The sun., 1908-03-08
KNICKERBOCKER Is
BIGGEST OF ALL THE BANKS
THAT CLOSED LAST FAIL.
work OT tho DepOsltOrs' Committee Ap-
proved by the superintendent OE tho
Banking Department and Motion for
Permanent ReCelVershIp Dismissed.

The Enickerbocker Trust Company. which
was the first and largest banking institution
20 close its doors in the panic days. will
reopen on March 20 at noon under the terms
Of the plan presented by the depositors'
committee. The company suspended on
Tuesday morning, October 20. after a run
cf two hours had exhausted 81 600 900 OF
the company g 50. 600. 900 Of cash. Since then
the COMMITTEES has been working necessarily
IN the face OF innumerablo obstacles to pre-
pare a satisfactory plan for resumption
and get en- ugh assents from the 1900
depositors to make IL operative.
success finally came yesterday when
Justice Clark Of the Supreme Court dis
missed the motion for permanent receiver
ship on the stren 9Th Of a favorable report
from Clark Williams. State Superintendent
Of Banking. whom he had requested to look
into the plan on his behalf.
Justice Clark announced after reading
the report that he would sign an order turn
Ing the company over to the voting trustees
II G. Frick, Lewis Cass Ledyard and Myron
T He rick. They will choose a board Of
directors Control will not revert to the
original stockholders until the depositors
have been paid in full.
julien r. Davies counsel for the old direc-
tors said to the Court Yesterday that the
stockholders had turned over to the voting
trustees ! 800 out of the total OF IL, 600 shares
The owners Of that stock he said have
consented 10 give up their influence in the
affairs Of this company for the purpose of
giving confidence to the depositors or
course we are to have a new board of direo-
turs-a substantially new board to what
extent We do not know; that matter is left
entirely in the hands of the voting trustees,
and go far as the voting trustees make
4, ,t,,k, b. a.
the board and so far as that new board
see tit to make changes in the officers and
in the machinery these changes will he
made and such new blood as will give new
life to this corporation will be introduced
That we all anticipate.
The Court in it's wisdom saw fit to allow
us 10 continue our trust business; a most
henefcent and benevolent view Of the sit
uation was taken b7 the Chancellor in that
regard. The result has been We have con-
served our trusts with few exceptions. we
have kept our good will and the whole
atmosphere of this case has been one OF
good will We have had the good wishes
If even our business rivals Why? Because
the sentiment that has act ated the man
agement Of this case on the part OF every
body who has had anything to do with il
pngenders that sort Of feeling in others
and the attitude Of those who have had
charge Ot this case during the last four
months has had in my judgment a most
henetcent influence on the finaRcial COM
munity in which we move in New York"
When the news Of the resumption reached
the New York Stock Exchange yesterday
there was a strong upward movement
which carried the market leaders from to
8 points above Fridays closing.
Mr. Williams's report to Judge Clark
saws.
Pursuant o the orders of the Court herein
n'erring TO the Superintendent Of Banks the
safety and praCtiCab!ity of the plan of re-
Anti or h.. II
rany and directing an examination OF its
S1airS by the Banking Department 1 re-
spectfully report. in accordance with my
assurance OF the 2sth nit. as follows:
The examination has been completed and
shows an excess of assets over Liabilities a
capital OF sl,2OO.Ooo and a surplus Of over
Sll,4i374. The assets, shown by the report
Of examination a. OF February 20 1905, after
making proper ds duct ions. are as follows,
Stock and bond investments ......... S5738 SsI 81
Ponds and mortgages. ............... OS6 2O3 50
Loans and bills purchased. o.. ....... .7so25 54ISi
ash In once and on deposit ......... n.1Oj.Ol5.0J
Accrued interest due company ....... Oas,l7Si5
15O9se. al 90
The deductions made by the examiners
appear to be conservative and the amounts
shown above may. in my iudgm ent. be safely
allowed as available assets
The large amount collected by the re-
C"tvers and the payments made account
Of loans and underwrtings indicate that the
general condition in these classes Of assets
Is satisfactory.
The total liabilities, as shown by the report
OF examination. are sgO.OSO, ,S77. .g2. This
amount il exclusive OF capital and surplus
and inclusive of a contingent liability OF
$500 600 on account of the real estate at the
corner Of Broadway and Exchange place
The examination shows that the trust
~
credit itS profit and loss account with sl4B.-
"6.5o. fees and commissions in its trust de-
partment The difference in its interest
accounts shows a balance in favor Of the
trust company Of about S22O 900. These two
items have not previously been included in
the statements of assets and liabilities.
The gross deposits on February -. 1908,
amounted to Sl6. go. .62O.aO.
The assents TO the plan Of resumption are
reported by the committees representing
stockholders and depositOrs as follows:
General assents $50 t6:.7a0 7s
Qualified essents. Observation-Disclosures. l.2A.S52 II
General approyals. s...,.,...........,... 5946A2 %
...................a..,.... sSSOi2.2S4 %
The cash requirements at resumption are as
follows
Preferred deposits Observation-Disclosures. Sls44.Oss %
As>entug deposits. ..,.....,..... 25lIgl2 l2
Non assentlng deposits. ......,...,,. +2Ss IlS %
InderwritinR subscriptions .......... S5OoS 20
COMMITMENTS, ACKNOWLEDGEMENTS. BS4ST 30
Expense bills OBSERVATION-DISCLOSURES. 25o87 ~
National Bank OF Commerce, &c..... 1881, ,9Sl 80
Total t....... ..., N4l75.77S II
TO meet these requirements the receivers
had MP TO February 20 collected sll l,765,Oi6.
and it is estimated that during the present
month they will receive 81 500, 600 additional
The contribution OF g.. 100000 by the stock
holders has been made available. These
amounts aggregate SiS.e65,OiO. being suf-
fcent TO meet the above requirements and
furnish free cash Of 81 ,49l .24029.
As may be seen. the above items include
the payment in full Of the obligation OF the
company to its former Clearing House age
and provide for the legal cash reserve.
From this amount OF sl,49l.2 .24O29 free
cash proper allowance should be made for
fees and expenses Of the receivership ana
ths committee on resumption.
An analysis OF the assets OF the company
nd a conservative estimate Of collections