Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1897-12-24
SINCERITY BANKS FAIL.
Editor-Politician Involved For
Several Millions.
STILL GRIPS HIS NEWSPAPER.
The Philadeiphian Declares He VIII Not
Give Up The Record-Friends Looking
over His Affairs md May Advance
Cash to Tide Him Over.

was created in this city by the an
nouncement 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 Saving Fund
company, doing business under the
state banking laws. William M. SIR
gerly, 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 were in trouble
was in the form of notice posted this
morning on the door of the building oe.
cupied jointly by the two concerns,
signed by National Bank Examiner
William NJ. Hart, to the effect that the
Chestnut Street National bank had
closed it's doors pending an investigation
of it's affairs.
No statement of assets or liabilities
is available, but it is stated that the
deposits of the Chestnut Street bank
amounted to 81, 100000 and of the trust
company 81 100000
President Singerly gave out brief
statement in which he said:
eve are working to secure the in
debtedness of the two banks so that
they can go into voluntary liquidation
and thus avoid receivership.o
In this connection Deputy Comp
troller of the Treasury George M. Cot
fin, who was sent here from Washing
ington by Comptroller Eckels, said
"Tne matter of putting the Chestnut
Street National bank into voluntary
liquidation has been taken up by Phila-
delphia 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 as
Stunning 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-
ton, and the 0elief is strong that they
will provide the funds necessary for
voluntary liquidation of the two banks.
1t was known for some time in bank
ing circles that Mr.. Singerly's banks
were in trouble, and the national bank
examiner. it is said was aware of the
q number OF the leading bank officials
of the city had conference lasting
until nearly 3 o clock this morning con-
sidering the matter of raising sufficient
money to relieve Mr.. Singerly's banks
of their distress. 1t is understood that
q proposition to float *, 900, 600 pre-
ferred stock of the Philadelphia Record
had been practically 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. Nego-
tiations were therefore declared Off and
the banks were forced to the wall.
Now it is hoped that the committee,
which began where the former commit
tee left Off, viii succeed in satisfactorily
adjusting the finances and thus permit
the banks 10 pay the depositors dollar
for dollar.
The net earnings of The Record last
year are said TO have been $249, 200,
more than sufficient to pay dividends,
or 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 Eckles at Wash
ington, that it was primarily due to the
loss of much money by Mr.. Singerly in
his unproductlve paper mill at Elkton,
Md, one OF the largest In the country.
One statement placed the sum thus i'll.
volved ct nearly $1,000, 900. Mr.. Sing
erly also has much money invested in
other enterprises in this and other cit
les. RumOrs were current to the effect
that the ownershipo of The Record would
pass from Mr.. Singerly, but this he de-
MED stating positively that he is in alb
solute control of the paper and will con-
tinue at the head.
On Monday of this week the Chest
nut Street National bank made the fol
lowing report to the Philadelphia clear-
inghonse:
Loans and discounts, S2,261,0
Legal reserve. 1896, 600.
Deposits, 81 $4,000.
Due from banks, 5355, 200.
Due to banks, $685., 600.
Circulation, $43, 600.
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. announced to 81, 035, 800.
The shrinkage in this item, therefore,
has been more than $300,00 in a little
over two months.
1t is said there have been quiet but
steady runs on both banks for several
days past OF the deposits II the bank.
the city is represented by 1886, Dol: the
state by 1922. 600 and the national gov.
eminent by large sum, but all of these
creditors ara believed to be protected.
When the trust company made its last
report to the state authorities, on Nov.
Is. the deposits amounted to 81. 1892, 25s.
Much sympathy is expressed on all