New-York tribune., 1908-01-12
KNlCKERB0CKER COST.
Recaivers Cut Expenses Of Opera
tion-RepIy to Opposition.

The three temporary receivers of the knleker-
becker Trust Company. Ernst Thalmann. Henry
c Ide and George /. Rives, made public the eN-
rense Of carrying the companys affairs uhoei
the receivership in November and Deoe1floeI He9
ferdax The receivers expended $3.50 % IN tIie
two months, whereas the monthly expenses q 'i'5
company as a goins concern in 1895 averaged
nearly Ssa.eoc
Tie receivers also have a word IL say apoU'
the cost OF a permanent receivership "hich i1s
been placed as high 80 per cent ci the COM
panv's entire assets hy soma They caH a''ei'-
fior =, the fact that The fees the receivers are
fixed ly law al SUM in no event 10 eNcetu -
Ver cent OF the moneys they handle AhvN a's'
state that they have entered into agreements SUI
ject 10 the approval 4 the court with the three
counsel whom they have retained under "'llch
the counsel viii accept fees not 1c exceed thIt'-
quarters Of per cent Of the moneys Wh'cn pass
through the hands Of the receivers
The receivers announce that up 10 'he close oi
business on January they collected SS-e'Sve4 81
and of this amount Sl.S55oCe had been applied oS
order 4 the court upon various eNecuteTy con
tracts which remained UneNectted al ihe 'iiile
The receivers took charge. The statement says
BY an order made November ., 1897, the court
directed TO be Transferred 10 q S-eStas a 40 ir,S
watch amount the receivers were aU}iiol.Hsr aU}iios - -
draw from tiIne To time without ii,ie. - o.iIi Io
meet Ihe proper and Necessary ''H- r3eTS '
ing Of This amount the receives expended during
Of
OF $5sS3t s. for eN!e2Ses ~ 1le.AS 'i0 o'-'''
assistants and ali ether oi1-e *! ! eIs,i, 7 nay
rcll u Ile hrlchtf'"'-Ni .F- " ~, - ,,,1-tff
$3.50 80 81. an average 81 ussfl2 HT''' q @ mon e e
ceirers for The months of November and LegglnDeI,
1se7- with this amount Is mol :lI,e : -7 80 in
possession. but il serves p. iDGtsIe IL 1 lie r.
ceivers have le.a able make cnnsideEble fedHe.
fion in exrerse~. .rWirilStandi7s the fact that
they have kept irte@r t1@ e'1rlz .il9n 81 l-t = ,
Sor1nany ana its three branches SD the nope lhat d
rcorEanizatian may De- had oi the AFFAIRS 81 me me
Ilade :esTns.n.l.' t-.- .=,-T,f., = 80 isr.c.
s1ss5fa seeeted 49,.
paid 10 clerks and officers ll jHe transfer td l
departrnents ana rhe wages of engineers JalltoTI
Ieceived from wsce a. It'. 1,.i- l,.i-- At tIg
rate of abort 50 Sh7 4 month
4e-es4 Is i,e-,e received N c.uside~ahle part =
the secITitie- sns loans Hf!l - . ~ - 9 n ~
- 1sfs al the ,qtr,-- ..erg-t that the inter.sf
accar1rt vii cover The. whole ia~ce part # thG
expenses. o. in Other words that 5he m pIeSeI sl .
s71ouu1 Of assets VI 'as - a7.roaaz 81 'I9'n even
The ro-aG gross amount collected ir YOUR Ieli-
tionrrs as receivers of the r-7""rtr Of t'e knick-
mss on Taraa-r -r2 is sS-12 aS1 = including the
sum of 81 30 2i : PAID OYER &c. them ~ zoe 9'pti
intendent Cf Banks upon ~fI'elT 2'i.lhlril-. ,ll1
depositor.eS oesi-ni-t oF i,.' ol.-f ol.-foI- oI ne f,
out Of these amounts SUITS 5l--,+-+ 80 K
applied ty the receivers ui'1 va .o+S ~, 1.u-s
contracts made by tho I,niaaT1 la~ Trust com
r1auv and ~ar-ai-r- rCEHlrt"4 al fie line OF tiie
arp0intnen4 o. the receivers
The taking of the Inventor ana appraisal 81 the
r.-operrv Ko5cfeTis- -- Trust company ~
-be hands T the receivers begun with the ara
Of two appraisers aor0i0tad hE the H1oalnl' D-et
Of Banks pursuant statute on or about Deem
her e 1911 and IS Erp~rye-.-@- ana ne le.'lNtTS
time limited bv law Tor th~. "uraoss,
Your receivers [CVarcHC- p 49, began ne
publication 90 notice 70 All creditors OF me
EnickarbocLe- Trust Cou0anV requiring them 70
r1-eSent claims 20 the rece Vers. purS3ant 70 law
n before FebruarE . lt'H and i7-S plbHcatlon
Is running and claims ciUg fled from time
t. time with the receivers
= number OF statements have recently appeared
IN the public prints with respect 10 The rrooahle
cost Of the receversV IN the event that l. should
continue and the defendant company should he
Equidated through the receivers some Of the
statements have gone 50 far = indicate that as
much 30 per cent Of the assets f the company
would he consumed In view Of these statements
Il NAV be proper 10 that the fees Of the re-
ceivers themselves limited by law in the ag2Te-
gate 10 2 to be fixed by the court. and in 10
moneys passing through their hands The receiy-
have also entered into aG~ooTne0- subject 10
the approval Of tho c0l2rt WITH the three counsel
whom they have heon authorized 90 retain. and
which agreement is shortly 70 be- submitted for the
aTur0Tal q the court. Erde~ which the aEgTegate
amount Of fees of said counsel cannot exceed
three-quarterS Of cent upon the amount Of
moneys passing through the hands of the receivers
In view Of these facts il viii be oNvious that the
statements referred t. aye greatly exaggerated
amount TO any extravaEant undue amount. in
view particularly OF the limitations Of the statute
and the requirement that All Of these aTnOuns
shall be approved by the court