The Bridgeport evening farmer., 1916-04-06
KNAPP WILL
 GET CHANCE
 TO EXPLAIN
Outcome of States Attorney Inquiry Depends Upon Developments of Investi gator Bowers Probe Into Bankrupt Banking Firms Records.
Knapp Homestead Becomes Part of Assets of Bank rupt Estate How Mass of Books and Records Game to Be Stored in Trumbull Barn.

Trumbull Barn.
 Herbert M. Knapp, head of the de- funct banking house of Burr & Knapp, will be given every oppor- tunity to explain away any transac- tions that may appear questionable to the investigators of the State'S at torney'S office, now at work on the books of the bankrupt banking firm.
 Knapp will be invited to appear be- fore the accountants and Attorney lSpotswood D. Bowers, special inves- tigator for this case, for States Aat- torney Homer S. Cummings.
 The Knapp residence in Park Place. occupied many years by the family of Herbert M Knapp, and lately held in the name of the bankers wife, has been turned into the assets of the banking firms bankrupt estate. This action followed the suits brought by which fraud was alleged. The Knapps now live at The Stratfie1d.
 There may be a dividend within a few months for B1fr A& Knapp cred itors, according to figures submitted to the Bankruptcy court today in the report of Trustee Chamberlain The balance on hand April 1 was ESQ., 59416..s Underline law the creditors are entitled to dividend when it is possible for the estate to pay one on per cent basis. The total claims amount to about $500, GOO but because Of certain legal expenses the present balance is not quite large enough for as per cent. dividend.
 The $10,000 bond filed with the state to secure the. safety of deposits is another item which will hasten the declaration of a dividend when the settled The surety company, which furnished the bond, objected to pay rnent to the creditors on the technical ground that under the law each cred itor should bring suit. When the bond is collected it will probably be distributed among the depositors in stead of among the general creditors of the bankrupt firm !
 The report of Trustee Chamberlain covers a period from August 27 last to April l. During this time the re- ceipts of the firm were $11,508.2 23. Among the items were book accounts, $1,173.54; real estate, $4,517; mort gages, $508.3O; rents collected, $S,-l 71O.13.
 The total disbursements were $5,L 957.59. The sum Of $3,O17 was de- posted with the First-Bridgeport Ma tionaI bank, pending settlement of certain suits brought by the bank, $1,679.50 was paid out for interest and bills for repairs amounted to $33.s7. The total amount gained since last August is 5.550.64.
 Trustee Chamberlain is of the be- lief that the books stored by his order in the barn on Reservoir avenue which included the banking books and papers of the firm of Burr & Knapp were included in the saIe.
 In explaining his connection with the Burr & Knapp tangle. Trustee Chamberlain today disclosed that sub seouent to the receivership of the FJQ- [(.aa ffFTr1 md UF @ concern was in bankruptcy it had been thought advisable by the Title Guarantee & Trust Company to ac-I qufre the insurance business Of the Burr & Knapp firm. As trustee he had advertised the sale of such bust- ness but the public were afraid to make offers. A second date was set for public auction. People were still afraid that that the concern would steal the business back,' and refused to bid. Hervey B. Burr offered $3,- 900, according to MT. Chamberlain. Protest was made to the Referee that this amount was not adequate. Fur ther explaining the sale MT. Chamber said today: MT. Banks himself fin ally said this-sPay $4,00o for the in books of the concern with the un- derstAnding that these books shall be kept so that they will be on hand for anyone who wishes to examine them
 Trustee Chamberlain today fully ex- pIained his connection with the books taken by agents for States Attorney Cummings, making it plain that at no time did he as trustee in any way pre- vent access to the books and upon hearing from MT. Bowers that they were wanted conducted him to the spot where they were stored. One let ter book still in his possession and be- ing used for the purpose of completing a report will be at the service of the investigators at any time. MT. Cham 4 berlain further says that he will give any aid needed to the investigators or any creditors of the concern who may wish information.
 He also corrected a statement to the effect that Herbert M. Knapp to- I day is receiving a salary or has any conn ection officially with the Title Guarantee & Trust company. MT. Knapp is engaged in seI4fng loans and for the company upon a strictly commission basis. Knapp owns no stock and has no control in the management
 In connection with his next trustees report, MT. Chamberlain said that this report had not been peremptorf1y or dered by the referee but that it will ke hopes, show added assets to the l company for a deed has recently been received from Mrs. Knapp for the home on Park place and Lafayette 1 street that has been in litigation and demanded by the trustee. It was al= AeEed that this property transferred to l Mrs. Knapp in 1905 was done at a time 1
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