The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1897-12-29
A DENIAL FROM ECKELS
No Politics, He Says, in the Phila-
delphia Bank Failure,
LIQUIDATION PLAN POPULAR.

Deputy Comptroller Comm Declares
He Has Enough Pledged Votes TO
Assure the Acceptance Of the scheme
as the Best way Out of Bad job
Philadelphia, Dec 29.-Comptroller of
the Currency Eckels wired a statement
to this city last night in relation to the
published articles intimating that po-
litioal feeling had something to do with
the failure Of the Chestnut Street Ma
tional bank and the Chestnut Street
Trust and Saving Fund company, of
which William M. 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, its president, William M. Sim
gerly, and the acts of the comptroller
of the currency in connection with the
banks failure. I 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 inu-
endo 1t undertakes to show that the
difficulties Of the bank were not dealt
with because of some alleged political
Affiliations between Mr.. Singerly, some
others and myself. The injustice lies
in the fact that It is unfounded and
places me in the attitude of introducing
into a grave business situation an ele-
ment Of selfshness and partisanship,
Nothing could be more foreign to any
/ TOD e, I,o
Throughout the period of time that
the affairs of the Chestnut Street Ma
tional bank have been under super
vision the conditions have from time
to time changed At one time they
would seem to be better and at another
time worse. The paper of Mr. Singerly
and his allied commercial interests We're
in the question to be dealt with, and
that question was how to get 1t out,
having in mind the creating of the
least disturbance to business conditions
and if possible saving the bank to the
shareholders and keeping the creditors
unharmed."
In compliance with an order from
Comptroller Eckels Deputy Comptroller
Coffin yesterday 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 30 days notice of such
meeting, and Jan. 20 was the day fixed
Mr.. Coffin stated that he had 1857
shares of stock, Il more than the neces-
sary two-thirds, pledged to vote for
voluntary liquidation under the plan
proposed.
Mr.. Eckels, according to Mr.. Coffin,
will give his opinion as to the advisa-
bility of going into voluntary liquida-
ton when he sees what success the
plan, which, according to a dispatch,
meets with his approval, has with the
creditors. Among the many creditors,
1t may be stated, who have called at
the bank to have the plan If liquida-
tion explained to them not e has dis
sented. All agree that it 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 is pro-
tected by it's bonds, on which it can
realize, and that the city has the status
of any other preferred creditor. In re-
gard to the state funds there are some
complications Ordinarily it would as
sumo the status of any other preferred
creditor but since the liquidation plan
contemplates the acceptance of Record
stock and the state is forbidden by law
to hold stock in any company, there is
some difficulty of adjustment.