The sun., 1908-03-08

lt would require some days to perfect the
details for resumption and permit the orderly
transfer OF the properties by the receivers
to the new management
In conclusion 1 respectfully submit to the
Court that In my opinion the knickerbOoker
Trust Company can safely resume business
at noon on Thursday. the goth day of March
next.
Mr.. Davies and James Russell Soley, Mr.
Davies's colleague as counsel for the direo-
tors. spoke in high terms Of the work done
by the depositors' committee in oonjunc-
ton with their committee OF directors
Il. l.. Satterlee. counsel for the depostors'
committee. then spoke OF the pleasure il
had been to him to work for the company.
we are just closing the seventeenth
consecutive week Of our work" he said.
In conclusion Judge Clark paid a tribute
to the influence OF MIR. Williams.
Late in the case" he said. only about
three weeks ago. there came into the con-
sultation OF the committee and the Court
an influence OF which l will make particular
mentiOn--that Of the Superintendent OF
Banks. The work Of the Superintendent
and OF his department and staf has been
indefa tigable. His sagacty, his expert
ence his strength, introduced into this mat
ter at a moment when resumption was in
the balance from the outside, made resump-
ton possible and those who have heard his
suggestions, who have listened to his com
mands and who have obeyed them must
reaIDe the wonderful quality Of the man"
After the hearing Mr.. Satterlee said:
we are all more than satisfied with the
report Of the Superintendent OF Banks. IL
is an absolutely complete answer to the
criticisms which have been made from
time to time on our plan for the resumption
Of business. The depositors are to be con-
graduated on the result. IL has been a
long campaign. Our committee was or
ganized November 7. after three other
reorganization committees had been
formed, The committees first in the field
suCcessively issued their plans and the
Parsons committee announced it, plan
December l6, Since then the committee
has labored hard to obtain the assent Of
the depositorS under adverse Circum-
stances. Mr.. Barney's death and the
successive failure Of banking institutions
in this city made the task doubly hard,
but many elements have contributed to the
success which the Superintendent of Bank =
report announces. The presidents Of six
Of the largest banks in New York publicly
approved the plan for the resumption OF
business and many eminent counsel or
ganized a legal advisory board 10 assist it's
fulfilment. Moreover Grover Cleveland.
Mark Twain and others helped the move
ment by their unsolicited letters, and nearly
a hundred business men dropped their own
affairs and in the bureau managed by
Messrs. John MEG. Woodbury.. William J.
Clark, Francis Henderson and Frederick
Walcott did splendid work in securing
Assents. Perhaps that part Of the report
which IL most interesting TO the committee
il the Superintendents opinion Of the
ability of the trust company to meet its
maturing obligations to the depositoTs in
accordance with the plan OF resumption.
This ability seems TO be unquestiOned.
and during the twenty nine months sue
eeeding resumption the Superintendent
estimates that the earnings of the com
pany will pay interest OH the deferred in
stalments and show profit Of 81 ,sOO. 900"
The plan for resumption involves the pay
Y a. 4. ia
tiflcates bearing interest At the rate Of 4
the remaining 10 per cent in certificates
Of deposit The certificates Of deposit are
PAYABLE in fourteen install rents covering a
period Of two years and four months from
the date Of opening. The first instalment
of 10 per cent. Of the amount Of the certif-
Gates IN payable on the day Of the opening.
Then there are three payments OF per
cent. at intervals Of three months, six pay
ments Of per cent at intervals OF two
months two payments OF ~ per cent. at
intervals Of two months and two payments
OF l2l3 per cent. at intervals OF two months
ATTORNEY General jackson made public
last night a letter which he had received
from Mr.. Satterlee. In this letter Mr.. Sat
terlee says he wants TO thank MIR. Jackson
for all he has done in behalf OF the reSump-
tion Of the knickerbocker.
Your active interest and constant help
fulness" says Mr.. Satterlee," have been a
tower OF strength 10 those working to
avert a permanent receivership. | think
that the outcome will amply justify the
wisdom OF your course. and ] beg you to
accept my sincere acknowledgements.