Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-12-30
DELAWARE GAZETTE AND STATE JoURNAL-wILM1

yesterday there has been steady run
on the Second National Bank of this
town, Of which William M. Singerly is
vice president. The run was caused by
the news OF the suspension of the
Chestnut Street National Bank of
Phi ladelphia, for which tho Elllion
bank is an agent.
The bank officials are confident OF
meeting all demands, and are paying
depositors as fnst as they ask for their
money. The First National Bank has
promised to render assistance, il re-
quired.
The Second National Bank, however.
will not be seriously affected by the
suspension OF the Philadelphia hank.
II has 81, 600 on deposit thuro, and also
holds q note for So, 600 Of the SinGvrly
Pulp and Paper Co. and one of 81, 900
of the Record Publishing Co. These.
however, are considered good assots
and no loHs is feared.
By noon to-day, the run on the
Second National Bank was practically
over. The bank had plenty Of cash TO
meet all demands, and this fact soon
gave assurance to the people.
The bank is continuing business as
usual and will not he at all liscom.
NODDED by the temporary furry.
WILMINGTON AND BRANDYwINE NOT Az
FECTED.
The National Bank of Wilmington
and Brundywine Of this city 10 core,
spoudent of the CHESTNUT Street
National Bank. President George S.
Capelle OF the former bank was seen by
a representative of Tho Gazette Thurs
day morning in regard to the matter.
The failure dies not 10 any way affect
theWilmington aud Brandy wine Bank, "
MIR. Capelle said, ''Wo have simply
been the collecting correspondent Of
the Chestnut Street National Bank, for
tho purpose of collecting chneks ana
notes which the Philadelphia bank has
on banks in Delaware. Consequently,
We always owe the Philadelphia bank
money. Our bank never had any money
on deposit with the Philadelphia hauk
We owe that institution several thous.
and dollars to-day, ana this failure can
in no way be one cent of loss to this
bank. -
Washington, Dec. 2s.-Mr. Eckels,
oday, stated that. in order that there
may be no delay in placing the Chest.
nut Street National Bank in voluntary
liquidation, in case the creditors of
the bank accepted the nlnn proposed by
the committee having it in charge:
ave instructed tho deputy conn.
troller, George NJ. Collin, to at once call
a meeting of the directors OF the Chest
nut Street National BANK, to pass the
necessary resolution and issue notice TO
the shareholders for a meeting 10 vote
to go into voluntary liquiuatinn. In
addition, | have requested him to have
the directors to obtain at once the
signatures OF representatives holding
two.thirds Of tho bauks' stock, agree
ing to vote for liquidation when the
matter is presented at the mee ing to
be called. Having done this I have
stated that the comptroller would then
permit the bank to go into voluntary
liquidation, after the vote Is had, on
evidence being furnished that the
creditors of the bank have accented the
plan proposed by the committee in
place of evidences of indebtedness from
the bank. by having this arranged
before voting, it will enable the public
to understand that, Immediately upon
tho consent of creditors being obtained,
the bank will avoid the appointment of
receiver and the EXPENSES and delay
attendant upon a receivership avoided.
~ have studied the plan submitted
with care, and am of the opiniun that
the creditors of the bank, the trust
company, and MIR. Singerly will be
batter cared for than by any method
which can he devised in which all the
assets represented by his various in.
terests are handled under different
agencies. Such division Of RESPONSE
bility and of assets would necessarily
entail disputes and result in extensive
litigation as to the rights of this or
that une in the property interests repre-
seutetl by him. 1t would also leopard
ize the value of the assets, which is
the most to be looked for in the pay.
ment of the obligations due from the
institutions with which be was con
nected and from himself. Tho i'm
portance Of whatever action the creii
tors take being quickly determined
arises from the wisdom Of not per
hitting any asset to he unnecessarily
dissipated or any Of the good will OF
any valuable property in which Mr..
Singerly is interested lost. This situa-
tion is now in the hands OF the credi-
tors, and l believe that in following
the plan outlined the eud will fully
Justify their relying upon tho conserya
tive management OF those who have
heretofore been successful in undertake
ing large financial matters.