The Portland daily press., 1897-12-24

! Ia So1upduy, plc O1l1C6io "a
identical with those of the hank and the
binoes of which are located IN the same
ouliulng, was also closed for business to-
uay, but to what extent the Irus6 COM
pany Is involved in the banks affairs,
nas not yet been announced.
- The last report Of the condition of the
Shestnut Street National bank, made on
and DISCOUNTS, 81, 100, 50S.e5; overdrafts,
secured and unsecured, So, ,552.34; United
states bonds to secure circulation, $50, 900
United States bonds to secure United
states deposits, 100000; premiums on
United States bonds $4,000; due from
national banks, 1925, ,63l 70; from state
banks and bankers, $S,S51.46; due from
cheoks and other cash items, $54, 887.74
| exchange for clearing house, Sl74,595 Al;
notes of national banks, $3.1S4; from
national paper currency, nickles and
cents, So, ,S3 80; lawful money reserve in
hanks, S140, ,04O.50; redemption fund U.
D. treasury, So, $50; total, So, S68, ,070 So.
Liabilities: Capital stock paid, $780,
ooo; surplus fund, S150,000; undivided
profits, less expenses and taxes paid, $24,-
s24. S6 National bank notes, outstanding.
Sa5,600; due to other national banks, S56,-
| ll0 Al; due to state banks and bankers,
Sl54. TITO; individual deposits subject to
| checks. $2, ,035, ,656; demand certificates of
deposits, 81 $40; cashiers checks, out.
standing, Si26, 57251; United States de.
posits, $94, us 10; bills payable, $3.50 600.
| Total. s3. 86s, ,070 So.
The bank was city depository and
there were city funds in the bank to the
amount of $3.50, 1854.
| The bank was also depository of the
national government, but the govern
ment is fully protected against loss by
! holding 800 600 United States bonds as
security. It is said that the bank held
| the funds of the city police and firemen' s
pension fund, the school teachers pension
and annuity fund and deposits of the
Fairmount Park commission which latter
| includes bequests for the park improve
ment
| During the past few weeks, President
| S1ngerly has made great efforts to enable
the bank to meet it's liabilities. Yester-
day the matter was laid before the Clear
ing House committee of the Philadelphia
| banks, and at q meeting of the commit
tee proposition to issue SO 600, coo of six
| per cent preferred stock of the Record
Publishing company as collateral was de-
cided. Investigation developed that it
was not deemed advisable for the bank to
advance the needed funds.
! The members of the clearing house say
| that no other bank is involved in the fail
ure. Mr. Singerly said today: Arrange
ments had been made to make an extra
stock issue of 81. o0o,00 by the Record
Publishing Co. and it was thought that
would be satisfactory, hut somehow or
other the plan fell through
| Further than this Mr. Singerly declined
| to discuss the banks troubles.
| Concerning the efforts made in financial
circles in the past few days to save the
| Chestnut Street bank from failure, a
prominent financier said this afternoon,
| said that the large financial interests of
| thn cify had hinnl advance ha
amount of money reported as necessary,
but final Investigation developed con-
dition which prevented these interests
from arranging to extend the needed re-
| lief.
It'was further learned in this connec-
| tion that the Clearing House association,
which is composed of all but one or two
OF the national banks within the city
limits, was appraised OF o serious state
of affairs in the condition Of the Chestnut
; ( set bank, and a request was made that
the banks, trust companies and other
| large financial interests should unite in
extending aid. It was stated that if MIR.
| Singerley's Indebtedness to the bank
could be liquidated all danger could be
averted and it was suggested that these
various financial interests should join in
sui scribing to or underwriting a proposed
issue of S2,000,000 six per cent preferred
stock of the Record Publishing company,
the proceeds of which could be devoted to
the liquidation of that Indebtedness and
other obligations of Mr.. Singerley.
A statement was submitted at the same
time showing that the profits of the
Record last year amounted to $249, 900.
Washington, December 23-Mr. Eckles,
the comptroller of the currency. said to-
| day in regard to the failure OF the Chest
nut Street National bank Of Philadelphia
that the suspension was primarily due to
the shrinkage of the value of the bonds
and notes of the Singerly Pulp and Paper
mills, located at Elkton, Maryland.
When tho Pulp and Paper mills seeuri-
ties were taken by tho bank they were re-
garded by every one rs first class, but
since that time the paper has fallen in
price from ten cents @ pound to less than
two cents and the securities have depreci.
ated in proportion.
Mr.. Eokles said there was not the least
suspicion of any wrong doing Oh the part
of any one connected with the hank and
he still had strong hopes of arranging for
the voluntary liquidation of the bank
affairs, without the expense incident to
the appointment of a receiver. Mr..
Eckles ez pressed the belief that the bank
ultimately would pay every dollar it owes.
The Philadelphia Record which is
owned by MIR. Singerly, Mr. Eckles said,
is very valuable property, paying about
Is per cent annually on about So, 100000.
sSComptroller Eckles said this afternoon
that no other banks were involved and
that in Bis Judgment none would be
affected hy tie failure
n u