The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-24
NATIONAL BANK CLOSES
Big Philadelphia Concern Goes to
the Wall.
SUSPENSION A SURPRISE
1t Had Good Reputation But Its Busi-
ness Had Been Falling Off for Some
time Past-Failure of an At
tempt to Help the Bank.


stitutions in the city. The suspension
carried with it the closing of the Chest
nut Street Trust & Savings Fund COM
pany, doing business under the state
banking laws. William Nj. Singerly,
publisher of the Philadelphia Record, is
president of both companies, and the
same men, with one exception, act as
officers and directors.
The first information the public re-
ceived that the banks We're in trouble
was in form of a notice posted this
morning on the door of the building
occupied jointly by the two concerns,
signed by National Bank Examiner
William M. Hart, to the effect that the
Chestnut Street National bank had
closed its doors pending an investigation
of its affairs. No statement of assets
and liabilities is available. but it is
stated that the deposits of the Chestnut
Street bank amounted to $1,700,000 and
of the trust company to $1,3oo,ooo
President Singerly gave out brief
statement tonight in which he said
We are working to secure the indebt-
edness of the two banks so that they
can go into voluntary liquidation, and
thus avoid a receiyership.'
In this connection Deputy Comptroller
of the Treasury George NJ. Coffin, who
was sent here from Washington by
Comptroller Eckels to-day said: The
matter of putting the Chestnut Street
National bank into voluntary liquida-
ton has been taken up by Philadelphia
men of great financial ability. Their
first step will be to ascertain the value
of the assets of the bank. They must
be first satisfied that they have a value
sufficient to warrant them in assuming
the Indebtedness"
Mr.. Coffin will remain here several
days, aiding the men who have taken
upon themselves the task of extricating
Mr.. Singerly from his financial difficult
ties. These gentlemen are in consulta-
tion tonight, and the belief is strong
that they will provide the funds neces-
sary for voluntary liquidation of the two
banks.
It was known for some time in bank
ing circles that Mr.. Singerly's banks
We're in trouble. and the national ex-
aminer 1t is said, was aware of the con-
dition of affairs. Last night number
of the leading bank officials of the city
held conference lasting until nearly
3 o'clock this morning, considering the
matter of raising sufficient money to re-
leve Mr.. Singerly's banks of their dis
tress. 1t is understood that PROPOSE
tion TO float s1,000000 preferred stock
of the Philadelphia Record had been
practically agreed to when the discov-
cry was made that because of the in
Nolyed condition of the trust company's
finances this sum would not be within
several thousand dollars of the amount
required. Negotiations were therefore
declared off and the banks were forced
to the wall. Now it is hoped that the
committee which begins where the for
mer committee left off will succeed in
successfully adjusting the finances and
thus permit the banks to pay depositors
dollar for dollar. The net earnings of
the Record last year are said to have
been $24a,000. more than sufficient to
pay dividends on a sum sufficient to
pay all of Mr. Singerly's Indebtedness
to the banks.
The statements of the cause of the
failure current here agree with that Civ
en- by Comptroller Eckels at Washing
ton to-day, that it was primarily due to
the loss of much money by Mr.. Singer
ly in his unproductive paper mill at
Elkton. Md, one of the largest in the
country. One statement placed the sum
thus involved at nearly a million dol
lars. Mr. Singerly also has much mon
ey invested in other enterprises in this
and other cities. Rumors We're current
to the effect that the ownership of the
Record would pass from Mr.. Singerly.
but this he denied, stating positively
that he is i'm absolute control Of the
paper and will continue at its head on
Monday of this week the Chestnut Street
National bank made the following re-
port to the clearing house:
Loans and discounts. s., ,261, 900
I1esdf reserve ....'.... .....-.-... 59o,u0u
Deposits ............... ........ 1,7S9.00o
Due from banks. 355 600
Due TO banks. Observation-Disclosures. 6s6. 900
Circulation .......... ..... $4,000
The reserve has been below the legal
requirements for several weeks. The
deposits on Oct. 5, when the bank re-
ported to the comptroller of the treas
ury, amounted to s.. 239. .956 The shrink
age in this item therefore has been more
than S3O0O00 in a little over two months
1t is said that there have been quiet
but steady runs on both banks for sew
eraf days past. OF the deposits in the
bank the city is represented by $3.50, ,554;
the state by S225.O0o and the national
government by large sum, but all Of
these creditors are believed to be pro-
teeted.
When the trust company made lis
last report 10 the state authorities on
Nov. Is, the deposits amounted 10 s.. 1872 :
2o3. A meeting of the directors of the
trust company will be held tomorrow
to decide upon course of procedure.
1t is believed the state bank examiner
will then take formal possession of the
institution. State Bank Examiner Gil
keson was in the office of the company
a short while to-day and said that he
had the books of the institution under
inspection for some time past
The last report ef the condition of
the Chestnut Street National bank.
made on Oct. 5. 1897, was:
Resources
Loans and discounts. s.....=....=..s $. 80 Dos
oyerdrafts. secured and unse-
cured .........#.#.. ..#.=...=...=.. 35a2
United States bonds 10 secure
circulation 1890. .......+... 20 900
L. :. bonds 10 secure L. :.
1H1DE1IG Inn