Los Angeles herald., 1907-10-23
CRISIS IN BANK
SCARE IS PASSED
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asked as to the situation, said: 1--WE arr
doing everything we can, as fast as WI
can, but nothing has yet crystallized."
He would give no intimation as to thu
plans under way % alleviate the situa
ton.
George T. Perkins. Mr.. Morgap's part
ner, met a number of bankers and trus
company officials at the Union League
club tonight when the financial situation
was canvassed in an informal way.
There was a meeting of the Trust Com
panies association after banking hours
today, at which a committee consisting
Of George ]. Young of the Windsor Trust
company, Otto Barnard of the New York
Trust company and Clarence H. Kelly oi
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 institution
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
report on a plan OF closer cooperation
among trust companies was named.
Choose New President
A. Foster Higgins. who last night was
chosen tc the presidency of the Knicker-
booker when Charles T. Barney resigned,
was present at this meeting and laid be-
fore the others q statement of the Knick-
erbocker's affairs. He talked for the in
stitution and then withdrew hurrying
away to a meeting of the directors of
the Krickerbocker. Later he said that
the Trust Companies association wished
to inspect the Knickerbocker's securities,
and thai after the committee had done
so the association would reconvene at a
later hour uptown. President Higgins
was net optimistic.
When asked If the other trust COM
panies presidents were reluctant to help
out his bank he replied: Reluctant! Re-
luctant is no name for it. They seemed
to feel as If they ought to hold onto all
the money they had. One of them said
to me: we might help you out, but
here you have closed your doors
"'You mean that you don't want to
ride dead horse?' I said,' but I wish
you TO distinctly understand that the
Knickerbocker is not dead horse, and
what are you going to do about 1t?
Mr.. Higgins would not say what was
answered.
The committee appointed by the Trust
Companies association made cursory
examination of the Knickerbocker's books
tonight. This was sufficient, Chairman
George w. Young said, to establish the
solvency of the bank.
May Not Open
Asked what he thought the prospects
were of the bank opening tomorrow,
Joseph Auerbach, a director, said: 1T
would be impossible to do 1t unless we
receive sufficient resources, and / do
not think that these will be on hand be-
fore morning. We are doing all that can
be done. The Knickerbocker did not re-
ceive one dollar from outside sources
today. I don't know how the story that
millions were to be placed at the dis
mated"
George w. Young, one of the commit
tee appointed by the Trust Companies
association, met the directors of the
Knickerbocker at the Fifth avenue office.
he said: mo promises
were made to the Knickerbocker last
night, and the story that S10OO0,000 was
available for that institution was not
true. The association will do all 1t can
for the Knickerbocker. That is, they
will do something If there is anything to
be done.
"But you must bear in mind that this
matter was only brought to the attention
of the association formally at o'clock
this afternoon. No assistance will be
rendered before tomorrow. We have got
to know where we stand. We must look
into things. When we have done that
we will give all the aid we can."