Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-12-30
A FINANCIAL CRASH.
Suspension of the Chestnut-StreeT
National Bank.
Thought to Have Been Impregnable-The
Chestnut street Trust and Savings ,
fund Company Carried Down
In the Wreck.

PHILADELPHIA, Dec. ga 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 finan-
cial institutions in the city. The sus-
pension carried with it the closing of
the Chestnut-street Trust and Savings
Fund Co., doing business under the
state banking laws. William M.
Singerly, publisher of the Philadel-
phia Record, is president of both COM
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 trou BILE
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 Ex-
aminer William Fl. Hart, to the effect
that the Chestnut-street national bank
had closed its doors pending an inves-
tigation of its affairs. No statement
OF assets and liabilities is 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, 10000 President Singerly gave
out a brief statement last night in
which he said:
I'VE are working to secure the in
debtedness of the two banks so that
they can go into voluntary liquidation
and thus avoid a receivership."
In this connection deputy Comp
troller of the Treasury George NJ. COT
fin, who was sent here from Washing
ton by Comptroller Eckels. said:
1.-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 first be satisfied that they have a
value sufficient to warrant them in as
Stunning the Indebtedness"
Mr.. Coffin wilt remain here several
days aiding the men who have taken
upon themselves the task of extricat-
ing Mr.. Singerly from his financial diff
fculties. These gentlemen are in 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.. Singerly's banks
were in trouble and the national bank
examiner, it is said, was aware of tn
condition of affairs.
Wednesday night a number of leading
bank officials of the city held a confer
ence lasting until nearly three o'clock
Thursday morning, considering the mat
ter of raising sufficient money to relieve
Mr.. Singerly's banks of their distress.
It is understood that proposition to
float 81, 000,0 preferred stock of the
Philadelphia Record had been prac-
tically agreed to when the discovery
was made that, because of the involved
condition of the trust company'a
finances, this sum would not be within
several hundred thousand dollars OF
the amount required. Negotiations
were therefore declared off and the
banks were forced to the wall. Now
it is hoped that the committee which
began last night where the former
committee left off, will succeed in sat-
isfactorily adjusting the finances and
thus permit the banks to pay deposit
tors dollar for dollar.
The net earnings of the Record last
year are said to have been $249, 600.
more than sufficient to pay dividends
on sum sufficient to pay all of Mr..
Singerly's indie btedness to the banks.
The statements of the cause of the
failure current here agree with that
made by Comptroller Eckels at Wash
ington, yesterday, that it was primarily
due to the loss of much money by Mr..
Singerly in his unproduetive paper
mill at Elkton. Nd. one of the largest
in the country. One statement placed
the sum thus involved at nearly ST., 000,-
900. Mr.. Singerly also has much money
invested in other enterprises in this
and other cities.
On Monday of this week the Chest
nut-street national bank made the fol.
lowing report to the Philadelphia
clearinghouse: