New-York tribune., 1908-03-26

I
charged the three temporary receivers Ernst
Traimsnn. George L. Rives and Henry { lde-
The court Professionally fixed the amount OF COM
pensstion for the receivers and their counsel al
$500 for each the former and $500 collective
iy for the latter. total of SSroe"a, and decreed
that in the defendant, the knickeroocker
Trust Company failed within ten days TO consent
TO the payment Of this amount. the sum OF sie'VV
be set aside credit of the receivers TO meet
such allowances as might be thereafter decided
upon by the court
JUSTICES OPINION.
The full text OF the opinion follows:
vhi1h. on March :. 1905 was directed 10 be hand
ed up. AS the order Of March . directed the ere. re-
Company; tomorrow. March 2s the failure 10 make
49, ssinr narticuarjy as nothing can al
lowed stand in the way Of resumption as dl-
TsS' no5 @ TIE 4eacSe Snd oin5 the " ovsnce a5d
tion to be made 10 the receivers and counsel re-
inasrnnch as it was reasonably to be expected ed
that an agreement 10 these figures would +, be
reached II court is placed in in the pGsSnr ro 90 Pe
reeoTS From the time the RECEIVERS were ap
pointed until to-day the court has been constantly
IN fonHh With the entire adn1inistraIion of the
estate In Ills way The court mas nad 9FefIg3[ GFfIg9[
coed judgment. delioacy and efficiency exhibited
the deliberate judgment Of the court is that with
cut detTscting in any Hay from the hlgm f
business hy the trust company would WITHOUT me
soieIy tovard res',r'ption have been impossible
To th custody and pTo5eo5iS. OF ne ir,,r
funds ia which it is true the receivers had no
eSa5 rpe4T me crr When the recetzers have had the
pocr 81 SoS "a dno oH6 1 @ Of 81 o0a oao
subject TO check. has been under the control OF
tir coTynrrsls.1 TIIo, part Of which there might
he sorae question whether the allowance TO the
srrspping The case hoWe,er; Of al debata9ble
'j.ar s50HG coo. II iS not necessary 10 De con-
sidered whether under existing laws ne Imlt OF
oallsd f1aggelty at or under secti9p ego ,sf OF
awards which the court is prepared TO make will
fs below the limit Of either act There aoS vii s BE
subject the approval Of the receivers under the
existing contract 4eTe T M be s,,nS Of s
These sums ale less than The court consi0eIs - 10
In discharging the receivers the court desires 10
rion their exceptionally fine and successful ser
L. n order be presented providing for the
abore provlsonai payments and diTegns n sIb
+e1 5svs 10 hIF and serve its to such pay
ruenrs then the allowances and conlpensatlo1s
aba s g BGisaE s hAsa the PG n R @
TAN and 10 d9 TGsi5 & ID 'S the aTn Of to meet
such allowance eopensatior and ,,ToD SPe4se 9 ans as
piication Of the receivers
REcEIvERs EMPRESS SATISFACTION
II was reported that the receivers we're dis
.stis4ed with the amount awarded them by
yustjoe Clark but this was emphaticaly denied
~ TWO Of them. George l. Rives and Ernst Thai
mann Nv Rives said thai the receivers had al
all times expressed the court that they would
he entirely satisfied with any sum II saw Mt TO
s1lov- them and that there no dissatisfaction
on their part with the amount Professionally
fixed Nj Thalmanu added that for his part he
would have been satisfied with 5000
), : meeting of the directors yesterday after
noon -lla following rnepbers IF the board we're
elected the executive committee: Frederick q
Bourne. Dunont Clarke q Louis BolsseTaln J.
Horace Harding and William a. Tucker There
are still two vacancies the board of directors.
ru- these we're not filled yesterday the names
Of rhe cends s3ates not having been received from
The ,otfng trustees. Nyron + TIerrfck. Henry G
Frick ana Lewis Cass Iedyard
Charles II. Keep. the president of the
tnicEerf,ocker. said that the company would open
IL strong position. with uninpaired capital and
ar ample snicurf Of cash hand 10 meet all de
rrande that might he made against it under the
plan n resumption. The companys assets, he
said were in no case carried higher valua
tion than that placed upon them by the Superin
rendent Banks in his statement 10 the court
fsvorinE the reoTenins Of TIE company. Mr.. keep
alao made public statement Of the financial
condirion Of the company the eve of reopen
ing which showed total of s5oel0.469,
consisting Of cash hand, sl<o45.5o1; De
nand and time loans, s261S7,i59, bonds and
mortgages. s2..255l3; investments. s5.456663;
real estate s. 056 600. and accrued interest due
the company. s4a5.Ssz- The abilities consist of
s1rplus and undivided profits. s12.77+,3s3; total
amount due depositors, s35.70l.5l6: accrued in
terest due by company. s5S0.741: reserve for
oeivers and counsel fees. under the decree of the
court 100000. for and expenses
payable. s253.sIs. and capital stock. &1,20e.000-
CLARK WILLIAMS TO DEPOSITORS
Clark Williams State Superintendent of Banks
Il letter the depositors, points the physi-
cal irnposs:bility of the corpany's being able TO
accommodate than limited number Of lis
eighteen thousand depositors in its four offices and
that ouch of them conveniently do
50 will postpone calling for their deposits until
the routine business Of the company has been
established. He says also that the legal reserve is
than sufficient meet all payments required
ey the plan Of resumption.
The four Offices Of the company al No. IS
Broadway. No 35s Fifth avenue. Lenox avenue and
18th street and Third avenue and lssth street.
Everything in readiness ali Of these Offices
q was said. for the reopenng.
Under the terms Of the plan of resumption which
was approved by Justice Clark March :. the
asserting depositors 10 receive 10 per cent Of
20 Per Of their deposits on the opening day
covering period of two and years The
remaining 30 per cent Of the deposits is 10 be rep
resented by surplus certificates bearing per cent
Interest payable serni-annally he net earn
tnSs Of the company These certificates are to be
retired out Of the net earnings and surplus pro-
i1aed that IN no event the latter reduced below