Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-12-30
THEIR DOORS ARE CLOSED
Suspension Of the Chestnut Street
National Bank Of Philadelphia.
ALSO, THE c. S. 7. AND S. F. co.
William M. Singerly is Their
President.


which read aa follows;
"The Chestnut Street National Bank
is closed for business, and is in the
hands Of the national bank examiner.
civilian NJ. Hardt, Examiner,
A crowd of depositors soon gathered
about the door, but there was no
especial excitement.
The bank has at ull times held good
reputation, but it has been known for
some time that its business and, neces-
aurily, its profits have fallen off con-
siderably. The banks suspension, how
aver, was great surprise, especially so
10 view of the high stundng Of its Off
uers. William NJ. Singerly is its presi
dent, and Isaac Cooper, vice. president.
The bank was started 10 1887, on a
capital Of $500. GOO, with Robert L.
Pattison as president When the latter
took his seat as Governor Of Pennsyl-
vania, in 1891, Mr.. Singerly succeeded
him.
Tue Chestnut Street Trust and
Saving Fund Co., the officers of which
are identical with those of the bank,
and the offices being locatod in tina
same building, was also closed for
bueiness to-day, but to what extent
The last report of the condition of
the Chestnut Street National Bank,
made on October 9th, 1897, was:
Resources - Loans and discounts,
e., 790 50S. Go: overdraftH, secured and
unsecured, So, 552 "a; United States
bonds, to secure circulation, $40, 900:
United States bonds, to secure United
States deposits, Sl00, COO; premiums on
United States bonus, $40, 100; duo
from national banks, 1926. G31. 70; due
from State banks and bankers,
S5.S5l. DC; due from approved reserve
agents, $500, 1872. rs; checks and other
cash items, S54, 1914; exchanges for
clearinghouse, STA, 505. Al; notes OF
other national banks, So 1874; fractional
paper currency. nickels and cents,
81, S35. %: lawful money reserve in
hank, Sl40. 0i0. 30; redemption fund
with United States Treasurer, g., $50;
total, S.. SOS, 070. s..
LiahilitieA-Capital stock, $500, 600:
surplus fund, $3.50. 600; undivided
profits, lees expenses and taxes paid,
s2l, 32i.S6 national bank notes out.
standing, s43. GOO; due to other national
banks. $500, ITO. Al; hue to State hanks
and bankers, 1874, 20; Individual
deposits, subject to check, 81, OBJ, S5G;
demand certificates OF deposit, 81, 500 ;
cashiers checks outstanding, Sl26 =
572. 10; United States deposits, s94. :
7l5 10; bills payable, $780, 600; total,
SD. s6S, 070.5s.
This bank was city depository. and
there were city funds in the bank to
the amount of $3.50, S5i. The State Of
Pennsylvania also had on deposit with
the bank, on December LIST, 1925, 600,
according to the official statement Of
State Treasurer Haywood. issued on
that date.
The bank was also depository of
the national government, but tho
government is fully protected against
loss by holding 800. 900 in United
States bonds rs 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 and deposits OF
the Fairmount Park Commission. The
latter includes bequests for the park
improvement.
During the last few weeks President
Singerly has maie great efforts to
enable the bank to meet Its liabilities
Yesterday the matter was laid before
the Clearinghouse Commission Of tho
Philadelphia banks, and, at meeting
of the comm ission, a proposition to
issue 81, 900 six per cent preferred
stock of the Record Publishing 60. as
collateral for loans was considered
The Investigation developed that this
offer was not sufficient to justify the
banks in advancing the needed funds
Washington, Dec. 90. Mr.. Eckels,
the Comptroller Of the Currency, said
to-day 10 regard to the failure OF the
Chestnut Street National Bank of Phil
adelphia that the suspension was pri-
marily due to the shrinkage in the
value OF bonds and notes Of the Sin
gerly pulp and paper mills, located
near Elkton Nd. The capital of the
hank 10 $500, 000 and at the present
time its deposits aggregate about
s1.700, 600. and its surplus about
S150. 900. Mr.. EcSela has boon in Phil.
adelphia several times recently, trying
to mako arrangements by which the
pulp and paper mills securities could
he taken out Of the asaeis Of the bank
and preferred stock Of the Philadelphia
Record Co. substituted. BY this and
certain other changes he hoped to pu.
the bank In first class condition. Up ia
8 O'Clock yesterday afternoon il vas
thought that the plan would be
adopted, but at that time there was a
hitch, which rendered suspension
necessary When the pulp and papvr
mills securities 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 q
pound to leas than 2 cents, and the
securities have deprecated In proper
tion. Mr.. Eckels said there was moi
the least suspicion of any wrong doing
on the part Of any one connected with
the bank, and he had strorg hopes Of
arranging for the voluntary liquidation
of the banks Affairs without the ex.
pense incident to the appointment of 0
receiver. lie expressed the belief that
the bank ultimately would pay every
dollar it owes. The philadelphit
Record, which ia owned by Presiden,
Singerly, Mr.. Eckels said is very
valuable property, paying abuut pei
cent annually on about 50, 900, GOO.
Philadelphia, Pa, Dec, p. -Th,
Chestnut Street Trust and Saving
Fund Co., which closed its doors yes
terday, MAIDS an assignment day. fol
the benefit OF creditors, TO George II.
Earle, DR., president OF the Trades.
mems National Bank, and Richard Y.
Cook, president OF the Guarantee
Trust and Safe Deposit Co.
The Chestnut Street Trust Co. is
closely affiliated with the CheutDut
Street National Bank, which, yester.
day, was taken in charge by a national
bank examiner. William NJ, Sipaerly
is president of both companies, and The
boards of directors of the two com nan.
les are the same, with the execution
that in each board there is one member
who is not n diraptnr in tho ntho,