New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-22
C. T. BARNEY OUT OF
KNICKERBOCKER TRUST
4. Il. HIGGINS SUCCEEDS
As PRESIDENT.
Financiers in Conference OUer Conn
pany's Afairs-More Confidence
IN Banks Yesterday.

Charles T. Barney resigned yesterday the
presidency Of the Knickerbocker Trust Company.
which he has held for many years. and A. Foster
Higgins was elected his successor.
Following conferences held late IN the even-
ing at Sherry's between the directors OF the
Knickerbocker Trust Company, meeting in ono
room and number Of trust company presi-
dents and other fnancfers. in session in another
room. it was announced at $50 O'Clock this
morning that one group of trust company heads
had pledged S1OOOOONO and another group
S5.OOOOOO 10 aid the Knickerbocker in makins,
its cIearances. J Pierpont Morgan. Oakleigh
Thorne. president Of the Trust Company oe
America: Frank Tilford. vice-president OF the
Lincoln Trust Company. and executive officers
OF the United States Trust Company. the FARM
ers' Loan and Trust. the Carnegie trust, tho
Astor Trust the Central Trust, the i-n;on Trust.
the Van Norden Trust and the Title Guarantee
and Trust Company were cTuong the fnancie~s
present ar the conference. at which the condi-
tion Of the Knickerbocker Trust Company Wss
discussed in every phase AT the adjourrulepr
of the conference the following statement vas
issued by a committee of directors Of the Knick-
erbocker Trust Company:
\ committee of directors Of the Knickerbocker
TruS Company announce that at their meet
ing tonight in view of the fact that Mr. Bar
ney'S position has become greatly extended in
outside matters and although he had loans
with the KniCkerbOCker Trust Company. yet,
because of his associations with Mr. Morse and
the Morse companies. Il was deemed advisable
that lie should resign as president of the COM
pany
To assist the KnickeroOcker Trust Company
other trust companies I'm the city of New York
decided to guarantee S10OtOO0O. Five billion
dollars has been guaranteed from other sources.
With these guarantees that have been given the
KniCkerbocker Trust Company will be amply
prepared 10 meet any eXigenCles that may grow
out of the change in methods OF clearing.
The kuiCkerbOcker Trust Company has S.
OOOOtO cash I'm its vaults tonight
II more money is needed il will he forthcom-
ing under the guarantees that have been given.
The meeting of the presidents Of the other
trust companies was largely fO- the purpose Os
outlining a plan Of arranging clearing house
for trust companies similar to the one that the
banks have, which will enable all trust
companies TO stand together as the banks do.
All the directors OF the Knickerbocker Trust
Company were present at the meeting except
Frederick q. Bourne. Frederick L Eldridge and
j. T. HagEin.
J. PieTpont Morgan attended the meeting os
the presidents of the trust companies and II
was reported that the S5OOOOOO guarantee was
made by him. No confirmation of this could
be obtained however.
director of the KniCkerbcCker Trust COM
pany said after the conference:
a director of the trust company on his re-
turn from Europe visited President Barney ana
asked him point blank if he was mixed up with
the Morse speculatons Mr. Barney confessed
that he and agreed to set out
At the meeting of the trust company heads q
plan was formulated to establish as soon as pos-
sble an association of trust companies similar
10 the Clearing House. thus strengthening the
position of every individual trust company BY
placing at its disposal in time of stress the
assets Of the combined trust companies oS the
city
The capital stock of the KnickerbOcker Trust
Company is Sl,2O0O0O and according To a re-
cent statement its surplus and undivided profits
We're $3172.G00 and its deposits $6T16O.Tu0
The last quotation for its stock the par va!re'
of which is $10O. 11OO bid and 1900 asked
The officers of the KuickerbOcker Trust Com
paEy are as follows: A. Foster Higgins. presi-
dent; Frederick L. Eldridge vice-pre-ident;
Wesley Bigelow, secretary and general man
ager and Joseph T Brown. treasurer. Tho
directors are \. Foster Higgins. Frederick q.
Bourne Joseph T Brown and Frederick l. FL
bridge
Mr.. Barney gave last night as his reGsos. for
resigning that these were perilOus times ard
he felt that perhaps some one else could NIL tho
position better. He said that the institution
perfectly sound He said that he had not heard
of the refusal of the National Bank of Com
merce TO continue clearing for the Knicker-
booker Trust Company
Charles T. Barney and Charles W, Morse have
been associated together in several enterprises
enough. in fact. for Wall Street talk 10 link the
names Of the two men more or less together. al