The Wichita daily eagle., 1897-12-24


ership-No Statement Given Out.
Philadelphia, Dec. PA sensation
was created in this city this morning by
The announcement OF the suspension OF
the Chestnut Street National bank, re-
garded as one of the strongest financial
Institutions in the city. The suspension
carried with it the closing Of the Chest
nut Street Trust and Savings Fund
company, doing business under the
state banking laws. William NJ. Sing
erly, publisher of the Philadelphia
Record, is president of both companies
and the same men, with one exception,
act as officers and directors.
The first intimation the public receiv-
"a that the bank was in trouble was in
the form OF a notice posted this morning
on the door OF the building, by nominal
Bank Examiner William Hart to the
effect that the Chestnut Street bank mad
closed its door, pending an investiga-
ton Of its affairs. No statement of as
sets and liabilities is available but it is
stated that the deposits of the Chestnut
Street bank amounted to sf,7O0,00O and
Of the Trust company TO 81 100000.
President Singerly gave out a brief
statement tonight in which ne said:
we are working 20 secure the in
debtedness of the two banks so that
they can go into voluntary liquidation
and thus avoid receivership."
In this connection Deputy Comptroll-
e. of the Treasury George NJ. Coffin.
who was sent here from Washington by
Comptroller Eckels today, said:
''T-he matter Of putting the Chestnut
Street National bank into voluntary
liquidation has been taken up by Phila-
delphia gentlemen of great financial
ability. Their first step will be to as
certain the value of the assets of the
bank. They must first be sure ts1st they
have value sufficient to warrant them
in assuming the Indebtedness
Mr.. Coffin will remain here several
days, aiding the men VINO nave 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 wili provide the funds neces-
sary for voluntary liquidation of the
two banks.
1t was known for some time in bank
Ing circles that Mr.. Singerly's banks
were in trobule, and the national bank
examiner, il is said, was aware of the
condition of affairs. Last night a num-
her the leading bank officials held a con-
ference regarding the matter of raising
the money to relieve Mr. Singerly's
banks OF their distressed condition.
Now 1T is hoped the committee viii
succeed in adjusting the finances and
thus permit the banks 10 pay deposit
ors dollar for dollar. The net earnings
Of the Record last year are said to have
been 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 Comptroller Eckels at Wash
ington today, that it was primarily due
10 the loss of much money 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 a million
dollars.
Mr.. Singeray also has much money in
vested 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
~ h. tod =.
that he is in absolute control Of the pa
per and will continue at it's head.
On Monday OF this week the Chestnut
Street bank made the following report
10 the Philadelphia clearing house:
Loans and discounts 2,261. 600; legal re-
serve 1896, 600; deposits Si,7S9. 900; due
from banks $3.50 900; due 10 banks $685.
600; circulation $4,000. The reserve has
been below the legal requirements for
several weeks.
The deposits on October 5, when the
bank reported to the comptroller of the
treasury. amounted TO s2,0S5, $50. The
shrinkage in this item. therefore. has
been mora than $500. 900 in a little over
two months
1t is said there have been quiet but
steady runs on both banks for several
days past.
On the deposits in the bank. the city
is represented by $2S9. 9.554; the state by
$225o00 and the national government by
q large sum, but all of these creditors
are believed to be protected.
\ meeting Of the directors OF the
Trust company win be held at 10 o'clock
tomorrow 10 decide upon course Of
procedure. 1t is believed the state bank
examiner viii take informal possession
OF the banks.
Much sympathy is expressed on all
sides for Mr.. Singerly. He has occupied
such prominent place in the affairs of
the city and the state for years past tfat
the news Of his financial difficulties now
created sensation.
Mr.. Singefly stated tonight that he
had received hundreds Of telegran,s
from all over the country. expressing
the sympathy fhis friends. He has
borne the strain very vel, although ne
fully shows in MS face and manner the
deep concern his troubles are causing
him.
Crowds were gathered in front of the
big granite banking building all day but
al was quiet. A line of policemen keep
the people moving
4 greaa number Of small accounts
were carried by the Trust COMPANY.
and apprehension was expressed s.hat
sane distress might follow the failure.
Il the hopes Of a quick settlement are
realized, however. al depositors VIII be
paid in ful within a snort time