The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-24
PHILADELPHIA BANKS FAIL.
Continued from First Page)

| stirned ho heavy losers Last Mondays
| statement OF the Chestnut-Street Natioi"i
] Bank to the clearinghouse showed that
$4,000 was due 10 banks. TINS means
banks throughout the state. ne depos''S
| at the time amounted 10 N,iHsVW.
THE WILSTACH FUND.
Thomas s Martin. secretary OF the
| commission OF Fairmont Park. SAID that
the commission had a deposit at the
Chestnut-S Trust Company Of nearly
sec 600. which IS the interest from Inc
fund bequeathed to them by Anna u.
! Wilstach for the endowment or the ART
gallery. The commissioners are trustees
OF this fund and use the interest In pur-
chasing pictures
Beside this. there Is $500 on deposit
| with the Chestnut-Street National Bank,
being part of the interest OF the VIII
stach fund.
, one OF fhc rumors which gained con-
siderable currency on Third street during
the day was TO the effect that former
Governor Pattison had recently made a
loan from the Chestnut-Street Saving
Fund. and had pledged as security for 1t
$3.50 900 Of the capital stock Of the Security
Trust Company. Of which he IS president.
Mr.. Pattison when seen denied this re-
port. stating:
Neither the Security Trust Company
nor myself personally has borrowed any
money from either the Chestnut-Street
Bank or the Chestnut-Strcet Saving Fund
Company. Colonel Singcrly personally,
held large block Of Security Trust Com
panv's stock. and this may have been
pledged. but such action would not affect
the Security Trust Company in any way"
Early in the day there was a rumor
that the Equitable Trust Company. Of
which William +. Harrity. former chair
man OF the Democratic state Committee.
IS president. was involved. Mr.. Harrity
was seen and said:
There is not a word OF truth in the
statement that the Equitable is involved
II has not. and never did have the slight
est connection with the Chcstnut-Street
National Bank and I can only say that
the mention of the company IN coniunc'
ton with the Chestnut-Street Bank IS ridi-
culous The Equitable Is perfectly sound
and II is to-day worth more than 100 cents
upon the dollar"
STATE MONEY
The State Treasurer had an account in
tho Chostnut-Street Rank amounting %
100000 The last Legislature passed
law relieving tho State Treasurer OF per
sonal responsibility for deposits. but I'M
fortunately for the present incumbent.
the law does not 70 into effect until the
expiration Of his term. II was said by an
NiiiNlhl Nl IL l4iiilif.tdi INSTITUTION Allat Al
thought that perhaps the present State
Treasurer was Unidentified by his deposit
i'm the bank by a bond Of some of the
trustees City Treasurer Oellers was cX-
ceedincly busy attending 10 tho affairs of
the city. which has nearly 100000 in the
bank The Common Council was In scs-
sion and there was considerable excite
mcnt In the chamber when IL became
known that the bank had failed. but IL
was only confined 10 conversation among
the various members.
DENYING CURRENT RUMOR
Charles VI. Swain. president Of the city
Trust and Safe Deposit Company. stated
that there was no connection Of any i'm
portance whatever between that institu-
ton and any Of Colonel Singerly's enter
prises.
Mr.. Swain showed % a reporter the
balance ledger of the City Trust Company
showing that THE exact amount % the
city Trusts deposit in the Chestnut-Street
Bank this morning was 81 .3Ol IS. while the
city trusts cash deposits fund available
from other sources exceeded $500 600
\ prominent banker. who was one Of
the several interested in saving the bank
from suspension. made the following
statement concerning the banks affairs:
"The large financial interests OF Phila-
d~phia had arranged TO provide an
amount Of money thought 10 be sufficient
to take care Of the situation. At the last
minute complications unforeseen az the
inception Of the undertaking appeared
and rendered the sum provided made
quate. From the same source II was
learned that several men representing the
financial interests Of the city had de-
termned yesterday to Keep the bank
from closing its doors. II was at nrst
determined 10 form an underwriting syn
dicate to take 100000 worth Of an issue
Of preferred stock 10 be made by the
Record Publishing Company. Last night
it was found that there was more in
vOlved than was az first apparent and
the arrangement was declared of.
Among other rumors IT was stated that
the Record property had passed into the
hands Of the Widener- Elkins syndicate.
IT was said that some time ago William
NJ Singerlv borrowed 81 .eo0ooO from
Messrs. Widener & Elkins. and that. find
| ing their debtor unable TO pay. the Trac-
| ton magnates forecosed to-day and that
the Record was now in their hands.
Ii was added that the closing Of me
Chestnut-Strect Bank caused Mcssrs.
Widcner & Elkins to take immediate
steps toward securing the money owing
them.
Another rumOr given some crcdence was
that Widener & Elkins mad bought the
Record for 81 10000. and that now Mr..
Singery had the money the bank would
open up again tomorrow morning.
Neither report could be verified.
SOME OF THE LOSERS.
Magistrate William Eisenbrown has
both his individual accounts and his col
lections as magistrate deposited in the
Chestnut-Street Bank and the failure this
morning was a shock 10 him. To-day IS
the day that magistrates make their
monthly returns TO the city Treasurer.
and Magistrate EisenbrOwn was forced to
borrow S2i5.45 10 pay the treasurer
Among the deposltors of the Chestnut
Street Bank was the Teachers Annuity
and Aid Association and Pension Fund.
| which has assets Of between $4,000 and
| $4,000. The Teachers Institute was
depOstor and it is said that the Alumnae
| OF the High and Normal Schools had a de-
post there. The Teachers Beneficial As
ISOLATION has a reserve fund. bur II is no.
| known where that organization had it's
| deposit. IL IS understood that the greater
part Of the Annuity and Aid Association
| money IS invested In mortgages. but Il Is
said that $4,000 which was recently re-
| caved from the city. was deposited in the
| bank
Two aged former school teachers. who
are annuitants. called AT the bank this
| morning TO have their checks cashed.
| They were almost overcome when they
| found that they could not gain admit
| lance 10 the bank. They went 10 the office
| OF the Board Of Education. where their
agitation was pafnfullV evident ThoV