The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1898-02-05
ANXIOUS DEPOSI7ORS.
foroible Opinions Regarding Phila-
delphia's Failed Bank.
BUsINEssLIKEMETHODs NEEDED.

The Proposed "Plan of Liquidation"
Left tho General Depositor Far In
the Rear, While the City Was to Dc
Made the Preferred Creditor.
Philadelphia, Feb. 5.-According to
an article in The Ledger some of the
creditors of the failed Chestnut Street
bank and the trust company show an
aggressive disposition, and this spirit
may soon make itself practically felt.
These creditors assert that the gentle
men in charge of the bankrupt corpora
tions are not frank enough in impart-
ing information. One gentleman said:
1T was fatal error to have the bank
and trust company under one roof and
practically under one management, and
yet in the final arrangement we see one
of the assiBnees of the trust company
made receiver for the bank, which
would indicate something mutual in
their respective settlements. The in
terests of the depositors, which were SO
long ignored by the officers and drec-
tors of these two concerns, appear to
be still the thing least thought of by
some of these who want to exercise
q controlling voice In the matter.
"The pace set by ex-Comptroller
Eckels, who either did not examine the
periodical sworn reports which the
bank submitted, or else-presuming
them to have been honest-ignored
their warning features has been faith
fully followed to an extent that leaves
,,bo 81,
should be paramount, far in the rear.
Under the plan of settlement, for
whose acceptance the most strenuous
efforts were made, the city would have
been taken care of, because 1t was made
a preferred creditor to the extent of its
claims. Why the city should be made
a preferred creditor, rather than a lot
Of poor depositors, whose entire hold
ings were, perhaps, swallowed in the
failure, l cannot see, any more than I
could perceive why we should acqui-
esce in proposition that gave the as
signees practically unlimited discretion
to Issue, If they cared to, 100000 or
100000 in stock in a company which |
might not prove profitable on half that |
sum-"
Another gentleman, business man
of excellent standing, said: IF Mr.. |
Earle wants to secure continuance of |
the silent forbearance that has thus |
far characterized the depositors he |
would do well to get down to a plain |
business methods of treating them. |
They have been treated like lot of |
c' ildren, in my judgment, instead of |
those whose rights should be considered
ahead of any others. A few persons
may have. in a confidential way. a
knowledge of the real stuation-what
there has been lost in this tremendous
failure, and what there is to pay it
Without there has been no informa-
ton in it. From Mr. Eckels down we ]
have had admonltions to the general eff
feet that the best thing to be done was
to do as we were told, and ask no ques-
lions.
"They even went so far as to delicate
ly threaten, and not very delicatey
either, that those who declined to yield
assent to the plan would be publicly
exposed as some sort of marplots or
indictments. have seen nothing about
exposing Mr. Eckes, who as comp
troller must have deliberately closed his
eyes at time when the bank deposit
ors had right to believe he had them
honestly open, especially when the bank
was declaring dividends, one as late as
November last.
Some few persons have learned, in
a quiet way, just how these two con-
Germs were wrecked, with resultant
losses, am informed. of about $6.OOO.-
900, but think It is high time that
there should be definite and official in
formation openly given out covering
the whole ground can understand
how each creditor, fearing that he
would be regarded as vindictive or
anxious to air his grievance at the OK
pense of the general body of creditors.
hesitated to speak out heretofore, but
I see no marked indication of IA change
from the policy of simply advising the
depositors what to do. and I know
there are a good many who have ar
rived at the conclusion that their feel
ings and their interests should also be
COnei1ere1