The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-12-24
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Voluntary Liquidation Probable.


the Currency Eciseis said today, In regard
10 the failure 81 the Chestnut Street Ma
tlonal bank OF Philadelphia, that the sus-
pension was primarily due TO a shrinkage
In tire value of the bonds and notes %
the S.ngerly Pulp and Paper Mills. located
AZ EIktor. Nd The capital Of the bank
f. $4,000: the deposits aggregate ahopt
81 TO 900 and it's surplus ls abou, $50 60.
Mr. Eckels said there was not the least
suspicion OF wrong doing on the part OF
the bank. and he still had strong hopes
Of arranging for a voluntary liquidation
ef the bank affairs without the expense
incident to the appointment Of a receiver.
Mr.. Eckels said this afternoon that no
other banks we're involved, and that In his
Judgment nons would be affected by the
failure. Mr.. Eekeis and Mr. Hart, the
bank examiner in charge. had converse
ton late this afternoon over the long
distance telephone. Mr.. Hart said that A
Joint meeting of the directors of the two
failed concerns, with Mr.. John s. Buliltt.
who Is acting as counsel for the depart
ment: Mr.. Coffin, the deputy comptroller.
and himself. was then In progress and
that they were working on a plan to bring
about voluntary liquidation with reason
able hope of success. Among the direct
ors present were several men Of large
means and Ii was hoped that final set
be secured.
IsostoD Banks VIII Lose Nothing.
BOSTON. Dec 2s--At the Third National
bank the correspondent of the Chestnut.
Street National bank. of Philadelphia,
which failed today. II was said that the
Philadelphia institution has sufficient bal
ances here to cover any outstanding la
bllities. and that none of the Boston banks
would lose anything on account OF the fail
ure
Deposttors to- He Paid In Full.
A great number OF small accounts were
carried by the trust company and appre-
hensinn was expressed that some distress
might follow the failure. IL the hopes Of
quick settlement are realized, however,
all depositors will be paid In full within
a short time.
1t IN said that there have been quiet
but steady, runs on both banks for several
days past or the deposits in the bank
the city is represented by SIS. 554; the
state by SIS Coco. and the national govern
ment by large sum. but all of these cred
itors are believed TO be protected.
When the trust company made Its last
report 10 the state authorities on Novem-
Der 10. the deposits amounted 10 81. 4a2, 81.
A meeting OF the directors OF the trust
company will be held tomorrow to decide
upon a course OF procedure. It liz be-
take formal possession OF the institution.
State Bank Commissioner Gilkeson was In
the office of the company q short while To-
day. and said that he had the books OF the
institution under inspection for some time
past.
Much sympathy is expressed on all sides
for Mr.. Singeriy. He has occupied such
a prominent place In the affairs OF the
state and city for years past that the news
~ An nj mr. lSv
ated a sensation. Mr.. Sngerly stated To-
night that he received hundreds OF tele-
grams from all over the country express
ing the sympathy OF his friends. He has
borne the strain very well. though he
naturally shov.s In HE face and manner
the deep concern his troubles are causing
him.
The Chestnut Street National bank was
established in June. 1877 but was not in
corporatea until July s. Of the same year.
Hon Robert f. Pattison was rs first
president. assuming the office when he re-
tired from the sovernorship. When he
again became governor. in 1901. Mr.. Singer
" succeeded him. The present officers and
directors of the hank are: President Will
lam NJ SInceriy, vice president Isaac
Cooper: directors. Benjamin p Obdyke
BENJAMIN a vanschsack. John Simmons.
Charles A. Porter. Walter T. Bradley ard
George T. Xeigler. ir.; paying teller. w. ".
Price: cashier. William Steele: notary pub
lie J. r. Rearaon.
The officers ana. directors OF the Chest
nut Street Trust and Savings Fund Com
pany are: President. William NJ SIngerlv:
vice president, Isaac Cooper: secretary ana
treasurer irwin c. Carverick. title officer
III. C. Hart: directors. William NJ Singer
", Isaac Cooper. Benjamin obdyke Ben
fsmtr A. Vanschaack. John Simmons Al
len r. Rorke. Charles A. Porter and Wal
ter NJ. Bradley.