New-York tribune., 1907-11-05
)EPOSITORS AT ODDS.
Knickerbocker Meeting an WrangIe
-Mr. ISha7C an Issue.

After two hours of wrangling and turmoil at a
meeting of the depositors and creditors OF the
Knickerbocker Trust Company. held in Carnegie
Lyceum last night called to take steps for mutual
protection of their rights the meeting nearly ended
in riot and adjourned, practically nothing being
accomplished. The audience was one-half women
The trouble began when Gilbert r. Hawes pro-
posed Professor George II. Garfield. of Columbia
University, chairman of the meeting.
Hardly had Professor Garfield got on the platform
when Edward f. Iittauer walked to the platform
and said that on behalf of the depOstors who had
rented the hall he wished to place in nomination
as chairman ex-senator S. S. Slater.
There were catcals and Kisses, and finally Mr.
Slater bowed to the will of the majority.
Professor Garfield said that he was one OF the
largest depositors of the company representing
nearly $4,000 He said that he to the meeting
as a dcpostor and that he in way affiliated
with the Knickerbocker Trust Company
Il think it is simply folly for any one of TO
attack the institution any members OF the COM
pany" he said, 'as it simply prevents the rehabili
tating of the business. l not at liberty to say
just what the prospect of rehabilitation is. but
understand that negotiation is going among the
directors of the institution. 1 heard to-day that
of the directors is willing to advance $1,000 600
out OF his own pocket. I believe that, IL there is
public confidence, every depositor VIII get his
every dollar back"
A dozen persons stood and said that tho remarks
of the chairman seemed If he represented the
directors, and that he not talking in tho inter
est of the depositors-
At this point Mr.. Slater managed 10 quiet the
audience.
Guy Morrison Walker made n motion to have a
committee appointed TO represent the depositors
What need" he said, lis a committee not
made up OF Mr.. Untermyer or any interests Of the
stockholders or directors. We want committee
composed OF member from the firm OF ]. 2.
Morgan az Co. member of the Clearing House,
member Of the National City Bank and five or six
OF the large deposltors who are not stockholders.
II such committee reported that tho Kncker-
booker Trust Company could resume every deposit
tor would join heart and hand in helping them"
Mr. Walker moved the appointment by the chair
man and Mr.. Slater OF a committee OF Ave. It wac
suggested that the members Of tho committee
he Professor Canneld. Mr. Slater. Leslie NJ. Shaw,
Mr.. Walker and Mrs Iittauer.
Moses II. Grossman. Of the law firm OF House.
Grossman & Vorhaus, said Il object 10 the name
of Leslie NJ. Shaw that committee I do not
propose TO have my clients made a catspaw Of"
At this point. in the midst of much confusion.
Mr.. Hawes moved reconsider the appointment
of the committee. which done Amid more
noise and confusion Mr.. Slater for minutes tried
to calm the audience, but greeted with cat.
calls and Misses He finally made himself heard.
and said that he was surprised that American
audience should get into such state or hystera.
lie made defence Of his position. He said
he had no money deposit himself but that he
represented deposltors whose deposits aggregated
$4,000.
Leslie NJ Shaw said last night: Il have heard
that my name mentioned at the meeting as "A
member of a committee. deny any connection
with any such movement and regret II very much.
am in hearty sympathy with every effort OF tho
directors Of the Knickcrbocker to reorganize that
company"
Mr. Grossman. when asked yesterday il the COM
mittee had taken any further action, said: 1--WE
have been in consultation with counsel of the com
mttee of tho directors. and they have asked US 10
receive some suggestions from them which they
feel will be quite satisfactory Our position Is this:
We want to the correct thing done by our
clients, and we realize that If the reorganization
plan of the directors put the Knickerbocker
Trust Company its fact. they say they can,
and again open the doors for business. such plan
will be far in advance OF anything else which can
be suggested. Accordingly. Mr.. Untermyer and
myself have agreed to receive the plans OF the
directors and TO consider them and pass upon them
before taking any further action. I expect to hear
from the committee either late this afternoon or
Wednesday"