New-York tribune., 1907-10-24

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soundness of underlying conditions. Instead o.
withdrawing any Of my money from the banks
I am cooperating with others in helping to
meet tnat which l firmly believe to be only a
temporary crisis. Every one having the good
of his country at heart should, by word and
deed lend q hand 70 re-estaolish conf
dence. and propose to do my part to the full
extent Of my resource
At the close of a conference which lasted about
four hours, held at tae uptown branch Of the
Union Trust Company, at No. 425 Fifth avenue
last might the directors OF the Union Trust Com
panv gave ol,t positive assurance that they IN
tended 10 stand back OF :he Trust Company OF
America during Its present difficulty and that
tnat institution would open at the usual hour
this ynor1ing and would he prepared 70 meet any
ard all demands made upon it by depositors
There we're present at the conference. besides
TIE hve members Of the investigating committee
appointed yesterday afternoon, Messrs Morgan,
Stillman. RYAN, Perkins, EandeTlip, Thornc,
a6arsden Perry and Charles Steele.
Two or three large suitcases. containing what
were supposed 70 he securities belonging TO the
Trust Company Of America. were carried into
the conference. and II was after a thorough pass
iTg upon these securities that The decision was
reached - stand back Of that institution
Following this conference Messrs. Morgan.
Stillnan Vanderp and Perkins went direct TO
:he Hotel Manhattan and had long talk with
Secretary CortcIyou. after which the Secretary
gave out his statement.
AT the close of the most enxious and exciting
day which the financial community has passed in
many years the feeling early last evening one
OF moderate reinsurance, although the situatiOG
was recognized as still grave The Secretary Of
the Treasury spent the entire day at the Sub
Treasury comforting with many fnancieTs and
putting into operation relief measures. a long
conference was held at the office of J. 2. Nor
gan Co, in which large number OF heads OF
trust companies and other bankers took part,
and at its close. about 6 O'Clock. it was an
nounced that five presidents of important trust
companies hal - selected who would consti-
tute committee similar il its character to the
Clearing House committee Of the Associated
Banks
THOSE AT CONFERENCE.
Among those who participated in the con-
ference with Mr. Morgan, many of whom were
also callers on Secretary Cortelyou in the Sub
Treasury, just across the street. were r. Z.
Hartman, who visited the office of J. p. Nor
gan co. three times Henry c. Fricl5 James
Suliman. president of the National City Bank:
ex-Judge L. II. Gary. chairman of the Board
Of the United States Steel Corporation: ". F.
Corey. president Of the Steel Corporation;
Thomas r Ryan. Levi P. Morton and Hamilton
Fish. Deputy Treasurer of The United States
at New York.
STATEMENT FROM AfORGAN'S OFFICE
After the latest Of the days conferences
Al the Morgan Offices, the following statement
was issued:
A meeting Of the presidents Of trust com
hct Al no pfp of
Morgan & Co. 10. - Wall street New York, on
October -, 1907.
John A Stewart. chairman Of the United
States Trust Company in the chair.
After discussing the situation. it was decided
that 2 committee Of five should be appointed
similar in its character to the Clearing House
committee Of the banks to whom application for
assistance from trust companies may be re-
ferred. and that this committee should have
power to can for information from the various
trust companies and to report TO meetings OF the
presidents. to he held from time TO time or at
fixed time which might hereafter be agreed
upon. tho result of any investigation, accom-
panied oy advice s to what had better be done
in the matter.
Tine following committee was then appointed
hy Nr. Stewart: Edward King. president of the
T-uion Trust Company: Edwin S Marston, presi-
\ dent Of the Farmers Loan and Trust Company:
(l 7. X. Wallace president of the Central Trust
Company; J. W Castles, president of the Guar
anty Trust Company. and John L Waterbury.
president OF the Manhattan Trust Company, it
being understood that Johr A. Stewart and J.
Pierpont Morgan viii actively cooperate with
tile committee.
The formation of this committee was said
last night to be primarily the result Of Mr.
NorEsn's earnest efforts 10 relieve the existing
financial situation. The committees powers
will he largely protective and supervisory. Its
personnel, representing some Of the Oldest and
strongest trust companies in the city is taken
10 signify that the trust companies are fully
united in the effort TO end the present crisis.
Although official statement could be OBJ
tained, it was learned upon very good authority
yesterday that the amount of cash deposited
with the local banks by the Treasury Depart
ment yesterday nearly if not quite s1o-
600 900
II was announced on excellent authority that
J. p Morgan told the big bear operators in
Tho stock market that if they attempted to
break prices and thro-- the market into a panic
he would crush them. It also seemed to be the
general opinion that Mr. Morgan could and
would do what he threatened 1t was also
stated that James r. Keene had been called