New-York tribune., 1908-01-04
TO ASK MORE DELAY.
knickerbocker Stockholders Meet
Terms Required by Court

1t was learned yesterday that a further an-
1ournment of two weeks would be asked for by
counsel representing the Knickerbocker Trust
Company and its depositors when the motion
TO make permanent the receivership. action on
which has been twice postponed, comes UP for Il
hearing to-day before Justice Clark. One of the
points made by Justice Clark last Saturday. when
he granted adjournment OF week. was
that the $4,000 10 be raised by the stockholders
under the terms of the plan for resumption should
be subscribed before any further adjournment
would be allowed. Counsel for the stockholders
said last night that affidavit declaring that this
had been done would be presented TO the court
to-day
Representatives of the various committees which
have agreed to the plan for the resumption of the
company said yesterday that between So and 20
per cent of the depositors had already assente1
To il. and that IL believed that this a
sufficiently good showing to warrant the court IN
granting a further extension of time in getting
assents the plan. More than S30o00G0 cf deposits
were reported asserting TO the plan by the de-
pOsitors' committees yesterday
Herbert l. Satterlee. counsel for the Parsons
cepositors comittee. said that there many
obstacles to overcome in getting the assent of the
majority of the depositors in institution like
the Knickerbocker. which had 1900 depositors
scattered wide area
We have received many letters in the last few
days" said Mr. Satterlee, from depositors who
have only just learned of the plan and wish to
make some inquiries before taking action. Many
others have sent their assent to the plan without
sending their passbook at the same time These
people we have written again and added their
deposits 10 the list of those asserting There are
also large number OF joint accounts. Before
these can come in on the terms of the plan the
permission of all having interest in the account
be obtained
But greatest obstacle of all is tho inertia of
those who would be supposed to be most interested
in the success of the scheme. I have met men and
women who have said they depositors and
have asked them if they have sent in their assent
There's plenty of time for that isn't thereg they
have answered I'll try to get around to it in
few days
Then there are also those who are holding off
for selfish reasons. They think the plan will 90
through without them and that when the companv
reopens they can go and get their money right
away. while those asserting waiting for theirs
In some cases also men have signifed their assent
in letters. but have not signed the formal blank
assignment These men are many OF them lawyers
VINO are trustees for estates. and afraid they
might be held liable if any loss resulted
The making of the receivership permanent would
the depositors. Last year the company earned from
its trust business alone s946 CO. Though II could
hardly expect TO earn much this in the COM
ing year, the loss of this business would mean
great deal Already great quantities of petitions
are before the asking that the connpanv's
trusteeshfp be discontinued. and. of course in case
OF d permanent receIyership these petitions would
all be allowed. In case of a resumption practically
all of this business would stay with the company
In addition TO this the company's fiscal agency for
corporations would he lost by permanent receiver
ship. No more coupons and bonds would be pay
able there and another important source Of revenue
would vanish
The Importance OF resumption by the company
from the standpoint of the business welfare of the
community also cannot be overestimated. We have
received letters from hundreds of depositors saying
that their stock hand has been attached on ac-
count OF their inability to pay for it. a
mechanics lien has been put on building they
were having constructed because they could not
pay wages. Besides that the company has made
many undertakings and these companies have had
10 suspend work account Of not obtaining the
money they had arranged for"
Charles 4 Conant, former treasurer of the Nor
ton Trust Company, has written letter strongly
indorsing the plan.