The Topeka state journal., 1897-12-23

Street National bank did not open it's
doors for business this morning The
reason therefor was stated in notice
posted on the door. which read as fol-
lows:
The Chestnut Street National bank
is closed for business and is in the
hands of the national bank examiner.
"(Signed) WM. N. HARDT,
EXAMINER
A crowd of depositors soon gathered
about the door. but there was no spec
ial excitement, and as a general rule,
after each had learned the nature of
the notice on the door, he moved away
and his place in the crowd would be
taken by others anxious to CLEAN some
thing regarding the situation.
The bank has at all times held a good
reputation, but it had been known for
some time that its business and nee
essarily its profits, have fallen off con
however, was a great surprise. espec-
faily in view of the high standing of its
officers.
VIM. NJ. SingerIy is its president and
Isaac Cooper vice president. The bank
was started in 1887 on capital of $780,
600 with Robert E Pattison as presi-
dent When the latter took his seat as
governor of Pennsylvania in 1891. Mr.
SingerIy succeeded him as president of
the bank
The Chestnut Street Trust and Saw
ing Fund company, the officers of which
are identical with those OF the bank
and the offices being located in the
same building, was also closed for busi-
ness today. but to what extent the
trust company is involved in the banks
affairs, has not yet been announced.
The last report of the condition of
the Chestnut Street National bank
made on October 3, 1897, was:
Resources-LOans and discounts, 81
90.5es; oveFdrafts secured and unse-
cured, $3.552; United states bonds to
secure circulatiOns $50, 900; United
States bonds to secure United States
deposits, 100000; premiums on United
States bonds, SO, 500; due from nation
al banks 1926. 631 due from state banks
and bankers, SS,S51; due from approved
reserve agents, $300732; checks and
other cash items, $54,3Sl5 exchanges for
clearing house, $174.595; notes of other
national banks, SO, ,1S4; fractional paper
currency, nickeis and cents, 81, ,S35; law
ful money reserve in bank, $40, O40; re-
demption fund with United States
treasurer, 2,250; total, $S,S6S 0T0.
Liza abilities-Cepital stock paid in,
$500. coo: surplus fund $3.50, 900; undivid-
ed profits. less expenses and taxes
paid. S24, 924; national bank notes out
standing, $43 500; due to other national
banks, S506. 40; due to state banks and
bankers, S134. III; individual deposits
subject to checks, s., 035. .856; demand
certificates of deposit, $1.520; cashiers
checks outstanding, $126,572; United
States deposits. $94.715; bills payable,
$250,000 total $3, ,S6S,07O-
Washington, Dec. 23.-AIr. Ecke-s, the
comptroller OF the currency, said today
in regard to the failure of the Chestnut
Street National bank of Philadelphia.
that the suspension was primarily due
to the shrinkage in the value of the
bonds and notes of the Singerly pulp
and paper mills, located at EllztOn, Md.
The capital of the bank is $500 600. and
al the present time its deposits aggre-
gate about 81, 10000 and its surplus
about $50 600. Mr.. Eckels has been in
Philadelphia several times recently,
trying to make arrangements by which
the pulp and paper mills securities
could be taken out of the assets of the
bank and preferred stock of the Phila-
delphia Record company substituted.
By this and certain other changes, Mr.
T,ckels hoped to put the bank in first
Up TO o'clock last night. it was
thought that the plan would be adopt
ed. but at that time a hitch occurred
which rendered suspension necessary.
When the pulp and paper mills secur-
ities We're taken by the bank they were
regarded by every one as first class.
but since that time paper has fallen in
price from 10 cents pound to less than
cents. and the securities have depre-
ciated in proportion
Mr.. Eckels said there was not the
least suspicion of any wrong doing on
the part of anyone connected with the
bank. and he stlH had strong hopes of
arranging for the voluntary liquidation
of the banks affairs, without the eX-
pense incident to the appointment of a
receiver.
Mr.. Eckels expressed the belief that
the bank ultimately would pay every
dollar it owes
The Philadelphia Record which is
owned by President Singerly. Mr.. Eek
els said is a very valuable property,
paying about ) per cent annually on
about So. 900. 600.
Harrisburg Pa. Dec. 23.-It was an
nounced today by the state treasurer.
that the state has S2z5. 600 on deposit in
the Chestnut Street National bank of
Philadelphia.
Philadelphia. Dec. 23.-The bursted
bank was a city depository and there
were city funds in the bank to the
amount Of S2S9S54 The state of Penn
sylvania also had on deposit with the
bank on December 1, S225. .0O0 according
to the official statement of State
Treasurer Haywood, issued on that
date.
The bank was alsOa depository of the
national government but the govern
ment is fully protected against loss by
holding S100,0 600 United States bonds as
security.
1t is said that the bank holds the
funds of the city, police and firemen's
pension fund, the school teachers pen
sion and annuity fund, the deposits of
the FairmOut Park commission. which
latter includes bequests for the park
Improvement. During the past few
weeks President Singerly has made
great efforts to enable the bank to
meet its liabilities. Yesterday the
matter was laid before the clearing
house committee Of the Philadelphia