The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1898-04-02
ANOTHER BANKCHAPTEa
Showing How Easy 1t Is For a
"Financier" to Rob.
THE LIABILITY OF DIRECTORS.

| Looted Bank, Intlmates That Suits
May lie Brought Against the DIrec-
tors of That Institution.
Philadelphia, April 1.-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. 1t now transpires that the
former firm of Gerlach G. Harjes, which,
in report of the banks examination
under the date Of Oct. T. 1896, was re-
corded as being indebted to the bank
to the extent Of $107, 1894, retired from
business two years prior to that date.
and member Of the firm stated today
that he had no knowledge of the firm
being obligated to the bank, and be-
Heved the name of the house had been
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. 1895, 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:
mo one who has carefully studied
Mr.. Singerly's 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 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 a dominating
and able nature as his.
or 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.
l say this because I think Justice re-
quires it. and I 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 l represent I
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-
lions of their personal means from
them. OF course such men should never
have been directors, and It Is most I'M
fortunate for the depositors and them
selves that thew ever were"
Mr.. Earle intimated that suits NAV
be brought against the directors to
recover in the interest of the deposit
tors.
Concerning Mr.. Singerly's dealings
with his friends, well known flnancier
said today: His friends had the ut
most confidence in his honor and flnan-
ctal responsibility, and they were per-
sons who were most deceived. Singerly |
had way Of figuring out to the salts
faction Of every one who inquired about |
his wealth that he was worth at least |
$1,600,000. He would enumerate his Sc
curities, and point out all of his prop
critics, and friend would not think of |
further investigation. They all had
confidence In him.
Il never obtained dollar from the |
Chestnut Street Nationai bank on a |
loan," said Ex-Governor Robert f. Pat
tison today, when asked concerning the
claim which the bank has against him
What I did with respect
to my obligations held by the bank"
the governor, was done be-
cause of my almost implicit confidence
In the ability and financial RESPONSE
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 and
to properly and satisfactorily provide
for the payment of the notes. I shall
Of course, always feel 1t to be my duty
to pay, as far as I shall ever be able
to do SO, any portion of the indebted
ness that may not be realized upon the
collateral held by the bank. From the
standpoint Of the careful business man
may have made mistake in thus
giving Mr.. Singerly my notes, but in
loing so I did it to oblige a man who
1ad always been my friend"