New-York tribune., 1911-01-09

panieS allied with tne CIoseu Ndih
Trust Company and provided the cash
r. meet any possible run on those In
stitutions this morning and to buy the
control of the Madison Trust Company
and merge it with the Equitable Trust
ccr,panv known as Morgan institu-
ton.
The hanks for which Mr.. Morgan pro-
ridas IN, mediate cash are the Nineteenth
Ward and the Twelfth Ward banks.
Funds for the Madison Trust Company
are supplied by the Equitable Trust
Company.
The condition which Mr.. Morgan de-
manded should be fulfilled before he
would step into the breach was the res
isnation of the five directors OF the Car
negie Trust Company who we're also
directors in the two banks and the Mad
ison Trust Company, and who held the
control of those institutions. They were
William ]. Cummins, chairman OF the
board of directors of the Carnegie Trust
Company, whose name appeared on the
door of the Carnegie Trust Company In
larger letters than that Of the institu-
ton itself; Joseph B. Reichmann, who
succeeded C. c. Dickinson as president
of the Carnegie Trust Company in jan
uary, 19lo and held that office up to
three months ago; Martin ]. Condor.
who Joined with Mr.. Cummins in buy
ing c. C. Dickinson's stock in the Car
negie Trust Company; Samuel H. Kress
and C. Arthur Moore, jr.
Long Conference at cravaths House
A conference was In session at the
home of Paul D. Cravath, at No. 1Ol
East 3sth street, until after 3 O'Clock
this morning, to select successors to
these men on the boards of the three
institutions The lights burned In the
house of J. P. Morgan also all night
long and frequent telephone conferences
were held with Mr.. Morgan himself,
while presidents of Wall street banks
and men well known in the financial
world tramped back and forth between
the two houses or whirled through the
streets In their automobiles.
Among those present at Mr.. Cravath's
house when the five men who are to be
dropped out Of the banks at last gave up
the fight and resigned their positions
were the men themselves, Henry P. Da-
wilson and William H. Porter, repre-
senting ]. P. Morgan & Co.; James G.
Cannon, president Of the Fourth Ma
tional Bank: A. Barton Hepburn, presi-
dent of the Chase National Bank and of
the New York Clearing House Associa-
ton; Walter E. Frew, vice-president Of
the Corn Exchange Bank; Otto H. Kahn,
OF Kuhn, Loeb G. Co.; Henry Rogers
Winthrop. Of Harris, Winthrop & Co;
Paul Morton, president Of the Equitable
life Assurance Society; Alvin W. Krech,
president Of the Equitable Trust Com
pany; Harry Bronner, of Hallgarten &
Co.; Bradley Martin, jr., president of the
Nineteenth Ward Bank; Watkins Crock
EFT. president of the Madison Trust Com
nany: Frank B. French, president of the
Twelfth Ward Bank; Lawrence Phipps,
Ton,nkins McIlvaine, counsel for the
Twelfth and Nineteenth Ward banks,
and the Madison Trust Company; w. A.
Day, president of the Equitable
Life Assurance Society; o. H. Cheney,
state Superintendent OF Banks, and Jor-
dan j.. Rollins, counsel to Mr.. Cheney,
and exJudge Wilian A. Keenes and
Liston L. Lewis, representing Carnegie
Trust Company interests.
Conditions Met at Midnight.
It was not untfl nearly midnight that
the conditions that Mr.. Morgan had
made were complied with by the resig-
nation of the five directors objected to,
and lust at midnight Mr.. Cheney gave
ont the following statement:
have been in close touch with the
situation In tho Madison Trust Company,
the Nineteenth Ward Bank and the
twelfth Ward Bank. ! have objected 10
certain of the assets and some OF the
loans. In my opinion 1t became neces-
sary to consult with prominent bankers,
so that steps might be taken to allay
nuhlic apprehension, which might arise
q fter the closing of the Carnegie Trust
Asa result Of conferences with bankers
and others interested yesterday. I am
: HE TO announce that in my Judgment.
the arrangements which have now been
completed are such as TO effect that re-
suit.
The assets to which / have objected
have been taken out Of the banks and
with cash. The Madison
trust Company Is to be acquired by mer-
ger with the Equitable Trust Company
and arrangements have been made with
Messrs. ]. p. Morgan & Co. IN provide