The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-12-24
SINGERLY'S BANK
CLOSED ITS DOORS
The Mckinley Wave of Prosper
ity in Philadelphia.
AFFAIRS DEEPLY INVOLVED
Held Funds Of City Police, FiremenS PEN
SiOnS and Park Commission.
WAS UNITED STATES DEF STORY
sFy
But the Government Is AZ s rOteotsd
by the Bonds : s .s,s.
IS 8
-
LIrrL JIMMY ECKE Q .xPLANATIoS
Suspension Was Primarily Due to the ShrinlsA
age in Value of the Bonds of the Pulp
and Paper Mills, Which Are
Owned by Singerly.
But the Government Az s : rotected
by the Bonds 7 Ss's.

Philadelphia, Dec. pa sensation was
created in this city today by the announces
mert of the suspension of the Chestnut
Street National bank, regarded 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 un-
der the state banking laws. William NJ.
Singeriy 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 received
that the banks were in trouble was in the
form of a notice posted this morning ON
the door of the building occupied jointly
by the two concerns, signed by National
Bank Examiner William NJ. Hart to the
effect that the Chestnut Street National
bank had closed its doors pending an in
vestigation of its affairs. No statement of
asests and liabilities is available. but 1t is
stated the deposits of the Chestnut Street
bank amount to $1,7O0, O00 and of the trust
company $1,3OO,OO0
Mr.. Singerlys Statement.
President Singerly gave out a brief state.
ment tonight in which he said:
I'VE are working to secure the indebted-
ness of the two banks so they can go into
voluntary nquida tion and thus avoid re-
ceivership'
In this connection Deputy Comptroller of
the Treasury George NJ. Coffin who was
sent here from Washington by COMPTROLLER
Eckels today said:
THE matter of putting the Chestnut
Street National bank into voluntary liaui-
dation 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 they have value sufficient to war;
rant them in assuming the Indebtedness
Mr.. Coffin will remain here several days
aiding the men who have taken upon them-
selves the task of extrcating Mr.. Singerly
from his financial difficulties. These gems
tlemen are in consultation tonight, 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 banking
circles that Mr.. Singerly's banks were in
trouble and the national bank examiner,
1t was said, was aware of the condition of
affairs Last night number of the lead
ing bank officials of the city had a con-
ference lasting until nearly 3 o'clock this
morning considering the matter of raising
sufficient money to relieve Mr.. Singerlys
banks of their distress.
1t is believed the committee to make an
| investigation of the affairs of the concerns
| will succeed in satisfactorily adjusting the
| finances and thus permit the banks to pay
| depostors dollar for dollar.
Where the Money Went.
| The statements of the cause of the fails
ure current here agreed with that made
by Comptroller Echels at Washington to-
day, that 1t was primarily due to the loss
of much money by Mr.. Singerly in his
unproductive paper mill at Elkton, Nd,
one of the largest in the country. One
statement placed the sum thus involved at
nearly a million of dollars. Mr.. Singery
also has much money invested in other en-
terprises in this and other cities Rumors
were current to the effect that the owner
ship of the Record would pass from Mr..
Singerly, but this he Denied, stating posi-
lively that he is in absolute control of the
paper and will continue at it's head.
1t is said there have been quiet but
steady runs on both banks for several days
past.
Much sympathy is expressed on all sides
for Mr.. Singerly. He has occupied such a
prominent place in the affairs of the city
and the state for several years past that
the news of his financial difficulties natur-
ally created a sensation.
Crowds OF Depositors.
A crowd of depositors gathered about
the door, but there was no special
excitement, and, as a general rule, after
each had learned the nature of the notice
on the door he moved away and his place
in the crowd would be taken by others
anxious to CLEAN something regarding the
situation The bank has at all times held
a good reputation, but 1t has been known
for some time that its business and neces-
sarily its profits have fallen off consider
ably The banks suspension, however, was
a great surprise, especially so In view or
! the high standing of its officers. Will
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