New-York tribune., 1907-11-02
UNISON IN Committees.
Workmg IN Interests Of All Con:
cerned IN KnickerbOcker Trust.

Jien T Davies attorney for the reorganizatlon
committee OF the Knckerbocker Trust company
ana Samuel CnteTmyer, counsel FOR the aihalsa-
mated committee OF depositors. held conference
yesterday afternoon and agreed that 1t would pest
conserve the interests of the directors stockio'u
ers and depositors for the two committees to act
In complete unison In working out plans for the
rehabilitation of the suspended company. The re-
organization committee held a long meeting yes
terday afternoon. but adjourned without adopting
any definite plan looking toward the resumption
of business.
II is understood that the committee is working
on plan by which all the depositors will take
certain amount of stock in the company. thereby
reducing the company's liabilities and at the same
time furnishing the much needed working capital
With which TO resume active business. If this plan
is successfully worked GU and presented to the
depositors, 1t IS said that each depositor VIII be
asked subscribe TO stock to the extent or 10
per cent of his her present deposit. This plan'
81 is understood. is strongly advocated by num-
Der of the large depositors.
Mr.. Davies. after the conference, gave out the
following statement:
The committee was & in o for seveTa ga
honrs To-Day pTt b no g+ion g1 tU of he depostors'
committee has brought in an element which must
lie considered in cur plans We welcome the
formation of this committee, and we intend to Co
operate with It IN its desire 10 PTU1ecs T swsre ae
that the interests Il the depositors must b. first
With this view in mind Mr.. Untermyer and my
self had long talk this afternoon, during which
To the interests OF the depositors Mr. Unternyer
presented certain views which the reorganization
Committee of the directors had not considered, but
in the main the committee had gone over about all
Our meeting most harmonious. and 1t is the
nsns for the o Of Of te copSnv Gny 9
work in unison with the depositers' committee.
Arguments will he heard this morning befors
Justice Clark. in Richmond County, on the order
10 show cause why the three temporary receivers
for the Knickerbocker Trust Company should not
be made permanent. Mr.. Davies. il is understood.
will appear before Justice Clark and oppose the
making of the receivers permanent Mr.. Davies
declined last night to discuss what action he
would take to-day. but explained that it made
little difference whether the receivers were tenn
porary permanent. In either case he said.
they could be removed by an order of the court
any time.
The three receivers-Ernst Thamann George L.
Rives and Henry .. Ide-took charge of the af-
fairs Of the Knickerbocler Trust Company at II
O'Clock yesterday morning, but refused make
any statement. All interest coupons due yester-
day were paid. .at the company's offices. This gave
rise to the question whether such payments were
made from funds on hand when the company sus-
pended. or whether the companies for which the
KnckerbocEer Trust Company acted fiscal agent
had forwarded funds 10 meet these payments.
Clark Williams the State Superintendent OF
Banks. when asked about these payments said:
This indicates that tho Attorney General has
given the Knicl1erbocker Trust Company perrnis-
sion 10 take up its work again a fiscal agent
have this permission secured. because 7 believed
that. as long as the company in charge of
the State Banking Department. should try TO
conserve its interests best we knew how. and
] felt that II any out of town concerns found that
coupons not honored at the companys offices
it permanently injure the earning capacity
Of the company
AIR. Williams. when asked with what money the
company meeting these interest payments said
The funds were received from the concerns for
which the Knickerbocker acted fiscal agent. 1t
IS understood that the Knickerbocker earned I'D
ward of s3500p0 annually by acting in the capacity
Of fiscal agent and mortgage trustee for various
corporations.
Concerning the money which had been withdrawn
from the Knckerbocker and placed at interest in
other institutions, Mr. Williams said these funds
had not been taken yet by the receivers,
but had passed under control of the latter when
the receivers had TO do to ask him for this
money when they wanted it.
The Deputy City Chamberlain yesterday served
notice on the receivers OF the Knickerbocker to
set aside trust funds of the city. amounting to
sl07.27a, which deposit with the company
when suspended. The city says it has preferred
claim this money. which is made up of funds
scnt TO the City Chamberlain by the courts pend
ing the settlement of where persons die IN
festate