16491. Chestnut Street National Bank (Philadelphia, PA)

View Charter #3723 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3723
Charter Number
3723
Start Date
December 20, 1897
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
e4a3f33576fd8393

Response Measures

Borrowed from banks or large institutions, Fed/other loan, Capital injected, Full suspension, Books examined

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

Contemporary articles (Dec 23, 1897) report quiet but steady runs on the Chestnut Street National Bank for several days preceding its suspension on Dec 23, 1897. Suspension was caused primarily by heavy exposure to Singerly-owned pulp and paper mill securities and large loans to president William M. Singerly; initial efforts aimed at voluntary liquidation but a receiver (George H. Earle/John H. Earle Jr. referenced) was subsequently appointed and the bank remained a failed/closed institution. OCR errors in some articles corrected (e.g., 'Singerly' appears as 'Singerly' or 'Bingerly' in places). Dates taken from article publication dates when explicit event date not given.

Events (5)
1. June 14, 1887 Chartered
Source
historical_nic
2. December 20, 1897 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawals triggered by known deterioration of Singerly pulp-and-paper mill securities and large loans to William M. Singerly; depositors withdrawing in advance of disclosure of insolvency.
Measures
Efforts by local bankers and a committee to float preferred stock of the Philadelphia Record and arrange voluntary liquidation to meet obligations; Controller and deputy examiner negotiating to avoid receivership.
Newspaper Excerpt
it is said there have been quiet but steady runs on both banks for several days past.
Source
newspapers
3. December 23, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Immediate cause was shrinkage in value of bonds/notes of Singerly's pulp and paper mills (Elkton, Md.) and excessive indebtedness/illegal loans to the bank's president, William M. Singerly, creating insolvency-like condition.
Newspaper Excerpt
the suspension of the Chestnut-street National Bank ... notice posted on the door ... signed by National Bank Examiner William M. Hart to the effect that the Chestnut Street National bank had closed its doors pending an investigation of its affairs.
Source
newspapers
4. January 1, 1898* Receivership
Newspaper Excerpt
George H. Earle, receiver of the bank ... receiver Earle told of a conversation ...; the comptroller of the currency ... took possession and a receiver in the person of John H. Earle, Jr., was appointed to administer the affairs of the defunct bank in the interest of the government and the creditors.
Source
newspapers
5. January 29, 1898 Receivership
Source
historical_nic

Newspaper Articles (22)
1. December 24, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 24, 1897

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The Controller's Statement. WASHINGTON, Dec. 23.-Mr. Eckels, the controller of the currency, said to-day, in regard to the failure of the Chestnut-street National Bank of Philadelphia, that the suspension was 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 $500,000, and at the present time its deposits aggregate about $1,700,000 and its surplus about $150,000. Mr. Eckels has been in Philadelphia several times recently, trying to make arrangements by which the pulp and paper mill's securities could be taken cut by the assets of the bank and preferred stock of the Philadelphia Record Company substituted. By this and certain other changes, Mr. Eckels hoped to put the bank in first-class condition. Up to 5 o'clock last night it was thought that the plan would be adopted, but at that time a hitch curred which rendered suspension necessary. When the pulp and paper mill's securities were taken by the bank they were regarded by every one as first-class, but since that time paper has fallen in price from 10 cents a pound to less than 2 cents, and the securities have depreciated in proportion. Mr. Eckels said there was not the least suspicion of any wrong-doing on the part of any one connected with the bank, and he still had strong hopes of arranging for the voluntary liquidation of the bank's affairs without the expense incident to the appointment of a receiver. Mr. Eckels expressed the belief that the bank ultimately would pay every dollar it owes. The Philadelphia Record. which is owned by President Singerly, Mr. Eckels said, is a very valuable property, paying about 5 per cent. annually on about $5,000,000. Controller Eckels said this afternoon that no other banks were involved and that in his judgment none would be affected by the failures. Mr. Eckels and Mr. Hart, the bank examiner in charge, had a conversation late this afternoon over the long-distance telephone. Mr. Hart said that a joint meeting of the directors of the two failed concerns, with Mr. John C. Bullitt, who is acting as counsel for the department, Mr. Coffin, the deputy controller, and himself. was then in progress. and that they were working on a plan to bring about voluntary liquidation, with reasonable hope of success. Among the directors present were several men of large means and it was hoped that a final settlement on this basis ultimately would be secured.

2. December 24, 1897 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, December 24, 1897

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OF MISFORTUNES A NEWSPAPER TWO Philadelphia Financial lions Forced 10 the Wall COMBINED DEPOSITS OF THREE MILLIONS Dhine Collapse Due to Depreciation of Value of Paper Mill Stock. Chestnut Street Bank and Chestnut Street Trust and Savings Fund Company Close Their Doors-Wilflam Singerly President of BothPhuladelphia Record Not Involved -Depositors will Be Paid Dollar for Dollar. Philadelphia, Dec. 23, 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 financial institutions in the city. The suspension 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 men, with one exception, act as officers and directors. The first information the public recelved that the banks were in trouble was in the form of a notice posted on the door of the building occupied jointly by the two concerns, signed by National Bank Examiner William M. Hardt, to the effect that the Chestnut Street Bank had closed its doors pending an invesLigation of Its affairs. No statement of assets and liabilities is available, but it is stated that the deposits of the Chestnut Street Bankamounts to $1,700,000 and of the Trust Company $1,300,000. President Singerly gave out a brief statement to-night in which he said: We are working to secure the indebtedness of the two banks so that they can go into voluntary liquidation, and thus avoid a receivership. In this connection Deputy Comptroller of the Treasury George M. Coflin, who by was sent here from Washington Comptroller Eckele to-day. said: "The matter of putting the Chestnut Street National Bank into volnutary 11quidation has been taken up by Philadelphia men of great financial ability. Their first step will be to ascertain the value of the assete of the bank. They must first be satisfied that they have sufficient to warrant them in as suming the indebtedness. Mr. Coffin has had great experience in resuscitating troubled banks, and he will remain here several days aiding the men who have taken upon then.selves the task of extricating Mr. Singerly from his financial difficulties These gentlemen are in consultation to-night and the belief is strong that they will provide the funds necessary for a voluntary liquidation of the two banks. It was known for some time in bankcircles that Mr. Singerly's banks were ing in trouble, and the National Bank Examiner, it is said, was aware of the condition of affairs. Last night a number of the leading bank officials of the city had a conference lasting until nearly 3:30 o'clock this morning considering the matter of raising sufficient money to relieve Mr. Singerly's banks their distress. It 19 understood that a proposition to float $2,000,000 preferred stock of the Philadelphia Record had been practically agreed to when the dis- the covery was made that because of condition of the Trust Company's finances 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 it is hoped that the committee which began to-night where the former committee left off will succeed in satisfactorlly 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 $249,000 more than sufficient to pay dividends on a sum sufficient to pay all of Mr. Singerly's indebtedness to the banks. The statements of the cause of the failure current here agree with that made by Comptroller Eckels at Washington to-day that it was primarily due to the loss of much money by Mr. Singerly in his unproductive paper mill at Elkton, Md., one of the largest in the country One statement placed the sum thus involved at nearly a million of dollars. Mr. Singerly also has much money invested in other enterprises in this and other cities. Rumors were current to the effect that the ownership of the Record would pass from Mr. Singerly, but this he denied. stating positively that he is in absolute control of the paper and will continue at its head. It is savd 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 $289,554. the State by $225,000 and the National Government by a large sum, but all of these creditors are believed to be protected. When the trust company made its last report to the State authorities on November 16th, the deposits amounted to $1,492,253. A meeting of the directors of the

3. December 24, 1897 The Age-Herald Birmingham, AL
Article from The Age-Herald, December 24, 1897

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SINGERLY'S BANK CLOSED ITS DOORS The McKinley Wave of Prosperity in Philadelphia. AFFAIRS DEEPLY INVOLVED Held Funds of City Police, Firemen's Pe sions and Park Commission. WAS UNITED STATES DEFOSITORY rotected But the Government Is Ar by the Bonds EXPLANATION LITTL JIMMY ECKI Suspension Was Primarily Due to the Shrink age in Value of the Bonds of the Pulp and Paper Mills, Which Are Owned by Singerly. Philadelphia, Dec. 23.-A sensation was created in this city today by the announce ment of the suspension of the Chestnut Street National bank, regarded as one of the strongest financial institutions in the city. The suspension carried with it the closing of the Chestnut Street Trust and Saving Fund company, doing business under the state banking laws. William M. Singerly, publisher of the Philadeplpiha Record, is president of both companies, and the same men, with one exception, act as officers and directors The first information the public received that the banks were in trouble was in the form of a notice posted this morning on the door of the building occupied jointly by the two concerns, signed by National Bank Examiner William M. Hart to the effect that the Chestnut Street National bank had closed its doors pending an investigation of its affairs. No statement of asests and liabilities is available, but it is stated the deposits of the Chestnut Street bank amount to $1,700,000 and of the trust company $1,300,000. Mr. Singerly's Statement. President Singerly gave out a brief state. ment tonight in which he said: "We are working to secure the indebted= ness of the two banks so they can go into voluntary liquidation and thus avoid receivership." In this connection Deputy Comptroller of the Treasury George M. Coffin who was sent here from Washington by Comptroller Eckels today said: "The matter of putting the Chestnut Street National bank into voluntary liquidation has been taken up by Philadelphia men of great financial ability. Their first step will be to ascertain the value of the assets of the bank. They must first be satisfied they have value sufficient to ware rant them in assuming the indebtedness" Mr. Coffin will remain here several days alding the men who have taken upon themselves the task of extricating Mr. Singerly from his financial difficulties. These gentlemen are in consultation tonight, and the belief is strong that they will provide the funds necessary for a voluntary liquidation of the two banks. It was known for some time in banking circles that Mr. Singerly's banks were in trouble and the national bank examiner, it was said, was aware of the condition of affairs. Last night a number of the leading bank officials of the city had a conference lasting until nearly 3 o'clock this morning considering the matter of raising sufficient money to relieve Mr. Singerly's banks of their distress. It is believed the committee to make an investigation of the affairs of the concerns will succeed in satisfactorily adjusting the finances and thus permit the banks to pay depositors dollar for dollar. Where the Money Went. The statements of the cause of the fallure current here agreed with that made by Comptroller Echels at Washington today, that it was primarily due to the loss of much money by Mr. Singerly in his unproductive paper mill at Elkton, Md., one of the largest in the country. One statement placed the sum thus involved at nearly a million of dollars. Mr. Singerly also has much money invested in other enterprises in this and other cities. Rumors were current to the effect that the ownership of the Record would pass from Mr. Singerly, but this he denied, stating positively that he is in absolute control of the paper and will continue at its head. It is said there have been quiet but steady runs on both banks for several days past. Much sympathy is expressed on all sides for Mr. Singerly. He has occupied such a prominent place in the affairs of the city and the state for several years past that the news of his financial difficulties naturally created a sensation. Crowds of Depositors. A crowd of depositors gathered about the door, but there was no special excitement, and, as a general rule, after each had learned the nature of the notice on the door he moved away and his place in the crowd would be taken by others anxious to glean something regarding the situation. The bank has at all times held a good reputation, but it has been known for some time that its business and necessarily its profits have fallen off considerably. The bank's suspension, however. was a great surprise, especially so in view of the high standing of its officers. Wil(Continued on Third Page.)

4. December 24, 1897 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, December 24, 1897

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WILLIAM M. SINGERLY. examiner, it is said, was aware of the condition of affairs. Wednesday night number of bank officials of the city had a conference, lasting until nearly 3 o'clock yesterday morning, considering the matter of raising sufficient money to relieve Mr. Singerly's banks of their distress. It is understood that a proposition to float $2,000,000 preferred stock of the Philadelphia Record had been practically agreed to when the discovery was made that, because of the involved condition of the trust company's finances, this sum 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 it is hoped that the committee which began last night where the foriner committee left off will succeed in satisfactorily adjusting the finances, and thus permit the banks to pay depositors dellar for dollar. The net earnings of The Record last year are said to have been $249,000. more than sufficient to pay all of Mr. Singerly's Indebtedness to the banks. The statements of the cause of the failure current here agree with that made by Comptroller Eckels at WashIngton, that it was primarily due to the loss of much money by Mr. Singerly In his unproductive paper mill at Elkton, Md., one of the largest in the country. One statement placed the sum thus involved at nearly $1,000,000. Mr. Bingerly also had much money invested in other enterprises in this and other cities. Rumors were current to the effect that the ownership of The Recbrd would pass from Mr. Singerly but this he denied, stating positively that he is in absolute control of the paper and will continue at its head. On Monday of this week the Chestnut Street National bank made the following report to the Philadelphia Clearing House: Loans and discounts, $2,261,000; legal reserve, $396.000; deposits, $1,789,000; due from banks, $355,000; due to banks, $686,000; circulation, $43,000. The reserve has been below the legal requirements for several weeks. The deposits on Oct. 5, when the bank reported to the comptroller of the treasury, amounted to $2,035,856. The shrinkage in this item, therefore, has been more than $300,000 in a little over to months. It is said there have been quiet though steady runs on both banks for several days past. When the trust company made Its last report to the state authorities, on Nov. 16, the deposits amounted to $1,493.253. Of the deposits in the bank the city la represented by $289,554, the state by $225,000 and the national government by a large sum. but all of these creditDrs are believed to be protected. to A great number of small accounts Xvere carried by the trust company, and apprehension WAS expressed that some distress might follow the failure. If the hopes of a quick settlement are realized, however, all depositors will be paid in full within a short time. That the failure will interfere largely with Christmas cheer, however, is very evident, as many manufacturing estabMishments deposited in the bank and are

5. December 24, 1897 The Providence News Providence, RI
Article from The Providence News, December 24, 1897

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"An extraordinary effort was made before the announcement of the suspension yesterday, to tide over the difficulty, and Mr. Singerly's friends rallied to his assistance with rare generosity and fidelity, but it was found impracticable to turn the assets at his disposal into a shape to meet immediate requirements. "A complete statement of the condition of the Chestnut Street National bank will soon be available. "It is probable that such arrangements will be perfected as will enable the bank to liquidate its obligations without the necessity or delay of a receivership. In the Record property Mr. Singerly has a valuable interest. The earnings of this journal during the year of 1897, in excess of all expenditures were $310,000. With such a money-maker to fall back upon, and with grim determination to pay every dollar he owes, he hopes to redeem his credit and satisfy his creditors."

6. December 24, 1897 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 24, 1897

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When the news of the closing of the Chestnut Street National Bank of Philadelphia, of which Wm. M. Singerly is president, reached Elkton, Md., yesterday afternoon it had a disturbing effect upon the depositors in the Second National Bank of Elkton of which Mr. Singerly is vice president and a heavy stockholder. This morning there was a run on the bank but the excitement soon subsided.

7. December 28, 1897 The Times Washington, DC
Article from The Times, December 28, 1897

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PLANS OF COL. SINGERLY Aiming to Reorganize the Suspended Philadelphia Bank. Creditors to Be Divided Into Three Classes-Points of the Arrangement Decided Upon. Philadelphia, Dec. 27.-A plan of reorganization and adjustment of the affairs of the Chestnut Street Trust and Savings Fund Company, of the Chestnut Street National Bank. and of the affiliated busi ness interests of William M. Singerly, was made public tonight. and will be submitted to the creditors of those institutions and of Mr. Singerly, by George N. Earle, jr., and Richard Y. Cook, the assignees of the trust company. The assignees werein conference with Mr. Singerly, Assistant Comptroller Coffin, of 'the Treasurv Department, and counsel this afternoon. When they adjourned late this evening they had adopted a formal plan of reorganization, to be submitted to the creditors. The plan aims to place all the assets of Mr. Singerly and of the Bank and Trust Company in the bands of reorganiza tion managers. It divides the creditorsinto three classes: first. those who assent to the plan to the extent to which they may hold lieus against the Record Publishing Company, orpreferredor city claimsagainst the bank of trust company, or persons, or corporations willing to advance money in furtherance of the plan. Second. Holders of claims against the Record, or claims secured by its stock, the managers reserving to themselves the right to determine without liability the amount or existence of such claims. Third. All creditors other than those specified who may have an interest in the success of the reorganization. The plan then provides for the issue of capital stock of the Record Publishing Compan to an amount sufficient to pay the creditors of the first-class par for their claims, in a 6 per cent cumulative pieferred stock. The Creditors of the second class, par in a 6 per cent cumulative second preferred stock, and the creditors of the third class, par in common stock. No incumbrance against the property of the Record Publishing Company is to be created without the assent of the tolders of two-thirds of the preferred stock of both classes. The plan says: "There now exists $1,000,000 of common stock of the Record Publishing Company, to the prior lien of $700,000 of mortgages. After a full examination of the property, it was recommended to a syndicate recently formed that this stock issue be increased by the issuance of

8. December 29, 1897 Barbour County Index Medicine Lodge, KS
Article from Barbour County Index, December 29, 1897

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TELEGRAPHIC BREVETIES. Ex-Adjutant General A.B. Campbell, formerly of Kansas, ends a profligate life, throught the medium of morphine. United States Judge Foster issues an order on the receiver of the Wichita and Western Railway to pay taxes assessed against its property in Pratt County, amounting to $11,739. Mrs. Charles R. Miller, cousin of President McKinley, died at Canton on the 21st. A big sleet storm in Texas kills thirty-five per cent. of Mexican cattle. All the street railway officials of St. Louis have been arrested, charged with failure to provide vestibules for street cars, as required by the Missouri law. J.S. Hodson and L. B. Horton, both of Chicago and both engineers, were killed in a collision on the Chicago and Eastern Illinois Railway, at Cayuga, Ind. Beloit ice men harvest their annual crop. The 12-year-old daughter of William Tweed, living near Beloit, was accidentally killed Sunday, by a revolver in the hands of a young man who was living with Mr. Tweed. Chestnut Street National Bank, of Philadelphia, fails for $4,000,000. Italy, too, will send a fleet to China, so as to be in the push. Julia Marlowe, becoming ill in Cincinnati, cancels her engagements and goes to New York. 1 W. H. Hughes, A. H. Dolphin, John W. Bright and Samuel Sevier, of Chicago, freeze to death while on a hunting trip in the Boston mountains of Arkansas. The Window Glass Trust raises the price of its product fifteen per cent. Government orders a train of eighty mules to Alaska. The orange crop is injured. Cold weather imperils the safety of all the fruit in California. J. Pierpont Morgan and others form a trust to control the entire coal output of the United States. A blizzard raged in New York on the 23rd and 24th. Over two feet of snow fell. A German ship off Havanna harbor, mistaken for a United State's gunboat, causes excitement in the Cuban capital. A poll of congress indicates the early passage of the bankruptcy law. Col. Stiles, of the Oklahoma National Guards, isegged out of Guthrie. He recognizes two of his assailants, and will prosecute.

9. December 29, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 29, 1897

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DENTIST Dr. A. E. BUCHANAN 32-33 When Building. CREDITORS MAY ACCEPT SINGERLY'S PLAN FOR PAYING HIS DEBTS FAVORABLY RECEIVED. Denial from Controller Eckels that Politics Had Anything to Do with Philadelphia Bank Failures. PHILADELPHIA, Dec. 28.-The plan for the liquidation of all claims against the Chestnut-street National Bank and Chestnut-street Trust and Savings Fund Company, were, as far as could be learned today, quite acceptable to the general body of depositors of both of those institutions. The plan providing for turning over to the bank and trust company the entire property of the Record Publishing Company, of which William M. Singerly is the owner, it is believed, will suffice to pay all the claims of depositors. While a few depositors felt they should receive their money at an earlier date than can be done under the plan of liquidation, over one hundred depositors called at the bank to-day and informed Mr. Singerly, who is the president of both the bank and the trust company, that they are fully satisfied with the proposed plan. Controller of the Currency Eckels made the following statement at Washington today: "I have instructed the deputy controller, George M. Coffin, to at once call a meeting of the directors of the Chestnutstreet National Bank to pass the necessary resolution and issue notice to the shareholders for a meeting to vote to go into voluntary liquidation. In addition I have requested him to have the directors obtain at once the signatures of representatives holding two-thirds of the bank's stock agreeing to vote for liquidation, which matter will be presented at the meeting to be called. Having done this, I have stated that the controller would then permit the bank to go into voluntary liquidation, after the vote is had, on evidence being furnished that the creditors of the bank have accepted the plan proposed by the committee in place of the evidences of indebtedness from the bank. By having this arranged before voting it will enable the public to understand that immediately on the consent of the creditors being obtained the bank will avoid the appointment of a receiver and the expenses and delay attendant upon a receivership. "I have studied the plan submitted with care and am of the opinion that the creditors of the bank, the trust company and Mr. Singerly will be better cared for than by any method which can be devised in which all t) assets represented by his various inter are handled under different agencies. in a division of responsibility and of as would necessarily entail disputes and ult in expensive litigation as to the ri of this or that one in the property rests represented by him. It would all opardize the value of the assets. whi S the most to be looked for for the pa. ent of the obligations due from the institutions with which he was connected, and from himself. The importance of whatever action the creditors take being quickly determined arises from the wisdom of not permitting any asset to be unnecessarily dissipated or any of the good will of any valuable property in which Mr. Singerly is interested lost. The situation is now in the hands of the creditors. and I believe that in following the plan outlined the end will fully justify their relying upon conservative management of those who have heretofore been successful in undertaking large financial matters.' Controller of the Currency Eckels wired 2. statement to this city to-night in relation to the published articles intimating that political feeling had something to do with the failure of the Chestnut-street National Bank and the Chestnut-street Trust and Savings Fund Company, of which William M. Singerly, proprietor of the Record, was president. The controller says: "I have read with deep interest the statement in a New York paper on this date relative to the affairs of the Chestnut-street National Bank of Philadelphia, its president, William M. Singerry, and the acts of the controller of the currency in connection with the bank's failure. I have no objection to any criticism which may be made of any of my offi-

10. December 30, 1897 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, December 30, 1897

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declared off, and the banks were forced to the wall. Now it is hoped that the committee which began last night 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 were said to have been $249,000, more than sufficient to pay dividends on a sum sufficient to pay all of Mr. Singerly's indebtedness to the banks. The statements of the cause of the failure current here agree with that made by Comptroller Eckles at Washington, that It was primarily due to the loss of much money by Mr. Singerly in his unproductive paper mill at Elkton, Md., one of the largest in the country. One statement placed the sum thus involved at nearly a million of dollars. Mr. Singerly also has much money Invested in other enterprises in this and other cities. Rumors were current to the effect that the ownership of The Record would pass from Mr. Singerly, but this he denied, stating positively that he Is in absolute control of the paper and will continue at its head. On Monday of this week the Chestnut Street National bank made the following report to the Philadelphia clearing house: Loans and discounts, $2,261.000: legal reserve, $396,000: deposits, $1.789,000; due from banks, $335,000; due to banks, $686,000; circulation, $43,000. The reserve has been below the legal requirements for several weeks. The deposits on Oct. 5. when the bank reported to th comptroller of the treasury, amounted to $2,035,856. The shrink. age in this item, therefore, has been more than $300,000 in a little over two months. It is said there have been quiet but steady runs on both banks for several days past. Of the deposits in the bank, the city is represented by $289,554. the state by $225,000 and the national government by a large sum, but all of these creditors are believed to be protected. When the trust company made Its last report to the state authorities on Nov. 16 the deposits amounted to $1,492,253. A great number of small accounts were carried by the trust company, and apprehension was expressed that some distress might follow the failure. If the hopes of a quick settlement are realized, however, all depositors will be paid In full within a short time.

11. January 5, 1898 Daily Capital Journal Salem, OR
Article from Daily Capital Journal, January 5, 1898

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Mr. Eckels' Record. There are some matters connected with the Chestnut Street bank failure in Philadelphia which calls for explanation. Controller Eckels says he knew of the condition of the bank two years ago, and one year ago "I could have closed the bank, but it 'would not have done; it was in elec'tion time." Then he says he has to take chances on banks, and many banks on the verge of failure have been saved by him; te took the chance on the Chestnut Street bank. "and the condition of the bank is 50 per 'cent better than it was two years ago." But its condition today is such that several hundred thousand dollars are admittedly needed to close the great gap between assets and liabilities to dépositors. If this condition is 50 per cent better than it was two years ago, what was the bank's condition then? And yet it was permitted by controller to run on receiving state, city and other funds, and deposits

12. January 27, 1898 New-York Tribune New York, NY
Article from New-York Tribune, January 27, 1898

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THE CONTROLLER REFUSES TO YIELD. NO MODIFICATION OF THE PLAN FOR SETTLING THE AFFAIRS OF MR. SINGERLY'S BANK. Washington, Jan. 2N.-Controller Dawes to-day made the following statement regarding the pending negotiations for a settlement of the affairs of the Chestnut Street National Bank, of Philadelphia: In reference to the statement of the managers of the plan. I will say that I cannot modify the conditions which I have imposed, as in my best judgment they are necessary to protect the people of whose interests the law constitutes me the guardian. I cannot agree as to the lack of necessity of my first condition. The unqualified power of the committee to change the plan required this restriction on my part. even If the phrase which the committee restates was not legally ambiguous, as counsel advises. The managers, in commenting upon my second and third conditions say: "To require, as a condition precedent to giving to those whom they are trying to protect the advantages of the plan. that the managers shall obtain what the Controller requires from each stockholder and director. will not only entall great delays, but will be practically Impossible Knowing that they will derive no advantage therefrom the stockholders and directors will naturally refuse to sign any contract of any kind." My answer Is that 1f. as the plan assumes, the equity over the prefered stock of "The Record Company is valuable to the depositors as standing between them and greater loss. It is valuable in standing between the stockholders and directors and the greater losses which they would sustain by the enforcement of their statutory liabilities under a receivership. There would therefore, be an inducement for them to accept my conditions. In conclusion, I am informed by the examiner in charge of the bank that there is reasonable hope that 75 per cent of the depositors claims can be realized from the existing assets of the bank. To this there will be added whatever can be raised from directors and stockholders' liabilities. The directors are liable for loss which may result from excessive illegal loans to upward of $1,000,000, and the stockholders for their statutory liability to the extent of $500,000. T cannot consent under these conditions to the plan unchanged, which would legally endanger these claims against the directors and stockholders. I believe the committee have been actuated by the highest motives, and will regret if they finally deem impossible a compliance with the conditions imposed. which I cannot change. Philadelphia, Jan. -The managers of the proposed plan for the voluntary liquidation of the Chestnut Street National Bank decline positively to discuss what course they will pursue in regard to the reply sent to them to-day by Controller Dawes. George H. Earle, one of the managers, said this evening: "Under no circumstances will we go on with the plan If the Controller insists upon his latest conditions." Late this afternoon Messrs. Cook and Earle were in conference with Mr. Singerly. The conference lasted over an hour, and none of those present would say what took place. It was reported that a further effort might be made to have the Controller make some concessions or to arrange a meeting which might be productive of means to prevent a receivership. There will be a meeting of the stockholders of the bank to-morrow to vote on the plan to go into voluntary liquidation.

13. February 9, 1898 The News & Observer Raleigh, NC
Article from The News & Observer, February 9, 1898

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# LET ECKLES EXPLAIN. (Springfield Republican.) There is talk in Congress of an inves- tigation of the Chestnut Street bank affair in Philadelphia. And it is not confined to that Pennsylvania Congress- man who is said to have deposited his quarter's salary in the bank on the day before its doors were closed. Comptroller Eckels admitted before he went out of office that the bank was known by him to be in a shaky condition as far back as during the campaign of 1896, but he did nothing, for fear of causing a panic, and he continued to permit the bank to go on inviting deposits for more than a year after it was known to be insolvent. Moreover, he winked at the violation of the national bank law, which prohibits the lending of more than 10 per cent. of a bank's capital to any one person, when the president of this bank was borrow- ing from it more than the entire capital. Evidently an investigation is needed, and young Mr. Eckels certainly needs an opportunity to make an explanation.

14. February 18, 1898 Evening Journal Wilmington, DE
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Chestnut Street Bank Affairs. PHILADELPHIA, Feb. 18.-Comptroller of the Currency Dawes, who came here to look into the affairs of the suspended Chestnut Street National bank, has approved the amended plan for the reorganization and adjustment of the affairs of the Chestnut Street National bank, the Chestnut Street Trust and Saving Fund company, the Singerly Pulp and Paper company and of William Singerly: The comptroller says that outside of what may berealized from the liability of the stockholders and directors there can still be realized from general assets from 60 to 70 per cent of the claims.

15. April 1, 1898 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, April 1, 1898

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# PROBING BANK FRAUDS. How Philadelphia's Chestnut Street Bank Was Mismanaged. # LATE W. M. SINGERLY'S METHODS. When the Directors Were Notified Through the Comptroller of Mr. Singerly's Indebtedness the Latter Increased It. Philadelphia, April 1.-William Steele, formerly cashier of the collapsed Chestnut Street National bank, charged by Bank Examiner Hardt with making false reports of the bank's condition to the comptroller of the currency, was given a hearing yesterday before United States Commissioner Edmunds. George M. Coffin, deputy comptroller of the currency, Bank Examiner Hardt, George H. Earle, receiver of the bank, and all of the directors of the institution gave testimony. According to the evidence the late William M. Singerly, president of the bank, received large loans from the bank. The comptroller admonished him to cease borrowing. At this time he owed $578,000, and when the bank failed his indebtedness was $800,000, while the collateral security was estimated at $75,000. Bank Examiner Hardt said eight reports made by Cashier Steele during 1896 and 1897 to the comptroller were all false with respect to the loans, and in some there was a suspicion of facts regarding overdrafts. Receiver Earle told of a conversation he had with Mr. Steele in which the cashier said Mr. Singerly would come to the bank and get the money from the cash drawer without the knowledge of any of the directors, and would place collateral in a private drawer. This latter was placed in the books as cash items. Steele told the receivers that in doing this he was merely obeying orders. The directors' testimony showed they did not know the extent of Mr. Singerly's indebtedness. In October, 1896, the comptroller notified them that he owed $578,000. A meeting was held, and Mr. Singerly promised to reduce the amount. Instead it was raised. The hearing was then continued until next Wednesday, Mr. Steele renewing his bail bond of $10,000.

16. April 1, 1898 The Scranton Tribune Scranton, PA
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# STEELE HAS A HEARING. Charged by the Bank Examiner with Making False Reports. Philadelphia, March 31.-William Steele, formerly cashier of the collapsed Chestnut Street National bank, charged by Bank Examiner Hardt with making false reports of the bank's condition to the comptroller of the currency, was given a hearing today before United States Commissioner Edmunds. George M. Coffin, deputy comptroller of the currency; Bank Examiner Hardt, George H. Earle, receiver of the bank, and all of the directors of the institution gave testimony. According to the evidence, the late William M. Singerly, president of the bank, received large loans from the bank. The comptroller admonished him to cease borrowing. At that time he owed $578,000, and when the bank failed his indebtedness was $800,000, while the collateral security was estimated at $75,000. Bank Examiner Hardt said eight reports made by Cashier Steele during 1896 and 1897 to the comptroller were all false with respect to the loans, and in some there was a suppression of facts regarding overdrafts. He testified to each in detail. Receiver Earle told of a conversation he had with Mr. Steele in which the cashier said Mr. Singerly would come to the bank and get the money from the cash drawer without the knowledge of any of the directors and would place in a private drawer collateral. This latter was placed in the books as cash items. Steele told the receiver that in doing this he was merely obeying orders. The directors' testimony showed they did not know the extent of Mr. Singerly's indebtedness. In October, 1896, the comptroller notified them he owed $578,000. A meeting was held and Mr. Singerly promised to reduce the amount. Instead, it was increased. The hearing was then continued until next Wednesday, Mr. Steel renewing his bail bond of $10,000.

17. April 2, 1898 Wheeling Register Wheeling, WV
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# SINGERLY'S INDEBTEDNESS. Evidence That He Owed the Chestnut Street Bank About $800,000. Philadelphia, Pa., April 1.—William Steele, formerly chief cashier of the collapsed Chestnut Street National Bank, charged by Bank Examiner Hardt with making false reports of the bank's condition to the comtroller of the currency, was given a hearing before United States Commissioner Edmunds. George M. Cffin, deputy comptroller of the currency, Bank Examiner Hardt, George H. Earle, receiver of the bank, and all the directors of the institution, gave testimony. According to the evidence the late William M. Singerly, president of the bank, received large loans from the bank. The comptroller admonished him to cease borrowing. At that time he owed $578,000, and when the bank failed his indebtedness was $800,000, while the collateral security was estimated at only 75,000. Bank Examiner Hardt said that eight reports made by Cashier Steele during 1896 and 1897 to the comptroller were all false with respect to the loans, and that in some there was a suppression of facts regarding overdrafts. He testified to each in detail. Receiver Earle told of a conversation he had had with Mr. Steele, in which the cashier said that Mr. Singerly would come to the bank and get the money from the cash drawer without the knowledge of the directors and would place in a private drawer the collateral, which was then entered in the books as cash items. Steele told the receiver that in doing this he was merely obeying orders. The directors' testimony showed that they did not know the extent of Mr. Singerly's indebtedness. In October, 1896, the comptroller notified them that he owed $578,000. A meeting was held and Mr. Singerly promised to reduce the amount, but instead he increased it. The hearing was continued until next Wednesday, Mr. Steele renewing his bail bond of $10,000.

18. April 12, 1898 The Semi-Weekly Messenger Wilmington, NC
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# Neglect of Officials Investigation of the affairs of the Chestnut Street National bank, of Philadelphia, has shocked and grieved the admirers of one of the ex-officials of the United States treasury. It has also justified the censorious comments of The Post made when that official was abroad in the land, leaving his duties as comptroller of the currency to other hands and devoting his time, his energies, and his oratorical powers to vehement disparagement of the laws regulating the currency. The country has heard a good deal, and may hear much more, of directors who do not direct and of examiners who do not examine, but this bank failure, although it reveals great negligence on the part of directors, reflects most seriously on a comptroller who did not control. The Post blamed Mr. Eckels for neglecting his official duties, as well as for his panicky attacks on the laws through which the money of the country is supplied and its equal value maintained. The Post, while conceding the necessity for some changes in those laws when it might be possible to make them, felt constrained to condemn the policy that sent the comptroller out of his office to make sensational assaults on the laws when there was not a ghost of a chance to reform. The Philadelphia Ledger asserts that the cashier of the Chestnut street concern, who has been indicted, is not the chief offender, and specifies the responsibility not alone of the directors, but of the department of the comptroller of the currency, which was aware of the violations of the law, but did not take the steps required by the law for the exquisite reason, subsequently assigned by the comptroller, that he was afraid the bank would fail and cause a panic. The Pittsburg Dispatch, commenting on the Ledger's article, says: "This last phase of moral responsibility at least is worth public attention for two reasons. First, the comptroller of the currency is most directly responsible to the people for the integrity of his administration and the enforcement on the banks of the measures to secure their stability. Second, the responsibility is especially pertinent in this case because this particular comptroller of the currency, who did not do his sworn and statutory duty to protect the depositors of the bank, was particularly prominent at that time in informing the people that the credit of the goevrnment was so insecure that they should not rely on it for the basis of their circulation, but must take instead the basis of bank assets, which he declared to be the only scientific, solid, and indestructible foundation for circulation. We can have some sympathy for the bank president whose large business enterprises led him into borrowing and who, when they became unprosperous, was drawn insensibly into borrowing to sustain them until he reached disaster. We can understand how his directors, in confidence in his character, would accept his assurance that he would 'make the matter all right.' But the comptroller of the currency, whose sole duty was to enforce the law and who left it unenforced, while he was busy in preaching alleged financial principles that the would have known to be unreliable if he had paid attention to his duty, is left with about the character of a bubble which owes its large size and beauties solely to the amount of wind it contains." One of the lessons of this sad and bad affair is that comptrollers should control: that they should faithfully attend to the work for which they are paid and let the head of the treasury do the suggesting of reforms in his official capacity.

19. December 29, 1898 The Worthington Advance Worthington, MN
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MINOR NEWS ITEMS. Free milling gold ore worth from $25,000 to $35,000 a ton has been.found near Rat Portage, Ont. The Midland Railway company of England, has ordered 20 freight engines in Philadelphia and New York. James S. McIndoo, the "Minnesota giant," died at Madela. He was 18 years old and seven feet two inches tall. Galileo's original manuscript treatise on the tides has been discovered in the vatican library. It was completed in 1616. The discovery of gold five miles southwest of Canyon City, Col., has caused a new town to spring up in a night, as it were. Ex-Secretary of State John Sherman says the administration was negotiating with Spain for the purchase of Cuba when the war feeling rose and swept everything before it. Ex-Gov. Sprague, of Rhode. Island, when recently in Washington met his two daughters for the first time in 18 years, during which time they have lived abroad and in the west. By direction of the president, Brig. Gen. M. V. Sheridan, United States volunteers, has been assigned to temporary command of the department of the lakes, relieving Brig. Gen. Bacon. William Steele, former cashier of the wrecked Chestnut Street national bank, Philadelphia, was sentenced to six years and six months' imprisonment and to pay a $300 fine. He was convicted of conspiracy. Thomas Jones, living near Greer, W. Va., attempted to light a fire with crude oil, An explosion occurred and the clothing of his twin daughters, aged six years, ignited. Jones was too badly burned to assist them and the children were burned to death. An unusual wedding took place near Meldrim, Ga., at the home of F. M. Goodson. His two daughters, Rosalie and Ruthie, were married to two brothers, Charles P. and Elliott A. Morgan. The father of the young men, Rev.J.A. Morgan, performed the ceremony. Thereiogreat excitement at Spokane, Wash. over repeated rich strikes in Republic camp on the Colville reservation. It is now demonstrated that the gold belt is at least seven miles long and three miles wide, and in that area rich ore chutes are being discovered almost daily.

20. May 6, 1899 Evening Journal Wilmington, DE
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ONE CENT. BEFORE JUDGE GRAY. HIS HONOR HEARD SEVERAL ARGUMENTS YESTERDAY IN PHILLADELFHIA COURTS. Judge Gray sat in Circuit Court in Philadelphila yesterday and heard a number of arguments that came up before him. Arguments were made in the cases of Charles T. Quin algainst George H. Earle, Jr.. receiver of the Chestnut Street National Bank, of Philadelphia; J. H. Weller and Robert T. Weller against Hanauer, Kohn & Co. and the Independence National Bank; three cases brought by O. G. Hempstead & Son against John R. Read, as collector of the port. Decision in all of the cases was I'Eserved.

21. October 19, 1899 Arizona Republican Phoenix, AZ
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UNCLE SAM'S NEWSPAPER. He Has Conducted the Philadelphia Record for a Year. Although it is not generally known, it is a fact nevertheless, that the United States government has been practically conducting the Philadelphia Record. This property came technically into possession of the government through the failure of William H. Singerly, who in addition to being the owner and editor of the newspaper property was president of the Chestnut Street National bank and one of the heaviest stockholders in this banking institution. This bank failed and was one of the most disastrous and sensational failures of a national bank within the present decade. The comptroller of the currency, according to law, took possession and a receiver in the person of John H. Earle, Jr., was appointed to administer the affairs of the defunct bank in the interest of the government and the creditors. Mr. Singerly died not many months after the failure, and in his will he turned over to the government his newspaper property under certain stipulations, and it was in this manner that Uncle Sam became an editor, through the receiver of the Chestnut Street National bank. As an indication of the shrewdness of our Uncle Sam in the field of journalism it is stated at the treasury department that the net profits of the Record during the past year were $300,000. It is also said that the year has been the most prosperous one from a financial standpoint in the history of that newspaper. Receiver Earle is rapidly winding up the affairs of the Chestnut Street National bank, and Comptroller Dawes soon expects to sell at public auction, for the benefit of the creditors of the defunct bank, the newspaper property.-Rochester Herald.

22. August 5, 1909 The Emmett Index Emmett, ID
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ence the conduct of an honorable man or the suspicions of one of like character. # H. W. Taft Appears In New York. Lawyers and financial men in New York who have followed the sugar trust matter are recalling this corre- spondence with not a little interest. The firm of attorneys "with Washing- ton connections" was Strong & Cad- walader, of which, at the time Mr. Earle wrote, both Henry W. Tart, a leading counsel for the sugar trust in all the litigation growing out of the Segal loan, and George W. Wicker- sham, the present attorney general, were members. The fact that Henry W. Taft is an attorney of the sugar trust in this identical Segal case, thus involving the law firm of which Attorney General Wickersham was a member, raises an interesting question as to what the present administration will do toward prosecuting the trust. Judging by the vigor with which Collector Loeb pro- ceeded against the same trust in the matter of the short weight frauds, the law business of Henry W. Taft and of the firm of Strong & Cadwalader will have little or no influence on President Taft, and the prosecution will go for- ward with the same vim that marked a Receiver Earle's case. If a private in- dividual could accomplish what he did, what could not the United States gov- ernment accomplish if it proceeded against the trust with all its great power? One of the most remarkable interviews that have appeared in years grew out of this identical suit. It was from no less a man than Sam- uel Untermyer, the famous corporation lawyer of New York, who was re- tained by Segal. Mr. Untermyer stated in effect that the government, if it were in earnest, could not only suc- cessfully prosecute the sugar trust, but many other gigantic corporations that pursue the same methods. That inter- view took the lid off. Whatever the government does, how- ever, George H. Earle has given the sugar trust a staggering blow. He has not alone wrested from it many mil- lions of dollars, but has shown the country what can be done in curbing criminal combinations by any man who means business. That perhaps is the greatest service of all. Moreover, he has put the Real Estate Trust Com- pany of Philadelphia on its feet, thus saving the money of thousands of in- nocent depositors, and has made it possible for the Pennsylvania Sugar Refining company to open its Camden plant and resume business. For his services to the trust company he was unanimously elected Its president. # Other Concerns Saved by Earle. This is but one of a long series of tottering or wrecked institutions that George H. Earle, Jr., has successfully reorganized. Among the others are the Pennsylvania Warehousing and Safe Deposit company, which he took when its stock was down to $5 per share and by cutting out the dead wood, ju- dicious buying of wharfs and busi- ness principles brought it up until its stock is in the neighborhood of $100 per share; the Finance Company as of Pennsylvania, which needed a strong bracing and in Earle's hands got it; the Tradesman's National bank, which got into deep water with its stock down to 50, called on Earle, was set on its feet and now is above par; the Market Street National bank, which was floundering, sent out a hail for Earle and is now selling at a pre- mium of 60: the Reading railroad, which the last time it failed was put back on its feet by Earle and Freder- ick P. Olcott of New York; the Choc- taw, Oklahoma and Gulf railroad, which struck a slump and went under, but with Earle as chairman of its com- mittee of reorganization has been made a paying property, and the Chestnut Street National Bank and Trust company, involving the owner- ship of the great newspaper, the Phila- lelphia Record, all three of which Mr. Earle, with the help of one other re- ceiver, put back into flourishing con- dition, although the bank and trust company had actually falled and the paper was heavily involved. This noteworthy triple success was perhaps Earle's greatest achievement up to the time that he reinstated the Real Estate Trust company and the Pennsylvania Sugar Refining company and forced the sugar trust to disgorge several millions of money, credits, stocks and bonds. And now, after the famous street car strike in Philadel- phia, Mr. Earle has been asked by the mayor and councils to take charge of this situation and in a letter that boldly outlines his views and cuts to the heart of the question has consent- ed to do so. The regard with which he is held in Philadelphia is shown by the fact that since his appointment public confidence that the traction question is at last in the hands of a man who will solve it has been gener- lly expressed. The same trust in his ability and integrity was displayed several years ago when he took charge of a failed trust company. The man- ner in which this particular failure had been brought about had enraged the depositors, large numbers of whom entered suit. On Mr. Earle's mere ap- peal these suits were all withdrawn. He was given complete voting power for the depositors, and he finally paid them every cent with interest.