The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1908-01-16
CORTELYOU WILL
NOT LEAVE THE
CABINET
Knickerbocker Trust Offers
Him Its Presidency
NO RESPONSE YET Received
Tender of High Salaried Position Led
To Report He Was to Quit
Administration.

identified with the reorganization Of
the Knickerbocker Trust company Of
New York have offered Secretary Of
the Treasury Cortelyou the presidency
Of the institution in an endeavor to re-
organize the crippled company and to
bring it back to its old high standard
among the leading trust companies Of
America.
One of the leading representatives
of the trust company Is authority for
the statement that the intimation had
assumed quite definite character,
taking the form of a tender Of the
presidency. 1t is stated by this same
authority that no response had been
received, but that 1t is expected Mr..
COrtelyou would arrive at decision
at an early day.
This statement was before Secretary
Cortelyou had given out an authorita-
tive announcement Of his intention not
to resign from the cabinet. In view
of the latter announcement 1t was as
sumed that any tender or intimation
of his coming to New York as presi-
dent of this company has been definite
ly rejected.
1t appears that the consideration of
Mr.. Cortelyou's name was taken up
by the committee of depositors recent
ly formed and not by the trustees who
are at present conducting the affairs
of the trust company. The committee
Of depositors are celebrating COM
plete plan Of reorganization. This In
cludes the selection Of board Of d.
rectors, president and various other
officers Several names were consid-
cred for the presidency, but It was
the general belief that II Mr.. Cortel-
you could be induced to take up the
work 1t would add greatly to the pres
tige OF the trust company and would
indirectly be OF great advantage to the
financial interests of the city in gen.
eral
Herbert l.. Satterlee. who is one Of
the members of the depOsitors' COM
mittee and leading figure In the re-
organization project, said that while
he had no information as to the In
tention Of Mr.. Cortelyou he felt that
1t would be Of very great advantage
to the company II Mr.. Cortelyou could
be induced to accept Its presidency.
So seemingly authoritative were the
reports that circulated In the street
that Mr.. COrtelyou would resign to en-
ter the Knickerbocker Trust company
that they persisted even after his de-
NAL was sent from Washington A
close friend Of the secretary who is in
q position to know his Intentions said
"Alr. Cortelyou may or may not have
been offered position with New
York financial concern. or that I am
not prepared to speak, hut l can say
most emphatically that he is net 60
ing to accept any offer Of any kind.
He is going to stay right where he is
as secretary OF the treasury until the
end of Mr.. Roosevelt's administration.
and am confident that he has not seri-
ously entertained any proposition In
volving his resignation from the cab
met"
The Satterlee- Parsons plan, as the
scheme for recognizing the company
Is known, has already received the
commentator Of large number Of
the depositors, including that Of such
distinguished persons as. former Presi-
dent Cleveland and Mark Twain. There
Is now apparently no obstacle In the
way of speedy resumption of bust
ness by the trust company.
In the frankest and clearest possible
way Secretary Cortelyou at Washing
ton denied the report that he has re-
signed or about to resign frem the
cabinet.