The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-12-24
h|SFORTUNES OF Il.
A NEWSPAPER MIN
Two Philadelphia FI00RCI0| I1SNIu-
lions Forced 10 Ine VOL.
COMBINED DEPOSITS OF THREE MILLIONS
COLLAPSE E'ODu5s'!4o Depreciation Of Value Of
Paper Mill Stock.
Chestnut Street Bank and Chestnut
street Trust nnd Savings Fund
Company Close Their Doors-WiI-
liam sinEeriy President of Both-
PhtladeIphia Record Sot Involved
--Dopositors VIII no Paid Dollar
for Dollar.
Philadelphia, Dec. 90, 1897

Philadelphia, Dec. %, 1897.
A sensation was created in the city
by the announcement of the suspension
Of the Chestnut Street National Bank,
regarded as one of the strongest finan-
cial institutions in the city. The sus-
pension carried with it the closing Of
the Chestnut Street Trust and Saving
Fund Company, doing business under
the State banking laws. William S.
Singerly. publisher OF the Philadelphia
Record, is president of both companies,
and the same nicm, with one exception,
act as officers and directors.
The first information the public re-
celVed that the banks were in trouble
was in the forni Of n notice posted on
the door of the building occupied jointly
by the two concerns, signed by National
Bank Examiner William NJ. Hardt, 10
the effect that the Chestnut Street Bank
mad closed Its doors pending an inves
-ugation OF Its affairs. No statement of
assets and liabilities Is available, but
II Us stated that the deposits of the
Chestnut Street Bankamounts to 81, ,700,-
coo and OF the Trust Company 81, ,3OO, 900.
President Singerly gave out brief
statement tonight in which he said:
I'VE are working to secure the indebt-
edness of the two banks so that they can
60 into voluntary liquidation, and thus
avoid a rcceivershp."
In this connection Deputy Comptroller
OF the Treasury George NJ. Coffin, who
was sent here from Washington by
Comptroller Eckels to-day, said:
The matter of putting the Chestnut
Street National Bank into voluntary IL
quotation has been taken up by Phila-
delphia men of great financial ability
Their first step, will be to ascertain tic
value of the assets of the bank THEY
must first be satisfied that they have
sufficient 'o warrant them in as ;uming
the Indebtedness
Mr.. Coffin has had great experience in
resuscitating troubled banks, and Re will
remain here several days aiding the
men who have taken upon themselves
the task of eXtricatinG Mr.. SIhEa:ly
from his financial diniculties. THESE
gentlemen are in consul alton to-nigh;
and the belief is strong that they Will
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-
Der rf the leading bank officials of the
city had a conference lasting until
nearly 1880 O'Clock this morning consid-
ering the matter of raising sufficient
money to relieve Mr.. Singerly's ba nks OF
their distress. II is understood that a
proposition to float s2.O0o,O0O preferred
stock3of the Philadelphia Record had
been practically agreed TO when the dis
covery was made that because of the
pnfll Of ~ a
ances this amount 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 ii 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 $2Ag000 more
than sufficient 10 pay dividends on a
sum sufficient to pay all of Mr.. Sin
Ecrly's Indebtedness to the banks.
The statements of the cause of the
failure current here agree with that
made by Comptroller E;ckcIs at Wash
ington to-day that it was primarily due
to the loss of much money by Mr.. Sin
gerry III MS unIEOuucllNe PAPER mill
at Elkton. Md, one OF the largest in
the country. One statement placed the
sum thus involved at nearly n million
Of dollars. AIr. Sangerly also has much
money INFESTED in other enterprises !s,
this and other cities. Rumors were
current to the effect that the ownership
Of the Record would pass from MIR.
Singerly, but this he denied, stating
positively that he is in absolute con-
troll of the paper and will continue at
It's head.
1t Is said there have been quiet but
steady runs on both banks for several
days past. OF the deposits In the back
the city is represented by s2S9.55i, the
State by S225, 900 and the National Gov
ernment by large sum, but all OF these
creditors are believed to be protected
When the trust company made its last
report to the Strte authorities on No
vember 10th, the deposits amounted to
S1.492,25s.
a meeting Of the directors of the