The herald., 1897-12-29
Of the Big Philadelphia
Failure
CRITICISM NOT OBJECTED TO
BUT BALD-FACED LYING rs NOT
so WELCOME
Manager 0verman Hopes to Be Able
to Continue the Manufacture
of Victor Bicycles
Associated Press Special Wire

I1lAkADEAIx x14Ay 1CSs (NAAAF
troller of the Currency Eckels wired a
statement to this city tonight in relation
to the published articles intimating that
political feeling had something to do with
the failure of the Chestnut Street Ma
tional bank and the Chestnut Street
Trust and Savings Fund company OF
which William NJ. Singerly. proprietor
of the Record, was president.
The comptroller says:
"I have read with deep interest the
statement in a New York paper or this
date relative to the affairs OF the Chest-
nut Street National bank OF Philadei-
pha, it's president, William M. Singerly'
and the acts of the comptroller OF the
currency in connection with the pank
failure. 1 have no objection to criticism
which may be made of any Of my official
acts which goes to the merit OF them,
nor have 1 any wish to evade the full
responsibility for them. The objection
which must be made to the article re-
ferred to is that by inuendo it undertakes
to show that the difficulties of the bank
were not dealt with because OF some al
legged political affiliations between Mr.
Singerly, some others and myself. The
injustice of this lies in the fact that it
is unfounded and places me in the atti-
tude of introducing into grave busi-
ness situation an element of selfishness
and partisanship. Nothing could be
more foreign to anything done or at
tempted to be done.
Throughout the period Of time that
the affairs of the Chestnut Street Ma
tional bank have been under supervision
the conditions have from time to time
changed. At one time they would seem
to be better and another time worse. The
paper of Mr.. Singerly and his allied COM
mercial interests were in the question to
be dealt with, and that question was
how to get it out, having in mind the
creating of the least disturbance to busi-
ness conditions, and if possible saving
the bank to the shareholders and keep
ing the creditors unharmed."
The plan for the liquidation of all
claims against the Chestnut Street Ma
tional bank, the Chestnut Street Trust
and Savings company, as far as could
be learned today, are quite acceptable
to the general body of depositors of both
of those institutions. The plan providing
for the turning over to the bank and
trust company the entire property of
the Record Publishing company of
which William NJ. Singerly is the owner,
it is believed will suffice to pay all
claims of the depositors.
THE OVERMAN FAILURE
. NEW YORK, Dec. 2S.-Regarding the
failure of the Overman Wheel company,
w. C. Overman, manager of the New
York agency, said:
"The assignment was directly due to
the need of ready money to meet present
obligations. Although we are able to
show to difference in assets over liza
bilities. they are not available. as they
are locked up in our plant.
I'VE have a very large amount also
locked up in stock in the process of man
facture for our 1898 trade, and that, too,
for the present needs is practically
worth nothing. We did not carry over
an exceptionally large stock of 1897
models, and our assignment cannot be
put down to our own production, al
though the general over-production that
threw so many cheap wheels on the mar
ket hurt us, as it must have also injured
other manufacturers.
Undoubtedly some arrangement can
be made with our creditors, who are dis
posed to be friendly, by which we shall
be able to resume and fill to advantage
our advance orders, that are much larg-
er than last year.
The National Hide and Leather bank
of Boston has filed an attachment for
$4,000 in action of contract against the
Overman Wheel company of Chcopee
Falls, and F. A. Foster Of Boston has also
filed an attachment against the same
company for $4,000.