The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-24
MN or T1RIED INTERESTS.
some of the Entcrprisesin which Mr. Sin
gerry u Concerned.

PHILADELPHIA. Pa. December &.-
SpcQdL-Ordin1rily the Western Union
Telegraph Company would have lost ii
Considerable sum . the failure. but they
were very lucky this time. As a. usual
thing the company pays the salaries OF
its employees on the nrst OK the month.
bur al this time Of the year advances OF
salary are made to such OF the employees
as desire them before the Christmas hOn-
days In order 10 do this funds are sent
from the main office ana deposited IN
THIS city 10 meet the checks for the va
riOus sums nccceu. Ihis check arrived
last evening, but 10 was received too late
TO be deposit u i'm the Chesnut-Street
National Bank, which is one of the regu-
lar repositories of the company. As
result the Western Union Company will
lose nothing at an.
Cashier Van Arsdale explained the mat
ter 10 u reporter this afternoon. II
won't say what the amount would have
been said he. but as matters now
stand the company loses nothing. Ii is
the custom 10 make the advances for De-
cember about this time of year. but We
always deposit enough TO cover the
checks which we issue. The deposit is
made the day before the checks are
drawn. but this time II was not done,
consequently none OF the checks were
presented and we Will simply make other
arrangements with some other institu'
ton. The employees OF the company VIII
not experience hardship because Of this
trouble"
GREAT EXCITEMENT.
Excitement continued undated on
Chestnut street between Seventh anH
Eighth from the time the bank closed its
doors until the closing hours OF business.
There were both men and women m
the thr0ng which crowded up 10 the big
iron doors Of that financial institution
which was looked upon by the business
community as one Of the strongest in the
city. Each one Of those who pushed and
pulled each other in their mad endeavor
10 get up 10 the door read the little no
tlce.
While the crowd was orderly IL was
none the less excited. and the reserve po-
licemcn. who were on duty. had a little
trouble in keeping the people back from
the doors.
Late this afternoon 4. D. Lynch, OF
Washington. representing the Depart
ment of the Comptroller Of the Currency.
arrived at the bank and at once held
conference with Bank Examiner Hardt.
assistance as Mr.. Hardt might require
in unravellng the affairs Of the institu-
ton.
Both government officials were closeted
with Mr. Singerly for more than an hour.
Mr.. Singerly cOrrobOrated dispatch
from Washington in which Comptroller
Eckcls made a statement as 20 the cause
Of the banks failure the condition or ITS
finances and the probable settlement OF
all claims. Examiner Hardt also stated
that the Comptrollcrs version was cor
rect. During the afternoon number
Of the officials from other Philadelphia
banks conferred with Mr. Singerly. among
them being President Nicholson OF the
Land. Title and Trust Company ana
Cashier Rushton, OF the Fourth Street
National Bank.
\ friend Of Mr. Singerly. who had just
left the bank. stated the failure would
not be serious. II was caused. he sald.
by certain business pending in the Irus1
Company and that the bank would pay
every claim, dollar for dollar
cashier of one OF the largest Phlla-
dephia banks wired the following 10 Re"
York as an explanation of the failure:
Failure Of Chestnut Street National
Bank is due entirely TO troubles OF MI
Singerly. II will not affect any one or
any olhef company, except MS liiihcu'A'o
connections, perhaps one or two COM
panies Of small dimensions"
BOSTON BANKS.
dispatch from Boston stated that OF
hcials Of the Third National Bank. the
Boston correspondent Of the Chestnut
Street Bank. say that the Philadelphia
institution has sufficient balances there
10 cover any outstanding liabilities, ana
that none OF the Boston banks VIII lose
anything on account OF the failure. IL
is an open secret in financial circles that
within the past forty-eight hours siren
uous efforts have been made by the
leading banks and bankers OF Phuadel-