The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-29
REsENTs UNJUST CRITICISM IN THE
MATTER OF THE PHILADEL-
PHIA FAILURE.
APPROVES s!NGERLYS PLAN.
WILL GET THEIR MONEY
OUT.
THIS BELIEF IS VERY GENERAL.
All Creditors to Whom 1t Has Eeen
Explained Satisfied With the
Proposition.

PHILADELPHIA, Pa, Dec. 28-
Comptroller of the Currency Eckels
wired a statement TO this city tonight,
in relation to the published articles in
timating that political feeling had
something to do with the failure of the
Chestnut Street National bank and the
Chestnut Street Trust and Savings
Fund company, of which William NJ.
Singerly, proprietor of the Record, was
president The comptroller says:
Il have read with deep interest the
statement in a New York paper Of this
date relative to the affairs Of the Chest
nut Street National bank, of Philadel-
phia; it's president, W. NJ. Singerly, and
the acts of the comptroller Of the cur
rency in connection with the banks
failure l have no objection to any
criticism which may be made of any
of my Official acts, which goes to the
merit of them, nor have I any wish
to evade full responsibility for them.
The objection which must be made to
the article referred to is that by inuen-
do it undertakes to show that the diff
culties of the bank were not dealt with
because of some alleged political affilia-
lions between Mr.. Singerly, some others
and myself The injustice of this lies
in the fact that it is unfounded and
places me in the attitude Of introducing
into grave business situation an eie-
ment of seifishness and partisanship.
Nothing could be more foreign to any
thing done or attempted to be done.
Throughout the period Of time that
the affairs Of the Chestnut Street Ma
tional bank have been under supervi-
sion, 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 ana
his allied commercial interests was in
the question to be dealt with and that
question was how to get it out, having
in mind the creating Of the least dis
turbance to business conditions and If
possible saving the bank to the share
holders and keeping the creditors I'M
harmed"
In compliance with an order from
Comptroller Eckels, Deputy Comptrol-
Ter Coffin today called meeting OF
the directors of the bank to take steps
to send out the notice of meeting
for shareholders to vote upon the ques-
ton Of going into voluntary ltquida-
ton The law requires thirty days no
tice of such meeting, and Jan. 20 was
the day fixed.
Mr. Coffin stated that he had 5,357
shares Of stock, seventeen more than
the necessary twothirds, pledged to
vote for voluntary liquidation under
the plan proposed. Meanwhile the
forms for consent to the plan have
been prepared and will be issued to-
morrow to the creditors for signatures.
The directors Of the Trust company
probably will meet tomorrow for action
on the plan.
Mr.. EckeIs, according to Mr.. Coffin,
will give his opinion as to the advis-
ability Of going into voluntary liquida-
ton when he sees what success the
plan, which, according to dispatch,
meets with his approval, has with the
creditors. Among the many creditors,
it may be stated, who have called at
the bank to have the plan of liquida-
ton explained to them, not one has dis
sented All agree that 1t Is the best
way out.
In regard to the claims Of the United
States. the city and the state, 1t Is
stated that the first named is protect
ed by it's bonds, on which 1t can real
ize, and that the city has the status
of any other non-preferred creditor.
In regard to the state funds. there are
some complications. Ordinarily, it
would assume the status Of any other
preferred creditor, but, since the liqui-
dation plan contemplates the accept
ance Of Record stock and the state is
forbidden by law to hold stock in any
company, there Is some difficulty Of
adjustment.