The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-24
TRUST COMPANY GOES
SINGERLY'S PHILADELPHIA RE-
CORD, ALSO, INVOLVED.
TOTAL DEPOSITS AMOUNT TO SO, ,0oO.o
The two Financial Institutions Have Been
Considered Among the Strongest in
Philadelphia Trying to Avoid Re-
ceiyer by Voluntary Liquidation

ceyer by Voluntary Liquidation
tion was created IN this city today by
the announcement of the suspensian Of
the Chestnut Street National Bank, re-
garded as one of the strongest financial
institutions in the city. The suspension
carried with it the closing OF the Chest
nut Street Trust and Saving Fund Com
pany, doing business under the State
banking laws. Wm. S. Sngerly, pub
Usher of the Philadelphia Record, is
president of both companies sand the
same men, with one exception, act as
officers and directors.
The first information the public re-
ceived that the banks were in trouble
was in the form Of notice posted this
morning, on the door of the building
occupied jointly by the two concerns,
signed by National Bank Examiner VIM.
NJ. Hardt, to the effect that the Chest
nut Street National Bank had closed its
doors pending an Investigation Of its
affairs. No statement ofeasscts and lia-
bil.t.es is available. but il is stated that
the deposits of the Chestnut Street bank
amounted to $1,s00,UU0, and of the
rust company aI,oOU,uOV
President Snserly gave out brief
statement tonight in which he said:
I'VE are working to secure the in
debtedness of the two banks so that
they can 20 into voluntary liquidation
and thus AVOID Il rece.yersAip."
In this connection Deputy Comptroller
of the Treasury Geo. NJ Coffin. who WAS
sent here from Washington by Comp
troiler Eckels today said:
The matter OF putting the Chestnut
Street National Bank into voluntary Ii
quidation has been taken up by Philadel-
pha men OF great financial abikty.
Their first step will be to ascertain the
value of the assets of the bank. They
must first be satisfied that they have
value sufficient to warrant them in as
suming the Indebtedness"
Mr.. Coffin has had great experience
in resuscitating troubled banks and he
will remain here several days aiding the
men who have taken upon themselves
the task of eXtricating Mr.. Sinserly
from his financial difficulties. These
gentlemen are in consultation tonight
and the belief is strong that they viii
provide the funds necessary for volun-
tary liquidation of the two banks.
1t was known for some time in bank
ing circles that Mr.. Singerly's banks
were in trouble and the national bank
examiner, it is said, was aware of the
condition of affairs. Last night a num-
ber of the leading bank officials of the
city had a conference lasting until near
ly three O'Clock this morning consider
ing the matter of raising sufficient mon
ey to relieve Mr.. Singerly's banks of
their distress. 1t is understood that a
proposition to float $2,0O0,000 preferred
stock of the Philadelphia Record had
been practically agreed to when the
discovery was made that because of the
involved condition of the Trust COmpa-
ny's finances this sum would not be
within several hundred thousand dollars
of the amount required. 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 finances and thus permit the banks
to pay depositors dollar for dollar.
The net earnings of the Record last
year are said to have been $249,000
more than sufficient &c pay dividends ~
a sum sufficient to pay all OF Mr.. SIN
The statements OF the cause OF the
failure current here agree with that
made by Comptroller Eckels at Washing
ton to-day that it was primarily due
to the loss of much money by Mr.. Sim
gery in his unproductive paper mill at
Elkton, Md. one of the largest in the
country. One statement placed the sum
thus involved Mt nearly million of dol
lars. Mr.. Singerly also has much money
invested in other enterprises in this and
other cities. Rumors were current to the
effect that the ownership of the Record
would pass from Mr.. Singerly, but this
| he denied stating positively that he is in
absolute control of the paper and will
continue at its head.
On Monday of this week the Chestnut
Street National Bank made the follow
ing report to the Philadelphia Clearing
House:
Loans and discounts S2,261 900.
Legal reserve S396.000.
Deposits S1,TS9.000.
Due from banks $355000.
Due to banks $6S6,000.
Circulation Si3.0 900.
The reserve has been below the legal
requirements for several weeks. The
deposits on October 5, when the bank
reported to the Comptroller of the Treas
ury. amounted to $203J,S56.
The shrinkage in this item. therefore,
has been more than 100000 in a little
over two months.
1t is said thcrr have hccr cuiet but
eady runs on both banks for several
days past. OF the deposits in the bank
the city is represented by $2S9,554; the