The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-23

company. Otto Barnard of the New York
Trust company and Clarence II. Kelley of
the Title Guarantee and Trust company.
was appointed to confer with the OFFICIALS
of the knickerbocker with a view to eX-
tending such assistance to the company as
investigation would warrant.
The official statement concerning the
meeting said that twenty-five bankers
residents of New York and Brooklyn,
were present and that a committee to re
port on a plan of closer cooperation
among trust companies was also named.
A. Foster Higgins, who last night was
chosen to the presidency of the Knicker-
booker. when Charles T. Barney resigned,
was present at this meeting and laid be
fore the others a statement of the Knick
erbocker's affairs. He talked for the In
stitution and then withdrew. hurryfng
away to a meeting of the directors of the
knickerbOcker. Later he said that the
Trust Companies association wished to
inspect the KnCkerbOcker'S securities and
that after the committee had done so the
association would recOnvene at a late
hour up town. President Higgins was not
optimistic. When asked if the other trust
companies presidents were reluctant TO
help him out, he replied:
Help Grudged.
Reluctant is no name for it, They
seemed to feel that they ought to hold on
to all the money they had. One of them
said to me-:
We might have helped you out. but
here you have closed your doors
You mean that you don't want to
ride dead horse?' l said. But l wish
you to distinctly understand that the
Knickerbocker is not a dead horse, and
what are you going to do about it?'''
Mr.. Higgins would not say what was
ansW cred.
The COMMITTEES appointed by the Trust
Companies association made a cursory
examination of the Knickerbocker's books
tonight. This was sufficient. Chairman
George w. Young said, to establish the
solvency of the bank. When the meeting
broke up, Joseph S. Auerbach, a director
and counsel for the company, gave out
the following statement:
Statement of Counsel.
Everything possible has been done by
the officials and directors to meet the
extraordinary demands on the>sesources
of this company, but 1t can be we'll I'M
derstood that no trust company has suf
ficient liquid assets at all times to
meet demands of a greater part of its
depositOrs. The directors are confident,
from the statement of the acting super
intendent of the banking department
made today. that the resources of the
trust company are sufficient to meet all
obligations in full"
Asked what he thought the prospects
were of the bank opening tomorrow, Mr..
1T would be impossible to do 1t unless
we receive sufficient resources and l do
not think that these will be on hand by
morning. We are doing all that can be
done. The Knickerbocker did not re-
ceive one dollar from outside sources to-
day. | do not know how the story that
millions were to be placed at the disposal
of the Knickerbocker today originated.
The officials of the bank did expect as
siStanCe. and this may have been the
basis Of the story. At any rate, we re-
ceived no help from outside
No Promises Made.
George w. Young. one of the commit
tee appointed by the Trust Companies
association. later met the directors of the
Knickerbocker at the Fifth avenue office
Subsequently he said:
No promises were made to the Knick-
erbocker last night, and the story that
SlO,oO,OO0 was available for that institu-
ton was not true. The association will do
all it can for the Knickerbocker. That
IS they Will do something if there is any
thlng TO be done. But you must bear in
mind that this matter was only brought to
the attention of the association formally