The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-24

circles that Mr.. Singerlys hanks were in
trouble, and the nationaI bank examiner.
II is said, was aware of the condition of
affairs. Last night At is said, a number of
leading bankers of the city 1ad a confer
ence which lasted until nearly 8 O'Clock,
considering the matter of raising a sufi-
cient amount of money to relieve Mr.. Sin
gerly's banks of their distress 1t is un-
derstood a proposition to float 100000 pre-
ferred stock of the Philadelphia Record
had been practically agreed to when the
discovery was made that owing to the iur
Nolved condition of the trust company's 5
finances, this sum would not be within sew
eral hundred thousand dollars of the
amount required The negotiations were
therefore declared off, and the banks were
forced to the wall. Now it is hoped that
the committee which began tonight
where the former committee left off Will
succeed in satisfactorily adjusting the
nnances, and thus permit the banks to pay
depositors dollar for dollar
The statements of the cause of the fail
ure current here agree with that made by
Controller Eckels at Washington to-day,
that it was primarily due to the loss of
much money by Mr.. Singerly in his un-
productive paper mill a Elkton, Md one
of the largest in the country one state
ment placed the sum thus involved al near
Iy $l,VOO0O Mr.. Singerly also has much
money invested in other enterprises in
this and other cities. Rumors We're cur
rent to the effect that the ownership of the
Record would pass from Mr. Sngerly, but
this he denied, stating positively that he
IS in absolute control of the paper and will
continue at its 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
fqS Mr. Singeriy. He has occupied such a
prominent place in the affairs of the city
and the state for years past that the news
of his financial difficulties naturally Gre
ated a sensation.
Crowds were gathered in front of the
big granite banking building all day, but
all was quiet A great number of small
amounts were carried by the trust com
pany, and apprehension was expressed
that some distress might follow the fail
ure. If the hopes of quick settlement
are realized however, all depositors will
be paid in full within a short time.
The last report of the condition of the
Chestnut Street National Bank. made on
Oct s. 1897, was:
Resources-Loaus and discounts, $2,790.
sos .65 overdrafts secured and unsecured.
SO, 552 34 United States bonds to secure
circulation $25000O; United States bonds
to secure United States deposits 100000;
due from the national banks. $226, 631 70;
due from the state banks and bankers.
IS 85l 49, due from approved reserve
agents, $500 1872 rs; checks and other cash
items, $54,3S7.74; exchange for Gearing
house, S174, ,59547; notes of other national
banks, S31S4; fractional paper currency,
nickels and cents, $2,S35 "a; lawful money
reserve in bank, $500 so; redemption
fund with United States treasurer, 81, go;
total, SO S68, 90 .5S.
- liabinties-Capital stock, paid in, $50O, coo;
>sSrplus fund, $4,000; undivided profits,
less expenses and taxes paid, $24,924 s6;
national bank notes outstanding. $43 600;
due to other national banks, SOS 10 Al;
due to state banks and bankers, Sl3477l 20;
individual deposits subject to check,
81, ,03j. .S56; demand certificates of deposit,
$11 C70; cashiers checks outstanding. $780,
572d; United States deposits, $94.115 10;
bills payable, $250,GoO; total, $3SGS, G57.53.