18998. Chestnut Street Trust and Saving Fund Company (Philadelphia, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 23, 1897
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
382e01ab

Response Measures

Full suspension, Books examined

Other: Assignees (Earle and Cook) arranged voluntary liquidation plan; receiver later appointed; legal proceedings followed.

Description

Multiple articles report quiet but steady runs and crowds of depositors before the bank and its affiliated Chestnut Street National Bank were closed by the national bank examiner (Dec 23–24, 1897). Cause repeatedly given is shrinkage in value of Singerly Pulp and Paper Mills securities (bank-specific adverse information). The institutions did not resume normal operations; assignees were named and a plan for voluntary liquidation/settlement was pursued (stockholders voted for voluntary liquidation, assignees and controller later approved an amended plan). Classified as run → suspension → closure (voluntary liquidation/receivership follow-up).

Events (5)
1. December 23, 1897 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawals triggered by discovered shrinkage in value of Singerly Pulp and Paper Mills securities and the proprietor's heavy losses (William M. Singerly).
Measures
No special liquidity measure reported beyond efforts by officials and committees to raise funds; depositors were addressed and reassured by officials.
Newspaper Excerpt
It is said there have been quiet but steady runs on both banks for several days past.
Source
newspapers
2. December 24, 1897 Other
Newspaper Excerpt
The deed of assignment is signed by William M. Singerly ... The assignment was made today by the ComPhiladelphia Binding and Mailing company. ... The assignment is said to have been forced upon the company through the failure yesterday of the Chestnut Street National Bank. ... The directors of the trust company held a meeting this morning and the assignment to Mr. Earle and Mr. Cook was the outcome of a discussion of the troubles of the institution. (Assignees named: George H. Earle, Jr. and Richard Y. Cook.) (Note: assignment for benefit of creditors.) Also: stockholders later voted for voluntary liquidation (Jan 27). The controller later approved amended plan (Feb 18).
Source
newspapers
3. December 24, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by bank examiner/authority after losses tied to sharp depreciation of Singerly Pulp and Paper Mills bonds and notes; suspension carried with it closing of the trust company (affiliated management).
Newspaper Excerpt
The Chestnut Street Trust and Saving Fund Company, which closed its doors yesterday, made an assignment today... The Chestnut Street National Bank ... was yesterday taken in charge by the national bank examiner.
Source
newspapers
4. January 27, 1898 Other
Newspaper Excerpt
The stockholders of the bank met yesterday and voted in favor of voluntary liquidation. ... A resolution calling for a special meeting of the stockholders on January 27 was at once adopted. At the same meeting, two-thirds of the holders of shares in the bank pledged themselves to vote on that occasion that the bank go into voluntary liquidation.
Source
newspapers
5. February 18, 1898 Other
Newspaper Excerpt
Controller of the Currency Dawes ... has approved the amended plan for the reorganization and adjustment of the affairs of the bank, the Chestnut Street Trust and Saving Fund Company, the Singerly Pulp and Paper Company and of William Singerly. The controller will declare a dividend of 20 per cent upon the claims of bank depositors.
Source
newspapers

Newspaper Articles (19)
1. December 24, 1897 Evening Star Washington, DC
Article from Evening Star, December 24, 1897

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Statement of President Singerly of the Philadelphia Bank. TRUST COMPANY ASSIGNS TODAY It Was Affiliated With the Chestnut Street Bank. GEORGE H. EARLE, ASSIGNEE PHILADELPHIA, Pa., December 24.-The Chestnut Street Trust and Saving Fund Company, which closed its doors yesterday, made an assignment today for the benefit of creditors to George H. Earle, jr., president of the Tradesmen's National Bank, and Richard Y. Cook, president of the Guarantee Trust and Safe Deposit Company. The Chestnut Street Trust Company is closely affiliated with the Chestnut Street National Bank, which was yesterday taken in charge by the national bank examiner. William M. Singerly is president of both companies, and the boards of directors of the two companies are the same, with the exception that in each board there is one member who is not a director in the other. Signed by Mr. Singerly. The deed of assignment is signed by William M. Singerly, as president, and there is no reserve in the conveyance of the property of the company to the assignees. The directors of the trust company held a meeting this morning and the assignment to Mr. Earle and Mr. Cook was the outcome of a discussion of the troubles of the institution. It was announced that a statement would be issued in a day or two showing the exact condition of the company's affairs. The assignment was made today by the ComPhiladelphia Binding and Mailing pany. This is a small organization, which was incorporated in Maine. The assignment is said to have been forced upon the company through the failure yesterday of the Chestnut Street National Bank. President Singerly's Statement. The Record today publishes the following editorial: "To the public: The Record is compelled to make a : ainful personal announcement this morning. Owing to the financial embarrassment of Mr. William M. Singerly, president of the Record Publishing Company, the Chestnut Street National Bank and the Chestnut Street Trust and Savings Fund Company were obliged to suspend business yesterday. "The weight which proved too heavy for Mr. Singerly to carry was his large investment in the Singerly Pulp and Paper Mills at Elkton, Md. The extreme shrinkage in the price of paper and the resulting depreciation in the value of that property was the primary cause of his embarrassment and of the suspension of the bank and trust company, with which he has been so closely identified. "An extraordinary effort was made before the announcement of the saspension 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 requirement. Statement Soon to Be Made. "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 asset. The earnings of this journal during the year 1896, in excess of all expenditure, were $310,000. With such a money-maker to fall back upon, and with a grim determination to pay every dollar he owes, he hopes to redeem his credit and satisfy his creditors."

2. December 24, 1897 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 24, 1897

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PHILADELPHIA, Dec. 23.-A Bansation was created in this city to-day of the of the Street National garded the announcement Chestnut suspension Bank, re- by 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 Philadelphia Record, is president of both companies, and the same men, with one exception, act as officers and directors. The first information the public celved that the banks were in trouble rewas in the form of a notice posted this morning on the door of the building 00cupied 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 assets and liabilities is available, but it is stated that the deposits of the Chestnut Street bank amounted to $1,700,000 and of the Trust company $1,800,000. President Singerly gave out a brief statement to-night in which he said: "We are working to secure the indebtedness of the two banke 80 that they can go into voluntary liquidation and thus avoid a receivership." In this connection Deputy Comptroller of the Treasury George M. Coffin. who was sent here from Washington by Comptroller Eckels to-day said: "The matter of putting the Chestnue 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 he asets of the bank. They must first be satisfied that they have value sufficient to warrant them in asuming the Indebtedness." Mr. Coffin win remain here several days aiding the men who have taken upon themselves the taek 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 banking circles that Mr. Singerly's banks Were in trouble and the national examiner. it is eaid, was aware of the condition of affairs. Last night a. number of the leading bank officials of the city had IL 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 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 dollare or 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 satisfactorily 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 Day Interest on a sum large enough to pay all of Mr. Singerly's indebtedness to the banks. The statements of the cause of the failcurrent here agree with that made by Comptroller Eckels 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. Rumora 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 as 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; elecutation. $13,000. The reserve has been below the legal requirements for several weeks. The on 6, deposit ported October when the bank re. to the comptroller of the treas. Dry. amounted to $2,935,856 The shrinkage in this item therefore, has been more than $300,090 In a little over we months 11 said there have been quiet. but leady runs on both banks for several post. or the deponits in the bank city in represented by $280,554 the state by 8225,000. and the national govby a sum. but all of these are to bin Trust ernment When reditors the large believed company mane protected its last the state author on No. 16. deposite amounted

3. 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

4. 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.)

5. December 24, 1897 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 24, 1897

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TOO MUCH OF A LOAD. Gets Editor Singerly, of Philadelphia, Into a Bad Hole as to Pinances. THREE MILLIONS IN CASH NEEDED To Make His Two Big Banking Concerns Square with Their Creditors-Tried to Run Them in Addition to a Metropolitan Journal, a Paper Mill and Various Other Enterprises - Hopes to Pay Dollar for Dollar in Due Time, Philadelphia, Dec. 24.-A sensation was created in this city yesterday 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

6. December 25, 1897 The Cecil Whig Elkton, MD
Article from The Cecil Whig, December 25, 1897

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SOME DEPOSITORS IN SECOND NATIONAL BANK ALARMED WITHOUT CAUSE. The Elkton Bank is In No Wise Affected by the Philadelphia Failure, and the Fear of the Depositors was Quickly Allayed. The Bank is Strong and a Statement is Made By the Directors. Some excitement was occasioned in Elkton on Thursday afternoon about one o'clock by the telegraphic news that the Chestnut Street National Bank, of Philadelphia, of which Hon. William M. Singerly is President. had closed its doors and was in the hands of an United States Bank Examiner. From the fact that Mr. Singerly is also vicepresident of the Second National Bank of Elkton, some alarm was caused among depositors In the Elkton Bank. who feared that it might be involved in the Philadelphia failure. Accordingly something of a run was made on the Second National Bank of Elkton, which continued up to the closing of the bank's doors at three o'clock. Every demand was promptly met by the bank, and which allayed almost entirely the apprehensions of the people. Throughout Elkton that evening wherever the matter was discussed. after the statement of President William T. Warburton to the effect that the bank would meet every demand and was in nowise crippled. were heard expressions from leading men of Elkton that they had the greatest confidence 111 the bank all of which had such an effect that when the bank's doors opened on Friday morning, wh t promised to be a considerable number of depositors to withdraw their accounts, dwindled down to a very few, and several of those who had withdrawn on Thursday, were back to again make deposit. One deposit on Friday morning was 85,000, made by a prominent business man of Elkton. DIRECTORS STATEMENT. The Directors of the Second National Bank on Friday morning made this statement to the public:The Second National Bank of Elkton, is not materially affected by the closing of the Chestnut Street National Bank as that Bank at the time of its failure held but a small balance of the funds of this Bank, the reserve of this Bank being at that time with the Commercial and Farmers Bank of Baltimore. The Second National Bank of Elkton is fully prepared to meet all its liabilities. W. T. WARBURTON, JAS. S. HOPPER, J.J. ARCHER, I. D. DAVIS, Directors. On Friday morning the bank received a large sum of money from the Commercial and Farmers National Bank of Baltimore, its reserve agent. At noon yesterday the Second National Bank of Elkton has settled down to its normal condition. The run altogether amounted to not over $25,000. CHESTNUT STREET BANK FAILURE. At the closing of the Chhestnut Street National Bank on Thursday. the Chestnut Street Trust and Saving Fund Company, which was under practically the same management, also suspended, and that the joint liabilities would reach, if not exceed $ 83,000,000, seemed to increase the excitement. A report from Philadelphia yesterdaystate efforts are being made to straighten out the tangle, and last night it was announced that negotlations are under way, by which if they materialize, it is hoped to secure the banks debtedness, and also to save the dedepositors in the trust company. During the day President Singerly and the Directors of the bank sat in the big bank building on Chestnut street, below Eighth, in consultation over the turn affairs had taken. When he left late in the afternoon Mr. Singerly said: "There is no statement to be made at this time except that we are making ever. effort to secure the bank's indebtedness, so that the bank can go into voluntary liquidation and be saved from a receivership.' The cause assigned for the failure is the shrinkage in value of the bonds and notes of the Singerly Pulp and Paper Mills, located at Elkton, Md. This is the explanation given by Mr. Singerly and Comptroller of the Currency Eckels. Mr. Eckels has been in Philadelphia several times recently, trying to make arrangements by which the pulp and paper mills securities could be taken out of the assets of the bank and preferred stook of the Philadelphia Record company substituted, By this and certain other changes Mr. Eckels hoped to put the bank in first class condition. When the pulp and paper mills securities were taken by the bank they were regarded as first class. but since that time has fallen a to less than two cents, paper by pound everyone in price from and ten the cents securities have depreciated in proportion. On all sides were heard expressions of sympathy for Mr. Singesly, whose generous nature has made him beloved by many. Several prominent citizens and officials of numerous banks called upon him yesterday to offer assistance. Shortest Day of The Year

7. December 25, 1897 The Scranton Tribune Scranton, PA
Article from The Scranton Tribune, December 25, 1897

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lied instrton, the Trust and Saving Fund company, which collapsed yesterday, issued this statement to the public tonight. "On Tuesday next. or at the latest on Wednesday, a plan now being formulated. requiring the devotion to its purposes all of my assets, will be submitted to my creditors. and to the creditors of the Chestnut Street National bank and the Chestnut Street Trust and Saving Fund company. 1 believe, and this belief is shared by those who have been informed of the situation. that with this plan. which will involve partly an acceptance of Record Publishing company stock. approved by the creditors, none of them ultimately will lose anything." The only other development in the situation today was the formal assignment of the Trust company to George H. Earle, jr., president of the Tradesmen's National bank. and of other financial institutions, and Richard Y. Cook. president of the Guarantee Trust and Safe Deposit company. This was but a natural outcome of the failure, and was taken after a lengthy session of the board of directors of the Trust company. The deed unreservedly conveys all the property of the company to the assignees. Mr. Singerly's statement comes as the result of a conference of the directors of the defunct concerns held today. and it is generally believed that the hope of an eventual settlement on a one hundred per cent. basis will be realized. A statement will be issued within a day or two. showing the exact condition of the companies' affairs. The only other embarrassment thus far resulting from the crash was the of the and Mailing company, a assignment Binding today Philadelphia small organization incorporated in Maine. The bank examiner and his assistants spent the greater part of the day going over the books of the two companies. but declined to make any statement. 11 is said that the bank has about 1,800 deposit accounts and the trust company about 3,200. State Banking Commissioner Gilkeson and Attorney General McCormick were engaged today, inquiring into the condition of the state's deposit in the bank and looking after the interests of depositors in the trust company, which is incorporated under the state laws. ITS EFFECT AT ELKTON Flkton, Md., Dec. 24.-When the news of the closing of the Chestnut Street National bank, of Philadelphia, of which William M. Singerly is president. reached this town 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 stock holder. The news reached Elkton shortly before the closing hour of the bank. The bank opened its doors as usual this morning for business and a steady stream of depositors filed in, anxious to withdraw their accounts. The officials of the bank. however, anticipated a run and made preparations for it. The depositors were assured by President Warburton and Cashier Davis that the institution was perfectly solvent and fully able to meet all its outstanding obligations. As a result of these assurances many depositors decided to retain their funds in the bank. It is feared that the financial failure of Mr. Singerly will close his mills in this county, the depreciation of which stock caused the Philadelphia institutions to go under.

8. December 29, 1897 New-York Tribune New York, NY
Article from New-York Tribune, December 29, 1897

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CREDITORS TO THE RESCUE. HELP FOR MR. SINGERLY FREELY OFFERED. TWO-THIRDS OF THE DEPOSITORS IN THE FAILED BANK ASSENT TO THE PLAN FOR SETTLEMENT. [BY TELEGRAPH TO THE TRIBUNE.] Philadelphia, Dec. 28.-The plan submitted this morning by the assignees of the Chestnut Street Trust and Saving Fund Company for the liquidation in full of all claims against the Chestnut Street National Bank, the trust company and the various enterprises of Mr. Singerly, the president of the two institutions, has already inspired depositors with confidence, and scores, even when the officials went to the bank, were on hand, ready and willing to give assent to the proposition in its entirety. So sudden and unexpected, however, were the responses of the assenting depositors that the officials in charge of the matter found themselves wholly unprepared. Believing that it would be some days at least before the matter was put into execution, the necessary legal blanks had not been drawn up, and other forms vital to the transaction were incomplete. The depositors. as a result, were for the moment turned away, with the understanding. however, that in a few days all the blanks would be ready, and assents would be accepted at various financial institutions throughout the city. For this purpose the assignees have caused an outline of their plan to be advertised and the various institutions wherein assents of creditors will be received announced. Controller Eckels at once signified his approval of the procedure, and instructed Deputy Controller Coffin to call a meeting of the directors of the suspended bank, so that the necessary steps for passing into voluntary liquidation might be taken. As a result of these instructions a meeting of the directors of the Chestnut Street National Bank was called this afternoon for the purpose of taking action on the question of calling a meeting of the stockholders within thirty days to vote on going into voluntary liquidation. The directors at once went to work, and the feeling was shown when a resolution calling for a special meeting of the stockholders on January 27 was at once adopted. At the same meeting. two-thirds of the holders of shares in the bank pledged themselves to vote on that occasion that the bank go into voluntary liquidation. During the day one hundred depositors. who had read the plans of the assignees, and were entirely satisfied with its provisions, called at the banking-house and signified their intention of assenting.

9. December 30, 1897 The County Record Kingstree, SC
Article from The County Record, December 30, 1897

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PHiLADELPHIA BANK FAILS. Chestnut Street National Closed by Order of the Controller. A painful sensation was created at Philadelphia 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 M. 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 received that the banks were in trouble was in the form of a notice posted on the door of the building occupied jointly bythe two concerns. signed by National Bank Examiner William M. Hardt, to the effect that the Chestnut Street National Bank had closed its doors pending an investigation of its affairs by the Controller of the Currency. No statement of assets and liabilities is available, but it is said that the deposits of the Chestnut Street Bank amounted to $1,700,000, and of the Trust Company, $1,300,000.

10. December 30, 1897 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, December 30, 1897

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PHILADELPHIA BANK FAILS. Chestnut Street National in the Hands 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 bankruptey, but they were futile. National Bank Examiner William M. Hardt is in charge of the bank and State Commissioner of Banking Kilkeson is in charge of the trust company. The one explanation for the failure, which Mr. Singerly himself affirms, is made by no less an 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.

11. December 30, 1897 Eagle River Review Eagle River, WI
Article from Eagle River Review, December 30, 1897

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PHILADELPHIA BANK FAILS. Chestnut Street National in the Hands 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 charge of the trust company. The one explanation for the failure, which Mr. Singerly himself affirms, is made by no less an 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.

12. December 30, 1897 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, December 30, 1897

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The Chestnut Street National Bank, of Philadelphia, Closes Its Doors. SINGERLY, THE GOLD BUG," INVOLVED FOR MILLIONS. A Great Sensation Was Caused When the Announcement Was Made- Friends Looking Over the Affairs and May Advance Cash Enough to Tide Him Over-A Bank Examiner Ordered the Blinds Pulled Down While an Investigation is Taking Place. the discovery was made that because of Philadelphia, Dec. 24.-A sensation the involved condition of the trust was created in this city by the ancompany's fina ces this sum would not nouncement of the suspension of the be within several hundred thousand Chestnut Street National bank, redollars of the amount required. Negogarded as one of the strongest financial tiations were therefore declared off and institutions in the city. The suspension the banks were forced to the wall. carried with it the closing of the ChestNow it is hoped that the committee, which began where the former commitnut Street Trust and Saving Fund tee left off. will succeed in satisfactorily company, doing business under the adjusting the finances and thus permit state banking laws. William M. Sin. the banks to pay the depositors dollar gerly, publisher of the Philadelphia for dollar. Record, is president of both companies, The net earnings of The Record last and the same men, with one exception. year are said to have been $249,000. act as officers and directors. more than sufficient to pay dividends, The first information the public reor a sum sufficient to pay all of Mr. ceived that the banks were in trouble Singerly's indebtedness to the banks. The statements of the cause of the was in the form of a notice posted this failure current here agree with that morning on the door of the building 00. made by Comptroller Ackles at Wash. cupied jointly by the two concerns, ington, that it was primarily due to the signed by National Bank Examiner loss of much money by Mr. Singerly in William M. Hart, to the effect that the his unproductive paper mill at Elkton, Chestnut Street National bank had Md., one of the largest in the country. closed its doors pending an investigation One statement placed the sum thus inof its affairs. volved at nearly $1,000,000. Mr. SingNo statement of assets or liabilities erly also has much money invested in is available, but it is stated that the other enterprises in this and other cit. deposits of the Chestnut Street bank ies. Rumors were current to the effect amounted to $1,700,000 and of the trust that the ownership of The Record would company $1,300,000. pass from Mr. Singerly, but this he den President Singerly gave out a brief nied, stating positively that he is in ab. statement in which he said h solute c ntrol of the paper and will con"We are working to secure the intinue at the head. debtedness of the two banks so that On Monday of this week the Chestn they can go into voluntary liquidation nut Street Nat onal bank made the foland thus avoid a receivership. lowing report to the Philadelphia clearIn this connection Deputy Compinghouse: troller of the Treasury George M. Cofh Loans and discounts. $2,261,000. fin, who was sent here from WashingLegal reserve, $896,000. ington by Comptroller Eckels, said Deposits, $1,789,000. "The matter of putting the Chestnut Due from banks, $355,000. Street National bank into voluntary Due to banks, $686,000. liquidation has been taken up by PhilaCirculation, $43,000. le delphia men of great financial ability. The reserve has been below the legal Their first step will be to ascertain the requirements for several weeks. The value of the assets of the bank. They deposits on Oct. 5, when the bank - remust first be satisfied that they have st ported to the comptroller of the treasvalue sufficient to warrant them in as8 ury, amounted to $2,035,856. suming the indebtedness." e The shrinkage in thisitem, therefore, Mr. Coffin will remain here several has been more than $800,000 in a little days aiding the men who have taken over two months. 5 upon themselves the task of extricating It is said there have been quiet but a Mr. Singerly from his financial difficulsteady runs on both banks for several ties. These gentlemen are in consultadays past. Of the deposits in the bank, tion, and the belief is strong that they the city is represented by $289,554 the will provide the funds necessary for a state by $225,000 and the national govvoluntary liquidation of the two banks. of ernment by a large sum, but all of these It was known for some time in bankce creditors are believed to be protected. 10 ing circles that Mr. Singerly's banks When the trust company made its last ce were in trouble, and the national bank report to the state authorities, on Nov. examiner, it is said, was aware of the 16. the deposits amounted to $1,492,253. e condition of affairs. Wednesday night Much sympathy is expressed on all a a number of the leading bank officials sides for Mr. Singerly. 70 of the city had a conference lasting Mr. Singerly stated that he had re30 until nearly 3 o'clock this morning conceived hundreds of telegrams from all sidering the matter of raising sufficient over the country expressing sympathy. money to relieve Mr. Singerly's banks Crowds have been gathered in front of of their distress. It is understood that the big building. st a proposition to float $2,000,000 preIt is expected that the depositors will ferred stock of the Philadelphia Record be paid in full. had been practically agreed to when

13. January 1, 1898 The Scranton Tribune Scranton, PA
Article from The Scranton Tribune, January 1, 1898

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Philadelphia, Dec. -Two men were killed and three others injured today at the Warden Boller works, Nineteenth street and Allegheny avenue. by a shifting engine which was backed into the yard of the works in a careless manner. The dead are Walter Cregory and Patrick McMetian. The injured are Patrick O'Malley, Patrick McHugh and John A. Hallahan, all of whom will recover. The men were pushing an empty car out of the yard, when a shifting engine backed a lot of cars into the yard and struck the empty ear. The shock throw the five men to the ground and the wheels passed over Gregory. killIng him instantly and mangling his body in a horrible manner. McMellan was so badly injured that he died on his way to the Samaritan hospital. The others were only slightly injured. It was announced today by the assignses of the Chestnut Street Trust and Saving Fund company, who are settling the affairs of that institution, and the Chestnut Street National bank and William M. Singerly. that the assents to the plan proposed by them will close on Jan. 8. The creditors and depositors are still signifying their willingness to the plan proposed. the acceptance of stock in the Record Publishing company. and should sufficient assents be obtained by the time above mentioned. nothing will stand in the way of the plan becoming operative at that date. Bank Examiner Hardt is of the opinion that all can be arranged by that date, and says that there are only two ways in which the bank's affairs can be wound up. by a receivership. which will be very costly and require many years. or by assent to the of over one ably acceptance not take stock, which year will to settle proball claims without a loss to the depositors. Harrisburg, Dec. 31.-The annual meeting of the Central Pennsylvania Alumni association of Princeton university was held here tonight. and the following officers were elected: President, Judge John B. McPherson. Harrisburg; secretary. George E. Etter, Harrisburg: treasurer. Grant Weldman. Weidman Lebanon. A banquet followed, Judge McPherson presiding at which Professor Waiter A. Wyckoff responded to the toast of "Princeton." Allentown, Pa.. Dec. 31.-Executions were issued today against THighman H. Dishi, stationer and publisher of the Herald and Zeitzchrift and the Jugend Freund, Lutheran church periodicals, on two judgment notes, amounting to $8,450. One of the notes was for $5,950 in favor of his wife, and the other for $2,500 in favor of Samuel Dieh! and H. J. Hornbeck.

14. January 5, 1898 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, January 5, 1898

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PHILADELPHIA BANK FAILS. Chestnut Street National in the Hands of One of the grearest 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 nd Saving Fund Company, which was allied with the bank and occupied the same building. Rumors of the bank's shaky condition have been in circuiation 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 a 1 State Commissioner of Banking Kilkeson is in charge of the trust company. The one explanation for the failure, which Mr. Singerly himself affirms, is made by no less an 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 $1,858,059.38. Both institutions occupy the same building and are under the same management.

15. January 6, 1898 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, January 6, 1898

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PHILADELPHIA BANK FAILS Chestnut Street National in the Hands 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 Philadelpiia 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 hereulean 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 charge of the trust company. The one explanation for the failure, which Mr. Singerly himself affirms, is made by no less an 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.

16. January 21, 1898 The Sun Wilmington, DE
Article from The Sun, January 21, 1898

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ONE THING NECESSARY. Action of Those Controlling the Account of State Treasurer Anxiously Awaited. Special to THE SUN. PHILADELPHIA, Jan. 20.-Only one thing is necessary now for the success of the plan for the liquidation of the affairs of the Chestnut Street National Bank and the Chestnut Street Trust and Saving Fund Company, and that is the action to be taken by those controlling the account of the State Treasurer. Up to the close of business yesterday this account representing a deposit in the bank of $205,000, had not been signed for, but there was every indication that the few technicalities apparently in the way would be overcome, as there is no disposition on the part of those in control of the account to do anything to bring about a failure of the plan, but. on the other hand, to give every assistance possible. - It is not a question on the part of those in control of the State deposit as to the wisdom of assenting to the plan, but one rather of detail and manner. The assets received yesterday at both the bank and the trust company, and especially at the latter, were extremely encouraging. The deposits for which no assents have been given, aside from the State deposit, are not of a character to prove an obstacle in the way of making the plan operative. The individual assents received at the bank yesterday aggregated $2100, while in the Trust Company the deposits represented by the assents amounted to $58,000 in round numbers. The total of assents for deposits in the Trust Company, up to last evening, amounted to $1,225,075.79, leaving an unassented balance of $131,306.09. Upon the question of receiving additional assents and the probable success of the plan, Messrs. Earle and Cook last evening gave out the following statement: "The comptroller of the currency has officially stated that unless the plan is made operative by the twentieth, he will appoint a receiver, but until he takes action we will continue to receive assents, as we will never, through any act of ours, prevent the creditors from availing themselves of their sole chance of reasonable escape in this matter."

17. January 28, 1898 Evening Journal Wilmington, DE
Article from Evening Journal, January 28, 1898

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THE SINGERLY FAILURE. The Proposed Liquidation Scheme Not Yet Consummated. PHILADELPHIA, Jan. 28.-There is still no change in the situation of the affairs of the Chestnut Street National bank and the Chestnut Street Trust and Saving Fund company, and it is said that all depends upon the result of the coming conference between Comptroller Dawes and Messrs. Earle and Cook, managers of the proposed plan of settling the affairs of the two institutions. The stockholders of the bank met yesterday and voted in favor of voluntary liquidation. The banking laws require, before the government can consent to such a step, that the stockholders by at least a two-thirds vote shall formally declare themselves in favor of such a proposition. Out of a total of 5,000 shares, 3,948 were present at the meeting. The plan proposed by Messrs. Earle and Cook, which has received a setback by Comptroller Dawes' required amendments, was fully discussed. A vote was then taken to declare in favor of voluntary liquidation. There were no negative votes. Messrs. Earle and Cook declined to discuss the situation further than to say that they did not see how the plan could be put in operation if the comptroller insists upon his conditions. The hope of the managers of the plan is that when the comptroller arrives here and the situation is carefully gone over some compromise may be effected that will insure the success of the plan and prevent the appointment of a receiver.

18. February 18, 1898 Evening Star Washington, DC
Article from Evening Star, February 18, 1898

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Mr. Singerly's Creditors. A dispatch from Philadelphia yesterday says: Controller of the Currency Dawes, who came here yesterday 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 bank, the Chestnut Street Trust and Saving Fund Company, the Singerly Pulp and Paper Company and of William Singerly. The controller will declare a dividend of 20 per cent upon the claims of bank depositors. He says that outside of what may be realized 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.

19. October 19, 1901 The Cecil Whig Elkton, MD
Article from The Cecil Whig, October 19, 1901

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# SINGERLY CREDITOR SUES. National Bank, of Philadelphia, Makes Charges of Fraud in the U. S. Circuit Court. Judge McPherson, in the United States Circuit Court has made an order granting leave to the National Bank of West Grove, an alleged creditor of the Singerly estate, to file an original and two supplementary petitions in the equity proceedings instituted by George H. Earle, Jr., receiver of the Chestnut Street National Bank, against James S. McCartney, administrator of the estate of William M. Singerly. The petitioner claims to be the holder of an unpaid draft for $5,000, drawn by the treasurer of the Singerly Pulp and Paper Company of Cecil county, May 30th, 1897, payable on May 25th, 1898, which is said to have been indorsed by Mr. Singerly. The company alleged that it has received no portion of the amount due upon the draft, and asks leave to intervene as a party defendant in the equity proceedings on the ground that the interest of creditors has not been protected by the demurrers and answers interposed by the defendant, James S. McCartney. The petitioner further states that on the argument of the demurrer of Mr. Singerly's administrator, the court expressed a willingness to make a special reference to a master of the question of the validity of the assignment made by Mr. Singerly on February 10, 1898, of his stocks and bonds in the Record Publishing Company to the receiver of the Chestnut Street National Bank and to the assignees of the Chestnut Street Trust and Saving Fund Company. It is alleged that this special reference to a master was objected to by counsel for Mr. Singerly's administrator. It is alleged that a demand was made upon Mr. McCartney on January 4th, 1900, to attack the assignment of February 10th, 1898, and demand trial on these, the alleged reason being that the assignments were brought by fraud that Mr. Singerly was under duress, and lastly that he was mentally incompetent to execute the papers. It is further charged that Receivers Earle and Richard Y. Cook are endeavoring, through the proceedings now underway in court, to create such a condition of affairs sanction of judicial proceedings, which the petitioner charges are conclusive, to purchase for their own benefit and at less than their value, the stocks and bonds of the Record Publishing Company. It is further charged that Mr. Singerly's administrator is under duress at the hands of Messrs. Earle and Cook and is prevented from making inadequate defense of the interests of petitioner and other creditors.