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The Grayling Exchange Bank So much has been said pro and concerning the bank failure and the of Mr. the absconding Staley, subsequent action of Mr. Trench, the con Juct of com. and what and should mittee, the attorneys should and the not been we to a brief of give have done, history that the propose whole matter, that the facts may be known and all may draw their own conclusions The Grayling Exchange Bank was established here in January by John Staley, who afterwards formed a co-partnership with Chauncey Trench, of Bloomsbarg, Pa,, and conthe business whichwas apparto the ently unued prosperous close of basiness Oct. 30th., 1897. Mr. Staley had been an explempary citizen and won the confidence of the entire community, holding many positions of honor and trust to the sat isfaction of all concerned. The morning of Nov. 1st., the bank did not open as usual and at a later hour it was found that Mr. Staley had absconded, leaving the bank with DO available assets and a defl. ciency of about $25,000,00. Three writs of attachment were issued, in favor of Salling, Hanson & Co., Geo. L. Alexander and Mrs. J. E. and all property in was attached. The sight McKnight, attorneys in these cases with numerous credit ors had an informal that the loss was so agreed meeting general, and all and in instances so that no distressing, many preference peculiarly should be shown, and no advantage taken, but that all creditors should share and share alike, and with that end in view, steps were immediately taken for the appointment of a Receiver. The necessary papers were prepared, and Mr. J. K. Wright went to the Court with a petition, securing the appointment of Marius Hanson, who had been selected at a public meeting of the credit rs. and the property of the company and of was the individual members of the firm taken possession of by that officer. Mr. Alexander went to Pennsylvania to see what could be done to cure the creditors by attachment Mr. or otherwise on the property of Trench. Arriving there and advising with the best counsel obtainable. here, he found the law different from that the claims could not be consolidated in and all brought in a single suit on attachment, but that separate each suits would be required for claim and that no attachment could issue to foreign creditors until judgment was outained. At this stage Mr. Trench appeared two with his attorney and made liapropositions for settlment of his bility. one that he would turn over the certain property in Florida, Commercial House, and all the this personal property of the bank in propor in lieu of the Florida state, he would pay $10,000 in money. the erty Alexander returned, and to the propositions Mr. were presented who creditors at a public meeting, and accepted the proposition of cash property. attorneys and committee the at The proceeded to prepare out all this once papers to carry this necessary of settlment, and pending plan the correspondence following, believe work received, which we in good was that all were acting month. proves, faith to the present up the receipt of the last letter called, meeting On of the creditors decided, was as plan of action postbut no the creditors took the all actions past and those who in were denounced tion some and most active, illegal, that of Finding were had that been void un- no stinted terms. was likely to be promptly with Mr. Hanson heav attorney, Monday reached, agreement his and and some on consulted of the night look test creditors, started south to the situation Mr. Alexander and take such over as was deemcd best. action the individual property deeded to Regarding it has all been Palof Mr. Staley Mesars. Wright homestead, and in trust including their for $1,250,00, mer, been sold deed and which Mrs. has Staley has at St. executed Ignace, a which for her property to be valuable, and this the is believed are working to convert earliest trustees into cash at the be die property possible moment, that it may read the attached tributed. We ask correspondence all Interested to carefully
