The Bridgeport evening farmer., 1914-10-03
RECEIVER FOUND BUT $5 IN BANK OF BURR & KNAPP Atty. Chamberlain Relieves Company Will Pay Its
 Debts. CREDITORS VOTE TO CONTINUE RECEINkIRSHFP Mines and Real Estate Are Large Part of Firms
 Assets.

That instead of $50 there was but $5 in the cash drawer when he took charge as receiver of the affairs of Burr & Knapp was what. Attorney John c. Chamberlain told the creditors Of the banking firm at a meeting in the superior court room yesterday af ternon. Attorney Chamberlain after a lengthy explanation Of the state in which he found the business of the firm, pleaded with the creditors to consent to have the receivership con t1nued. He said that under a three and a half months receivership the creditors stood better chance of a return of their money than if the ac- ton now pending to force the firm into Bankruptcy were pressed By unanimous vote the creditors present consented to the receivership proposi- t1on, ~but Messrs. Arnold, Greenwood and Greenman, who have brought the Bankruptcy proceedings, did not vote either way The vote was taken on the motion of Harrie Le Brun
 Attorney Chamberlain said that the trouble with the Burr & Knapp bank began 25 years ago when MT Burr purchased for $4O,0 ,000 between 800 and 500 building lots in the town of De- pew, N. Y He said these lots had never been developed and had never
 
 They had been too much of a. load for one firm to carry, especially as the firm did not have the money when MT. Burr bought the lots and Mir Knapp had, to go out and borrow the cash. He said the lots were now worth about $140,000, that several real estate agents were pressing aaim for authority to sell the land and that if the property might be continued as an asset under a receivership he thought the creditors would receive 100 cents on the dollar.
 Speaking of the events that trans pired up to the day that the bank was berlain said that Mir. Knapp was pc culiar in that he considered a pay ment deferred for a4month,. the same as if he had a receipt for the bill in his pocket. Attorney Chamberlain said that MT. Knapp was an honest man, that his bank had been paying out each day more money than it took in, that even up to an hour before the bank closed he believed that the bus mess could go on. He said that the combination of circumstances together with his inability to get money had forced the bank to close.
 You're right, he was peculiar man. said Henry C. Knight, one of the creditors. 'fDe you say MT. Knapp was honest on Tuesday, but he wasn't honest on Wednesday? MT. Knapp needn't do any worrying now. It is his creditors who have to worry.
 q deposited $500 in that bank an hour before they closed" declared William Shaughnessy. When I was Knapp stood by and one of the clerks was telIins; another customer that the banking business had been suspended, but they took my money and didn't tell me It is worse than highway robbery. One can protect himself from a highway robber, but not from such a deal as I got. That money should be returned to me. Any at tempt to parade here the honesty of such a man must meet with objection from all who are familiar with this business transaction"
 2 Attorney Cha nnb berlain said that the firm owned real estate mortgages in Bridgeport of about $1000oO on which he thought full valuation might be realized He said the company had $50 600 worth of stock in the Water vleit Hydraulic Co. which was worth face value. MT. Chamberlain said also that there was about $113,000 in mort gages in the Georgia Loan & Trust Go. on which full value conld be real ized.
 Attorney Chamberlain said there was also a lead mine in Arkansas for which MT. Knapp had been offered $1O,ooo a short time ago and he thought that in the hands of a receiver this sale might be consummated. A corundurn mine in Canada and fac tory at Niagara FHaiis in which the product of the mine is made market able were also mentioned as part of the firms assets. Attorney Chamber lain said this investment represe nted Ss00oO in cash and was propably worth S15O. 900 now In conclusion he said:
 q am probably deeper in this mat. ter financially than any other person in this room. Taking all together 1 believe we will each and every one or us get more out of this matter if the receivership is continued than we would if the bankruptcy proceedings are pressed now