The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1898-02-10
ANXIOUS DEPOSlYORS.
Forcible Opinions Regarding Phila-
delphia's Failed Bank.
NEUTRALITY-SUSPICIOUS. NEEDED,
ed "Pian OF Liquidation
General Deposition Far H.
- (, While the City Was TO h,
the Preferred Creditor.

--e, While the City Was TO h.
the Preferred Creditor.
Philadelphia, Feb. 5.-According tc
an article In The Ledger SOME of the
creditors Of the failed Chestnut Stree
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 assignees 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 direc-
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
the general depositor, whose claims
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 II was made
q preferred creditor to the extent OF Its
claims. Why the city should be made
q preferred creditor, rather than a lot
Of poor depositors. whose entire hold
ings were. perhaps. swallowed In the
failure, cannot see, any more than
could perceive why we should acQui-
esce in q proposition that gave the as
signees practically unlimited discre tior
to Issue. II they cared to. 35,000.000 OF
$1,000. 900 In stock In q company which
might not prove profitable on half tina,
sum-"
Another gentleman. q business man
Of excellent standing. said: III Mr.
Earle wants to secure q continuance OF
the silent forbearance that has thus
far characterized the depositors M
would do well to get down to plair
business methods Of treating them
They have been treated like q lot ol
G. ildren. In my Judgment, instead OF
those whose rights should be considered
ahead Of any others. A few person.
may have. in a confidential way. q
knowledge OF the real situation--wha
there has been lost IN this tremendou.
failure. and what there 10 to pay Il
Without there has been no informa
tion in It. From Mr.. Ecksls down W,
feet that the best thing to be done wal
to do a. we were told. and ask no ques
tons.
"They even went so far as to delicate
ly threaten, and not very delicatel,
either, that those who declined to yielt
assent to the plan would be publcl!
exposed as some sort Of marplOts o
malcontents. l have seen nothing abou
exposing Mr.. Eckels. who as comp
troller must have deliberately closed hi
eyes at time when the bank deposit
ors had a right to believe ne had then
honestly open. especially when the banl
was declaring dividends, one as late a
November last.
Some few persons have learned. II
. quiet way. just how these two con
Germs were wrecked. with resultan
losses. am informed. OF about 5000.
600. but think II is high time tina
there should be definite and official in
formation openly given out covering
the whole ground. l can understan'
how each creditor, fearing that h
would be regarded as vindictive o
anxious to air his grievance at the ex
pense Of the general body of creditors
hesitated to speak out heretofore. bu
I see no marked indication OF a chang
from the policy Of simply advising tn
depositors what to do. and know
there are good many who have ar
rived at the conclusion that their feel
ings and their interests should also b.
considered"