New-York tribune. [volume], October 22, 1907, Image 1

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vol. ] WIT \°- 22.255.
ENGLAND— ORIFPITa BREWER, PII/>T- LIEU'ITSW
AM CLAUDE BRA3AZOK, AID.
MISSISSIPPI CiKEETS
THE PRESIDENT.
VICKSBUBG GIVES HIM A
aHE A r 11 E( 'EPTION.
lie Promises to Advocate Deep
Waterway in Message to Congress
The Bear Hunting Trip.
(By T*l»grar-h to Th» Tribune ]
Vickßburg, Miss.. Oct. 21. — The heights of
Vicksburg as well as the city itself were taken
by the President to-day. In a notable address
that stirred an immense throng to unbounded
enthusiasm he pledged himself to immediate ef
forts in behalf of a deep waterway from the
Lakes to the Gulf, paid a tribute to the memory
of Jefferson Davis and those who fought under
'■ ■ Stars and Bars, and closed with a forceful
plea for civic and national righteousness. He
epoke as follows:
It Is indeed an honor for me to be to-day the
p;if=t of Vlcksburg and of Mississippi, and I
was Inexpressibly touched by the greeting over
the great arch of cotton lies which said, t'Mis
tispijipi Greets the President." I should not be
f.t to If President at all if I did not with all
my might and main, with all my heart and
i.rain. seek In the foil sense to '••• the
President of Mississippi, the President of every
Ftate in this Union. I am glad to be here in
this historic city, this city forever memorable
f"r the conflicts in which victor and vanquished
alike showed such splendid courage, such splen
did fealty to the light as it was given to •;i K.
Even before the Civil War Mississippi's suns
had shown that they knew how to fight.
It was from Vicksburg that a company <->f that
famous Mississippi regiment which won undying
renown in the Mexican War, under the gallant
3*-adership of its colon* I, who afterward became
the favorite son. not only of Mississippi, but of
til the South. Jefferson Davis, came. Think how
fortunate we are as a nation that it is possible
for the President of the nation to come i,. r ,.
to-day to be conducted through your national
jark by the -...._■ general of the
Confederate army, and to feel that every in
stance of the heroism recorded by the monu
ments alike to the. Union and to the Confederate
d'-ad on that battlefield is a subject for just
pride to every citizen of this nation, no matt.-r
where he lives.
General Lee read to me that noble inscription
on the Pennsylvania monument, an inscription
that frhould make the- heart of every true Amer
ican thrill as he reads it:
"Here brothers fought for their principles,
h.f-re heroes died for their country, and a united
people wiil forever cherish the precious legacy
<>t their noble manhood."
What other war is there of which we can say
that before the generation that fought it had
diM away the whole country rises to fer-1 the
sarrie triumph alike for those who fought so
for what they believed to be right, and
triumphed, and for those who fought so val
iantly for what they, with equal sincerity,
thought to be right, and lost?
It is n good thing for an American President
to travel over the country, not for what he can
leach, but for what he can learn. I have twice
been down in this alluvial delta of the Missis
sippi. In each case I came primarily for bear.
A voice — Did you get any? ,
"BROKE EVEN" WITH THE BEARS.
The last time I got 'em; the first time all
I can say is that the bears and I broke even. I
got as many of them as they did «.f me. But
on each occasion I learned a lot that had nothing
to do with bear hunting.
It seems to me that no American President
couJd ppr-nd his time better than by seeing for
himself just what a rich and wonderful region
the Lower Mississippi Valley is. so that he may
go back to Washington, as l shall go back, with
the eet purpose to do everything that in me lies
to see that the United States does Its full share
in making the Mississippi River a part of the
tffoast. in making it a deep channel to the
Great Lakes from the Gulf. And as an Incident
of building thf; levees for the lower part of that
great river I wish to see them so built as to
remove abso^tely and completely from th»
mines of all the dwellers In the lands all
■{•prehension of a possible overflow.
Mr. Williams, it has been suggested to me
that we need to construe the Constitution broad
ly in order to get power to do what I want. I
think I beard you mention that you are a good
federalist. The people of Holland took two
thirds of their country out from under the ocean,
and they have lived behind the dikes for cen
turies la safety With one-tenth of the effort
J«e. an infinitely greater nation, can take these
incomparably rich bottom lands of the Lower
Mississippi out from all fear of flooding by the
Uii-eisKiH.l.
WILL ADVOCATE DEEP WATERWAY.
While I do not like to nay In advance what I
Intend to do. I shall break my rule in this case,
■■4 my that in ray next message to Congress
1 efcall advocate as heartily as i know bow that
th«j Congress now fleeted shall take the. first
■taps to bring: about that deep channelway and
th* attendant high and I road levee system
which will make these alluvial bottoms the rich
est and Hi', populous agricultural land on the
fa«-e of the globe. I think that any policy which
tends '•< the uplifting of any portion of our pe..-
Ps In the end distribute* it;- benefit over the
*hole people. Here we have a policy whose
nr« and direct benefit will come to the man on
tat plantation— tiller of the soli.
We are now digjrinj? the Panama Canal, and It
i« l*lri|f well done. One reason why the work
M handled well Is thp.t we refused to co into It
Until, after a careful study, we did not make
*-iy false eteps; in Other words, we acted on
Wavy Crockett's principle: "Be aure you're right,
then go ahead."
I want, when w« start on this epoch making
/York of improving the Mississippi, to be sure
tfiat we start on principles that will prevent
ffuttakes, extravagance, misapplication of «»f
'**»■ I ehall have DO small difficulty in per
■ua/iin« some people of the wisdom- of a policy
►uch as that I advocate, ■ policy that means
l"*l "* expenditure of money, a policy which must
continue over a long course of years. If that
t C' .' •»..■« 1 KB K^cd{«C^ -'"'
ro-morrow. fair and wLm"r7 itonthwest wind..
PARTICIPANTS IX THE GREAT INTERNATIONAL BALLOON RACE FROM ST. LOUIS.
PLUMBING "TRUST" SUIT.
Merger of Ttcenty Firms Alleged
to Control Trade.
imbus, Ohio. Oct. 21 —Attorney General
Ellis filed in the circuit Court of Franklin
<"nuiity to-day a quo warranto suit against
twenty concerns doing- business or making sup
plies f"r plumbers. They are charged with being
era of an association whose object la to
control trade and fix the prices of their Roods.
The association Is alleged to cover the Btatei
of Illinois. Indiana, Ohio. Pennsylvania, New
York. Wisconsin. Michigan, lowa, Mini
Missouri, Kansas, Colorado, Nebraska, Ken
tucky, Tennessee, Georgia, Alabama. Louisiana
cas I' Is stated in the suit t>
quarters are In Chicago and the secretary is
Paul Blatcb^'ord
CHINESE LABOR MUTIXV.
One Killed and Nineteen Wounded
a f X( ': c Modch 'rft mtei n .
Johannesburg. Oct. 21.— The Chinese I
at New Modderf itlned Ihm ni^!
had to be dispersed by th.> police. The Chinese
barricaded their d ar-i destroyed the
offices. When tbi police appej were
vigorously stoned. They finally were obliged
pp'-n fin- on the mutineers with shotguns, but
they fired low. and only one Chtruu killed.
■ sa were woundt '. and many were ar-
The trouble Is alleged t>> have arisen i---
Itators have !>.■. n assuring the
coolii a they •« ere not * . w ork ''ii
■ i :•' h
(.LASS FIRM INSOLVENT.
Petition Against Chambers Company
F'ded hji New Yorkers.
)'." irg Oct. 21. J. A. « "hamlx
■■ glass . in the
< ounti th Chambers Window
Glass Company, of P Imitted
the insolvency of that company m a stati
attached to ;i !>♦ tit i-.i. In bankruptcy filed In the
United States District Court. Th- petition vaa
Bled by the General < 'n>-:: n .i ! « a New
Fork i orporation.
FORMEE LABOR LEADER ENTERS YALE
Comes from Montana to Study Law. Though
Over Fifty Years Old.
[By Tetegrapl '<■• Th« Tn! Un». l
New Haven, Oct. -1 Michael Haggerty. of
Butte, Mont., over fifty years old, has entered the
Yale Kaw School })<• came East with hia wife
and two children. His wife will study elocu
tion. Mr. Haggerty waa a labor leader. He
holds th»- ;m> record among those who have en
tered the university in recent years.
Mr. Haggerty was twice elected commissioner
of Silver, Bow County, Mont., and was a!s>. sec
retary of the minors' union of Butte He u;is
mi nffi< lal In the Western Federation of Miners
f.,r several yea*rs. He studied for the priest
hood wh'-n a yf.miK man, but was obliged to X"
■\\v-st because of ill health. He Intends to re
turn to Kutte ar'd become counsel f<M- tho min
ers' union. His wife Is planning to «iv.- ad
dresses on socialism.
TRIXIE FRIGANZA IN AUTO CRASH.
i By Trttsi ii»li "i t:.<- Tribun*. ]
Chicago, <*t. 21- Trlxie Friganza, leading woman
■with Iv!di<- Key In "The Orchid," waa thrown fr.>m
.-in automobile in Bheridan Road lat« Saturday
nlpht. and suffered Injuries that will keep her In
her room for several weeks.
Miss Frigassa left the <sarrick Theatre after her
performance on Saturday r.lKhi with Mr. and Mrs.
Henderson, in their touring car. Mr. Henderson
v.iis running dose to tb« • s:rli to avoid accidents,
when !.N '"T struck another machine. Miss
Frtgansa was hurled thirtj feet Into the middle <■?
Sheridan Road, and suffered several bruises and
nitf abcut 'he. head and shoulders and a sprained
unklc.
NEW LITTLE CHURCH AROUND CORNER.
[By TclPKraph to Tl.r Tribune. ]
Boston, Oct. 21. -The Rev. Eugene C. Webster has
begun work to establish a "Little Church Around
the Corner, foe the benefit of theatrical persona
and other strangers in Boston, ■whom he believes
need such an Institution. Ho has been offered 3500
toward the project, and has the support of the lead-
Ing theatrical manager!
CAR COMPANY TO REDUCE FORCE.
f Hy Telegraph to The Tribune.]
Detroit. Oct. 2L— The local plant of the Ameri
can Car and Foundry Company is planning to cur
tail Us working force. At least twenty-five hun
dred men. It is said, will be. laid off about Decem
ber 1, unless more orders for new equipment come
in from the railroads.
FLEMING CONFERS WITH GOVERNOR.
Albany. Oct. 21.— Matthew C. Fleming, th* spe
cial commissioner appointed by Governor Hughes
to investigate th« State Insurance Department un
der the provisions of the law enacted by th* last
Legislature, came to Albany to-day to continue
bis Inquiry. It is possible that Superintendent Kel-
F.y will go before him to-morrow. Mr. Fleming
had a conference to-night with Governor Hushes.
WHERE TO TAKE LUNCH
And drink the Highest Types of American Wines.
H. T. Dewey & Sous Co., 133 Fulton St. Now Yorl^
r-AdvU.
NEW-YORK, TUESDAY, OCTOBER 22, 1907. -FOURTEEN PAGES.— t£%S££j£&X*
GERMAN— OSCAR mnSLOEH, FILOT
FISH WINS VICTORY.
ELE( TJOX POSTPONED.
Claim* Long Lend Over Harriman
in Illinois Central Fight.
Chicago, Oct. -\ Btuyvesant Fish to-day ob
tained a postponement of the Illinois < ■
stockholders' meeting untfl er 18. Tiir
Harriman party agreed to the adjournment, al
thnuch previously anxious to i
rapidly ,tf possible.
"Our victory is gratifying and real." p.ii.l Mi
Fish to-night. "The he>t we could have
for under .ludfje Ball's modified order waa to
prevent an election
This has ?:■•! only !• • ■). but we
\iH\r- also secured a definite adjournment >intil
December l v v - ecame ap
parent t-> th« Union 1 ur !>ia
v.tf so lar ild not win, ev«»n
if ih^y ?ei-iir.-.j every remaining i
ta.-ti, p for prolonging I ■ »n of the
holders' meeting from day to day •
■ that
ntral Fiail
road .!• ma nd< d that tl \ I -houtii
!••• losed, l .lit.' ' v agree
tunsel whli h speaks for i ;
"Th< . . ■ !l that
I could
: ■ ■
i dgment by th< Han • ><t Their ■
■ directors, for. if they held more proxies
than 1 they would no! I to such .»".
adjoui | i c elected 1 1
■
"During the ; ;
i from gh
through fear ol
offlclal couni h;is b< ■ four-fifth -
plet< d, and, hclni . i until I ■•
I can say with regard lo it thai my Infori
justiti- the statement t
■ . ty of
• ■ 3 : ' » i
v. hi' h, in \\> w of the L'nioi
• •. i monl ■
Irculai of s. | i. :.!.., -\
satixfai •
"Fron now ■■!■ I .- ■ pursui
m Ith gn ater » Igoi and fai bettei in
formation than ever bel . sure of th •
support of the Investing public who are In
terested in prei • ■. ing v..- ind< , of the
Illinois i Central Etailroad "
STATEMENT BY Ml; CROMWELL.
William Nelson Cromwell made the follow ing
stai ment to i ight
The Illinois c ntral i ontest assumed ■ n< •■
thU morning, whei it was announced
that th< two lute rest* had unit. <\ in
ment t" postpono the meeting oi the stook
lu Iderh to I >et embei 18.
Judg< Fai rai . represent)! g th« Fish Inti
and Mr. Cromwi eprewi tins th< lllinot ren
tral administration interests, met thi
. and .1 illk'- Farrai m iteii that
with th» authority of l-,j ■ pi Incipal i
vrlnntarll: called upt>n Mr. Cromwell, and pro
posed ■ i<■ i ;■<•!•:■.• .i: of the meeting <it
holders nun' December IN; th.,t no d<
whatever wai nad as t.. the utate ..r the votin."
up to this time; that the count had iioi beo'u
c>inplet< d bj the liuipi i toi and no r< port by
them made: that Mi Cromwell, after i.l
eratlor. hftd ncqule ced In UiN proposal, and
that they had agreed In the form which they
had vii.. l and given to the press, which tateii
the agreeimnt and the entire agreement •■ > the
subjei t
Mr. Cromwell confirmed the Rtatement of
Judge Farrar, md stated that in view ..f the
facl that the lnspe< tors had not completed the
count, and that several days would be requl Ito
for them even t.i m;ike the preliminary count,
ju"l that thereafter counsel must personally ex
amine over seventy-fl»e hundred written proxies
nnd make out their challenges thereto, and then
argue the questions before the In pectors, and
that thereafter considerable time would be re
quired for the Inspectors t.. reach decision and
for the court to decide matters of dispute, it was
manifest the many serious lep.-tl questions in
voived would prolong the decision <>f the in
spectors for several weeks; that In view of th ; ■
nnd the great Inconvenience to stockholder!)
from frequent attendance at meetings, if con
tinued t«> be adjourned :it short Intervals, he
had consented to the proposal made by Judgo
Farrar.
Judge F*arrar prepared nnd signed the fol
lowing further Ftntemrnt:
Judge Farrar authorizes the statement timt
he opened the negotiations with Cromwell on
the authority of his principals; that the condi
tion nf the incomplete count \un not mentioned
or discussed between him and Cromwell; that
Cromwell did not state or intimate Hint Mr.
Fish waa in the lead In his proxy holding* v.wl
that for that reason further count might as
well b<> bospended, and that Cromwell did not
suggest that further action be suspended pend
ing the decision of the court in the ;,. tiding liti
gation. Farrar nays thnt the agreement spaa]
for itself and states the true and only reason
for the agreement, and that th« motives of each
party for being satisfied therewith lie in their
respective breasts and were not stated or dis
cussed.
ADJOURNED TO DEC. 18.
Agreement Between Counsel for Fish
and Harriman.
Chicago, Oct. 21.— decision to adjourn the
Illinois Central meeting, was the result of a con
ference held fit 3 o'clock this morning between
William Nelson Cromwell, for Mr. Harriman, and
ex-Judge Farrar, for Mr. Fish. The overtures
came from Mr. Cromwell, who sought th« Fish
f "^ ■
— CnnUniiri MHO elfii^ -■•
AMERICAN— J. <\ BTCOY, PILOT; CAPTAIN C DE F.
CHANDLER, A!l>.
Story nf the rn<e will be found on Third l'a«^.
LrTHER W. MOTT QUITS
nxns t.isk too heavy.
Albany Surprised hji Act of New
Stair Banking Superintendent.
•■> Th» TVtbaiM. I
:•.. <>< t 21. Announcement r>-da> by
Ooven ■ i : • the resignation <->f LuthT
W M :>.■= superintendent of the
n| ''■ ; irtment came aa a great
LUTHER WRIGHT MOTT. OF OSWEGO.
Who resigned ;is stati* Superintendent of Hanks
after ;i week'a service.
surprise. Although various* reports us to the
real reason' of the resignation followed its an
nouncement, they all were sifted down, and it
wan almost unanimously agreed that the new
superintendent felt unequal to the task of fol
lowinK up the developments of the financial sit
11 n 1 1. .1 In Vow York I' 1 1 V
Mr. Mot!
... H ■ of Bu Pub
i r . I la it
Itiun t" know U
I liy Mr Skinner, th«
: New York
...n to lnv< tig '•■ i .
•, then hi did nol i ■ alize i 1 •
him, but \\ h. i i :• i o»npreh< nd< d the
exact i "':'! it !■•:! he did not f< .-.|U.il
to the occa
Mr. Mott ■ to Albanj
i oon,
Horn tl, he
m y reason t ■ \ < ■ ■! In my
letter to Governoi Hu^li ' lielloved It waa
due n y fainilj thai I should resign, in view .»•
the f.n ' that 1 realized that the nei \ r>us
thai iui'.iM follow ii I continued as superin
t 'in lent \s "vi.i be Injurious t" my hvalth. There
Im absolutely no othei r< i »n I >t my resigna
tion."
"II |i \ epoi ted that you rt( sided '■■ resigi
you Ii "1 liwked Intu the N. a York City situa
tion Is that so?" he v.is asked
"Not entirely," he said 'li i true that
to X>\\ Y<>rk and looking the whole i.iat
i. r over, I decided to r< sign. I" ■ ■ I t 'Id
you, 1 dl i not think my health wwild |»erm !
me i ntl sue
(Jovernor Hughes rcfus< I to dlsru s Mr.
Motfs resignation H.- gave out Mr. M«.tt's
lettei . and hi ■ reply to it. \\ h< >> a•.• -l as tn
how soon he expected :• appoint Mr. Mott'a
successor, he said i^ 1 had nol as yel taken up
the man. i Mr. Motfs lettei of resignation
ll us foIIOWS.
i i,, g leave to tender you m lion :>s
Superintendent of Banks of the State of Now
York, to take «-ffecl al ■ nee. 1 find tliat 1 have
overestimated the condition <*f my health, and
thai I cannot proptrly perform the duties of
my office 1 thank you for your great courtesy
to me.
Governor Hughes sent this reply.
My Dear Mr. Mott: l have received your
letter <■[ the 20th Inst, tendering your res
ignation aa Superintendent of Banks, which, In
deference t.. your urgent request, I am com
pelli .I to accept it is a matter of gr< at regret
t,, me that your health will n"t permit you t<>
continue tv the office, aa l particularly admired
the spirit and seal with which you undertook
the work. I trust thai you will soon regain
your full strength, and assuring you of my liiyh
esteem l remain, verj truly yours,
CHARLES X HUGHES
CHANCELLOR ANDREWS MAY RETIRE.
[By Tel^jtraph to 1 l ' n Tribune. ]
Lincoln, Neb., Oct. 21.— Because of his ■peach
In Washington In which he advocated hanging
newspaper editors for criticising millionaires
Chancellor E. Benjamin Andrews of the Uni
versity Of Nebraska may be retired.
The speech has caused a storm of protest all
over Nebraska, and the former defenders of An
drews have turned against him and are now de
manding his retirement from the university.
In university circles It is reported that Mr.
Andrews has been in bad health for some time,
and that this may cause his retirement.
AFTEfI ALL. USHER'S THE SCOTCH
that made Ui« hl*hb*U famous.— Ad vt. '
FRANCE— CHARLES LEVEE, AID.
MAKING DIAMONDS.
Reported Discovery by M. Chant
the French Chemist.
Paris. Oct. 31.— 1t was announced at a meet
ing of the Academy of Science to-day that M.
Cbarette, the chemist, bad discovered an eltjo
tro-chemlcal method of making diamonds.
Specimens of M. Charette's workmanship were
exhibited at th« meeting.
TEST OX STATES RIGHTS.
Minnesota Attorney General Appeals
from Lochren's Fine.
St. Paul, Oct. 21. — Attorney General Toong
of Minnesota was adjudged ir. contempt of
court by Judge hren in the United States
District Court to-day and fined si***, which be
refuse,} to pay. An appeal to the United States
Supreme Court will be taken. In the form of
an application for a writ of habeas corpus, a?
Mr. Young has been remanded to the custody of
the United States Marshal. The fiuestion of
whether the United States^ Court has the right
to enjoin a state officer from enforcing the
state's laws thus will be final disposed of.
The ijuestion involved is whether an officer or
servant bl a sovereign state can be sued. It
came up in the attempt to enforce the com
modity rate law enacted by the last Legislature.
Judge Ltschren anjolr.ed Attorney General
Toung from enforcing the law. and Included the
State Railroad and Warehouse Commission and
any shipper.
'! hi reupon At!
Tr.iir.'latT.u'' proceedings lrt the
Dist riot i"• >i; 11 to compel I i i . ■ -
• -
"EARTH IX ASIA QUAKES.
Many Buildings Collapse and Samar
kand Populace Camps Out.
Oct. 21.— Pi
shoi ks. beginning at ■" o'clock this n
■
.■!i the Instrumenta "n the I-..- ■■:' \V:c::' and at
Lalb ie Aust I dis
turbances is estlmat I re I •
thousand miles.
Telegrams received here from St. f 1 •
report earth shocks in Central Asia, at '
kurgan. Samarkand. Khokand and •
whk-li cau ■ lury "r collaps3 of many
buildings. At Samarkand the shocks lasti I
termlttently from early morning uvtil this
afternoon. Two iw>! kill< I b; falling
i ■■!!--•.-. and the population •■t' Sat arkand U
• i mplng "';t.
TUNNEL NEAR VALUE.
Suspicions of Another Plot /<» Kill
the Czar.
St Pel ■ burg Oct 21 Apprehension has
been aroused In this < it\ by a discovery made
lay, which points tn the possibility .>f an
other plot against the life of the Emperor of
Russia General Krlstl, for • Governor ol
Moscow, wenl hunting "ii Sunday in the Ocho
cichy foi ■••: rah" •s. '<■ il
covered the entrance t.> an undi rground tunniwl,
which had been concealed i>> a number of heavy
plonks covered with earth. The eatrat
four hundred* yards from the Pavls>vsk Uaiiro.i l.
which runs .lir.«-t from St. Petersburg t.- Tsars
feoe Selo. An exa-^inath>n .>t the tunnel led t- 1
the arrest of two .-fi « ■ : i who were found in Urn acl
<ii digging and the Ondlng of some suspicious
documents.
ANOTHER EARTHQUAKE RECORDED.
Washington Believes Location Wcit of
Australia in Indian Ocean.
Washington, Oct. -1 The Weather Bureau
announced to-day that its Instruments record* :
an earthquake beginning at li o'clock last night
and lasting until early this morning, and t 1
origin may have been at a point \\<->t of Aust .
lia in the Southern Indian Ocean, it i- i><-
lieved to havo oeen m' considerable Intensity at
lt-s .in; i.i.
Albany, Oct. 21.- The seismograph at the state
museum recorded a slight earthquake last night,
beginning at 11:36 and lasting nearly an hour
and a half. It is thought this may represent
settling or other movements following the great
disturbance recorded on the morning of Octo
ber !«.
Florence, Oct. — The observatory here re
port a heavy seismic disturbance westward be
tween 5:20 and 8:oO o'clock this mornnlg.
MISS DOROTHY RUSSELL TO MARRY.
[By Telegraph to The Tribune. I
Denver, Oct. 21. — It was announced here to-day
that Dorothy Russell, daughter of Lillian Russell,
will soon marry Paul Russell Stone In New York
City. Miss Russell Is now In a Cincinnati hospital.
Mr. Stone, who was formerly of Denver, and Miss
Russell played together In "The White Hen" com- 1
pany In K«w Xorlr. j
PRICE THREE CENTS.
REXS GASNTER, PILOTr
("Photograph by th* Pictorial News Company.)
C. T. BARNEY OUT OF
KNICKERBOCKER TRUST
A. F. ITIGGINS SUCCEEDS
AS PRESIDENT.
Financiers in Conference Over Com*
pany's A — More Confidence
in Banks Yesterday.
Charles T. Barney resigned yesterday the
presidency of the Knickerbocker Trust Company.
which he has held for many years, and A. Foster
liiggins was elected his successor.
Following conferences held lat* In the even-.
ing at Sherry's between th« directors of th«
Knickerbocker Trust Company, meeting in o:v3
room, and a number of trust company presi
dents nnd other financiers, in session in another
room, it was announced at l:3i> o'clock thta
morning that »ne group of trust company hea>: i
had pledged $10,000,000 and another sroup
$5,000,000 M aid the Knickerbocker in makliv-j
its clearances. J. Plerpont Morgan. Oakleis;^
Thorne, president of the Trust Company of
America; I rank Tilford. vire-preslder.t of th«j
Lincoln Trust Company, ami executive officer
of the I'nltod States Trust Company, the Farm
ers' Loan and Trust, the Carnegie "Trust. thy»
Astor Trust, the Central Trust, th«s Cn!on Trust.
the Van Norden Trust and the Title Guarantee
and Trust Company were cnionsr the flrvanei>--3
present nt the conference, at whi>-h the condi
tion of the Knickerbocker Trust Company \vs.s
discussed in every pha??. At the adjourn mo •:
«>f the conference the following statement wsm
issued by a committee of directors of the Knick
erbocker Trust Company:
A committee of directors of the Knickerbocker
Trus Cnmj>any announce that it their meet
ing to-night, in view of the fact that Mr Bar
ney's position has become greatly extended in
outside matters and, although he h:vl no loans
with the Knickerbocker Trust Company, yet.
because of his associations with Mr. Morse and
the Morse companies, it was deemed advisable
that he should resign as president of th© con**
pany
To assist the Knickerbocker Trust Company
other trust companies In the city of New Torlc
decided t.» guarantee $10,000,000: Five billion
dollars has been guaranteed from other sources.
With those guarantees that have been given th«
Knickerbocker Trust Company will be amply
prepared to moot nny exigencies that may grow
out of the change in method"! of clearing 1 .
The Knickerbocker Trust Company ha.-> $*•.
(HHMxiwi cash In its vaults to-night.
If more money Is needed it will be forth<*.->m
iiii; under the guarantees that have been given.
The meeting of the presidents of the other
trust companies was largely for the purpose of
outlining a plan of arranging a clearing housa
for trust companies similar to the one that tha
banks now have, which will enable all trust
companies to stand together as the banks do.
All the directors of th« Knickerbocker Trust
Company were present at the meeting except
Frederick O. Bourne, Frederick L. E!dridge and,
J. -: Haggin.
J. Pie , • it Morgan attended the meeting; of
the presidents of the trust companies, and It
was reported that the $5,000,000 guarantee was
raade by him. No confirmation of this could
be obtained, however.
A director of the Knickerbocker Trust Com
pany said after ' be confer ■
"A director '■( the trust company on his r*»
turn from Europe visited President Barney and,
asked him point blank if he was mixed up with
the Morse speculations. Mr Barney confessed
that he was and agreed to got out."
At the meeting of the trust company heads a
plan was formulated to establish as soon as peati
s'lhl*- an association of trust companies similar
to th.> Clearing House, thus strengthening th«
position of every Individual trust company by
placing at its disposal In time of stress the
assets of the combined trust companies el the
city. i
The capital stock of the Knickerbeche* Tiael
Company is l . ■_■< * m » « >. and according to. ■ re
cent statement its surplus and undivided profits
were $.".172.«'>"<> and Its deposits SG7.I«iO,7»X>.
The last quotation for its stock, the par va!i'o'
of which is (100, was i.i«h» bitl and 1.200 ask. !.
The officers ol the Knickerbocker Trust Cotn
pat \ are as follows: A. Foster Hicßiris, presi
dent; Frederick L. Eldridge, vice-pre^ j
Wesley Blgelow.; secretary and general man
ager, and Joseph T. Brown, treasurer. Tho
directors are A. Foster Higglns. Frederick <3.
Bourne. Joseph T. Brown and Frederick L. El
dridge.
Mr. Barney £.\\ last night as his r^s^ tee
resigning that these were perilous times and
he felt that perhaps some one else could fill th*
position better. He said that the institution wan
perfectly sound. He said that he had not heard]
of the refusal of the National Bank of Com
merce to continue clearing for the Knicker
bocker Trust Company.
Charles T. Barney and Charles W. M*>r*e h;iv%
been associated together in several enterprises*
enough, in fact, for Wall Street talk to link th»
names of the two men more or less together, aJU