St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-02
IN Chicago if the city administration So
dncirad II D,
LELAND rs HoNEsr.
Ex-President of the Sixth National
Protects Depositors.


Protects Depositors.
New York, Feb. 1.-The following
notice was posted ON the window of the
Sixth National bank at a quarter to IL
O'Clock:
Mr.. Leland has advanced funds sufficient
20 guarantee payment of depositors in full,
az as early date as proper arrangements can
be made for that purpose.
A. R. HEPBURN, Examiner.
President Edward King, of the Union
Trust company, made a statement this
afternoon as follows: 81 desire to state
that, in my opinion. no one who knows
MIR. Leland could question his entire
good faith and honesty of purpose in
the matter of the sale Of the stock. He
feels, however, that an error of judg-
ment was committed by him in not
receiving sufficient assurance as
persons to whom he sold. although at
the time he did sell he had perfect faith
that they were as represented to him,
and that, therefore, through this want of
possible care on his part innocent par
ties have been placed ia position to Suf
fer loss. Hence as
A MAN OF INTEGRITY
and honor he feels that it is proper for
him to do all in his power to save them
from the consequences of his act. He
sent for me last evening and requested
ME to do what could to assist him in
effecting this object. The first thing to
be done is to pay depositors in full. and
this is in process of arrangement. Mr..
Leland has handed me blank check
to my order to be filed out for such
amount as l deem necessary in order to
guarantee the payment in full of
the depositors Of the bank,
and, at the suggestion of Mr.. Tapp-
man have filed it out for
S500.000, and have deposited that sum
in the Gallatin National bank as guar
antee to a syndicate which has been
formed to take the assets of the bank
and TO provide for immediate payment
of depOSitOrS as soon as the necessary
formalities at Washington can be gone
through with. There remains then the
minority stockholders to be considered,
and as have said, Mr.. Leland desires
to do all that sensitive man of honor
can do, and ne has said he will
be guided very largely by the
| advice of myself and other
friends in relation to this matter,
President ClaasSen. of the Sixth Ma
tional bank, failed to procure bail to-
day. and was obliged to go to Ludlow
street jail until Monday. Broker Pell's
wife and sister offered to go on PeIl's
bond. but the wife's property did not
seem adequate, and the sisters property
is in New Jersey. and therefore not ac-
| ceptable IN New York court. Mr..
PELII WAS RETURNED TO JAIL,
but it was said that his wife would be
able to procure bail for him. The ex-
aminers have not made public any new
facts they may have learned in regard
to the Sixth National, the Lenox Hill or
the Equitable banks. Chief Bank EX-
an.iner CahIll furnished the press to-
day with statement of the affairs of
the Equitable bank. The assets are
SIS, 200 commercial paper of uncertain
value: $4,000 in Sixth National bank
stock. of uncertain value, and few
minor items; total, $4,000. The liza
bilities are: Deposits, $1,000; due
to other banks, $4,000; cap
ital, 100000, and a few other
items; total, $685., 900. The deficiency
is therefore Sl43.000; but there is also
evi ence of liability of S150.000 in GER
tification which do not appear on the
books. The examination is not yet
complete. Examiner ii. C.. Covell also
issued statement of the LenoX Hill
bank. 1t shows total liabilities. $780,
292; total assets, $37O,675; deficiency,
S178.617. Mr.. Covell thinks depositors
will get 10 per cent of their claims.
Bank Examiner Preston says no for
gerieS have yet been discovered in the
investigation of the two banks,