16489. Chestnut Street National Bank (Philadelphia, PA)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
3723
Charter Number
3723
Start Date
July 1, 1891*
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
761a3efb5e5f0545

Response Measures

Accommodated withdrawals

Other: Articles describe directors scraping together funds to meet withdrawals to keep the bank afloat; a receiver (George H. Earle) was later appointed and litigation followed to enforce liabilities, indicating eventual failure rather than additional preventive measures.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1898-01-29
Date receivership terminated
1916-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
43.2%
Share of assets assessed as doubtful
12.1%
Share of assets assessed as worthless
44.7%

Description

Article (1891) describes heavy withdrawals/run on Chestnut Street National Bank and directors scrambling to meet demands (mentions an overdraw of about $90,000). A later article (1902) refers to George H. Earle as receiver of the Chestnut Street National Bank and litigation to enforce liabilities, indicating the bank entered receivership/was closed. OCR in Article 1 is noisy; I corrected obvious garbling (e.g., references to run $90,000, directors ... to meet the demands, and names). I do not invent dates beyond publication dates; the run is recorded in the 1891 article and receivership is documented by the 1902 court opinion.

Events (4)

1. June 14, 1887 Chartered
Source
historical_nic
2. July 1, 1891* Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals triggered by large overdraws/financial embarrassment (mentions an overdraw to the tune of about $90,000 and directors scrambling to meet demands).
Measures
Directors scraped together funds to meet withdrawal demands.
Newspaper Excerpt
took the bank. the run $90,000. And when the directors ... scraping hands on to meet the demands
Source
newspapers
3. January 29, 1898 Receivership
Source
historical_nic
4. April 21, 1902 Receivership
Newspaper Excerpt
George H. Earle, receiver of the Chestnut Street National Bank, by direction of the Controller of the Currency (court opinion confirming sale of assets). ,
Source
newspapers

Newspaper Articles (2)

Article from New-York Tribune, July 11, 1891

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Article Text

he continued. Colonel McClure has been to see me about having Magistrate Bob Smith appointed as one of the fellow Mr. Mayor, I answered, I cannot appoint him for Colonel McClure. I do not want to appoint that man, anyhow, but if you want me to do It I'll name him. Mayor Fitler wanted to oblike Colonel McClure Then I agreed to appoint Major Smith that he sent for me and wanted Richard J. Lennon, and Not Bill said Singerly long so. after that told Democrat. he me that had appointed mercantile appraiser, and promised to do what he could for him. He asked me to make his promise good. said that would vote for Lennon. afterward learned that Mat Quay was pushing Crawford for the place. and that the Auditor General who was Quay's man, would support Crawf rd. Strong pressure was brought to bear on me by Quay and his men- Porter, Martin and others- but I held to my Quay, however, +pulled Singerly and got to promise. withdraw Lennon, promising him to keep $100, came 000 him of the State funds continuously In the me Chestnut twice it me about got and Street National Bank. to promise that would see that has and did Singerly so was kept. Quay's pledge there now H. that money Yard knows, and ought to know, no one deal those of great better than he, where pool, or whatev call with to it. funds have gone. He was in Lucas the and Marshall choose may surprise you to learn that Marsh Yard along. account to the tune mark you, that overdraw took the bank. the run $90,000. And when the directors during that dollar every together our scraping hands on to meet the demands of and to keep the bank on of some the first the ended think he did interview Mr. Bardsley has been said The Inquirer' in ridiculous second some the charges which to no reason attack has Elverson made. In this in way attacked to be allow way. the other be the him to word McClure keeps up the and demand too. should unishment go He's pretty fellow to should investip strict reform astound the would record his direct in his another There' Singerly BIII at Look munity should he resterday said than men are There more me of alongside treasury of the city you must explain clearly where the There is one thing that $000,000 went that Bank yesterday told say the that the due bills will tell but all do anything of the kind that They in money that who rumor that it was divided among promine men got business some that and of it and deposited I answer. to absurd too gave Marsh became don't know time what to time, receiving in return know I man don't Why, keep that depends the know both strong want don't Now will As and hour judge any have after wishes He find. will made be that with him talk If with Wilson me truly Wilson ought to report who bor judges three the money city borrowed judge of them did borrow but it was from loaned Two them. They were Ashmead and Fin the Mr McWade explained that it was afterward the na learned Bard std that MeWade Mr. advance salary. partly of the library would be discharged of a charge on trial is awaiting who Yard. did but he the Bardsley room the which He that and Mr. received since the the that probably taking in you hat influenced his room in here, them to keep committee the to began Bank 2.510 had doubt after legality been H H. Yard faint recollection that I have met him. if however, that I would know him him been stated that you quarrelled with the true Lucas that Mr quarrelled with her. state what took place when Mr. Marsh vis ited M Marsh my house about 8 o'clock Lacey in at he had been to se Mr. stock He the informed him there was more Keyston wanted right. was believed was bank the if whether to it. assist and stock take would ganized assist do to will you What He him told it. reason will He asked take things about Pasted whole Mr. Marsh apparently felt that because assist bank he could Washington me to with think felt that was in a delicate position, and balance in the Keystone Bank at can the bank had closed that then that bank to put SO much money in it afte in last loan from the falled. bank before the bank This concluded Mr. Hammet's questioning. THE GLASSHOPPER PEST IN THE SOUTHWEST of Kansas City, Mo. July 10.--Henry Smith city.


Article from New-York Tribune, April 22, 1902

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Article Text

"THE RECORD" TO BE SOLD. REPORT BY JAMES M. BECK CONFIRMED IN THE UNITED STATES CIRCUIT COURT. Philadelphia, April 21.-In an opinion handed down in the United States Circuit Court of Appeals today Judge Dallas affirms the decree of Judge McPherson, in the Circuit Court for this district, confirming the report of James M. Beck, master, which recommends the sale of the stock and bonds of the Record Publishing Company. The opinion of Judge Dallas is in pursuance of the appeal taken by James S. McCartney, administrator of the estate of William M. Singerly, deceased growing out of the suit brought in February, 1890, by George H. Earle, receiver of the Chestnut Street National Bank, by direction of the Controller of the Currency, to enforce a liability due by Mr. Singerly to the bank.