The Roanoke times. (Roanoke, Va.) 1897-1977, 1897-12-24
STARTLING BANK FAILURE,
The Chestnut Street National, of
Philadelphia the Victim.

rhilanelphia, Dec. 23 The Chestnut
street National Bank closed its doors to-
day. When the action of the banks ofli-
GERS became known, big crowd gathered
outside and claMored for admittnnce.
Inc president of the bank Is William
Nj. Singerly. owner of the Record. A
statement has not been given.
The hank held good reputation, but it
has been known for some time that it's
business, especially It's profits, had fallen
considerably. The bank started In 1887
with u capital of $500, 900 and Robert f..
Patttson as president. When the latter
tooh his seat as governor of Pennsylvania
In 1881 Siugerly succeeded him as presi-
dent.
Chestnut Street Trust and Saving
tund Company, the officials of which are
identical with those of the bank. and
whose Offices were located in the same
bnilding, also closed. What extent he
Trust Company is involved in the l.ank's
affairs IL not yet announced
Llabilitirs OF the bank and Trust Com
pany together aggregate about So, 00O, 600;
represented by 81 800, 900 deposit in the
bank, 81 5000 in trust company or
the money liz bank about 81. 20O,0 600 was
to the credit Of individual firms and cor
porations in this city, while the sremain-
ing 100000 represented the accounts of
banks in other cities.
1t was also the city depository, the city
having funds in the bank to the amount
of $3.50, SOL The State OF PENNSYLVANIA
also deposited with the bank On Decem-
Der l, 1925, 600 The bank also holds
funds OF the police, 'firemen and pension
fund; school teachers pension annuity
fund; deposits of the Paramount Park
commission, (which latter ..includes be.
quests for park inlprovem ents.
During the past few weeks Singerlv
made great efforts to enable the bank to
meet its liabilities. Yesterday the mat
ter was laid before the clearing house
committee OF Philadelphia banks. AT
the meeting the committees proposition
to issue $4,000, 600 of siX per cent pre-
ferred stock of the Record Publishing
Company rs collateral for loans was CON
sidered. Investigation developed that this
oiler was Insufficient to justify the banks
advancing the needed funds. The mem
hers of the clearing house shy no other
banks ale involved in the failure
Singerly said to- day ARA ngements haze
been made To make an extra stock issue
of 81, 000.00O by the Record Publishing
Company, and it was thought to he salts
factory, but somehow or other the plan
fell through. Further than this Singerly
declined To discuss the banks troubles.
II is said the statement likely to ne issued
by the bank examiners would explsin the
situation.
Washington, Dec. 23.-The failure of
the Chestnut Street National Bank, of
Philadelphia, caused considerable sur
prise in Treasury Circles outside of the
comptroler's office.
No doubt is expressed as 20 the ability
of the bank to pay the depositors Dep
uty Comptroller Coffin, and Special In.
spectors Hart and Lynch were sent to
Philadelphia and will soon report a plan
of settlement.
Besides being government depository.
the director of the mint carries an account
Mt the bank. In both cases the govern
ment is fully protected.
Comp troller of the Currency Eckels
Said to day regarding tho failure Of the
Chestnut Street National Bank, of Phila.
delphia: "Tne suspension is primarily
due TO the shrinkage in the value of bonds
and notes of the SingerIv pulp paper
mills, located Mt Elkton. Md"
Mr.. kckels expressed his belief that
the bank would ultimately pay up every
dollar it owes.
The Philadelphia Record, which is
owned ny Singerly. Eckels said, is very
valuable property, paying about per
cent. annually on about 50, 100000.
ATTENTION TO CLOTHING BUYERS
che sizes of the manufacturers samples
Suits and Overc0ats are getting some.
what scarce. If you intend getting one
Won mukt hP uuick about SruIT