Democratic Sentinel, Volume 22, Number 1, Rensselaer, Jasper County, 8 January 1898 — PHILADELPHIA BANK FAILS. [ARTICLE]

PHILADELPHIA BANK FAILS.

Chestnut Street National in the Hafdi of a Receiver. One of the greatest financial sensations of the year was sprung in Philadelphia Thursday morning when the Chestnut Street National Bank, of which William M. Singerly, proprietor of the Philadelphia Record, is president, closed its doors. Business was also suspended by the Chestnut Street Trust and Saving Fund Company, which was allied with the bank and occupied the same building. Rumors of the bank’s shaky condition, have been in circulation for a month. During that period the most herculean efforts have been made by President Singerly and his friends to save the institution from bankruptcy, but they were futile. National Bank Examiner William M. Hardt is in charge of the bank and State Commissioner of Banking Kilkeson is in <*narge of the trust company. The one explanation for the failure, which Mr. Singerly himself affirms, is made by no less nn authority than Comptroller Eckels. The closing of the bank is primarily due to shrinkage in value of bonds and notes of the Singerly Pulp and Paper Mills located at Elkton. Md. The liabilities will exceed $3,000,000, but until the bank examiner makes his report the actual value of the assets will not be made public. The last official statement of the bank placed the resources of the bank at $3,868,070.58 and of the trust company at $1,858,659.38. Both institutions occupy the same building and are under the same management.