New-York tribune., 1907-11-10

committee. said that several other prominent men
would become members OF the committee IN the
near future. The other members are Thomas lie
Witt Cuyler, Of the Pennsylvania Railroad: George
T. Post Hinsdin Parsons, fourth vice-president OF
the General Electric Company; W. p. Bonorlgnt
and w Butler Duncan jr
The COMMITTEES will serve without compensation
Several Of the largest depostors will defray all ex
penses. so that not penny Of expense VIII fall
on those deposftors who have accounts OF sLO@ or
less. The action Of the Farmers Loan and Trust
Company, the Union Trust Company and the United
States Trust Company in agreeing to act jointly
as aepostaries at tho request OF Mr.. Satteree has
also been favorably received by depositors.
Blanks will be ready tomorrow which deposi-
tors may assign accounts. All OF the committee
large depositors. Mr.. Satterlec said the COM
mttee had heard from hundreds of depositors and
that he expected 10 make rapid progress this week
The reorganization committee of directors, made
up OF Frederick g. Bourne, A. Foster Higgins. {.
Louis Boissevain. Moses Taylor William A. Tucker
Charles p Perrin and Leopold Wallach. with Julien
r. Davies and James Russell Soley as counsel. is
sued yesterday supplementary deposit agreement
urging depositors and stockholders 10 deposit all
claims with the New York Trust Company. The
reason given that the original deposit agree
ment dated October IS, provided that unless plan
adopted within twelve days from date the de-
posted certificates OF stock and assignments Of
accounts would be returned by the depostary the
stockholders and depositors The committee how
ever, encountered so many unexpected obstacles
that IL was found impossible TO issue the plan or
reorganization within the specified time.
Mr. Bourne who is chairman of the committee in
announcing the supplementary agreement. said
Il has been found both tnexpedient and inprac-
ticable 70 adopt the plan in question within the
liberty after NoYember g. 1907 10 the de-
posts made under the deposit agreement OF Octo-
ber IS 1901, upon presentation and surrender the
respective receipts issued hereunder duly ndoTSed
foT cencelaton unless the depositor desires not to
desired object OF the formulation and adoption OF a
plan VIII be speedily attained. and that many or
those who have already deposited under the de-
posit agreement are desirous Of awaiting the adop-
ton OF such plan, a supplemental agreement modi.
the paragraph in question has been prepared. Any
depostor under the original agreement desiring
tion of the plan OF resumption may, upon the exc
eUtton Of the supplemental agreement and fling OF
the same, continue his deposit under the terms or
the agreement modified. >
The committee is preparing the plan in order that
Up the present time the disturbance OF financial
conditions has been such to make il impractical
BILE TO present such plan In its entirety, tur-
ther consideration lies in the fact that the COM
ritee desires TO the advice and cooperation
Of the depositors in the preparation Of the plan an
original deposit agreement by extending the time
FOR the adoption OF the plan Depositors VIII sun
have opportunity TO dissent from the plan after
,ts adoption by the committee and to withdraw
their deposit after fling their dissent. II desired
sumption of business by the trust company IS in
Interest OF all parties concerned; and in par
ticuIaT. that by this method absolute certainty
win be efforded the depositors of payment in full
OF their respective claims The action OF the court
sn postponiag the decision Of the question Of per
efforts OF the committee In the direction OF re
sumption meet with Its apPGoTai ana ai,of6 aehoTa an
tfon necessary 20 evolve a we'll digested plan In
view Of these facts, II is believed that the objects
which all parties In interest desire TO attain VIII
best be accomplished by continuing the present de-
posit agreement in the modified form proposed.