New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-23


pany which finds itself in temporary difficulty.
1t developed yesterday afternoon that not one
penny of financial aid was given the KnicIler
booker Trust Company yesterday from outside
sources The trust companies of New York and
the other large financial interests. which ii was
announced Monday evening would come TO
the aid of the crippled institution, remained in
active while the Knickerbocker Trust Company
was struggling to keep its doors Open and in
no way aided the company in its embarrassing
position.
Every dollar which was paid out to depositors
by the company while the runs at the several
offices were in progress was taken from the
funds OF the company and not until the f1nan
ciaI resources were exhausted did the officials of
the company determine to suspend payment
q. L. Boissevan. a director of the company
he was leaving the downtown offices of the
company late yesterday afternoon. was asked:
What are the prospects Of the company resum-
ing business Tomorrow"
If we get help" he answered, I'VE will I'M
doubtedly open up tomorrow. At present
do not know whether we will get help not.
AS TO whether or not get 1t tho betting is
even. We received no outside help whatever to-
day. All the money we paid out, amounting to
about 100000 was paid out of own re-
sources"
Mr.. Boissevain further said that the company
did not get any portion of the 100000 which
it was supposed would be raised by the Morgan
interests. or the $1OOOO,0OO which the trust COM
pany presidents were said to be prepared 10 offer
the company In referring to the 100000 re-
ported offer of aid Mr. Boissevain said that the
company had seen nothing Of this fund. and
added. we wish we could find it,"
When asked whether it was likely that the
company would go into the hands of a receiver
civ 10,
Mr.. Boissevain replied that he presumed that
such a step would be necessary should the COM
pany find it impossible TO continue business. In
conclusion. he remarked that the prospects of
opening to-day for business were not good
LITTLE HOPE OF HELP.
John Magec president Of The Fan Brook Coal
Company OF Corning y. Y. and director of
the company. said yesterday afternoon that the
prospects of opening this morning for business
looked very unfavorable. Another director OF
the company. whose name is withheld when
asked about the report that the trust company
officials would come to the aid of the company,
said "All this talk about the trust companies
is hot air"
Although the committee representing the trust
company interests of this city will consult with
the directors Of the Knickerbocker to see what
aid they may be able 10 extend, little hope is
tcraI assistance. Whatever this committee
might determine it's action would not be final
II must refer its findings back to the Trust
Companies Association. This association Will
meet again to-day.
Should the committee OF the association. after
tho conference held last night between tho dircc-
tors OF the Kuickerbockcr Trust Company and
their members. decide to give financial aid. IT,
action viii not i'm any way aid the officials of
the Kuickcrbockcr Trust Company in opening
for business at o'clock this morning Its
action viii Toe too late, because it Will be impos-
sihle TO get tho trust company heads together
before o'clock.
The assertion Mas made by representatives Of
the Trust Companies Association that at the
midnight conference held Mt Shcrry's on Monday
no authorization was given Icy tho trust com
pany presidents there assembled for the state
officially issued by certain directors OF tho
Knickerbockor to the effect that $1,000 600 had
been pledged 10y other trust companies for the
use of the Knckerbocker in meeting the OK
pected
George W Young, Of the Windsor Trus. Com
pany at the offices of the Knickerbocker. stated
smphatically last night that no such pledge was
made. and that the Trust Companies Assoca-
ton had considered the matter OF extending aid
to the KHickerbocker for the first time at the
meeting at 3 O'Clock yesterday.
president HIGGINS DISCOURAGED.
A. Foster Higgins the new president of the
Knickerbocker, after attending a meeting of the
presidents of the trust companies, hurried back
to the Knickerbocker office at No. sc Broadway.
MIR. Higgins said that he had discussed the
KniCkerbocker situation at the meeting. The
heads Of the trust companies, he said who were
willing to help the Knickerbocker. wanted to
inspect the securities held by the Knickerbocker.
He seemed to those waiting for Kim TO be de-
spondent He was asked what the outcome OF
the meeting Of trust officials would be, and re-
piled: Il don't really know what the outcome
will be We had a meeting.
Then President Higgins hesitated. and he was
asked whether the trust company presidents
seemed reluctant to help out the Knickerbocker
Trust Company He replied;
Reluctant is no name for 1t. They seemed to
feel that they ought to hold or to all the money
they had. one of them, whose name I will not
mention, said to me:
I'VE might have helped you out, but here you
have closed your doors.
You mean that you don't want to ride a
dead horse said. But I wish you to dis
tinctIy understand that the Knickerbocker is
about it,"
Mr. Higgins would not say what the answer
was, but gave the impression that the reluctance
of the trust presidents had not been materially
changed by the meeting that held.
The statement made yesterday that one
factor that mad much to do in bringing about
the present situation in the Knickerbocker Trust
Company was that it had about SIS 100000 in
time loans. which were not available in the
present emergency. There were also reports of
heavy advances made by the company sew