New-York tribune., 1911-01-09

street and the third az No 242 East s6th
street
With the exception 4 the main Office
of the Madison Trust Company, which
is the old Van Norden Trust Company
sn the banks and their branches are on
the East side and the officers had al
ready had an intimatlon of what was
TO he expected by the heavy withdraw
ais on Saturday. as soon as the closins
az the Carnegie Trust Company became
known through the section in which the
banks are situated
Run To-day Seemed Certain.
II was seen that the institutions would
have to ne prepared to take care TINS
morning Of run calling for the greater
MART Of the money on deposit. Not only
was this the case. but the insistence OF
Mr.. Cheney on cash being substituted
for MANY of the securities held for loans
\made the directors sec that they were
faced by a situation with which theS
could not cope without outside help
After being in session all Saturday
afternoon and until late hour tha'
night they came together again AT l
O'Clock yesterday afternoon. and then
they turned 10 Mr.. Cravath and askeu
him 20, find some one to help them ou'
Mr.. Cpavath at once began TO send Tor
The bankers whose influence was after
ward exerted 10 bring Mr. Morgan 10
the rescue.
With the bankers there came also a
stream of clerks and messengers bring
inc books and securities. BY the time
,he Sunday afternoon session broke up,
at O'Clock. that the conferrees might
yet bite TO eat. a large part OF the Sc
curities Of the three institutions mad
been brought down TO Mr.. Cravath's
house. and while the bankers had dinner
a corps OF clerks was busy taoulating
and arranging them.
with the advent of the bankers ana
the appearance Of the securities MT
Cravath had begun TO become hopelui'
and late in the afternoon he made a
brief statement TO the newspaper men.
This is the T t important conference
20 the financial world" said Mr.. Cra-
vath. that has been held since the
famous conference at Mr.. Morgans S
house the night before the 1907 panic
Says Carnegie Trust Has Gone.
we are here trying to save nine
banks from closing and the train Of dis
aster that would follow in the wake of
such a happening" Mr.. Cravath con-
finued. But do not think that we
represent the Carnegie Trust Company.
We have nothing to do with that con-
Germ. II has gone. We are trying to
rrevent more failures from coming. We
nre here 10 save the Madison Trust Com
pany. the Nineteenth Ward Bank and
the Twelfth Ward Bank If no cog slips
we will have the cash in those companies
vaults tomorrow morning 20 pay every
depositor and the loans and liabilities
of each will be so safeguarded that
there will be no possible fear of any
further trouble coming out Of the con-
dtion that has arisen through the Car
,negie Company's failure"
When Mr.. Cravath referred TO nine
hanks he included the branches of the
three institutions concerned. He did
not mean that six other concerns were
affected.
But even the work that had already
been done by Mr.. Cravath and his asso-
iates was not enough TO satisfy Mr..
Morgan. and when the conference met
again at o'clock last night another
stream OF clerks began to come on foot
and in automobiles with more packages
of securities and books under their
nrms Mr. Morgan's representatives,
Henry p. Davidson and William II. Por-
ter. we're then on the ground. and the
argument was in progress for the re-
arrangement of the boards OF directors
fof the three Institutions
The securities had been proved salts
factory at last and the final arrange
Inents made for the cash TO protect the
depositors and the merger Of the Madl-
son and Equitable trust companies, be-
fore the unwilling consent Of the direct
ors 10 sell out their holdings was wrung
from them When this last step was
taken and the price agreed upon. Mr..
Cheney appeared with his welcome an
pourcenent that the doors Of all the
institutions would be open for business
this morning. with no fear that any de-
rositor would fell TO get his money