The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1897-12-29
BIG PHILADELPHIA BANK FAILURE.
wm. Il. singerly, Prominent in Political
and Financial Circles, President Of
the Concern.

a sensation was created throughout the
country last Thursday by the announce
ment of the suspension Of the Chestnut
street National Bank Of Philadelphia, re-
garded as one OF the strongest financial
institutions in the city. The suspension
carried with it the closing of the Chestnut
street Trust and Saving Fund company,
doing business under the State banking
laws. William NJ. Singerly, 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 receiv-
ed was in the form Of a notice posted on
the door Of the building occupied jointly
by the two concerns, signed 10y National
Bank Examiner William NJ. Hardt, to the
effect that the Chestnut Street. bank had
closed its doors pending an investigation
Of its affairs. No statement Of assests and
liabilities TO date is available, but il is
stated that the deposits Of the Chestnut
Street bank amounted TO sl,7OO,O0O and Of
the Trust company Sl.3o0,0O0.
President Singerly gave out brief
statement in which he said: 1--WE are
working TO secure the Indebtedness Of the
two banks so that they can go into vOlun-
tary liquidation, and thus avoid a receiv-
ership." Deputy Comptroller Of the
Treasury G. NJ. Coffin, who was sent here
from Washington by Comptroller Eekels,
said The matter Ofputting the Chestnut
Street bank in voluntary liquidation has
been taken up by Philadelphia 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 a value sufficient TO war
rant them in assuming the Indebtedness.
These gentlemen are in consultation to-
night, anG the belief is strong that they
will provide the funds necessary for a vol
untary liquidation Of the two banks.
The Record published the following
editorial Friday morning:
1.-The Record is compelled to make
painful personal announcement this
morning. Owing to the financial embar-
rassment of William NJ. Singerly. presi-
dent Of the Record Publishing company,
the Chestnut Street National bank and
the Chestnut Street Trust and Savings
Fund company were Obliged to suspend
business Friday. The weight which prov
ed too heavy for Mr.. Singerly to carry
was his large investment in the Singerly
pulp and paper mills, at Elkton, Nd.
The extreme shrinkage in the price of pa
per and the resulting depreciation in the
value of this property, was the primary
cause of his embarrassment, and Of the
suspension of the bank and trust company
with which he has been so closely identi-
fed An extraordinary effort was made
before the announcement of the suspen-
sion Friday to tide over the difficulty, and
Mr.. Singerly's friends rallied TO his assist
ance with rare generosity and fidelity I;
but it was found impracticable to turn the
assets at his disposal into a shape TO meet
immediate requirement. 4 complete
statement Of the condition Of the Chestnut
Street National bank viii soon be avail
able. 1t is probable that such arrange
ments viii be perfected as will enable the
bank to liquidate its obligations without
the necessity or delay of receivership.
In the Record property Mr.. Singerly has
a valuable asset. The earnings of this
journal for the past year in excess Of all
expenditures have been $4,000. With
such a moneymaker to fall back upon,
aud with a grim determination to pay
every dollar ne owes, he hopes 10 redeem
his credit aud satisfy his creditors"