The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-24

are now doing business. lie retired
fran active business some years ago and
Is regarded as wealthy man. The di-
rectors are all more or less well known.
Charles A. Porter is an ex-State Senator
and ex-politician. he is now directing al
his energies 10 tho Vulcanite Company 5
business
John Simmons. Is a member Of the firm
Of John Simmons & Sons. paper mer-
chants. Benz T. Obdyke Is a member
Of the firm OF Austin w. Obdyke & Co.
Bent A. Van schaich is one Of the most
extensive wholesale tobacco merchants In
the city Walter T. Bradley Is a member
Of the tapestry manufacturing firm OF
Cooper q Bradley George ]. Siegler.
Jr., Is member Of the extensive shoe
manufacturing irm OF Siegler Brothers.
This cor pletes the list Of directors.
William Steel Is the cashier and w. n.
Price. paying teller
BEGINNING OF END.
The beginning Of the end came on Tues
day. when the chairman Of the clearing
house James v. Watson. who Is also presi-
dent OF the Consolidation National Bank
found it necessary 10 call a meeting Of the
bank presidents 10 consider the situation.
Something had TO be done. and that with
out delay Two million dollars were i'm
peratlyely needed TO settle urgent de-
mands. There were ground figures given
at the meeting. A committee was AZ once
appointed 10 raise the money. This COM
mittee comprised +. Wayland Aver. presi-
dent OF the Merchants Bank; Sidney +.
Tyler, president Of the Fourth-Street Ma
tional Bank; George II. Earle. Jr.. presf-
dent Of the Trademens National Bank,
and r. T. SALISBURY. Of Drexel e. Co.
ha cat e. Il.
10 canvass for subscriptions and the bank.
responded nobly. in twehty-four hours
they received pledges amounting 20 g. lO0,-
o09. Additionally. y1H,0O0 was raised by n
few banks 10 settle Yesterdays clearing
house indebtednss Of the Chestnut-Street
Bank.
Apparently the bank would be saved.
but the situation was no sooner cured
thar. a new trouble was met. Last night
it was discovered that several large items
OF indebtedness. which had not been in
cluded in the original liabilities. must also
be met The committee figured these mp
until they ran over 100000 then they
stopped. The situation was hopeless and
II was TOO late to raise the additional
money President Singerly. II was stated.
had himself borrowed about $3.50 600 from
the Trust Company. giving Chestnut Bank
stock as collateral.
inquiry among several OF tho most
pr1minCnt banking houses Of The City
showed that the general consensus OF
opinion vas that the closing Of the Chest
nut-Stree Bank would not have the
slightest effect upon other financial in
stitutions outside Of those closely tied
UP with Colonel Singerlys personal enter
prises. The rumors prevalent for some
morths. and the fact that this action Of
the bank had been anticipated by the
Clearing House had enabled most Of the
banks and bankers thoroughly 10 dis
count any possible effects Of such action.
Several bankers were inclined 10 tho be-
lief that the withdrawal Of the interests
represented by former Governor Pattison,
and the transfer Of tho same 70 other in
stitutions. ha1 been one Of the influences
which had much 10 do with the weaken
ing the Chestnut-Strcet Bank. This opin-
ion. however. was not confirmed by def
mite facts
MUCH REGRET.
The collapse created unusual regret but
no surprise IN financial circles, for II had
been feared for a long time and since last
Monday had been hourly expected. For
perhaps two years the bank had been
unable TO keep its reserve up 10 the p
per cent level requird by the national
banking laws. As a rule, its reserve
was about 20 per cent. This fact has FOR
a long time been the subject OF unfavor-
able comment in banking circles and
even in the Philadelphia Clearing House.
The crisis came or Tuesday offer the
bank presidents comprising the Cleraing
House Committee had had full oppor-
tunity Of considering the last weekly
H.
These were presented on Monday. Add-
tonally II became known that heavy de-
mands had been made upon the Chestnut
Street Bank. The Clearing House Com
mittce was hurriedly called together, and
as result Of its deliberations a move
ment was started 10 help save the tot
tering structure. one Of the most active
spirits in this movement was George
Phller. president OF the First National
Bank
Drcxel & Co. were solicited "a lend
their assistance. and so favorably did
matters progress that. up 10 3 p. NJ
Yesterday. Mr. f. T. Stotesbury, Of Drexel
& Co. felt confident that the collapse
would be avortcd.
The Chestnut-Street Trust and Saving
Fund Company occupied part OF the same
building as the bank These two institu-
lions were under practically the same
and their business relations
were so closely welded that they were
virtually regarded as one concern. al
houeh, of course, keeping their accounts
The officers and directors OF the trust
company are: William NJ. Slngerly, presi-
lent: Isaac Cooper vice-president; Irwin
y Garverick. secretary and treasurer;
T G. Hart. title officer, william NJ. Sing
.rlv. Isaac Cooper. BENJAMIN j. Obdyke.
BENJAMIN a. Van schaick. John sim
mons. Allen p. Rorke Charles \. Porter
md Walter r. Bradley.
TRUST COMPANY REPORT
The last report Of the Chestnut-Street
trust and Saving Fund Company was
made az tho close Of business, May IS
Sg7 II was as follows:
ash on hand nd.......................s A.O5i ~
'hecks and other cash Items. G9.S95 81
)ue from banks and bankers. IL 013 03
all loans upon cOllaterals...... 6>S.6l3 IS
fire loans upon collateral........ 225.5Sq 70
.oahs upOn bonds and Mortgages. 3lIS@ ~
Mortgages ........... ............... 1896 80
Real estate. furniture. hStures.. 2lSlo5 ~
lverdrafts.......... ....... ........ l.O92 N
Miscellaneous assets. .......... 1852 07
Iotal..-.... ...t+...............Si 81 N1S,659 0S |
LIABILITIES.
'apital stock paid s25o. .ooo m
urpus fund. .................. 5000 90 |
'ndvided profits. less expense
and taxes paid.................... 523s5 o.
deposits subject 10 check........ So. 80 %