The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-05
TRUST COMPANY
COOPERATION
IS ARRANGED

New York, Nov 5e-While the trust
company presidents and bankers who at
tended the series of conferences that
broke up about dawn yesterday morning
have agreed 10 stand behind the Trust
Company OF America and the Lincoln
Trust company, the details OF the plan foi
support have yet TO be fully worked out.
The plan that IL under consideration
looks toward the cooperation not only OF
adj tho frust companies In the city, work.
ing through the committee OF nve that
was appointed week or more ago, pul
also OF the directors individually. Other
conferences following the breaking up OF
the big meeting at j. =. Morgans library
at o'clock yesterday morning and other
meetings will be held today. A definite
announcement OF what has been done Will
be made before the opening OF banking
hours tomorrow. and trust company prcsi-
dents and bankers alike predicted yester-
day that this statement would go far to-
ward clearing IMP the entire situation 80
far as trust companies are concerned.
The trust company plan OF relief Is In
the hands largely Of the committee or
five. TNhis Is composed of Edward King,
president OF the Union Trust company; j.
n. Wallace OF the Central Trust company
John j. Waterbury OF the Manhattan
Trust company, Edward Marston OF the
Farmers Loan and Trust company, and
jain W. Castles, president of the Guaran-
ty Trust company.
IL Is understood that tho examination
into the Trust Company Of America show
ed that IL the company's quick assets
were sold at the present low prices
enough would be realized 10 pay OF every
depositor and leave "A balance OF S4,0o,oo
That is, there would be a capital OF w.
100000 and a surplus of s2,o0o.0Oo In addi-
ton To this the company has several mil
lions of dollars in long term loans.
Upon the receipt of this report the
frtag snNtait q
stood. decided 20 extend further help with
the support of the clearing house inter-
ests Reports yesterday differed as 10
the details OF the relief plan. An officer
of one trust company said that the com
mittee OF five and the banking interests
behind the committee had proposed that
they would advance sl5do,o0o on collat- :
eral which the trust company valued at
between $25.0O0, 900 and $30,0O0,000 Mr.
Thorne and his associates, IL was SAID,
objected 10 giving so wide margin on
the collateral, and the meetings between
the Trust Company Of America directors
and the leaders In the relief program
were chiefly on THIS point The trust
company officer quoted above said further
that there would probably be several
changes In the company's directorate IN
the event Of the plan going through.
There were reports TO the effect that the
officers OF the company ana the entire
board of directors would voluntarily place
their designations I'm the hands OF the
denied at the offices OF the company.
Another version OF the relief plan put
the total amount which the committee or
FIVE was to advance TO the Trust Com
pany of America at sll,ooooo. of which
S., 100000 would be available at once ana
the rest IL it was needed. Another point
on which the Trust Company OF America
directors and the committee OF five arc
unable to agree is said TO have been the
amount OF time that shall be allowed In
working out the loans made by the COM
mittee.
At the offices OF the Trust Company OF
| America II was said that the company
had not received any assistance In the
course OF the day. One man. a bank mes
senger was before the paying teller 3
window all day. IL was said that he had
something like 700 checks. There were
about 30 persons In the waiting line, most
of them representatives of banks.