The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1898-02-05
ANXIOUS DEPOSITORS.
Foroible Opinions Regarding Phila-
delphia's Failed Bank.
NEUTRALITY-SUSPICIOUS. NEEDED.

The Proposed "Plan OF L%iquidation'
Left the General Depositor Far In
the Rear, While the city was TO BE
Made the Preferred Creditor.
Philadelphia, Feb. 5.-According to
an article in The Ledger some of the
creditors of the failed Chestnut Street
bank M the trust company show IN
aggressive disposition, and this spirit
may soon make itself practically felt.
These creditors assert that the gentle
men in charge of the bankrupt corpora
lions are not frank enough in impart-
ing information. one gentleman said
1T was a fatal error to rave the bank
and trust company under one roof and
practically under one management, and
yet in the final arrangement We see one
of the assiEnees 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
a 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 nave
been taken care of, because it was made
a preferred creditor to the extent of it's
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, I cannot see, any more than !
could perceive why we should acqui-
esce in a proposition that gave the as
signees practically unlimited discretion
to issue, if they cared to, IS, 900, 900 or
Sc. 900, 900 in stock in a company which
might not prove profitable on half that
sum-"
Another gentleman, a business man
Of excellent standing, said: IF Mr..
Earle wants TO secure a 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 a 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 cal situation-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
nave had admonitions 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 delicately
either, that those who declined to yield
assent to the plan would be publicly
exposed as some sort of marplots or
indictments. l have seen nothing about
exposing Mr.. Eckels, who as comp
troller must have deliberately closed his
eye at a time when the bank deposit
ors had a 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, I am informed, of about SO, OOO,-
600, but I think it is high time that
there should be definite and official in
formation openly given out covering
the whole ground. l can understand
how each creditor, fearing that he
would be regarded as vindictive or
anxious to air lis grievance at the ex-
pense of the general body of creditors,
hesitated to speak out heretofore, but
l see no marked indication of a change
from the policy of simply advising the
~depositors what to do, and ! know
there are a good many who have ar
rived at the conclusion that their feel
ings and their interests should also be
considered -