The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1897-12-25
NEEDLESSLY ALARMED.
SOME DEPOSITORS in SECOND
NATIONAL BANK ALARMED
WITHOUT CAUSE.
The Elkton Bank is In No Wise Affected
by the Philadelphia Failure, and the
Fear of the Depositors was Quickly
Allayed. The Bank Is Strong
and a Statement IS Made
By the Directors.

BY the Directors.
Some excitement was occasioned in Elkton
on Thursday afternoon about one o'clock by
the telegraphic news that the Chestnut Street
National Bank, of Philadelphia, of which
Hon. William NJ. Singerly is President. had
closed its doors and was in the hands OF an
United States Bank Examiner.
From the fact that Mr.. Singerly is also vice
president of the Second National Bank of
Elkton some alarm was caused among de-
positors In the Elkton Bank, who feared that
it might be involved in the Philadelphia
failure. Accordingly something of II run was
made on the Second National Bank Of EIkton,
which continued up to tn" closing OF the
banks doors at three o'clock. Every drmahd
was promptly met by the bank, and which
allayed almost entirely the apprehensious Of
the people. Throughout Elktun that evening
wherever the matter WAS discussed. aItcr TIA"
statement of President William T. WarImrI"u
to the effect that the bank would meet every
demand and was in nowise crippled, were
heard expressions from lruding men Of En-
ton that they had the greatest confidence III
X,
when the banks doors opened Oh Friday
morning, VIII t promised to be II considerable
number OF depositors to Withdraw their
accounts, dwindled down to II very few, and
several of those who had withdrawn on
Thursday, were back to again make deposit.
One deposit on Friday morning was $4,000,
made by prominent business man of Elkton.
DIRECTORS STATEMENT.
The Directors of the Second National Bank
on Friday morning made this statement to
the public
The Second National Bank of EHtOn,
is not materially affected By the closing Of
the Chestnut street National Bank as Tint
Bank at the time Of its future hcid bm
small balance Of the funds Of this Bank,
the reserrc Of this Bank being at that
time with the Commercial and Farmers
Bank Of Baltimore. The Second Ma
tioRal Bank Of E1kton is fully prepared
to meet all its liabilities.
w. T. WARBURTON,
JAS. S. HOPPER,
J. J. ARCHER,
|. ID. DAVIS,
Directors.
On Friday morning the bank received
large sum Of money from the Commercial
and Farmers National Bank of Baltimore,
its reserve agent At noon yesterday the
Second National Bank of Elkton has settled
down to its normal condition. The run al
together amounted to not over $4,000.
CHESTNUT STREET BANK FAILURE.
At the closing of the Chhestnut Street Ma
tional Bank on Thursday, the Chestnut
Street Trust and Saving Fund Com
pany, which was under practically the
same management, also suspended, and
that the joint liabilities would reach, II not
exceed So, 900, seemed to increase the
excitement.
A report from Philadelphia yesterday ystated
efforts are being made to straighten out
the tange, and last night it was announced
that negotiations are under way, by which if
they materialize, it is hoped to secure the
banks debtedness, and also to save the de-
depositors in the trust company. During the
day President Singerly and the Directors Of
the bank sat in the big bank building on
Chestnut street, below Eighth. in consultation
over the turn affairs had taken. When he
left late in the afternoon Mr.. Singerly said:
"There is no statement to be made at this
time except that we are making ever. effort
to secure the banks Indebtedness, SO that the
bank can go into voluntary liquidation and
be saved from a receivership."
The cause assigned for the failure is the
shrinkage in value OF the bonds and notes OF
the SingerIy Pulp and Paper Mills, located at
Elkton, Md. This is the explanation given
by Mr. Sngerly and Comptroller of the
Currency Eckels. Mr. Eckels has been in
Philadelphia several times recently, trying to
make arrangements by which the pulp and
paper mills securities could be taken ont of
the assets Of the bank and preferred stock OF
the Philadelphia Record Company substituted,
By this and certain other changes Mr. Eckes
When the pulp and paper mills securities
were taken by the bank they were regarde
by everyone us first class but since that time
paper has fallen in price from ten cents a
pound to less than two cents, and the securi-
ties have deprecated in proportion.
On all sides were heard expressions of
sympathy for Mr.. Singesly, whose generous
nature has made him beloved by many.
Several prominent citizens and officials Of
numerous banks called upon him yesterday
to offer assistance.