The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1897-12-31
A FINANCIAL CRASH.
Suspension of the Chestnut-Streei
National Bank.
Thought tn Have Been impregnable Tn,
Chestnut street Trust and savings
FUND Company Carried Down
in the Wreck.

PHI ADELPHIA. Dec. A sensation,
was created in this city YESTERDAY by
the announcement OF the suspension
of the Chestnut-street national bank.
regarded as one of the strongest hnan.
cial institutions in the city. The su,.
pension carried with it the closing q
the Chestnut-street Trust and Saving.
Fund Co.. doing business under the
state banking laws. William w.
Singerly. publisher of the Phiiade
phia Record. Is president of both CON.
panies. 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 "A notice posted YES
terday morning on the door Of the
building occupied Jointly by the two
concerns. signed by National BANK TX.
aminer William ii. Hart, To the cifee.
that the Chestnutstreet national bank
had closed its doors pending an inves
tigation of its affairs. No Statement,
OF assets and Liabilities Il available,
but it is stated that the deposits OF the
Chestnut-street bank amounted TO ST.
700 900 and those of the trust company
to 81, 300. 600. President singerly gave
out brief statement last night in
which he said:
ave are working to secure the in.
! debtedness of the two banks So that
they can go into voluntary liquidation
and thus avoid reccivership.'
In this connection Deputy Comp
troller of tire Treasury George NJ. COT
fin, who was sent here from Washing
ton by Comptroller Ecxels. said
The matter OF putting the Chestnut.
street national bank into voluntary
liquidation has been taken up by prom
inent men OF great financial ability
Their first step will be TO ascertain
the value of assets of the bank. They
must rst be satisfied that they have
value sufficient to warrant them IN as
suming the indebtedness"
Mr.. Coffin will remain here several
DAYS aiding the men who have taken
upon themselves the task of extrcat-
ing Mr.. singerly from his financial dli-
fculties- These gentlemen are ia con
sultation and the belief 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. sngerly's pans'
were in trouble and the national bank
examiner, it is said. was aware OF INT
condition of affairs.
"Wednesday nigh; lumber OF leading
bank officials of the city held confer
ence lasting until nearly three O'Clock
Thursday morning considering the mat
ter OF raising sufficient money TO relieTe
Mr.. Sinyerly's banks of their distress
1t is understood that proposition e
float $1,000, 900 preferred stock OF the
i. Philadelphia Record had been prse
. tically agreed to when the discover
was made that, because of the involvet
condition of the trust compauyi
finances. this sum would not be within
:, several hundred thousand dollars o.
! the amount required Negotiations
!. were therefore declared off and tht
!, banks were forced to the wall Nov
it is hoped that the committee whel
began last night where the formei
/. committee left off. will succeed IN sal
isfactorily adjusting the finances aud
j. thus permit the banks TO pay depos'
tors dollar for dollar
t The net earnings of the Record las
s. year are said To have been S.i9-1'
l. more than sufficient TO pay dividcnl
l. on a sum sufficient TO pay all oil ~
e Singerly's Indebtedness to the banhs
n The statements of the cause OF th'
failure current here agree with Una
is made by Comptroller EclSels at WASP
1t ingtor, yesterday. that it was primar..
n due to the loss of much money BY ~
e. Singcrly in his unproductive paPe
mill at EllSton. Nd. one OF the large'
es in the country. One statement place
ri the sum thus involved at nearly sLVV'
J. 600 Mr.. Singerly also has much mone
invested i'm other enterprises ~ w
s. and other cities
u On Monday of this week the ines
n nut-street national bank made the Y
es lowing report to the Philade'pa
Is, clearinghouse:
Lone and dfsrounts r-.-NHi