The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1898-04-02

IccelNer EHrles OF GnllHuelpnlh' g
Looted Bank. Intimates That Suits
May BE Brought Against the Direc-
tors of That Institution.
Philadelphia, April 2.-The startling
exposures of the methods pursued in
the conduct of the business of the
Chestnut Street National bank at the
hearing on Thursday before the Uni
ted States commissioner in the trial of
Cashier Steele led yesterday to further
revelations. It now transpires that the
former firm of Gerlach &, Harjes which,
in a report of the banks examination
under the date of Oct 7, 1896 was re-
corded as being indebted to the bank
to the extent of $1O7,O9 retired from
business two years prior to that date,
and a member of the firm stated today
that he had no knowledge of the firm
being obligated to the bank, and be-
lieved the name of the house had been
used to cover other parties indebted
to the institution.
Mr. Harjes said he never received
any notice of any Indebtedness and
was unable to explain the report. He
was even more astounded and mysti-
fled by the statement that the firms
loans had increased in amount in the
interim between Nov IA, 1895, and Oc-
tober 1896 for the reason that the firm
did not exist during that time. He
admitted that they had dealings at the
bank, but said whatever loans they
had made were amply secured by col
lateral
Mr.. Earle, receiver Of the bank, said
in an interview:
''No one who has carefully studied
Mr.. Singerlys methods and character
can fail to be sorry for the directors
and others whom he has gotten into
all this trouble. He was winning, de-
termined and persistent beyond words,
and by a sort of natural selection grad
ually gathered men about him who
thought him the greatest man in the
world, and who, though amiable and
good intentioned, were totally unable
to resist or restrain such dominating
and able nature as his.
"Of course / was no sooner appoint
ed than 1t became my duty to resist
Mr.. Singerly's wishes, and he promptly
determined to get rid of me as soon as
he could. 1t was simply impossible for
him to brook opposition from any one.
1 say this because 1 think justice re-
quires it, and 1 do not fear to say it,
because every one either does or will
eventually know that nothing, not even
my sympathy for people who, through
their friendships, are having most seri-
Gus troubles will or has swerved me
from protecting to the full extent of
my powers those whom 1 represent. l
find that nearly all, If not all, of these
| directors had such confidence in Mr.
| Singerly that, notwithstanding their
| knowledge, he has obtained large por-
tions of their personal means from
them. OF course such men should never
| have been directors, and it is most un-
fortunate for the depositors and them
selves that thev ever were"
Mr.. Earle lntimated that suits may
! be brought against the directors tc
recover in the interest of the deposi-
tors.
Concerning Mr.. Singerly's dealings
with his friends, a well known financiei
l said today: His friends had the ut.
most confidence in his honor and finan.
cial responsibility and they We're per.
| sons who were most deceived Singerly
had way of figuring out to the salts
faction of every one who inquired abou
his wealth that he was worth at leas
$1,500 900. He would enumerate his Sc
curities, and point out all of his prop
critics, and friend would not think o
further investigation. They all hat
confidence in him.
81 never obtained a dollar from tn,
| Chestnut Street National bank on
loan" said Ex-Governor Robert e. Pat
tison today, when asked concerning th
claim which the bank has against hin
personally. what l did with respec
to my obligations held by the bank,
continued the governor, twas done be
cause of my almost implicit confdenc
in the ability and financial responsi
bility of the late William M. Singerly
Mr.. Singerly on several occasions as
sured me both of his ability and in
tention to thoroughly protect me an
to properly and satisfactorily provid
for the payment of the notes. shall
of course, always feel it to be my dut
to pay, as far as I shall ever be abb
to do so, any portion of the indebted
ness that may not be realized upon tn
collateral held by the bank. From tn
standpoint of the careful business ma
may have made a mistake in thu
giving Mr.. Singerly my notes, but ]
doing so I did it to oblige a man VIII
had always been my friend"