New-York tribune., 1907-11-04
BANKERS In SESSION.
EuPORTANV 'NEETINGS.
Long Conferences Held at Hr. Ner-
gaR's Pirate Library.

place at the afternoon meeting were made pub
lie and the evening conference was sttu in ses-
sion at early hour this morning
The directors of the Trust Company OF Amer
lea and of the Lincoln Trust Company We're in
session last night in adjoining rooms at the
Waldorf-Astoria- These meetings. too. were
prolonged until long after midnight
The directors of the Trust Company of Amer
lea went into session at 8 p. n- with President
Oakleish ThOrne in the chair The directors oe
the Lincoln Trust Company. with President
Frank TilfOrd presiding. convened at about the
same time
Soon after midnight Mr.. ThOrne left the meet-
ing at the Waldorf-Astoria and hurried TO Mr..
Morgan's library. He refused to talk At lis
a m to-day Mr.. Thorne left the Morgan confer
ence and returned to the Waldorf. He stiH re-
fused to make statement, but it was Inferred
that he was carrying to the waiting directors at
the Waldorf the decision of Mr.. Morgan in re-
gard to the trust company situation.
William F. Sheehan, c. P. NOrthrop and Austen
c. Fox, attorneys. were in session with the trust
company directors at the Waldorf
Grant B. SchIey. Of the banking firm OF Moore
& Schley, left the conference at Mr. Morgan's
library at II o'clock. He refused 10 make any
statement to the work done at the meeting
to his part therein.
Shortly after midnight William Salomon and
Isaac N SeEgman, both OF whom directors
in the Lincoln Trust Company. left the meeting
at the Waldorf and hastened to the Morgan
conference. Neither would make any state
ment
At o'clock this morning George F. Baker
and Charles Steele came out OF the Morgan
conference together and drove away. In haIt
an hour Mr.. Baker returned without Mr.. Steele,
who, it presumed, had gone to the Wall
dorf
MeSSrS- nd CaIip for
half an hour at the Morgan conference and then
returned TO the meeting OF the Lincoln Trust
Company directors at the Waldorf.
ALL GO TO MORGAN CONFERENCE.
The entire board Of directors of the Trust
Company of America left the Waldorf at about 2
o'clock this morning and went to the Morgan
conference Headed by President ThOrne and
with Mr. Sheehan walking by his side. the en-
tire board entered Mr.. Morgan's library shortly
after O'Clock
Accompanying them clerk Of the Trust
Company of America, bearing a heavily loaded
suitcase. presumably containing large batch
OF securities which the gathering at Mr..
MOrgan's were TO be asked to pass.
It was reported that the conferrees at the
| meeting at Mr.. Morsan's library were keeping
/ in touch with the two meetings at the Waldorf
Astoria. but there confirmation of this
I 1t also rumOred that the fact the directors
of the two trust companies were in session ii
adjoining rooms Of the same hotel presaged
some sort of consolidation Of the two companies.
There have been persistent runs on both tho
Trust Company Of America and the Lincoln
| Trust Company for the last ten days. but all
depOsitors have been promptly paid
It has been reported that both institutions. on
account Of the heavy losses in deposits as a re-
suit of the long strain. would be taken over or
absorbed by other companies Indeed. it has
been stated that negotiations were already going
on whereby the Carnegie Trust Company. OF
which Leslie NJ. Shaw. ex-Secretary OF the
Treasury. is president. intended to absorb the
Lincoln Trust Company. making Of it up
town branch There was talk of a deal OF this
kind several months ago. but II was not brought
about at the time.
TO HELP STOCK MARKET.
II was generally believed that one of the pur-
poses Of the conferences at Mr.. Morgan's
library was to arrange for concerted support OF
the stock market to-day in case holders OF Sc
curities threw them the market on account
of the record deficit in reserve shown in Satur-
days bank statement. As already explained.
the figures in the bank statement reflect cOndt-
tions during the panicky period OF ten days ago
and are not indicative OF the improved condition
at present.
The stock market will be closed tomorrow.
and when it opens on Wednesday much OF the
gold engaged In London will be here. which
ought to q rapid Improvement both IN
sentiment and in the money market.
Bankers felt that many tinid holders Of stocks
might become frightened over Sunday, and thus
start a selling movement to-day, so it was con-
sidered wise to be prepared 20 check at once any
such outburst OF hysterta-
Those who attended the conference IN Mr.
Morgans library were J. P. Morgan. George W.
Perkins George F. Baker. president OF the First
National Bank: James Stillman. president OF ths
National City Bank Charles Steele, OF ]. p
Morgan & Co: E. H Gary, of the United States
Steel Corporation: H c. Frick. Paul Morton.
president of the Equitable Life Assurance So
ciety; Grant p. SchIey, OF Moore & Schley bank
ers and Richard Trimble. secretary and treas
urer of the United States Steel Corporation
The conferrees began to arrive between 4:SO
and o'clock in the afternoon and the confer
ence broke up shortly after o'clock Mr.. Nor
gan walked from the library TO his home at
Madison avenue and seth street. a distance of
less than one hundred yards. while most OF the
other conferrees Went away in carriages or auto
mobiles.
Asked If he expected any important or alarm
ing developments to-day. Mt Morgan replied
emphatically in the negative, He said he in
tended to spend the evening with his family anil
go downtown to business as usual this morning
George F Baker. when asked the pUrport OF
the conference. said it had nothing to do with
the trust company situation with the bank
statement He said it simply a conference
of bankers on private matters. which would not
be OF interest TO the public. The other con-
ferrees refused to talk
MAY USE STEEL TRUST FUNDS.
%Ea of 81