New-York tribune., 1907-10-31
G.. l.. RIVES APPOINTED.
Named as a Receiver of Knicher-
booker Trust Company.

George L. Rives former Corporation Counsel
was appointed yesterday one of the receivers OF
the Knickerbocker Trust Eompany by Justice
Clark. Mr.. Rives takes the place of Otto I. Ban
nard, who declined owing to a press OF
other business. Justice Clark fixes Mr.. Rives's
bond $4,000.
The directors checking committee of the Knick-
erbocker made the encouraging and optimistic an
noUncement that the depositors of the institution
would receive their money in full.
The committee which consists of Charles p.
Perrin, Moses Taylor c.. Louis BOssevan. Fred
erick c. Bourne and William A. Tucker. gave out
figures of the assets and liabilities of the trust
company according 20 which there ought to be a
surplus. Some of the depositors. however. who
forming their committees and cannot or
will not share in this optimism Of the directors
committee. express the fear that there has been
shrlnkage in the assets of the company that will
not only eat up the surplus but create de-
f1ciency when the paying out time comes.
The checking committee has been working for
two three days the Knickerbocker books
and Mr. Perrin said 1t had found that the institu-
ton owed to depositors ss.3sOo0 with total assets
of $57,O00OO0.
The cash On hand the day OF suspension last
week was S1.12o 600. and there was due the com
pany at the time from other banks s2.S17.oOO There
is added to this demand loans amounting to more
than s100OOQO0, which are said to be coectibe.
The real estate holdings OF the company reach
100000 Since fits suspension offer of Sl.S00C00
was made for the property at 34th street and
a profit of $4,000. the cost to the trust COM
pany OF the land and building f7j0OO0. Then
there is an item OF $315s.O0 in bonds and mort
cages. and another OF S9.1S0OOO in stock invest
ments. Tho shrinkage these securities In the
present market Is admittedly 100000. The
naming s2s 75s, 900 Is divided into loans on under
writings. and sl27O0OoO IN time loans. AS offsets
TO these figures are the money due deposltors
amounting s4S 3S7 0Oo and a balance OF $533 900
due to the National Bank OF Commerce This i5
reduced by collateral held by the bank to about
aco.00 The directors committee figures out
surplus Of at least 100000 The members of the
committee are sanguine, they say that with the
exercise OF ordinary skill In the handling OF the
assets no one will be deprived of Il dollar of his
money by reason of the company's suspension.
II appears from the figures made public yesterday
that tho Companys Indebtedness was overstated.
The loans Underwr!tings include advances TO
tho Stanslaus Power Company and tho Great
Northern Power Company. Other advances were
TO electric railway lines in Michigan Indiana and
Ohio. There also undertakings for certain
Cuban enterprises. The directors committee has
decided 20 NEE. daily. At tho meeting yesterday
plans were discussed for comforting with tho lndc-
pendent committees formed by depositors
At the knickerbocker downtown offices It was said
last night that Julien T. Davies and James r.
soley. as counsel for the committee resumption
of business said that they were directed by the
committee 10 state. with refepence 10 the various
movements in forming committees to represent cx-
cluslvey deposltors. that the committee fully rec
Ognzed the right OF tho depostors. II they con-
sidered their intercsts best served. To unite
Irrespective OF the stockholders although in the
view OF tho committee the interests OF the dcpos-
itors and stockholders in the resumption of busl-
ness identical"