The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-24
Chestnut-Street National Bank and
ings Fund Company Closed.
TOTAL LIABILITIES, 100000
EDITOR sINGERLY, OF THE RECORD,
PRESIDENT OF BOTH CONCERNS.
Federal, State and City Funds Tied
Up-Ehorts TO Avoid Receivership
by Going Into Liquidation.

WdS SACstlCO III l1iA9 NA4S bO-ddy Dy Nic eAA-
nouncement of the suspension of the Chest
nut-street National Bank, regarded as one
of the strongest financial institutions in the
city. The suspension carried with it the
closing of the Chestnut-street Trust and
Saving Fund Company, doing business un-
der the state banking laws. William M.
Singerly, publisher of the Philadelphia Rec
ord, is president of both companies, and the
same men, with one exception, act as off,
GERS and directors.
The first information the public received
that the banks were in trouble was in the
form of notice posted this morning, on the
door of the building occupied jointly by the
two concerns, signed by National Bank Ex-
aminer William M. Hart to the effect that
the Chestnut-street National Bank had
closed its doors pending investigation of
it's affairs. No statement of assets and lia-
bilities is available, but it is stated that the
deposits of the Chestnut-street National
Bank amounted to 81 100000, and of the trust
company $1,30O,000.
President Singerly gave out brief state
ment tonight, in which he said. I'VE are
working to secure the Indebtedness of the
two banks so they can go into voluntary
liquidation and thus avoid a receivership."
In this connection Deputy Controller of
sent here from Washington by Controller
Eckels, to-day said: 'srhe matter of putting
the Chestnut-street National Bank into vol
untary liquidation 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 first
be satisfied that they have value sufficient
to warrant them in assuming the indebted
ness" Mr.. Coffin will remain here several
days aiding the men who have taken upon
themselves the task of extricating Mr.. Sin
gerly from his financial difficulties. These
gentlemen are in consultation tonight, and
the belief is strong that they will provide
the funds necessary for voluntary liqui-
dation of the two banks.
EFFORTS TO ASSIST SINGERLY.
1t was known for some time in banking
circles that Mr.. Singerlys banks were in
trouble, and the national bank examiner it
is said, was aware of the condition of af-
fairs. Last night number of the leading
bank officials of the city had a conference
lasting until nearly 3 o'clock this morning,
considering the matter of raising sufficient
money to relieve Mr.. Singerlys banks of
their distress. 1t is understood that prop
osition to float 100000 preferred stock of
the Philadelphia Record had been practical
ly agreed to when the discovery was made
that because of the involved condition of the
trust company's finances this sum would not
be within several hundred 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 began tonight where the
former committee left off will succeed in
satisfactorily adjusting the finances and
thus permit the banks to pay depositors dol
lar for dollar. The net earnings of the Rec
ord last year are said to have been $2490 900,
more than sufficient to pay dividends on
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 made by Con-
troller Eckels at Washington to-day, that it
was primarily due to the loss of much mon
ey by Mr. Singerly in his unproductive paper
mill at Elkton, Nd, one of the largest in
the country. One statement placed the sum
thus involved at nearly million of dollars.
Mr.. Singerly also has much money invested
in other enterprises in this and other cities.
Rumors were current to the effect that the
ownership of the Record would pass from
Mr.. Singerly, but this he denied, stating pos
itivey that he is in absolute control of the
paper and will continue at its head.
On Monday of this week the Chestnut
street National Bank made the following
renort to the PHILADELPHIA clearing house: