were still going on the directors Of the
Trust Company OF America and the directors
Of the Lincoln Trust Company. both Of which
have undergone a severe run since tho
Knickerbocker Trust Company closed week
before last, were in session at the Waldorf
Astoria.
There were reports last week OF com
plants by banks OF the slowness with which
checks sent to the banks for collection were
paid at the trust company Offices and Il
was said that some OF the checks after delay
had been returned by the banks to their
customers marked mot oollectibls." A
remedy for this condition was sought yss-
terday and was, it was understood, matter
| OF discussion at the directors meetings
and was also considered by the bankers
conference. The report early this morning
was that arrangements had been made TO
better this condition at the Trust Company
OF America and that negotiations al to tho
Lincoln Trust Company were still on.
The bankers discussed also the distribu-
tion Of the s2O. 100000 in gold which is due
here this week from abroad.
Among those at Mr.. Morgans house in
the evening were George w. Perkins, n.
c. Frick. Thomas F. Ryan, George f.
Baker. Charles Steele, z. H. Gary, chair
man Of the United States Steel Corporation
board; Richard Trimble. its secretary.
and Grant B. Schley.
The meeting began at 2 O'Clock. Henry
| G. FFick was the first to leave and when be
departed at lOa5 O'Clock refused to say
anything. At II o'clock Grant 3. Schley
OF the banking firm OF Moore q Schley
came out. He said that he had no eXpecta-
tion OF any difficulties to-day.
At 1880 o'clock an automobile arrived
| in which were four men who came from
the Waldorf-Astoria. 1t was conjectlmed
that they were ennissaries from the trust
companies meeting there. the more SO
as one OF them was William Sal oman. a
director OF the Lincoln Trust Company
Another was T. N. Morgan.
Just little before O'Clock this morning
Mr.. solomon. f. N. Morgan and Isaac ".
Selgman left the conference at MIR. Nor
gan's house and went to the Waldorf
Astoria. where the trust company directors
were still meeting. Shortly after I O'Clock
0akleigh Thorne. president Of the Trust
Company of America. left Mr.. Morgan's
to go back to the Waldorf, too. He was
asked what had been decided upon and
replied that he was not at liberty 10 say
anything. AZ the Waldorf he went up
stairs to the directors meeting.
The AFTERNOON conference at Mr.. MorVan's
house was attended by fifteen or twenty
prominent bankers.
MIR. Morgan said that it was general
conference. like the others that have been
held since the trouble began. and that there
was no new trouble anywhere that h.
knew Of
Mr.. Trimble's familiarity with the figures
of the United States Steel Corporation was
thought to be the reason for his presence
This company. according To the last quar-,
terly report. WAS very strong in cash. 81
far as could be learned one object OF this
meeting was to consider methods of paying
on the employees Of the big corporations.
No decision in this matter was announced.
Perkins said:
1T was largely composed OF railroad men
and we cast about for some means oT gottinR
grain and cotton here as speedily as pos
sible. If we can once get them here and
on board vessels we can draw against the
Cargoes, and that will help foreign exchange
and the importation Of gold. Tho New
York Central has done splendid work IL
the last few days they have got 2se loaded
cars ere out OF Buffalo"
A meeting Of all the State hank examiners
in the city was held yesterday at the hom,
Of Clark Williams. State Superintendent;
Of Banks, 2s3 Madison avenue. TO discus
the local banking situation. Mr.. William,
said last night that there was no statement
to be made; that he was merely familiar
izing himself with the situation
tits expected now that the Hamilton Bank
will be able TO open its doors within the next
week or ten days. About 500 depositors
who attended a meeting on Saturday night
on Washington Heights learned enough 70
satisfy them that the bank is solvent.
The new president OF the bank, William r.
Montgomery, said the bank could not open
IL the depositors would not agree to accept
the plan as proposed by the directors. viz.
20 take 10 per cent. when the bank opened
IS per cent. IN ninety days, IS per cent in
six months and the balance at the end Of the
year.
John p. Leo. one OF the depoaItors who
were at the meeting, did not like esomeoR the
items contained In the State Bank Ex-
aminers report. He was empowered to
name committee Of ave TO make a careful
examination OF the report. The committee.
which consisted OF Mr.. Leo. Charles H.
Tuttle OF N Hamilton terrace. Henry Neu-
gass OF AIS West lA5th street. Eugene y.
Smith. a Wall street broker Of a22 West asth
street, and James II. Thomas. a real estate
dealer OF 1893 Amsterdam avenue. had a
three hour consultation yesterday with the
president OF the bank &C his home. 1857
Anthony avenue. Mr.. Leo said last night
that after a careful examination OF the
State examiners report no and the other
members Of the committee were satisfied
that the hank oo,..d get on its feet Il its
affairs were ju1iciously managed
There are 5000 depOsitors. and In order
for the bank 70 open It must have the
majority Of them sign the agreement as
proposed. Up to last night only 1000 had
signed the agreement. but the bank oticiaIs
are satisfied they will get q majority. n