 At 3 a.m. about 120 bank and trust company officials assembled to hear a full report on the status of the failing trust companies . While the Trust Company of America was barely solvent , the Lincoln Trust Company was probably $ 1 million short of what it needed to cover depositor accounts . As discussion ensued , the bankers realized that Morgan had locked them in the library and pocketed the key to force a solution , the sort of strong @-@ arm tactic he had been known to use in the past . Morgan then entered the talks and advised the trust companies they must provide a loan of $ 25 million to save the weaker institutions . The trust presidents were still reluctant to act , but Morgan informed them that if they did not it would lead to a complete collapse of the banking system . Through his considerable influence , at about 4 : 45 a.m. he persuaded the unofficial leader of the trust companies to sign the agreement , and the remainder of the bankers followed . Having received these commitments , Morgan allowed the bankers to go home . 
