Santa Fe daily New Mexican., 1897-12-23
PHILADELPHIA BANK FAILURE
Chestnut Street National in Hands of
Receiyer-Capital of S500,00O,
Total Resources 50 ,868,070.
SUSPENSION COMPLETE SURPRISE IN CITY
State Had $685. 900 on Deposit Unit
ed States Depository - Trouble
Caused by Shrinkage in Value
of Collateral Held.

Philadelphia, Dec. 23.-The Chestnut
Street National bank did not open for
business this morning and is in the hands
of National Bank Examiner Hardt. A
crowd of depositors soon gathered, but
there was no special excitement
The bank held good reputation, but
it has been known for some time that it's
business had fallen off considerably. The
suspension was surprise, especially in
view of the high standing of it's officers.
William M. Singerly is president and Isaac
Cooper is vice president.
The bank was started in 1887, on
capital of $5OO,0O0, with Robert E. Patti
son as president. When the latter took
his seat as governor, in 1891, Singerly
succeeded him as president.
No statement of the liabilities could be
obtained this morning.
The Chestnut Street Trust & Savings
Fund company, the officers of which are
identical with those of the bank, was also
closed for business today.
The last report of the condition of the
bank, made on October 5, 1897, gave the
total resources at $386s,O7O; deposits,
subject to check, $2,035,856.
There were city funds in the bank to
the amount of $289,854; the state had on
deposit $225,OOO. The bank was also the
depository of the national government,
but the government is fully protected
against any loss by the holding of $780,
600 in United States bonds as security.
President Singerly made great efforts
to enable the bank to meet all liabilities.
Yesterday the clearing house committee
of the Philadelphia banks considered a
proposition to issue $2,000,000 per
cent preferred stock in the Record Pub
fishing company as collateral, but in
vestigation developed that this offer was
not sufficient to justify the banks ad
vanoing the needed funds. No other
banks are involved in the failure.
The liabilities of the bank and Trust
company will aggregate about $3,000,000,
represented by $l,700,000 deposits In the
bank and 81 100000 in the Trust COM
psny. or the $1,7OO,OOO in the bank
about $1,200,000 was to the credit of in
dividual firms and corporations in this
city, while the remaining $500000 rep
resented accounts Of banks in other cities.
STATE TREAsURER's STATEMENT.
Harrisburg, Pa, Dec. 23.-It was an
nounced by the state treasurer that the
state had $225,000 on deposit in the
Chestnut Street National bank of Phila-
delphIa.
COMPTROLLER EoKELs' VIEWS.
Washington, Dec. 23.-James H. Eckels,
comptroller of the currency, said today
in regard to the Chestnut Street National
bank 10 Philadelphia, that the suspension
was primarily due to the shrinkage in
value of bonds and notes issued by the
Singerly pulp and paper mills located at
Elkton, Md. The capital of the bank
is $500,0O0; deposits aggregate about ST.
100000 and the surplus about $l50,000.
Mr.. Eckels has been in Philadelphia re.
Gently several times, making arrangements
by which the pulp and paper mills se-
curities could be taken out of the assets
of the bank, and stock of the Philadel-
phia company substituted.
Up to O'Clock last night it was
thought that plan to save the institu-
tion would be adopted, but hitch oc-
CURED which rendered the suspension
necessary. Mr.. Eokels said there was not
the least suspicion of wrong doing on the
part of anyone connected with the bank,
and he still had strong hopes of an ar.
rangement for the voluntary liquidation
of the banks affairs, without the expense
incident to the appointment of a receiver.
Mr.. Eokels expressed the belief that the
bank would ultimately pay every dollar
it owes.