New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-23
C0RTELY0U TO RESCUE.
COnfers 1Cith FinGnciers Here about
Improving the Situation.


bankers lasting until 1 o'clock this morning Sec
retary Cortelyou made the following statement:
l repeat what stated before leaving WASH
ington this afternoon. If for no other reason
than to emphasize the attitude OF the Treas
ury Department It Will use its facilities 10 aid
in every proper way legitimate business inter-
ests. and its action Will be prompt and thor
ough The national banks of New York City
in exceptionally strong condition. The
general situation here seems TO be we'll in hand.
and is being looked after by many strong and
influential men. such those whose recent
action in the Clearing House received en-
phatic public approval The movement for sim
liar concerted action among the trust COmpa-
MES should have helpful and far reaching ef-
feet. I shall spend the day tomorrow at the
Sub-Treasury
1t is understood that the general sentiment
of the conference last night was that the situa-
tion was better in hand. and that there was no
occasion for general alarm
we'll known banker who attended the con-
ference at the Hotel Manhattan at which Sec
retary Cortelyou was present said after the
meeting in regard to the financial situation:
Attention has been riveted TO the Trust Com
pany Of America, OF which Oakleigh Thorne is
president. 1t is believed by the Clearing House
interests and also the Morgan interests that
the situation in this trust company is vastly
different from that in the Knickerbocker. If the
condition OF this company is such as those
who were represented at the conferences have
every reason TO believe
Those who attended the conference can an
nounCe authoritatively that the Trust Company
of America is TO be cared for and supplied with
necessary cash pending an investigation of the
accounts OF the company by a committee al
ready named at the conferences tonight. II
the position of the Trust Company OF America
is such the bankers have very reason to be-
lieye. IL will be cared for in every eventuaIity.
1t is understood that the chief reason the Knick-
erbocker company was not assisted to-day by
the Clearing House interests and those Of Mr.
Morgan and his associates was because ii was
considered that the capital and surplus Of that
company had been impaired"
The Trust Company OF America has s12OOo-
600 cash in its vaults
II was learned from another prominent banker
last night that there is little chance that the
Knickerbocker Trust Company will resume pay-
ments this morning. This assertion was made
by man familiar with the situation and one
who has been in touch with the goings on of the
last few days
Secretary COrtelyou early in the day deposited
s1000,O00 OF government money in each of six
or seven national banks in this city and came
over from Washington later on. arriving here
at O'Clock last night and on reaching the Man
haitian Hotel going into conference The Secre-
tary was met his arrival at Jersey City by
Hamilton Fish. Assistant Treasurer of the
United States at New York. who ACCOMPANIED
him to the hotel.
After Mr. Fish had apprised him of the bank
ing situation here. Secretary CorteIyou received
the fnanciers invited to the conference who in
cluded ]. Pierpont Morgan and George W. Per-
kins of ]. P. Morgan & Co: George F. Baker
president of the First National Bank; A B.
Hepburn. president Of the Chase National Bank
James Stillman and Frank A Vanderbilt re-
spectively president and vice-president of the
National City Bank; James G. Cannon. vice.
of
State Controller GIynn-
Outside of the suspension of the Knickerbock-
er Trust Company and the assignment OF the
Stock Exchange house of Mayer & Co, the latter
coming almost at the close of a seni-panicky
stock market session. no bad news developed
yesterday in the financial district.
1t was said last night by in close touch
with the affairs of the Treasury Department
that New York the only city that was feel
ing the financial panic II was said that the
money which sent around the country sew
eral months ago TO tide the depression OF
the money market due to the moving of the
crops was being used In tiding the banks over
the crisis. and that the trouble would spread no
further than this city
Mr. Morgan. leaving his downtown office
at O'Clock. after having been in conference
there with number of leading bankers. said:
We are doing everything we can as fast as
can but nothing has yet crystallized-"
One of the conferrees who is member OF
the Clearing House said Il feel personally
very we'll about the situation Such trouble as
exists in various places is directly traceable 10
bad management on the part of bad men They
must be eliminated from the situation. Some
have been got rid Of and others will be event.
ually."
VIII the Clearing House issue certificates
again?" he asked
NO; that will never be done again." he said.
and added; The New Amsterdam Bank will be
carried"
He then reiterated his faith in the present
situation, saying; The Clearing House will
give aid to those banks in the association which
may need it."
The Street was full of rumors yesterday of in
stitutions in difficulty ami impending changes
in officers One OF the most widely current
rumors had IL that the directors of the Morton
Trust Company had demanded the ,resignation