The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-12-24
Of Beads Of the sfn8esiy
p-rp asd Paper Mills the sssse-
x.~t.st street Trust II savings
r~eA Company Also susDesds.

- 90 concerns, signed by National
rraminer William NJ. Hart. TO the
mar the Chestnut Street National
- NAB elceed its doors pending an in
1910. of is affairs No statement
! sssxts and liabilities is available. but
!. ..a,.a that TIE deposits Of the Chest
- Gree, bank amounted 10 81. 7oo. ooo. and
!, - Trust company si,stolso.
p~es.dent Singeriy gave out a brief
.s.s.meat tonight In which he said.
~. are working 10 secure the indebt-
s~.sx ~ he TWO banks 80 that they can
8 INTO voluntary Liquidation. and thus
sssa4d a receiyers1lp.
- mi. connection Deputy Comptroiier
3 he Treasury George NJ. Coifln. VINO
s.. ssnt here from Washington by Comp
.ss,s, Eekeis. today said:
rTna matter of putting the Chestnut
fset National bank into voluntary iiqui-
s.stou las been taken ap by Philadelphia
- Of great financial ability. Their first
Ian VIII be to ascertain the value Of tho
- Of The bank They must iirst ns
sss.ssa,d that they have value sufficient
q warrant them In assuming tins indebt-
sanssg
Mr. Coffin will remain here several days
.ssn- the men who have taken upon
shsrr selves the task o. extricatIng Mr..
rtagerIy from his financial difficulties.
..sse gentlemen are la consultation to-
slxhs. ard the belief is strong that they
rI proyide the funds necessary for vol
au.ssy liquidation of the TWO banks.
Eaorfs 10 Aver: the Disaster.
s,snrsrainx the efforts made In financial
ss-rlss In the past few days To save the
aesfnuf Street bank from failure, a
a,ouiaent tinancier said this afternoon
Est the large financial interests of The
III had combined 10 adsaf the amount
i money reported "a necessary. but a. final
IayestigalloE developed a condition which
gsvented these interests from arranging
If the needed relief.
ii was further learned I'm this connec-
ion that the clearing house association,
shich Ii composed of all but one or two
Il the national hanks in the city. was ap-
ptised of a serious state of affairs in the
coalition Of the Chestnut Street. bank.
and request was made that the banks.
trust companies and other financial con-
terms should unite in extending aid.
II was stated that II Mr.. Singerly's In
ssbsedness to the bank could be iiaulda-ed
II danger OF failure would be avertcd,
saa II was suggested that these various
ananeial interests should join in subscrib-
tsg TO o. underwriting proposed issue Of
nSa00 per cent. preferred stock al the
Rsc0rd Publishing Company, the proceeds
u which could be devoted To the lfluida-
ton ef that Indebtedness and other obii-
sssiors of Mr.. Singerly.
A statement was submitted at the same
ame showing that the profits Of the Rec
I'D last year amounted 10 s2is 60 or suiii-
CENT to pay the interest on the proposed
issue OF preferred stock twice over. The
fsponse v as almost unanimous. and as
Aat few Of the Institutions or individuals
Invited to cooperate refused 10 do SO. no
d6euty was experienced In raising the
esdato required. A member Of leading
Making house was invited. and consented
10 represent the subscribers In the nego-
siafsons and at the close Of business IL
sas confidently believed that all obstacles
70 ne banks continuance In business had
Zen removed.
Too Deeply Involved.
Another investigation. ho~eve-. disclosed
he fact that the affairs of the institution
we're more deeply involved than was
thought. and the condition was such that
he amount Of money raised was deemed
insufficient 10 relieve the embarrassment.
The large financial interests referred to
sefe therefore reluctantly forced TO with
ersw THEIR proffered offer of aid. and the
Jesuit vas the closing Of the doors OF the
hank this morning. The meeting at which
sals decision was reached was held last
evening, tho financial interests being rep
resented by a committee. and il was not
anHl near midnight that IL was decided
'has The catastrophe could not he averted.
Now II Is hored that the committee
which began where the former committee
Ell on will succeed I'm successfully adjust
AS me finances and thus permi, the banks
pay depositors dollar for dollar.
me statements Of the cause Of the fall
W current here agree with tina, made by
sompsroller Eckels nj Washington today
ast II was primarily due TO the loss Of
aaoh money by Mr.. Singerly In his unpro-
aarslve PAPER mill az Elkton. Md. one OF
w afgest In the country. Ona statement
ssNed The sum thus involved AT nearly
s' AR Singerly also has much
es invested IN enterprises In this ana
,l elties. Rtir1ors were current to the
w shat N. Ownership OF the Record
saaia pass from Mr., S!ngcriy. but this he
saasea, s'Acng positively that he IL in alb
~ as entlroa of the paper. and Will con-
ahas At ts head
.. ao oanSs affairs have been under the
sahy OF the comptroller Of the cur
-, 80. as1 some time, and he has paid ssv-
VISITS TO this city I'm connection with
!
,ns OF the Chestnut Street bank has
.sa.'y been an open secret. The hank
.os some time been "A debtor at the
ss.sAs mousse. In making the daily ex-
So ana on one or two occasions some
- mas been experienced I'm making
rshees This morning. however. the
ss..s aat street bank was a creditor at
mouse 10 the amount OF sisea
aaoisiiies OF the bank ana the trust
n@s together will aggregate about
ss- represented by 81. 7sa ono of de-
- the bank and 81. 500 100 in the trust
a.. or the 81. To-. 90 in the bank
VA, s,se.ec was TO tho credit of ,n,lt-
,sa. nsus and corporations in this city.
A. me remaining $500 90 representea
n, 0un's or banks in other cities.
| s,S., ~aay Of this week the Chestnut
nss. sas,cnA bank made the following
49, as 10 the clearing house:
| 49, eNu discounts IN