The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1897-12-31
.slo BANK FAILURE.
anss Ia the city 81 Phnadsiphi.
~ snspend PAY

anss IN the city 81 Phnadeiphi.
snspsnd Payment
elphia, Dec ia sensation
atcd In this city by the an
,ucnt Of the suspension Of the
~ be Street, National bank, re-
'"as ote OF the strongest 6nan-
q Constitutions In the city. The sus-
hsion carried with II the closing OF
..e Chestnut Trust and savings Fund
Company. doing business under the
state banking laws. William NJ. Sim
Ferly, publisher Of the Philadelphia
Record, IA president Of both companies
aud the same men, with one exception
act M officers and directors
The nrst information the public re-
ccivcd that the banks were In trouble
was in the form OF notice posted on
the door Of the building occupied
jointly by the concerns, signed by Ma
tional Bank Examiner William NJ.
Hart, to the effect that the Chestnut
Street National bank had closed its
doors pending an investigation OF its
affairs.
No statement Of assets and liabilities
Is available. but II Is stated that the
deposits Of the Chestnut Street bank
amounted TO si,7oO,O00. aud Of the
trust company si.3oO,O0o.
President Singerly gave out brief
statement tonight in which he said:
1--WE are working TO secure the indobt-
edncss Of the two banks NO that they
can 20 into voluntary liquidation, aud
thus avoid n rcceivcrship.
The net earnings Of the Record last
year are said 20 have been $4,000,
more than sufficient 10 pay dividends
on a sum sufficient TO pay all Of MIR.
singorly's Indebtedness To the banks.
The statements OF the cause Of the
failure current here agree with those
made by Comptroller Eckels ut WASH
ington, that II was primarily due 20
the loss OF much money by MIR. Singer
!, In his unproductiye paper mill at
Elkton, Md. one Of the largest In the
country. One statement placed the
d tum thus involved Mt nearly n million
dollars.
Mr.. singerly also has much money
invested In other enterprises In this
and other cities Rumors were current
| that the ownership OF the Record
! would pass from Mr.. singerly, but
Z this he denied, his friends stating pos
/ lively that he Ia In absolute control
I Of the paper, and win continue at It's
: head
On Monday OF this week the Chest
i nut Street National, bank. made tho
i following report to tire clearing house,
= Loans and discounts, s2.eGl 900; legal
4 reserve, sao6,oooi deposits, si.7so,oo
y due from banks, sls5, 900; due to banks
n O6,6 900; circulation, $4,000.
= = The reserve has been baiow tho lcga
l. requirements FOR several weeks. Tn,
4 deposits an October 5, when the bank
Ie' reported to the comptroller OF tn,
- treasury, amounted to o., e1e,oss. -
d The shrinkage In this sum. therefore
1t has. been more than $500, 900 In littl,
10 over two months '"l' '.H,
m 1t Is said that therchnve been quie
bot steady runs ON both. bAuks 10
l. ,everal days past OF the deposits u
y the bank, the city Is represented b.
N seso,ss4i the state by sees 900, and III
Al national government by a large sum
'e but all OF these creditors are believe
IL TO be protected. IL.
Il Much sympAthy is expressed on Al
C. sides for Mr.. singerly. liz has oeer
Is Pied such a prominent place In III
II affairs OF the state and city for year
past that the news OF his financial di
r. dculties naturally created n sensation