The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1898-01-06
HEAVY. FAILURE.
The Chestnut Street National Bank,
Of Philadelphia, Suspends.
Tho Last Government Report of the Bank-
ing Concern Was satisfactory and Its
Reputation Was of the Highest-
state and City Funds In the Bank.


PHILADELPHIA, Dec. 24.-The doors
of the Chestnut Street National bank
were closed Thursday morning by di-
rection of National Bank Examiner
Hardt. Its affairs are now in the
hands OF the bank examiner. VIM. M.
Singerly is president of the bank. The
Chestnut Street Trust Co., which OPP
Grated in conjunction with the bank,
also suspended. Mr.. Singerly is also
president of the trust company.
The banks suspension, however, was
a great surprise, especially SO in view
of the high standing of its officers.
VIM. M. Singerly is its president and
Isaac Cooper vice president The bank
was started in 1887 on capital of
$4,000 with Robert E. Pattison as
president When the latter took his
seat as governor of Pennsylvania in
1891, Mr.. Singerly succeeded him as
president of the bank. No statement
of the banks liabilities could be OBJ
tanned Thursday morning.
The Chestnut Street Trust and Saw
ing Fund Co., the officers of which are
identical with those of the bank, and
the offices being located in the same
building, was also closed for business
Thursday, but to what extent the
trust company is involved in the banks
affairs has not yet been announced.
The last report of the condition of
the Chestnut Street National bank
made on October s, 1897, was:
Resources-Loans and discounts, $2,-
x, f%c
secured, $3, 552 "a; United States bonds
to secure circulation, $50, 200; United
States bonds to secure United State de-
posits, 100000; premium on United
States bonds, $40, 500; due from national
banks, S226, 1881. 20 due from state banks
and bankers, $s,s51.46; due from ap-
proved reserve agents, 800, ,732.7s;
checks and other cash items, $54, 3s7. "a;
exchanges for clearing house, $174, $685.
A.; notes of other national banks,
80, 1874; fractional paper currency, nick
els and cents, g. 1856. "a; lawful money
reserve in bank, $14O, O,O40. 90; redemp-
tion fund with United States treasurer,
81, $50; total, So, s6s, ,O7O.5s.
Liabilities-Capital stock paid in,
100000; surplus fund, $780, undi-
paid. s24, ,924 So; national bank notes
outstanding, $43,6oo; due to other ma
tional banks, $506, ITO. Al; due to state
banks and bankers, $134, I'll. 70; individ-
ual deposits subject to checks, 81, ,O35,-
$50; demand certificates of deposit,
$11 $50; cashiers checks outstanding,
S126, ,572.51; United States deposits,
$94, 715. 10; bills payable, $3.50, 900; total,
| IS, $685. 07O.5S.
The bank was city depository and
there were city funds in the bank to
| the amount of $2s9, 9,s45. The state OF
Pennsylvania also had on depoait with
the bank on December @225, 700, &C.
cording to the official statement Of
State Treasury Haywood, issued on
that date.
the national government, but the gov
ernment is fully protected against losa
by holding 500, 900 United States bonds
as security.
It is said that the bank holds the
funds Of the city police and fremen's
pension fund, the school teachers pen.
sion and annuity fund and deposits OF
the Fairmount park commission which
latter includes bequests for tn. park
improvement. During the past few
weeks President Singerly has made
great efforts to enable the bank tc
meet it's liabilities.
| WASHINGTON, Dec. 24.-Mr. Eckels,
the controller of the currency. said
Thursday in regard to the failure Of
the Chestnut street national bank OF
1 Il 1&1~
primarily due to the shrinkage in the
value of the bonds and notes of the
Singerly pulp and paper mills, located
at Elkton, Md. The capital Of the
bank is $500, 900, and at the present
time its deposits aggregate about
81, 100000 and its surplus about $3.50.
600. Mr.. Eckels has been in Philadel
phia several times recently trying
to make arrangements by which the
pulp and paper mills securities coulG
be taken out of the assets of the bank
and preferred stock of the Philadelphia
Record Co. substituted. BY this anG
certain other changes Mr. Eckels hoped
to put the bank in first-class condition
Mr.. Eckels expressed the belief tha
the bank ultimately would pay every
dollar it owes. The Philadelphia Rec
ord. which is owned by President Sin
gerly, Mr.. Eckels said, is very valu
able property, paying about five pei
cent. annually on about S5,000,000
BosTON, Dec. 24.-At the Third ma
tional bank, the correspondent of the
Chestnut street national bank of Phil
adelphia. which failed Thursday, i
was said that the Philadelphia institu
tion has sufficient. balances here t.
cover any outstanding liabilities, ant
that none of the Boston banks will los,
anything on account of the failure
The Charity Rabbit Hunt.
PARIS, No.. Dec. 24.-The charit.
rabbit hunt which was held in thi