The herald., 1897-12-24

It IS believed the state bank examine
will then take formal possession of tn,
Institution. State Bank Commissions
Gilkeeon was in the office of the com
pany q short while today, and it is sait
thatshe has had the books of the institu
tion Under inspection for some time past
The Chestnut-street National banl
was established in June, 1887, but was
not Incorporated until July 5th of the
same year. Hon. Robert e. Pattison was
its first president, assuming the office
when he retired from the governorship
When he again became governor in 1891
Mr. Singerly succeeded him. The pres
ent officers and directors of the bank
are: VIM. NJ Singerly, president; Isaac
Cooper. vice president; Benz. z. Opdyke,
Benj Van Setback, John Simmons, Chas.
a. Porter, Walter I. Bradley and Geo.
Zeigler, jr., directors; w. w. Price, pay
ing teller; VIM. Steele. cashier, and j. f.
Reardon. notary public.
The officers and directors of the Chest
nut-street Trust and Saving Fund COM
pany are: VIM. NJ. Singerly, president;
Isaac Cooper, vice president; Irwin c..
Caverick, secretary and treasurer; r. c..
Hart. tile officer. The directors are VIM.
M. Singerly, Isaac Cooper, Benz. Opdyke,
Benz Van Setback, John Simmons,
Allen B. Rorke, Chas. A. Porter and Wal
ter r. Bradley.
THE FIRST NOTICE
PHILADELPHIA, Dec. 90. - The
Chestnut-street National Bank did not
open its doors for business this morning
A notice was posted on the door read
ing as follows:
1.-THE Chestnut-street National Bank is
closed for business and is in the hands
of the National Bank Commissioner.
A crowd of depostors soon gathered,
but there was no special excitement.
The bank has held a good reputation,
but it has been known for some time
that it's business, and necessarily Its
profits, have fallen off considerably. The
suspension was a great surprise, espe-
cially in view of the high standing OF
its officers. William NJ. Singerly is its
President and A. Cooper Nice-President.
The bank was started in 1887, on a cap
ital of $780, 900, with Robert f. Pattlson
as President. When the latter took ms
seat as Governor of Pennsylvania in 1891,
Mr.. Singerly succeeded him as President
of the bank. No statement OF the bank
liabilities could be obtained this morn
ing.
The Chestnut-street Trust and Saw
ings Fund Company the officers OF Which
are identical with those of the BANK was
also closed for business today, put TO
what extent the Trust Company Is IN
volved in the banks affairs has not yet
been announced.
The last report of the condition of the
Chestnut-street National Bank, MADE Oh
October S, 1897, was: Resources-Loans
and discounts, $2,790,5OS; overdrafts, Sc
cured and unsecured, $9522; United states
bonds to secure circulation, soo,ooo.
United States bonds to secure United
States deposits, 100000; premiums on
United States bonds, s10,5O0; due from
national banks, s226,631; due from state
banks and bankers, $SS57; due from ap-
proved reserve agents, $500, 1872; checks
and other cash items, s54,SS7; exchanges
for clearing house, $174,595; notes OF
other national banks, $31S4; fractional
paper currency, nickels and cents, $3.50;
lawful money reserve in bank S14o'oi4;
redemption fund with United states
Treasurer, s225O; total. $S,S6S,OIO. LA
bilities-Capital stock paid in, s5Oo,oOO
surplus fund, $150,000; undivided pro1lts,
less expenses and taxes paid, S24'9Zf'
national bank notes outstanding, $43,60O;
due to other national banks, Soob,llo;
due to State banks and bankers, Sl34,-
771:- individual deposits subject to check
s2. .e35, ,S56; demand certificates of deposit,
$500: cashiers checks outstanding, $l26,-
572; United States deposits, 1884,, ,l15; bills
payable, $3.50, 900; total. $3.S6S,Ofo.
The bank was a depository and there
were city funds in the bank to the amount
of S2S9,S54. The State of pennsylvania
had on deposit December 1st $225,ooo.
The bank was also a depository of the
national government, but the govern
ment is fully protected against loss by
holding 100000 United States bonds as
security.
1t is said that the bank holds the funds
of the city, police and firemen's pension
fund, the school teachers pension and
annuity fund and deposits of the Fair
mount Park Commission, which latter
includes bequests for the park improve
ment.
During the past few weeks President
Singerly has made great efforts to en-
able the bank to meet its liabilities.
Yesterday the matter was laid before the
Clearing House of Philadelphia banks
and a proposition to issue $2,000,000 c
per cent preferred stock of the Record
Company as collateral for
loans was considered. The inVestiga-
loans was considered.
A statement was submitted at the
same time, showing that the profits of
the Record last year amounted to $3i9,
600, or sufficient to pay the interest on
the proposed issue of preferred stock
twice over.
The members of the Clearing House
say that no other banks are involved in
the failure. Concerning this phase Of
the case, Mr.. Singerly said today: Ar
rangements had been made to make an
extra stock issue of $2O00,00O by the
Record Publishing Company and
IT was thought that would be satisfac-
tory, but somehow or other the plan fell
Mr.. Sngerly declined to discuss the
banks troubles. He said the statement
which would shortly be issued by the
Bank Examiner would explain the situa-
tion.
Up to > o'clock last night it was
thought that the plan would be adopted,
but at that time hitch occurred which
rendered suspension necessary.
When the Pulp and Paper Mills secu-
rites were taken by the bank they were
regarded as first-class but the paper has
fallen in price and the securities have