Omaha daily bee., 1897-12-29
EtKElS SHOWS 40 FAVORS
Statements Growing Out. Of Failures al
Thiladelrha.
DENIES CHA G:S BYA Ntw,YoEK PAPER
Politics at No Time Govern the Comp.
troiIcr In His Treatm emit of the
singcrIy Bankfhg inst-
tutions. ~

PHILADELPHIA. Dec. 2S.-Comp.ro roller
Of the Currency Eckels wired a statement
to this city tonight in relation to she pub
!ished articles intimating thai political feel
ing had something to do with the failure OF
the Chestnut Street National bank, and the
Chestnu: 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 state
nent IN New York paper of this date rela-
tive to the affairs of the Chestnut Street Ma
tional bank of Philadelphia, Its president.
William NJ. Singerly and the acts of the
comptroller of the currency In connection
with the banks failure. / 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 l any wish to evade full
responsibility for them. The objection which
must be made to the article referred to is
that by innuendo 1t undertakes to show that
the dihiculties Of the bank were not dealt
with because Of some alleged political afili-
alton between Mr.. Singerly, some others and
myself The injustice of this lies in the
fact that 1t Is unfounded and places me in
the attitude OF Introducing into a grave busi-
ness situation an element of selfshness and
partisanship. Nothing could be more foreign
to anything done or attempted to be done.
CONDITIONS VARY .AT TIMES.
Throughout the period of time that the
Affairs of the Chestnut Street National bank
has been under my supervision the cond-
tons have from time to time changed. At
one time they would seem to he better, and
another time worse. The paper OF Mr.
Singerly and his allied commercial inter
ests were in the question to be dealt with
and that question was how to get 1t out, hav-
ing in mind the creating of the least dis
turhanne n buSirpSg md
sfble saving the bank to the shareholders
and keeping the creditors unharmed."
In compliance with an order from Comp
troller Eckels Deputy Comptroller Coffin to-
day called a meeting of the directors of the
bank to take steps to send out the notice of
a meeting for shareholders to vote upon the
question of going into voluntary liquidation.
The law requires thirty days notice of such
meeting and January 80 was the day fixed.
Mr. Coffin stated that he had 1857 shares
of stock, seventeen more than the necessary
two thirds, pledged to vote for voluntary
liquidation undr the plan proposed. Mean
while the forms for consent to the plan have
been prepared and will be issued tomor-
row to the creditors for signatures.
The directors of the trust company prob
ably will meet tomorrow for action on the
plan. j
WAITING FOR THE CREDITORS.
Mr. Eckels, according to Mr.. Coffin, will
give his opinion as to the advisability OF
going into voluntary liquidation when he
sees what success the plan, which, according
to dispatch meets with his approval, has
with the creditors. Among the many credit
ors it may be stated, who have called at
the bank to have the plans of liquidation
explained to them not one has dlssented. All
agree that it is the best way out
In regard to the claims of the United
States, the city and the state, it is stated
that the first named i, protected 10y it's
t7nde on which it can realize and that the
city has the status f'uny other nonpreferreG
creditor. In regard to the state funds therq
are some complications. Ordinarily it would
assume the status of any other preferred
creditor, but since the liquidation plan con-
templates the acceptance of Record stock
and the sta,e is forbidden by law to hold
stock in any company there is some difficulty
of adjustment.