New-York tribune., 1907-12-29
DEPOSITORS GAIN TIME.
COVRT GRANTS LEEWAI.
Week to Decide on KnickerbocEer
ReorganisatiOn.

,Justice Clark in the Supreme Court. sitting on
Staten Island. adjourned yesterday for week the
, motion for permanent receiVe'Ship i -
Knickerbocker Trust Company In regard TO inns
action / Russell Soley, OF counsel Tor the re-
orsanizatfon committee of the directors. said:
1T was agreed 10 by everybody on the disu
ment including the court, that the only way to
avoid liquidation by the receivers. win us III
eyftable waste of assets and consequent ioSS ~
stockholders and depositors alike "ouiu oe "
carving out the plan adopted by the committees
.'The nlan has received everywhere the COLI
ms ndation OF the banking community Although 1t
is only week that it was sent 10 'he uePo7i'
ors an immense number of assents nave ALREADY
co,na in the asscnts IN one day alone representing
over 100000 of deposits. 1t Is imperative u'at
the remaining depositors should act proiip's anu
transmit their assentS early as possloie III ''e
coming week, that the requirements OF the court
NAV be complied with, and that the Committees
NAV be able to report next Saturday that SUD-
stantially all the d. positors have come IN.
.It is still more important that the stockholders
should bestir themselves and complete their sub
scriptions during the coming week. The next 1e"
days must therefore be a time OF great ana uhi'eu
effort on the part of all those who are interested
in the resumption of the trust company.
The Attorney General had agreed WIN couilsei
for the trust company adjournment to Jan
uarv 1s and the receivers did not oppose IT, Her
bert L. Satterlee counsel for the depoSitors com
mittee said last night that in addition 10 the oe-
posits assigned under the tentative plan there ao
been deposited with his committee alone on De-
cember . assignments representing Ni3''""; on
December a. Sl,7Soo1 December 20 slo1oVVo'
and on December q, 50, eco. The entire returns.
including those OF yesterday, have not yet been
tabulated.
The Justices decision was in part, follows:
There seems TO be good reason for allowing the
reorganza ton plan to be thoroughly Ieseu; ion OiS S
essential feature of that plan is tne tbt 81
Would probably be made within the coming Sit week,
and that is something the Importance ol "iNOi'
Now, as to depositors of course more time is
required. a week is hardly enough te; sirabe bp'
that there is no time for them to the decision
of ma jority or to how many going 10 sign:
Each depositor must act for himself ana thal
The plan itself before the discharge OF the re-
cever would probably pass under u me 9b Atnpey
General AS the legal officer of the state the Al, Al
HenS te Court Would defer 10 him before The
assets and directing the opening Of d Inc cnsed upon
the report and opinion of the Superintendent OF
b Rs bsye as the adSod Of he
It seems to the S9Hrf 1dat to depesitoES
The extent of the safeguard ma may mot not pc ." AZ,
pressed as the relations bstween ne Of Banks
are not clearly defined. But it is not too much 10
sayee saY ea5 o the l6 that they
r snd ssn nd a fsr as practieable scrutnze the
reorganization and whether 1t was desiTaoie
anu think that weeks time is enough at present
and during that time every effort should he MADE
TO call to the attention OF the depository the fact
hat they facing crisis. and that II they arc
slothful a permanent receivership must pronpttiy
follow I say that because the temporary receiy-
ers are already somewhat embarrassed N the nand-
ling OF the estate. .
The Attorney General ar the outset expressed 70
the court his strong desire that the feceiNershnIp
should be simply the conservation or assets I re
hoped that company might resume TIE
receivers took hold with that end in view ana
the court has never lost sight Of II. So that CO.
operation on the side of the state officials Is com
piete The present pressing need fs really not any
aid from the court. but from those who ar" so
vitaIlv in this matter-the depositors and
stockholders. -