Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1897-12-29
BIG BANK FAILURE.
Greatest Banks In the City of Philadeiphis
Suspend Payment.


Greatest Banks In the City of Philadelphia
Suspend Payment.
Philadelphia, Dec. 27. A sensation
was created in this city by the an
nouneement of the suspension of the
Chestnut Street, National bank, re-
garded as one of the strongest finan-
elal institutions in the city. The sus-
pension carried with it the closing of
the Chestnut Trust and Savings Fund
company. doing business under the
state banking laws. William NJ Sim
gerly, publisher of the Philadelphia
Record, is president Of both companies
and the same men, with one exception
act as officers and directors.
The first information the public re-
ceiyed that the banks were in trouble
was IN the form of a notice posted on
the door of the building occupied
Jointly by the concerns, signed by Ma
tional Bank Examiner William M.
Hart, to the effect that the Chestnut
Street National bank had closed its
doors pending an investigation of its
affairs.
No statement of assets and liabilities
is available, but it is stated that the
deposits of the Chestnut Street bank
amounted to 200, 900, and of the
trust company ST. 300, 900.
President Singerly gave out a brief
statement tonight in which he said;
I'VE are working to secure the indebt-
edness of the two banks so that they
can go into voluntary liquidation, and
thus avoid a receivership.
The net earnings of the Record last
year are said to have been S249, 900,
more than sufficient to pay dividends
on sum sufficient to pay all of MIR.
Singerly's Indebtedness to the banks.
The statements of the cause of the
failure current here agree with those
made by Comptroller Eckels at Wash
lngton, that it was primarily due to
the loss OF much money by Mr.. Singer
y IN his unproductive paper mill at
Elkton, Md, one of the largest in the
! country, One statement placed the
sum thus involved at nearly a million
dollars.
Mr.. Singerly also has much money
invested in other enterprises in this
and other cities. Rumors were current
that the ownership of the Record
would pass from Mr.. Singerly, but
this he denied, his friends stating pos.
itively that he is in absolute control
of the paper, and will continue at its
head.
On Monday of this week the Chest.
nut Street National bank made the
following report to the clearing house,
Loans and discounts, 81, ,26l, 900; legal
reserve, $500 deposits, 81 ,7s9, 600
due from banks, S355, 200; due to banks,
96s6, 900; circulation, S43, 900.
The reserve has been below the LEGAL
requirements for several weeks. The
deposits on October s, when the banl,
reported to the comptroller of the
/ treasury, amounted to So, ,239. .955.
The shrinkage in this sum- therefore
has been more than $500, 600 in little
over two months.
1t is said that there have been ouiet
but steady runs on both banks fo,
several days past OF the deposits in
the bank, the city is represented by
S2S9'554; the state by 1925, 900, and the
national government by large sum
but all of these creditors are believed
to be protected.
Much sympathy is expressed on al
sides for Mr.. Singerly. He has occu
pied such a prominent place in tn,
ahairs OF the state and city for years
past that the news of his financial diff
dculties naturally created sensation