The record-union., 1897-12-24

dilQ II was suggested tndt tnSS6 Va
rious interests should join in subscrib-
hing TO proposed issue of S2,0OO,O0O =
per CO 1T. preferred stock of the Record
publishing Company, the proceeds of
which could be devoted to liquidating
the Indebtedness of Mr.. Singerly. A
statement was submitted at the same
time showing that the profits of the
Record last year amounted to S249,-
QUO, or sufficient to pay the interest on
the proposed issue of preferred stock
twice ever.
The response was almost unanimous,
and AS but few of the institutions or
individuals invited to cooperate refus-
ed TO co SO, no difficulty was expert
enced in raising the $2,0O0,000 required.
An investigation, however, disclosed
the fact that the affairs of the institu-
ton We're more deeply involved than
hS been thought, and the amount of
money raised was insufficient to relieve
the embarrassment. The large finan-
cial interests referred to We're there
fore reluctantly compelled to withdraw
their preferred aid, and the result was
the closing of the doors this morning.
The meeting at which this decision
was reached was held last evening. the
financial interests being represented by
d committee, and it was nearly mid
night that it was decided that the ca
tastrophe could not be averted. The
banks affairs have been under scrutiny
of the Comptroller of the Currency for
some time, and he has paid several Wis
its to this city in connection with the
matter.
70 l.,
of the Chestnut-street Bank has re-
Gently been an open secret. The bank
has for some time been a debtor at the
clearing house in making the daily ex-
changes, and on one or two occasions
some difficulty has been experienced in
meeting its balances. This morning,
however, the Chestnut-street Bank
was creditor at the clearing house
to the amount of $12, ZOO.
The liabilities of the bank and the
trust company together will aggregate
about $4,000 600, represented by 81, 100
UUO deposits in the bank and 81 200 900
in the trust company. OF the 81, 100
OU0 in the bank about 81 100000 was to
the credit of individual firms and cor%
porations in this city, while the re-
mainder represented accounts of banks
in other cities.
The condition of the Chestnut-street
Savings Fund Company at the close of
business November 1f. 1897. wax re-
ported to the State authoIities. 3 fol-
lows:
Cash on hand, S34.0s6; cheeks and
other items. 69.S96; due fIo44 banks
and bankers, $11,013; call loans upon
coilaterals, SGSS,613; time loans upon
collaterals, S226oS9; loans upon bonds
and mortgages, $317 ,306; mortgages.
Sl'2,3l6; real estate, furniture and fix
lures, S2lS,109; overdrafts. 81 095: mis-
cellaneous, S15,542. Total, 81, SO 659 IS.
Liabilities-Capital stock paid in.
$4,000; surplus fund, S5O.O4w; ur.ai-
vlded profits, less expenses and taxes
paid, $52,3S5; deposits subject to
check, $500, $50; deposits special S653.-
2'13. Total. 81 1925 Sc. Miscellan-
Gus Liabilities, $14,O20. rotal. S1.s5s.-
659 3S.
Amount trust funds invested, S193.-
'9f o4. Amount trust funds uninvest-
ed, ,329 06. Total S235, 173 20.
PRESIDENT Singerly gave out brief
statement tonight in which he said:
we are working to secure the in
ueotedness of the two banks so that
'hey can go into voluntary Liquidation
and thus avoid a receivership."
IN TINS connection, Deputy Comp
troller OF the Treasury George NJ. Cof-
nm. who was sent here from Washing
ton oy comptroller Eckels to-day. said:
ne matter of putting the Chestnut
street National Bank into voluntary
liquidation has been taken up by Phil
adeiphia men of great financial ability.
Ihelr first step will be to ascertain the
value of the assets of the bank. They
must first be satisfied that they have a
value sufficient TO warrant them in as
suming the indebtedness
Mr.. Coffin viii remain here several
days aiding the men who have taken
upon themselves the task of extricat
ing Mr.. Singerly from his financial di1f-
cultfes. These gentlemen are in con-
sultation tonight, and the belief is
strong that they will provide the funds
necessary for the voluntary liquidation
Of the two banks.
meeting of the Directors of the
Trust Company will be held at 10
O'Clock tomorrow to decide upon a
course of procedure. 1t is believed
the State Bank Examiner will then take
formal possession Of the institution
State Bank Commissioner Gilkeson was
in the office Of the company a short
While to-day, and il is said that he has
had the books of the institution under
inspection for some time past.
NO OTHER BANKS AFFECTED.
WASHINGTON, Dec. 23.-Comptrol
Ter Eckels said this afternoon that no
other banks We're involved, and in his
judgment no others would be affected
by the failure. Mr.. Eckels and Mr.
Hart, the Bank Examiner in charge
had conversation late this afternoon
over the long distance telephone. Mr..
Hart said that a joint meeting of the
Directors of the two failed concerns
with John S. Bullitt, who is acting as
counsel for the department, Mr.. Gof-
fin, the Deputy Comptroller, and himself
was then in progress, and they were
working on plan to bring about a VOL
untary liquidation. with reasonable
hope of success. Among the Directors
present were several men of large
means. and it was hoped a settlemen,
on this basis would ultimately be reach
ed.
Judge Parsons Appointment.
WASHINGTON. Dec. 23.-It is be-