MARK TWAIN ON BANK PLAN.
Agrees to Knickerbocker Depositors' Committee Scheme of Resumption.
The Satterlee-Parsons committee of depositors of the Knickerbocker Trust
Company received a letter yesterday from Samuel L. Clemens (Mark Twain,)
who has $51,000 in the company, giving notice that he assented to the plan
of rehabilitation. Mr. Clemens's letter read:
January 9, 1908
To The Committee:
Gentlemen: I am in receipt of the plan for the resumption of the business of the Knickerbocker Trust Company, and I willingly yield my assent. My interest in the matter is strong, since I measure it by my deposit, $51,199, which is a large one for me.
I believe in your plan. In my judgment it will succeed, and I hope the other depositors will view it in the same way and will give in their adhesion to it. Very truly yours,
S. L. Clemens
Justice Clark granted an extension of two weeks last Saturday for obtaining assents of depositors. Many have been received since. Some have held off in the hope that an alternative plan might be presented. A member of the committee pointed out yesterday that the "only alternative to the acceptance of the Parsons-Satterlee plan is a permanent receivership, which means large inevitable losses to both depositors and stockholders and long delay in paying depositors a percentage of their deposits."
Judge Chatfield, in the United States District Court, handed down an order yesterday authorizing the law firm of Blandy, Moody, & Shipman, who had on deposit with the company a large sum collected for a client in bankruptcy, to sign a formal assent to the Parsons plan.
