The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-12-24
NATIONAL BANK FAILURE.
Chestnut Street Bank Of PhiIadelphi a
Has Closed.
TRUST COMPANY IS ALSO INyOI WE'D
Liabilities About Three millions,
comptroller EckeIs Thinks De-
positors VIII BE Paid ia Fun.

Philadelphia, December 2s.-The Chest
nut Street National bank did not open its
uuors for business this morning. The
reason therefor was stated in notice post
ed on the door, which read as follows.
me Chestnut Street National bank is
closed for business and is in the hands OF
the National bank examiner"
| tSgned.) ''wm T. Hardt. Examiner.
a crowd OF depositors soon gathered
about the doors. but there was no especial
excitement and, as general rule after
each had learned the nature of the notice
on the door he moved away and his place
"a the crowd would be taken by others
anxious TO CLEAN something regarding the
situation. The bank has ut all times held
good reputation, but it has been known
for some time that its business and profits
have been falling of considerably. The
banks suspension however, was a great
surprise, especially so in view of the high
standing OF its officers. William Singesly
Is It's president and S. A. Cooper. vice
president The bark was started in 1857
on a capital of 100000, with Robert L.
fattison as president. When the latter
took MS sea- as governor of Pennsylvania .
IN 1881, Mr.. Singerly succeeded him as
president Of the bank
The Chestnut Saving Fund company.
onlcers of which are identified with the
Danh, was also closed for business today
put to what extent the trust company is
involved in the banks affairs has not yet
been advised
The last report of the condition OF the
chestnut Street National bank, made De-
tober 3. 1897. was:
hesources-Loans and discounts, 81 I90.-
ouoo oyerdrafts secured and unsecured
s3.5a2.2i, United States bonds TO secure
circulation of $50 900; United States bonds
TO secure United States deposits, 500 900;
premiums on United States bonds, $l0500;
due from National banks. $226.6 10; due
from State banks and bankers, SSS5i 40
que from approved reserve agents $500
IS. .iS; checks and other cash items Sal
Ssh exchanges for clearing houses. STA
eib.4f; notes of United States National
banks, S31SI; fractional paper currency
nickels and cents, $685. "a; lawful money
reserve in bank. $4,000 30; redemption
fund with United States treasurer, $3.50.
Total, s3,S6S. 0T05S
Liabilities-Capital stock paid in, $500
600; surplus funds. sl5o.000: undivided
profits less expenses and stocks paid, S24-
1914 So; National bank notes outstanding,
Sa3.60O; due to other National banks $506.
1lO.4l; due 10 State banks and bankers.
S1Si,I7l. 20; individual deposits subject to
checks, $2,035, $50 demand certificate Of
deposit, s1152o; cash and checks outstand-
ing, Sl26,5I2 81; United States deposits,
S9i, il5. 10; bills payable, s250,000. Total.
So Sos. 070.5s
The bank was a city depository and there
were city funds in the bank to the amount
Of S2S9Si5. The State Of Pennsylvania
also had on deposit with the bank on
Thar to ba Of
cial statement of State Treasurer Haywood.
issued on that date. The bank was also
depository Of the National government,
but the government is fully protected
against loss bv holding 100000 United
bonds as security.
It is said that the bank holds funds o.
the city police and fremen's pension fund,
the school teachers pension and annuity
fund and the deposits of the Paramount
park commission, which latter includes
requests for the park improvements.
During the past few weeks President
Slngerly has made great efforts 10 enable
the bank TO meet It's liabilities. fester-
day the matter was laid before the clear
ing house committee of the Philadelphia
banks and at the meeting of the commit
tee proposition to issue 81 000O 900 per
cent preferred Record Publishing company
stock as collateral for loans was offered
II developed that this otter was not suffi-
the needed funds The members OF the
clearing house say that no other banks
are involved in the failure.
Mr.. Sngerly said today that arrange
ments had been made for an issue OF
stock of $4,000, 900 by the Record Publish
ing company and 1t was thought thls
would be sufficient.
Further than this Mr.. Singlerlv declined
to discuss the banks trouble. lie said the
statement which would likely be issued by
the hank examiner would explain the
situation. The liabilities of the bank and
Trust company together viii aggregate
about 81 600 900. represented by $lS00, 200
of deposits in the bank and 81 200 900 in
the Trust company OF the $l.S0O.O00 in the
bank about 81 100000 was to the credit Of
individual firms and corporations in this
city, while the remaining $1,000 900 rep
reseDts the accounts OF banks In other
cities.
Washington. December 93.--Mr Eckeis,
the comptroller OF the currency. said 10
day in regard to the failure Of the Chest
nut Street National bank that the sus-
pension was primarily due to the shrinkase
in The value of the bonds and notes of
the Singeriy pulp and paper mills located
al Elkton, Md The capital OF the bank is
$500 900 and at the present time It's de-
posits aggregate about si.I00,oO0 and its
surplus about sl5o,OO0 Mr. Eckels has been
in Philadelphia several times recently try
ing TO make arrangements by which the
pulp and paper mill securities could be
taken out OF the assets of the bank and
preferred stock OF the Philadelphia Record
company substituted. BY this and certain
other changes Mr.. Eckels hoped TO put
the bark in first-class condition. Up 10 5
O'Clock last night It was thought the plan
would be adopted, but at that time a hitch
occurred which rendered suspension neees-
sary. When the pulp and paper mill Sc
curitiss were taken BY the bank they were
regarded by every one as Fl st-cass. at
since that time paper has fallen in ptise
from 10 cents pound to less than 2 cents |
and the securities have deprecated In pro-
portion Mr.. Eckels sai1 there was not tie |
least suspicion OF any wrong doing on the |
- tod N.Ttth k.,nk