18995. Chestnut Street Trust Company (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 28, 1900
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
bfebf269

Response Measures

None

Description

Articles (Feb–Mar 1900) refer to the receivers of the Chestnut Street Trust Company, indicating the trust company was in receivership. No articles describe a depositor run; therefore this appears to be a suspension/closure with a receiver assigned. No explicit suspension date given — receiver reference used as evidence of closure/receivership.

Events (1)
1. February 28, 1900 Receivership
Newspaper Excerpt
whose interests are in the name and are controlled by the receivers of the Chestnut Street Trust Company.
Source
newspapers

Newspaper Articles (2)
1. February 28, 1900 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, February 28, 1900

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Article Text

Delaware Banks Suit. Sult was entered yesterday in the Court of Common Pleas, Philapelphia on, behalf of the Fruit Growers National Bank of Smyrna, the Delaware City National Bank and National Bank of Delaware, the Central National Band and he Security Trust and Sa e Deposit Company of this city against the estate of the late William M. Singerly. It is understood that these Institutions are only a part of about fifty banks and banking institutions scattered through Eastern Peansylvania. New Jersey and Delaware, who are creditors of Singerly's estate, The claims of this class of creditors aggregate about $300,000. The banks hope by concerted action, if possible, to prevent the sale of the Philadelphia Record by a certain class of creditors holding the hypothecated stock and bonds, whose interests are in the name and are controlled by the receivers of the Chestnut Street Bank and Chestnut Street Trust Company. The banks wan: to stop the sale as they believe that the Record, by judicious mauagement, will be able to ray off in full all the creditors of Mr. Singerly and also leavo a good margin.

2. March 3, 1900 The Cecil Whig Elkton, MD
Article from The Cecil Whig, March 3, 1900

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Article Text

# DON'T WANT IT SOLD. Local Creditors of the Singerly Estate Take Action Against the Sale of the Philadelphia "Record." James H. Hoffecker, of Wilmington, acting after a conference with attorneys in Philadelphia, on Tuesday in that city, brought suit in the Common Pleas Court on behalf of the Fruit Growers' National Bank of Smyrna, the Delaware City National Bank and National Bank of Delaware, the Central National Bank and the Security Trust and Safe Deposit Company against the estate of the late William M. Singerly. It is understood that these institutions and only a part of about fifty banks and banking institutions scattered through Eastern Pennsylvania, New Jersey and Delaware, who are creditors of Singerly's estate. The claims of this class aggregate about $300,000. The banks hope by concerted action, if possible, to prevent the sale of the Philadelphia Record by a certain class of creditors holding the hypothecated stock and bonds, whose interests are in the name and are controlled by the receivers of the Chestnut Street Trust Company. The banks want to stop the sale as they believe that the Record, by judicious management, will be able to pay off in full all the creditors of Mr. Singerly and also leave a good margin.