16490. Chestnut Street National Bank (Philadelphia, PA)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
3723
Charter Number
3723
Start Date
May 13, 1898
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
88798a8b23667da1

Response Measures

None

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

OCR of Article 1 is poor but both articles discuss the Chestnut Street National Bank in Philadelphia. The coverage indicates the bank was insolvent, deposits were confined/its doors closed, and the Comptroller knew it should have been placed in the hands of a receiver. There is no clear description of a depositor run; the articles emphasize insolvency and receivership. I use the newspaper dates (1898) for event dating. Corrected obvious OCR errors (e.g., Chestnt -> Chestnut).

Events (4)

1. June 14, 1887 Chartered
Source
historical_nic
2. January 29, 1898 Receivership
Source
historical_nic
3. May 13, 1898 Suspension
Cause
Government Action
Cause Details
Bank was insolvent and should have been placed in the hands of a receiver by the Comptroller; deposits reportedly confined and bank 'caved in'.
Newspaper Excerpt
Developments of the Chestnut Street National Bank are revealing...knew two years before the bank finally caved in that its condition required that he should place it in the hands of a receiver and wind it up.
Source
newspapers
4. * Receivership
Newspaper Excerpt
knew two years before the bank finally caved in that its condition required that he should place it in the hands of a receiver and wind it up.
Source
newspapers

Newspaper Articles (2)

Article from Spirit of the Age, February 26, 1898

Click image to open full size in new tab

Article Text

WASHINGTON [SPECIAL AGAIN CLAIMS has claims Anyone spectre SOUTHE Bonthern of over the horizon. the more that to once who has support good has two only hundred e on ended in of more than the Senate to the volume forth by respon net of pages the put claims as its deficiency prep mittee clause in the directing general disposing it to clai of last Sensible bill before the make of States, now pretento whole mass United any nation Congres merit. variety against which This of ease, into divided committee sions a great has class, in classes. in amount of embraces which the The largest of money states. seven the total the claims 57. The point of is that of 84, 693, of 128 cases volved, aggression class chiefly for which is net. federal next largest Bowman by the have under the which ing war, and of claims, together was tion supplies during the by the court cases in which court real of compensation estate, army been passed with some allow by the destrucother under 563.17 for of proper involve etc., claims, $1, 841, already next Naval acts tion French this class spoliationsport. same come contracts leave passed The by the 117.04 fulfilled 500.62 remnants and with $1,043, not wholly to $792, South, which were mounting in the was Churches property school spoiled, whose $365,97 9365.974.96 of out Misce the settle want mostly growing including of claims, civil war, insurance and 43. Finally, which there to the to and merit ments amount with of una 204. claims, have more be to it. $130, is class seem which might The enment gover all or less down the of scaled amount which to This is whole asked is $9, to 765 pay 823. independ treated of a in sep numsorts the way, is hich are their refer ber bills provide of easil, by of claims providing claims. for Of from the arate to the court how ever, grow out of ence here given, $7, 000, 000 officially total 000 to which was years ago. In the more hile, 36, .000, civil war, than thirty the great depended the who the ended mean" were claim of persons for middle age mass witnesses or of occurupon and as who wereold essential events feeble ants, the time either the died or becomemory in subat have uncertain a rule, cross jected in red, in body and not been, fire of H who have counsel jecomination bly thorough They to the searching court by with the converne. In short, otherside. adequate were on the had no do was evidence has it could the govern most throw the defence. its The ground and the claimants. burden ostand of proof upon APPOINTM to apTHE Photo continues offices criticism. whose point President men receives to important of adverse these is his mioner conselection the latest of fish comm has no culture. Among ferring the place who confessedly This apupon a man of fish West Virginia, pointee is he beof Elkins knowledge is from that for him. and Senator smething selection's cause wants admits his selectific state Elkins which a to disSenator ignorance of have duties been taken bright It is felcharge, man but will says catch on right. who believes make low Nobody selected the senators appointment ments. would have fish commis has these the president the place of It that man for own to this on his that the men sioner be confessed in appointing is one of ha the to growing that McKinley the nation office weakest presi He is strong Mr. presidents in other ways over had. this. but not in AN an EXPLANATIVE A CHANCE in FOR Congress of Street is bank not There is of talk the Chestn"t And it contigation in Philadelpenneylvania have deposaffair to that said to the bank confined who is salary in were ited his quarter before Eckels gressman its doors Imitted the day roller office that on Cont of be far closed. he went out by him to back as he bank before was condition known as of 1896, bnt panic, a shaky the campaign fear of causing the bank did during nothing continued for to deposits permit for to more be and to go he on inviting after it was he known winked law, than year Morning bank more any of a presi the insolvent. violation prohibits of the the lending bank's esident capital of to was bank which 10 per cent. when the from it more than one person borrowing Evidently capital. and young this than the entire ertainly is needed; needs an opporMr. investigation make an Janation. There tunity to QUEST of effecting resoluTHE much talk Hawaii by joint some annexation now of "rider" upon program may propriation out if tion or by bill,and this the administrauses But the yet be carried pressure to struggle accomplis seems of tion purpose. to end in the than in actual ennexation. favor more virtual likely protectorate That the opponent continued islands shown of the treaty control solution of the offered to the White, leader, the that own American by the their affairs independ Senator in their should be in Hawaiian effect people intervention be the while any power to ent, another unfriendly resolut islands by as an net Such a signed by the passed United by both would resident, garded States. and settle


Article from The Midland Journal, May 13, 1898

Click image to open full size in new tab

Article Text

# A Criminal Comptroller. Developments of the Chestnut Street National Bank are revealing the character and sort of men Cleveland had in his Cabinet. Conspicuous among them was little Eckels, Comptroller of the Treasury. He knew two years before the bank finally caved in that its condition required that he should place it in the hands of a receiver and wind it up. In place of performing his duty as he was bound to do if he did not violate the law, which act should place him in the penitentiary, he perambulated about the country making speeches at every bank association he could secure an invitation to attend. These speeches were little short of treason - if such a thing as treason to the United States were possible. The entire substance of his silly harangues was impugning and disparaging the lawful money of the country, casting doubt on the credit and integrity of the nation and its money, calculated to excite panic if perchance he had been possessed of sufficient ability and knowledge of financial affairs to have had any influence among the banking and money class. One reason for Eckels' favor to the Chesnut street bank was that its president owned the *Record* newspaper, and the paper could be compelled to support the gold conspiracy and gold swindle by holding a club over the editor and proprietor, who in turn brought all his persuasive and other influence to bear on the numerous employes in his extensive business. This species of bulldozing influence can be traced from government officials down through every avenue of business, regardless of nominal party lines, in the interest of the election of McKinley. The banks reward all their government tools when their official term expires, and Eckels could not be neglected lest the precedent might have a future bad influence, although every banker knew his utter unfitness for the position of a bank president. He was consequently, when his term of government office expired, given the presidency of a concern in Chicago. The scandalous course Eckels pursued while acting as Comptroller in Cleveland's corrupt administration, depicts the political corruption which the present monopoly national banking system is assisting to foster in the national government and spread through the entire business of the country. It is becoming the common remark among the petty business class, that so and so is a sharp fellow, and his dirty tricks in business are admired, when he demonstrates a faculty to over-reach and cheat honest people without getting outside the forms of law. Such men as Eckels in high places serve to lead the common herd away from the paths of rectitude and honesty, breeding immorality in business and rearing up a crop of rascals, a number of whom are so unskillful in their methods that they are not able to escape the penitentiary. The rottenness of Philadelphia in its municipal as well as its banking, and it may be inferred its other business, makes the Quaker city a fair companion piece for old Sodom. The Jew pawnbroker system of finance which is sapping the morals of business and robbing the masses, and which is called the gold standard, is filling the country in high life with thieves and in low life with poverty, and ex-Comptroller of the National Treasury with a penitentiary crime fastened upon him, unwhipped of justice and exalted to a high place in society by the class he served, is an object lesson of the corruption which is the creed of the church of modern Mammon. Low prices and hard times, with the example of the very rich are driving the people to resort to rascality as the chief method of success in business.