The record-union., 1897-12-24

Sensation.
PHILADELPHIA, Dec. 23.-A SEN
sation was created in this city to-day
by the announcement of the suspension
of the Chestnut t-street National Bank,
regarded as one of the strongest finan-
cial institutions in the city. The sus-
pension carried with it the closing of
the Chestnut-street Trust and Savings
Fund Company, doing business under
the State banking laws. William M.
Singerly, publisher of the Philadelphia
Record" is President of both compa-
MES, and the same men, with one ex-
ception, act as officers and Directors.
The first information the public re-
ceived that the banks were in trouble
was in the form of the following notice
posted this morning on the door of the
building occupied jointly by the two
concerns, signed by National Bank EX-
aminer VIM. M. Hart:
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,
The bank has held good reputation,
but it has been known for some time
that its business and necessarily it's
profits have fallen off considerably. The
suspension was great surprise, espec-
tally in view of the high standing of its
officers William NJ. Singerly is its
President and Isaac Cooper Vice Pres
ident
Tho hank started in 1SS.
capital Of $500, 900, with Robert E. Pat
tison as President When the latter took
his seat as Governor of Pennsylvania in
1891 Mr. Singerly succeeded him as
President of the bank.
The Chestnut-street Trust and Saw
ings Fund Company, the officers Of
which are Identical with those of the
bank. was also closed for business to-
day, but to what extent the Trust Com
pany 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 ,, 1897, was:
Resources-Loans and discounts, S2,-
100. .50S; overdrafts secured and unse
cured, So. .522: United States bonds to
secure circulation, $4,000; United
States bonds to secure United States
deposits 100000: premiums on Unit
ed States bonds, $4,000: due from ma
1ional banks, S226631: due from State
banks and bankers, SS,S51; due from
approved reserve agents. $500. I32;;
checks and other cash items, So4 ,3SI;
exchanges for clearing house, S114, ,o9J;
notes of other national banks, 3,1S4;
fractional paper currency nickels and
cents, 50 $50; lawful money reserve in
bank, S140040; redemption fund with
United States Treasurer, $3.50; total,
So. Sos, ,01O.
I.iabilitfes-Capital stock paid in,
$500, 900; surplus funds. $50 600; undi-
vided profits. less expenses and taxes
paid. S24 1924; national bank notes out
standing S43 GOO; due to other national
banks. S506, 10; due to State banks and
bankers, $134,111; individual deposits.
subject to checks. S2, ,035. .S56; demand
certificates of deposit, $500: cashiers
checks outstanding, S12G.572; United
States deposits, S94.715; bills payable,
$3.50 900; total, S3,S6S.0 010.
The bank was depository, and there
were city funds in the bank to the
amount of $3.50. .S34. The State of
PENNSYLVANIA had on deposit December
list. S225,000.
The bank was also a depository Of the
National Government, but the Govern
ment is fully protected against loss by
holding 100000 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, and deposits of
the F&irmount Park Commission. which
latter includes bequests for the park
improvement.
During the past few weeks President
Singerly has made great efforts to en-
able the bank to meet its liabilities
Yesterday the matter was laid before
the clearing house of the Philadelphia
banks. and a proposition to issue S.
o0oo0o at 6 per cent. preferred stock
of the Record Publishing Company as
collateral for loans was considered.
The inveStigat ton developed that this
offer vas not sufficient to justify the
banks in advancing the needed funds.
The members of the clearing house
say that no other banks are involved
in the failure.
Concerning this phase of the case
Mr.. Singerly said to-day: Arrange
ments had been made to make an ex-
SA1tH issue OF S-.tbt.USU pN the
Record Publishing Company. and that
it was thought that would be satisfac-
tory, but somehow or other the plan
fell through
Mr.. Singerly declined to discuss the
banks troubles He said the state
ment which would likely be issued by
the Rank Examiner would explain the
situation.
Concerning the efforts made in fnan-
cial circles in the past few days TO
save the Chestnut-street bank from
failure, prominent fnancier said this
afternoon that the large financial in
terests of the city had combined to
advance the amount of money raported
necessary. but final investigation devel-
oped condition which prevented these
interests from arranging the necessary
relief.
1t was learned that the Clearing
house Association was apprised of a.
serious state of affairs in the condition
of The Chestnut-street bank, and a re-