New-York tribune., 1891-05-09
COMMENTS MADE IN WALL STREET
DOUBTFUL RUMoRs INVOLVING ANOTHER PHIL
ADELPHIA BANK.

ADELPHIA BANK.
The news from Philadelphia Of the failure Of the
Spring Garden National Dan caused the circulation In
Wall Street Of many disqueting wmors respecting the
financial situation In that city, Trouble was reported
in the affairs OF one OF the strongest banks in Phila
delpha, but this was not credited by wel-informed
bankers here The bank assaled by these rumors has
capital of 81 900 900 and surplus, with undivided
profits according ID its last statement, OF more than
81 800 OOO It's NewYOr correspondents are banks OF
the highest standing and they emphatcally expressed
disbelief in the Another story which was cir
culated was that large trust company In Phiia-
delphia had failed or was embarrassed, but 1t
was generally considered that this grew out
of the suspension OF the Penn Safe Deposit
and Trust Company an organization which was con-
nected with the management Of the Spring Garden
Bank This deposit company was not believed to be
large and its collapse regarded as sequel TO the
banks failure.
The gene,a opinion among well-informed bankers is
that Philadelphia has had strained financial posuon
since the culmnatiOn Of the money panic in last NO
vember Because of this, moro crcdence was given 10
the dsqueting rumors than might otherwise have been
the case prominent bank officer said yesterday tnat
the trust and safedeposit companies OF Phlahelpma
we're not subjected TO the close scrutiny as IS
pcovided by the State laws Of NewYork and by the
National Banking act. 1t has been known FOR some
time that Philadelphia has been an excellent market
for city railways, eleCtrlC llguI comPaho' s"S W."
water works, and even municipal building enter
prses which have been less ready Of sale in the locai
tiles where the schemes originated. Many OF theSe
enterprises are admitted TO be perfectly legitimate and
full Of promise of profit but the securities were pot Oh
character on which realzatons can readily De maao
when monetary pinch Is felt by the institutions whlch
have made advances 1t is supposed that the uiss
To the Spring Garden Bank aud the trust company
allied to it may have grown out OF some comphcauon
| arising from this kinf OF investment.
| The New-York correspondents Of the Gprng Garden
National Bank are the Hanover National Bank and the
National Rank of the Republic At both OF these In
tntons nothing could learned Of the causes OF tne
failuce Of the Philadelphia institution or OF its probable
extent John Jay Knox, president OF the Natonai
Rank of the Republic said that In his bank there was
balance To the credit Of tho Spring Garden At ule
Hanover information was withheld as to the balahce
hetween Il and the Spring Garden, but IL as sla0eo
emnhaticay that the Hanover would lose nothing py
th, failure 1t is understood that the spring uaSue
owes money to numerous New York banks but u Is not
believed that in any case tne anlouiiVe "i0 'e0 ~
likely to. cause embarrassm ment -. 4. oo.o
,r6e SnrIng Garden, by statement maue III OIto ~
her had 90 500 900 in deposits In teDSu5Ty ~ the :
amount had fallen to niue more ana, tbe financial
stress of the winter. The drcc..>s OF the bank are
Francis W. Kennedy, John T.. e;eteon EpnIai itd
land Nelson F. Evans. Epralm nOuiE, 9E,toD Nd g. head
of n large hatmapufacturfng concern anu NJ. S
fs large retail dry goods dealer. Mr. kennedy WIZ ~
is the president Of the bank mas Dse these have
ia to an involving Of the affairs OF the oanR ~ ~
Gber words the bank Is supposed 70 nave nu Sych
spread out" in too many cohcers, & ~ been Interested
& o PParl was formerly State institution, ana Was
recrponized several years ago under National cer'