The semi-weekly messenger., 1907-10-25


was announced, has ample securities
to meet all demands, was perfectly
solvent, and Ii was a question of rais-
ing the cash when all depositors who
wished to withdraw could do so. To-
night desperate efforts were being
made by the officials of the Knicker-
booker to get in their loans and other
, wise replenish their cash vaults.
Acting State superintendent of
, Banks George L., Skinner who
throughout the day had expressed
cofidence that the bank would meet
all obligations qualified his position
tonight when he issued the following
statement:
: This afternoon about o'clock
having received nc positive assurance
of help for Knickerbocker Trust COM
pany I conferred with the attorney
general telling him that, while its
affairs were not hopeless they were in
a critical condition and that I thought
he should be prepared to act at any
! time. About half past o'clock
again communicated with him giving
as complete 4 statement of affairs as
was possible over the telephone. 7
have also had a written statement
made to him from the main office of
! the state banking department in AL
bany. The Knickerbocker Trust COM
pany is not without hope that it may
still receive adequate aid from fran
cial institutions. If it does it will
open its doors as usual If it does
not, it will not open its doors in the
morning and I. of course, shall act
under the advice of the attorney gen
eral who is made by law the legal
adviser Of the state banl1ing depart
ment."
Later Mr.. Skinner received word
that Attorney General Jackson had
left Albany for New York and would
meet MIR. Skinner and representatives
of the knickerbOCker and ether banks
in conference at II o'clock tonight
Bankers not directly associated with
the KnickerbOcker we're quite as anx-
ious that its integrity be maintained,
and many conferences were held to-
night with o view to putting the
Knickerbocker on it's feet if this could
be accomplished without weakening
other institutions.
George w. Young, of the Windsor
Trust company, expressed the senti-
mert Of bankers generally when he
said tonight:
1T would be suicidal for the other
trust companies not to desire to save
the KnickerbOcker.'
J. =. Morgan and his partners We're
in conference at their Wall street Of
fees until after o'clock. Mr.. Morgan
when asked as to the situation said:
I'VE are doing everything we can
as fast as we can, but nothing has
yet crystaliZed."
He refused to discuss the Knicker~
booker Trust company, and would
give no intimatiOu as to the plans
under way to alleviate the situation.
George w. Perkins, Mr., Morgan's
partner, met q number Of bankers and
trust company officials at the Union
League Club tonight, when the finan-
ci cit
formal way
There was a meeting Of the trust
companies association after banking
hours today at which d committee
consisting Of George w. Young, of the
Windsor Trust company, Otto T. Ban
nard of the New York Trust company
and Clarence IF. Keeler Of the Title
Guarantee and Trust Company was
appointed to confer with the officials
of the Knickerbocker with a view to
extending such assistance to that
company as investigation of the COM
pany would warrant"
A. Foster Higgins, who last night
was chosen to the presidency of the
KnickerbOcker when Charles T. Bar
ney resigned, was present at this
meeting, and laid before the others a
statement of the Knickerbockers af-
fairs. He asked aid for the institu-
ton ard then withdrew, hurrying
away to a meeting Of the directors Of
the Knickerbocker Later he said
that the trust companies association
wished to inspect the Knickerbocker
securities, and that after the commit
tee had done so, the association would
recOnvene at a late nOur up town.
President Higgins was not optimistic.
When the meeting Of the directors
of the Knickerbocker broke up,
Joseph Auerbach, a director and coun-
n1 70 In q l.
lowing statement:
"f,verything possible has been done
by the officers and directors to meet
the demands on the resources of this
company, but it can be we'll under
stood that no trust company has suf-
ficient liquid assets at all times to
meet the demands OF a greater part
Of it's depositors. The directors are
confident from the statement of the
acting superintendent of the banking
department made today that the re-
sources Of the trust company are suf-
fCient to meet all obligations in full
Asked what he thought the pros |
poets were Of the bank opening to-
morrow, Mr. Auerbach said:
1T would be impossible to do it
unless we receive sufficient resources |
and I do not think that these will be |
on hand by morning.
Shortly before IL o'clock tonight |
J. P. Morgan. George w. Perkins, |
George F. Baker, president Of the
First National Bank, and Frank A !
Vanderlip. vice president Of the Ma |
tioral City Bank, and A. B. Hep |
burn, president of the Chase National |
Bank, reached the Manhattan hotel |
and were Immediately taken to the |
apartments Of Secretary Cortelyou.
Shortly before midnight, Mr.. Van !
derlip, Mr.. Baker and Mr.. Hepburn
left Secretary Cortelyou's apartments
and went home. All declined to make |
q statement, one OF the conferees who |
is q member of the clearing house |
committee said: !
PERSONALLY, I feel very good about
the. conversation. The clearing house |
VIII! give aid to those banks in the as
sociation that may need it. Such
trouble as exists in various places is !
directly traceable to bad management