The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-24
PHILADELPHIA BANKS FAIL.
The Total Amount Involved Thought 10
Be SS,OOO,O00.
EDITOR SIKGERLY THEIR PRESIDENT.
The Chestnut street National Bank and
Chestnut Street Trus; and Saving
rund Company the Institu-
tions in Trouble.

PHILADELPHIA, PA, Dec. 2S.-Spe-
ciaI.-The Chestnut Street National Bank
and the Chestnut-Street Trust and Saw
inf Fund Company. closed their doors to-
day. william NJ. Slngerly is president of
both institutions. II Is thought that the
total amount involved will reach 5000 900.
hundreds OF individual depositors ara
among the sufferers. The United states
government, the State OF Pennsylvania
and the city Of Philadelphia were also
heavy depOsltors. The Public School
Teachers Institution kept is annuity fund
in the banks. over 10000 Of the depos-
ls belonged 10 out OF town
banks. The Philadelphia Park Com
mission had n large deposit account
and tho Philadelphia Police Pension fund
was also I'm the bank Tho directors OF
the bank and OF the Trust Company.
United states Bank Examiner Hardt and
state Banking Commissioner Gilkeson
have been IN session al the bank since II
O'Clock this morning. A statement will be
issued al the close OF tho meeting.
THE CLOSING NOTICE.
This notice posted on tho door OF the in
stitution on Chestnut street below Eighth
told the story:
THE Chestnut-street National Bank IS
closed for business. II IS in charge OF
national Bank examiners.
(Sirned William NJ EARDT.
Examiner"
This was written on piece Of note
papcr and pasted on the glass panel inside
of the fancy iron gates: Il soon attracted
much attention. An eager crowd Of spec
tators gathered but no one except Off
cials OF tho institution was permitted 20
enter.
Tho watchman AZ the door said there
was no news 20 impart but that the Ma
iional Bank Examiners were making an
investigation. The report that the insti-
tuition was not open for business caused a
regular stampede on the part OF the de-
posltors later in the morning.
"Can not enter?" asked one lady who
was almost overcome. but the man at the
entrance was resolute.
Later the Chestnut-Street Trust and
Saving Bank Fund Company which was
practically under the same management
as tho hank. closed rs doors. The clos
ing Of tho institution was not surprise
in financial circles. There were rumors
prevalent on Monday and when William
NJ SinRerlv. the president was seen. he
said that the board Of bank presidents
we're 20 take action IN tho matter at the
meeting held Yesterday. IL is understood
that the action taken a. the meeting in
regard 20 the Institutions future was such
as 20 cause National Bank Examiner
Hardt 20 close the bank Meanwhile a
thorough Investigation of the banks ar
fairs rs being made.
A special meeting Of the Board Of Dlrec-
tors was called this morning There was
p fur attendance. with William NJ Sing
erly. the president. presiding. The affairs
~ the bank were gone over in detail and
plans for resuming we're discussed. In
The meantime Bank Examiner Hardt and
his assistant. Mr.. Bingham, were going
over the books.
NOT UNLOCKED FOR.
gentleman well known in financial
circles said: "The Chestnut-Street Ma
uoua Bank is known 10 have been under
henvv pressure for some time. so that
the present difficulty has not been en-
rrciv unlocked for. So far as is known
uo reflection can be cast upon anybody
connected with the management Mr.
SIngcfly who is president Of the bank
and one of the heaviest, n not the prin-
opai slockhodor has a great many va
ri.d interests"
The last official exhibit OF the com
ponys condition was made 10 the Comp
troller of the Currency on October 9Th.
Another was due on December 18th. but
10 dld not materialze. The October
statement was as follows:
RESOURCES.
Loans and discounts. .......... s., 100 sos .65
Overdrans. secured and unse-
cured ...................... s.552.Si
United States bonds TO secure
circulation ...... ...... ...... 80 10000
United States bonds 90 secure
United states dcposits...... 100000
Premiums ON United States
bonds ..... ...... .......... lo5OO.OO
Due from National Banks mot
reserve agents. ..........- 226ssl.7o
Due from State Banks and
Bankers ...... ...... ...... s.S5l 46
Due from approved reserve
agents ...... ...... ........... 800. 1872. Is !
Checks and other cash items. asS7.4
Exchanges for clearing house Ia sos. A. |
notes Of other National
Banks ..... ...... ..-".... s1sioo
Fractional paper currency
uickcls and cents .......... 2.s35.N
Lawful money In reserve in
bank VIZ. Specie. s llS,OiO.5 80
Legal tender notes. 22000.50
Total .....".... liooio.5y -----
N@OO5o
fund with United
States Treasurer. per cent
Of circulation ...... ......s 2.25o.Oo
lptdl .tttt. '....- .........- S3,NbHVtu.oo |
LIABILITIES
Capitol stock paid in .......... 8 80 % |
Surplus fund .................... 100000 |
ndividcd profits. less OK
penses and taxes paid...... 2i92iss
National Bank notes outstaLd-
ing ...... 800. ..... ....... $4,000
Due 20 other National banks. 5)6liO.n |
Due 10 state Banks and
Bankers ...... ...... .....--. i3L71.So |
Individual deposits subject 20
check ...... ...... ...... ...... 203j, SIC. % |
Demand certificates Of dc
posit ...... ...... ..... ....... $4,000 |
Cashiers checks outstanding. i26. .572. 81 |
United States deposits ........ si7l5lO |
Bills payable NEUTRALITY-SUSPICIOUS.. 25O00O.00 |
Aoldl sfssss ssssss ssssss.s SiNbNsVlV.uS |
HISTORY OF THE BANK.
Tho bank was originally established in
June 1857. but was not incorporated un-
81 July 5th, Of same year and is one OF
he young financial institutions in the
.ity Hon. Robert T. Pattison was the
irst president OF the bank who assumed
he Office on retiring from the Governor
hip and was succeeded by Mr. Singerly
when Mr.. Pattison again became Cover
ior in 1891. - first transactions were
made in the basement OF the old Mutual
"a uH 1