19000. Chestnut Street Trust and Savings 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: b2d3c2be

Response Measures

Capital injected, Full suspension, Books examined

Other: Trust company made an assignment to assignees (Earle & Cook); efforts toward voluntary liquidation and a reorganization plan using Record Publishing stock were attempted; later a receiver was appointed.

Description

Multiple articles (Dec 23–24, 1897) report quiet but steady runs on the Chestnut Street National Bank and the affiliated Chestnut Street Trust and Savings Fund Company prior to their suspension. Suspension/closing was posted Dec. 23–24, 1897; the trust company made an assignment to assignees and a receivership was later referenced. Primary cause was adverse bank-specific information: heavy losses by president Singerly in his pulp and paper mills. Bank did not reopen; affairs proceeded to assignment/receivership and planned voluntary liquidation/readjustment was attempted but the institution passed into settlement.

Events (4)

1. December 23, 1897 Run

Cause: Bank Specific Adverse Info
Cause Details: Quiet but steady withdrawals driven by knowledge of Singerly's heavy losses and decline in value of Singerly Pulp and Paper Mills securities used as bank collateral.
Measures: Directors and Singerly sought funds from financiers; attempted to raise $2,000,000; plans for voluntary liquidation/reorganization were formulated to satisfy creditors and avoid receivership.
Newspaper Excerpt: it is said that there have been quiet but steady runs on both banks for several days past.
Source: newspapers

2. December 23, 1897 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension caused by shrinkage in value of bonds/notes of Singerly Pulp and Paper Mills and other losing investments of Singerly, impairing bank's assets and reserve; examiner William M. Hart took charge and suspension posted on door.
Newspaper Excerpt: the Chestnut Street National bank had closed its doors pending an investigation of its affairs ... the Chestnut Street Trust and Savings Fund company suspended payment.
Source: newspapers

3. December 24, 1897 Other

Newspaper Excerpt: The Chestnut Street Trust and Savings Fund company ... made an assignment today for the benefit of its creditors, to George H. Earle, Jr., ... and Richard Y. Cook ... The company's suspension yesterday foreshadowed the assignment.
Source: newspapers

4. * Receivership

Newspaper Excerpt: Since then a receiver has been appointed for the bank, and the affairs of it and the trust company are in process of settlement.
Source: newspapers

Newspaper Articles (19)

1. December 24, 1897 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, December 24, 1897

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Philadelphia, Dec. 23.-A sensation was created in this city this morning 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 Savings 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 intimation the public received that the bank was in trouble was in the form of a notice posted this morning on the door of the building, by nominal Bank Examiner William Hart to the effect that the Chestnut Street bank had closed its door, 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 to $1,300,000. President Singerly gave out a brief statement tonight 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. 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 gentlemen of great financial ability. Their first step will be to ascertain the value of the assets of the bank. They must first be sure that they have a value sufficient to warrant them in assuming the indebtedness." Mr. Coffin will remain here several days, aiding the men who have taken upon themselves the task of extricating Mr. Singerly from this financial difficulties. These gentlemen are in consultation tonight and the belief is strong that they will provide the funds necessary for voluntary liquidation of the two banks. It was known for some time in bankIng circles that Mr. Singerly's banks were in trobule, and the national bank examiner, it is said, was aware of the condition of affairs. Last night a numher the leading bank officials held a conference regarding the matter of raising the money to relieve Mr. Singerly's banks of their distressed condition. Now it is hoped the committee will succeed in 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 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 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 thait he is in absolute control of the paper and will continue at its head. On Monday of this week the Chestnut Street 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 October 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 two months. It is said there have been quiet but steady runs on both banks for several days past. On 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. A meeting of the directors of the Trust company will be held at 10 o'clock tomorrow to decide upon a course of procedure. It is believed the state bank examiner will take informal possession of the banks. 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 years past that the news of his financial difficulties now created a sensation. Mr. Singerly stated tonight that he had received hundreds of telegrams from all over the country. expressing the sympathy 0 fhis friends. He has borne the strain very well, although the fully shows in his face and manner the deep concern his troubles are causing him. Crowds were gathered in front of the big granite banking building all day but all was quiet. A line of policemen keep the people moving. A greaa number of small accounts were carried by the Trust company, and apprehension was expressed that some distress might follow failure

2. December 24, 1897 The Daily Morning Journal and Courier New Haven, CT

Article from The Daily Morning Journal and Courier, December 24, 1897

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TO AVOID A RECEIVERSHIP THE SUSPENSION OF TWO BANKS IN PHILADELPHIA. Effort Being Made to Secure the Indebted- Volunso That They Can Go Into Exness Liquidation-National Bank Contary aminer, it is Said, Was Aware of the dition of Affairs for Some Time. announcePhiladelphia, Dec. 23.-The of the to-day of the suspension this ment Chestnut Street National bank of bank has created a sensation. The incity considered one of the strongest stitutions was in the state. The suspension Chestcarried with it the closing of the comStreet Trust and Saving Fund state nut doing business under the Singerly, pany, laws. William M. Record, banking of the Philadelphia and the publisher president of both companies, act as is men, with one exception, informofficers same and directors. The first banks the public received that the of a ation in trouble was in the form door were posted this morning jointly on the by the notice building occupied National Bank of the concerns, signed by to the eftwo William M. Hardt, National Examiner the Chestnut Street pending an fect that had closed its doors No statebank of its affairs. is availainvestigation of assets and liabilities the deposits of ment ble, but it is stated street that bank amounted $1,- to $1,700,000 the Chestnut and of the trust company brief 300,000. Singerly gave out he a said: President to-night, in which the indebtstatement working to secure that they "We are the two banks so and edness of into voluntary liquidation this concan go avoid a receivership." In of the thus Deputy Comptroller who was nection George M. Coffin, CompTreasury here from Washington "The by matsent Eckels to-day, said: Street Natroller of putting the Chestnut liquidation ter bank into voluntary men tional been taken up by Philadelphia Their first has financial ability. value of of great will be to ascertain the must first step assets of the bank. They value sufthe that they have a the ficient be satisfied to warrant them in assuming bankindebtedness." known for some time in banks It was circles that Mr. Singerly's bank ing trouble and the national of the were in it is said, was aware a numexaminer, of affairs. Last night of the condition the leading bank officials until ber of a conference, lasting concity had three o'clock this morning, sufficient nearly the matter of raising banks money sidering to relieve Mr. Singerly's the of The their statements current distress. here of the agree cause with of Wash- that failure by Comptroller Eckels at primarily made to-day-that it was by Mr. ington the loss of much money mill due to in his unproductive paper largest in Singerly Md., one of the the at Elkton, country. One statement placed million the thus involved at nearly a much sum dollars. Mr. Singerly also enterprises has in of invested in other Rumors were money this and to other the effect cities. that the ownership Sincurrent Record would pass from Mr. posiof the but this he denied, stating control of gerly, that he is in absolute its head. tively and will continue at Chestnut the On paper Monday of this week made the the followStreet National to the bank Philadelphia clearing ing report Loans and discounts, $2,261,000; $1,789.house: reserve, $396,000; deposits, due to legal due from banks, $355,000; $43,000. 000; $686,000; circulation, the banks, has been below legal The The reserve for several weeks. bank requirements on October 5, when the the treasdeposits to the comptroller of shrinkreported amounted to $2,035,856. The has been ury, in this item, therefore, over two age $300,000 in a little been more than It is said that there have for months. steady runs on both deposits banks in quiet but past. Of the by several days the city is represented the the bank the state by $225,000 and $289,554, government by a large believed sum, national of these creditors are combut all protected. When the trust the state to be made its last report to the depospany authorities, on November 6, its amounted to $1,492,253.

3. December 24, 1897 The Dalles Daily Chronicle Dalles, OR

Article from The Dalles Daily Chronicle, December 24, 1897

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that its business, and necessarily its profits had fallen off considerably. The suspension was a great surprise, especially in view of the high standing of its officers. William M. Singerly is its dresident, and Ieaac Cooper vice-president. The bank was started in 1887, on a capital of $500,000, with Robert E. Pattison as president. When the latter took his seat as governor of Pennsylvania in '91, Singerly succeeded him as president. No statement of the bank's liabilities could be obtained this morning. The Chestnut Street Trust and Savings Fund Company, the officers of which are identical with those of the bank, was also closed for business today.

4. December 24, 1897 The Sun New York, NY

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SINGERLY'S BANK FAILS. TRUST COMPANY ALSO SUSPENDS PAYMENT IN PHILADELPHIA. The Chostnut Street National Bank and the Chestnut Street Trust and Savings Fund Company Close Their Doors-They Had Been Carrying Mr. Singerly's Anterprises-An Refort to Piedge the Record" to Save the Bank's Creditors May Prove Successful. PHILADELPHIA, Dec. 23. After a month's struggle to avoid a collapse. the Chestnut Street National Bank closed its doors this morning and passed into the hands of the National Bank Examiner. At the same time the Chestnut Street Trust Savings Fund Company suspended payment. The two institutions are under the same management, Col. William Singerly, proprietor of the Philadelphia Record, being the President of each. The bank was forced to close because of the decline in value of stocks and bonds of President Singerly's pulp and paper company of Elkton, Md., which were accepted as security for money advanced by the bank when the product of the mills sold at 10 cents a pound. Now the product may be bought for 2 cents a pound. The trust company suspended payment because its affairs are involved with those of the bank. It is also said that the trust company has had many losing investments. Bank Examiner William M. Hardt took charge of the bank. He had known of its condition for some time, and Comptroller Eckels has been fully informed of the details of the business for several months. It was thought by them and by the officers of the bank that arrangements might be made by which the institution could be kept open, and Col. Singerly believed this until last night. No statement of the liabilities or assets has been made yet, but the bank owes in the neighborhood of $3,000,000. Arrangements were made on Wednesday to raise $2,000,000, but it was found that this would not save the bank, and suspension followed. The banking community had known for several weeks of the institution's condition, but the public was wholly unprepared for the announcement of suspension, which was posted up on the entrance to the bank building, a handsome structure on Chestnut. near Seventh street. Many depositors went to the building to-day to draw money for holidav purchases, They found the iron gratings in front of the entrance closed and an attendant behind them, who explained the situation to them. A crowd collected about the entrance, blocking Chestnut street. Four policemen were stationed at the bank, and they kept the people moving. The police had little difficulty in clearing the way, but throughout the day groups of men and women. many of them depositors, stood in front of the building discussing the situation. It became known early in the day that no other banks were affected, and depositors in other banks showed little inclination to withdraw their accounts. By noon what excitement there had been subsided and the bankers no longer feared a panic. President Singerly said to-night that no statement could be made yet. We are now at work," he said, "trying to secure the indebtedness of the bank with a view to going into voluntary liquidation." Col. Singerly is said to be interested in more businesses than any other man in Philadelphia. He has owned the Record. a valuable property, since 1877. He has built a thousand houses, Lere. including the bank building which bears his name. He is interested in the Brighton Worsted Mills here, a farm machinery manufactory in Norristown, and in several Philadelphia enterprises, among which are: Leanon's store, on Chestnut street; the Philadelphia Photo-Engraving Company. the Rembrandt Engraving Company, a similar plant in Baltimore, and Litt Brothers' store here. He formerly owned the Temple Theatre, which ocenpled the eite of the bank building. It was burned on Dec. 27, 1886, at a loss of $200,000. He also owns two stock farms. He is known all over the State among Democrats, and is a warm friend of Grover Cleveland. He was the Democratic candidate for Governor in the last campaign for that office, but was defeated by Hastings. All the power of Col. Singerly's associates and close friends was invoked to save the bank. Their efforts almost succeeded, On Wednesday the matter was fully explained to the leading bankers and financial men in the city. After the subject had been discussed fully a syndicate was formed to purchase the $2,000,000 worth of bonds of the Record company, it being thought that with this amount of money the bank could besaved, Then a closer investigation was made, and it was found that this sum would not be sufficient. Items of indebtedness aggregating over $900,000 which had been overlooked were found. It was stated that Col. Singerly had borrowed $250,000 from the Trust Company on the bank stock. The bankers and the members or the Clearing House who wanted to help the bank gave up the task.

5. December 24, 1897 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, December 24, 1897

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as one of the strongest financial institutions in the city. The suspension carried with it the closing of the Chestnut Street Trust and Savings 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 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 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 to $1,300,000. President Singerly gave out a brief statement tonight 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." ASSISTED BY FINANCIERS. In this connection Deputy Comptroller of the Treasury George M. Coffin, who was sent here from Washington by Comptroller Eckles, 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 that they have a value sufficient to warrant them in assuming the indebtedness. Mr. Coffin will remain here several days, aiding 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 voluntary liquidation of the two banks. KNOWN FOR SOME TIME. It was known for some time in banking circles that Mr. Singerly's banks were in trouble. and the national examiner, it is said, was aware of the condition of the affairs. Last night a number of the leading bank officials of the city held a conference lasting until nearly 3 o'clock this morning, considering the matters 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 Philedalphia Record had been practically agreed to when the discoverv was made that because of the involved condition of the trust company's finances this sum would not be within several 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 where the former committee left off will succeed in successfully 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. CAUSE OF FAILURE. The statements of the cause of the failure current here agree with those 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 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, his friends 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 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 $2,239,955. The shrinkage in this item. therefore, has been more than $300,000 in a little over two months. STEADY RUNS. It is said that 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. Much sympathy is expressed on all sides for Mr. Singerly. He has occupied such a prominent place in the affairs of the state and city for years past that the news of his financial difficulties naturally created a sensation. SYMPATHY FOR SINGERLY. Mr. Singerly stated tonight that he received hundreds of telegrams from all over the country expressing the sympathy of his friends. He has stood the strain very well, though he naturally shows in his face and manner the deep concern his troubles are causing him. Crowds were gathered in front of the big granite bank building all day. but all was quiet. A line of policement kept the people moving. 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. Counterfeiter Surprised. Chicago, Dec. 23.-Captain Porter of the United States secret service and

6. December 24, 1897 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, December 24, 1897

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Philadelphia "Record" Which Clears $310,000 a Year, Is Millionaire Wm. M. Singerly's Life Preserver. A GOOD NEWSPAPER Ably Managed, Can Rescue a Bursted Bank. Further Details of the Big Philadelphia Failure. Philadelphia, Dec. 24.-The Record today publishes the following editorial: "To the Public: The Record is compelled to make a painful personal announcement this morning. Owing. to the financial embarrassment of Mr. Wm. 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 depression in the value of that property was the primary cause of his rembarrassment 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 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 requirement. '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 valuable assets. 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."

7. December 24, 1897 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, December 24, 1897

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Total Voluntary Liquidation Probable. WASHINGTON Dec. 23.-Comptroller of the Currency Eckels said today. In regard to the failure of the Chestnut Street National bank, of Philadelphia, that the suspension was primarily due to a 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 le $500,000; the deposits aggregate about $1,750,000. and Its surplus is about $150,000. Mr. Eckels said there was not the least suspicion of wrong-doing on the part of the bank, and he still had strong hopes of arranging for a voluntary liquidation of the bank affairs without the expense incident to the appointment of a receiver. Mr. Eckels said this afternoon that no other banks were involved, and that in his judgment none would be affected by the failure. Mr. Eckels and Mr. Hart, the bank examiner in charge, had a conversation late this afternoon over the longdistance telephone. Mr. Hart said that a joint meeting of the directors of the two failed concerns, with Mr. John S. Bullitt, who is acting as counsel for the department: Mr. Goffin, the deputy comptroller. 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. Boston Banks Will Lose Nothing. BOSTON, Dec. 23.-At the Third National bank the correspondent of the Chestnut Street National bank. of Philadelphia, which failed today. it was said that the Philadelphia institution has sufficient balances here to cover any outstanding liabilities, and that none of the Boston banks would lose anything on account of the fallure. Depositors to Be Paid in Full. 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. It is said that 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 $225,0000, 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 16, the deposits amounted to $1,492,353. A meeting of the directors of the trust company will be held tomorrow to decide upon a course of procedure. It is believed the state bank examiner will then take formal possession of the institution. State Bank Commissioner Gilkeson was in the office of the company a short while today, and said that he had the books of the institution under inspection for some time past. Much sympathy is expressed on all sides for Mr. Singerly. He has occupied such a prominent place in the affairs of the state and city for years past that the news of his financial difficulties naturally created a sensation. Mr. Singerly stated tonight that he received hundreds of telegrams from all over the country expressing the sympathy of his friends. He has borne the strain very well, though he naturally shows In his face and manner the deep concern his troubles are causing him. The Chestnut Street National bank was established in June, 1877. but was not incorporated until July 5, of the same year. Hon. Robert E. Pattison was Its first president, assuming the office when he retired from the governorship. When he again became governor. in 1891. Mr. Singerly succeeded him. The present officers and directors of the bank are: President, Willfam M. Singerly: vice president. Isaac Cooper: directors, Benjamin P. Obdyke, Benjamin A. Vanschaack, John Simmons, Charles A. Porter, Walter T. Bradley and George J. Zeigler, jr.: paying teller, W. W. Price: cashier, William Steele: notary pubItc. J. F. Reardon. The officers and directors of the Chestnut Street Trust and Savings Fund Company are: President. William M. Singerly: vice president. Isaac Cooper: secretary and treasurer, Irvin C. Carverick: title officer, H. C. Hart: directors. William M. Singerly, Issac Cooper. Benjamin Obdyke, BenJamin A. Vanschaack, John Simmons, A1-

8. December 24, 1897 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, December 24, 1897

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Chestnut-Street National of Philadelphia Forced to the Wall. Failure Carries With It the Closing of a Trust and Savings Fund Company. Publisher Singerly, the President, Has Sustained Heavy Losses in His Paper Mill. Special Dispatch to The Call. PHILADELPHIA, Dec. 23.-A sensation was created in this city to-day the announcement of the suspenby the Chestnut street National as one of the institutions in the financial sion Bank, of regarded city. strongest closing The suspension carried with it the Savof the Chestnut street Trust and ings Fund Company, doing business Wilunder the State banking laws. the liam M. Singerly, publisher of Philadelphia Record, is president of both companies, and the same men, and with one exception, act as officers directors. The first information the public received that the banks were in trouble this in the form of a notice posted morning was on the door of the building occupied jointly by the two Examiner concerns, signed by National Bank the William M. Hart, to the effect that its Chestnut street bank had closed doors pending an investigation of lia- its affairs. No statement of assets and stated bilities is available, but it is Chestnut the deposits of the and street that bank amounted to $1,700,000, of the trust company to $1,300,00. President Singerly gave out a said: brief statement to-night, in which he indebtworking to secure the they "We are of the two banks so that and edness go into voluntary liquidation thus can avoid a receivership." this connection Deputy M. Comp- CofIn of the Treasury George Washingtroller was sent here from tofin, who Comptroller Eckels, said the ton by "The matter of putting into day: street National Bank taken voluntary Chestnut liquidation has great been finanPhiladelphia men of be up by ability. Their first step will of the to cial the value of the assets satisiled ascertain They must first be sufficient to bank. have a value indebtwarrant that they them in assuming the edness. known for some time in banks bankIt was circles that Mr. Singerly's bank ing in trouble, and the national of were it was said, was aware night a examiner, condition of affairs. Last officials of the of the leading bank unnumber held a conference, lasting conthe nearly city 3 o'clock this morning, sufficient til the matter of raising banks sidering to relieve Mr. Singerly's that money their distress. It is understood preof to float $2,000,000 Reca proposition stock of the Philadelphia to ferred been practically ord discovery was made had the agreed that of the bewhen of the involved condition sum cause company's finances this hundred trust not be within several rewould dollars of the amount thousand Negotiations were, therefore, forced quired. off, and the banks were that the declared wall. Now it is hoped where committee to the which began to-night will sucformer committee left off the the successfully adjusting banks to finances ceed in and thus permit the dollar. depositors dollar for Record pay of the last said to have been year than sufficient to pay of Mr. The are net earnings all dividends $249,000 more sum sufficient to pay banks. on a indebtedness to the of the Singerly's statements of the cause that The current here agree with Washfailure by Comptroller Eckels primarily at made to-day that it was by Mr. ington the loss of much money due to in his unproductive paper mill at Singerly Elkton, Md., one of the largest in the statement country. placed the sum dollars. thus One at nearly a million ininvolved Singerly also has much money this and Mr. in other enterprises in current vested cities. Rumors were of the to other effect that the ownership Singerly the would pass from Mr. Record this he denied, stating positively of the but he is in absolute control head. that and will continue at its paper Monday of this week the Chest- the On street National Bank made nut reports to the Philadelphia discounts, following House: Loans and Clearing legal reserve, $396,000; $355,000; depos$2,261,000; $1,789,000; due from banks, $43,due its, to banks, $686,000; circulation, 000. The reserve has been below the weeks. lerequirements for several the gal on October 5. of The to the deposits reported Comptroller when $2,035,856. bank Treasury, amounted to therefore, the in this item, little been shrinkage that The more than $300,000 in a there has two months. It is said runs on over been quiet but steady have days past.

9. December 25, 1897 The Houston Daily Post Houston, TX

Article from The Houston Daily Post, December 25, 1897

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FAILURES IN PHILADELPHIA The Chestnut Street Trust Company Piles an Assignment. NO STATEMENT HAS YET BEEN MADE The Chestnut Street National Bank May Be Able to Go Into Voluntary Liquidation and Settle in Full. Philadelphia, December 24.-The Chestnut Street Trust and Savings Fund company, which closed its doors yesterday, made an assigument today for the benefit of its creditors, to George H. Earle, Jr., president of the Tradesmen National bank, and Richard Y. Cook, president of the Guarantee Trust and Safe Deposit company. The Chestnut Street company is closely allied with the Chestnut Street National bank, which was taken in charge by the National bank examiner. William 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. 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 published in a day or two showing the exact condition of the company's affairs. An assignment was made today by the Philadelphia Binding and Mailing company. This is a small organization which was incorporated in Maine. The assignment is said to have been forced on the company through the failure yesterday of the Chestnut Street National bank. | Philadelphia, December 24.-The bank examiner and his assistants were busily engaged today in going over the books and accounts of the Chestnut Street National bank. The examiner declines to make any statement regarding the assets and liabilities of the institution, but says he will furnish a complete statement when his investigation shall have been completed. Every effort is being made by President Singerly and the directors of the bank to adjust the accounts of the bank in such a manner that the creditors will get their just dues. Following the meeting of the directors of the Trust company which terminated in an assignment, there was a conference of

10. December 25, 1897 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, December 25, 1897

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Company Philadelphia, Dec. 24.-William M. Singerly, president of the Chestnut Street National bank and of its allied institution, the Chestnut Street Trust and Savings Fund company, which collapsed yesterday, issued this statement to the public tonight: "On Tuesday next or at latest on Wednesday, a plan now being formulated requiring the devotion to its purposes of all my assets, will be submitted to my creditors and to the creditors of the Chestnut Street National bank and the Chestnut Street Trust and Savings Fund company. I believe, and this belief is shared by those who have been informed of the situation, that with this plan, which will involve partly an accepitance 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 Guaranty Trust and Safe Deposit company. This was but a natural outcome of the failure. Mr. Singerly's statement comes as a 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 100 per cent basis will be realized. The only other embarrassment thus far resulting from the crash was the assignment today of the Philadelphia Binding and Mailing company, a small organization incorporated in Main. Philadelphia, Dec. 24.-The Record today published the following editorial: "To the Public: The Record is compelled to make a painful personal announcement this morning. Oiwng 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, Maryland. 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 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 dank 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 expenditures, ere $310,000. With such a moneymaker to fall back upon, and ith a grim determination to pay every dollar he owes, he hopes to redeem his credit and satisfy his creditors."

11. December 25, 1897 The Sun New York, NY

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SINGERLY HOPES TO PAY. WILL PLACE RECORD STOCK AT THE COMMAND OF CREDITORS. He Issues n Statement to the Effect That He Believes That None of His Creditors will Loss Anything-A Meeting of Leading Citil. sens to Arrange n Plan of Payment. PHILADELPHIA, Dec. 24. The Chestnut Street Trust and Savings Fund Company, which suspended payment yesterday contemporaneously with the collapse of the Chestnut Street National Bank, made an assignment this morning to George H. Earle, Jr., President of the Tradesmen's National Bank, and Richard Y. Cook, President of the Guarantee Safe Deposit Company. The company's suspension yester day foreshadowed the assignment. William M. Singerly, the President and chief stockholder of the two fallen institutions, is still hard at work trying to raise the money necessary to secure their indebtedness, and the indications point to a successful outcome of his efforts. There are many financial men here willing to subscribe to an issue of stock or bonds of the Record Publishing Company. and Mr. Singerly is bringing all his other interests to bear in the attempt to raise the necessary money. The affairs of the two institutions will be wound up, and they will pass out of existence. There was one failure to-day due to the closing of the bank. The Philadelphia Binding and Mailing Company made an assignment to John Brooks for the benefit of its creditors. The company kept its money in the bank. Nearly all the creditors are Philadelphia persons. Bank Examiner Hardt was at the bank all day going over the books. He said that no statement of the bank's affairs could be made until to-morrow or Monday. Messrs. Earle and: Cook began "an examination of the trust company's books this morning, and will issue a statement of its condition as soon as they can arrive at a clear understanding of its affairs. The officers of the trust company say that their relations with the bank were the same as those of any other depositor and that it would be treated the same as the others. A curious crowd stood on the sidewalk in front of the bank all day to-day, but there was nothing for the three policemen who stood in the doorway to do except to prevent the sidewalk from becoming blocked. The suspension of the bank has not had any effect on the other financial institutions in the city. Mr. Singerly published an editorial card in the Record this morning, in which he said: "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 redeèm his credit and satisfy his creditors." Many Philadelphians believe that he will pay dollar for dollar. and the general feeling among the depositors is that they will get their money. After a conference to-night with several men well known in the local community of finance, Col. Singerly issued this statement to the public: On Tuesday next, or at the latest on Wednesday. a plan now being formulated, requiring the devotion to its purpose of all 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. "I I believe, and this belief is shared by those who have been informed of the situation, that with this plan. which will involve partly an aoceptance of Record Publishing Company stock, approved by the creditors. none of them ulti-

12. December 25, 1897 The Brunswick Times Brunswick, GA

Article from The Brunswick Times, December 25, 1897

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Says That He Has His Paper, the Record, to Fall Back Upon. CLAIMS IT'S A MONEY-MAKER. What Broke the Chestnut Street Bank. Weight Proved Too Heavy for Singerly to Carry. Philadelphia, Dec. 24 -The Record today publishes the following editorial: To the public: The Record is compelled to make a painful, personal announcement this morning. Owing to the financial embarrassment of William Singerly, president of the Record Publishing Co., of the Chestnut Street Publishing company, of the Chestnut Street National bank, and the Chestnut Street, Trust and Savings Fund Co, we are obliged to annousce that the two last name companies were obliged to suspend business yesterday. The weight which proved too heavy for Mr. Singerly to carry was a large investment in the Singerly Pulp and Paper Mills at Elkton, Md. The Chestnut Street Trust and Savings Fund company, which closed its doors yesterday, made an assignment today for the benefit of its creditors to George H. Earle, Jr., president of the Tradesmen's National ban is and Richard V. Cook, president of the Guarantee Trust and Safe Deposit company.

13. December 25, 1897 The Daily Morning Journal and Courier New Haven, CT

Article from The Daily Morning Journal and Courier, December 25, 1897

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MR. SINGERLY'S TROUBLES. A Personal Statement in the RecordThe Closed Chestnut Street Institutions. Philadelphia, Dec. 24.-The Record to-day publishes the following editorial: 'To the Public-The Record is compelled to make a painful 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. Singlerly to carry was his large investment in the Singerly Pulp and Paper Mills at Elkton, Maryland. 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 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 requirement. 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 of the 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 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." The Chestnut Street Trust and Savings Fund company made an assignment to-day for the benefit of creditors to George E. Earl, jr., president of the Tradesmen's National bank, and Richard Y. Cook, president of the Guarantee Trust and Safe Deposit company. The bank examiner and his assistants were busily engaged to-day in going over the books and accounts of the Chestnut Street National bank. The examiner declines to make any statement regarding the assets and liabilities of the institution, but says he will 3 furnish a complete statement when his investigation shall have been completed. Every effort is being made by President Singerly and the directors of r the bank to adjust the accounts of the 3 bank in such a manner that the credf itors will receive every dollar which is due them. Following the meeting of the directors of the trust company, which terminate ed in an assignment of the company, there was a conference of the officials 1 of the bank with representatives of a number of financial institutions of the e city, at which was discussed a plan to raise sufficient funds to liquidate all . the claims against the bank. President Singerly says that he is confident that some plan can be consummated by : which all creditors of the bank will be d paid in full and the bank be permited e to go into voluntary bankruptcy. The is trust company has about thirty-two r hundred different deposit accounts and the bank about eighteen hundred deS posit accounts.

14. December 27, 1897 The Copper Country Evening News Calumet, MI

Article from The Copper Country Evening News, December 27, 1897

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CHESTNUT STREET BANK FAILURE. Editorial in Philadelphia Record Telling How It Occurred. Philadelphia, Dec. 25.-The Record publishes the following editorial: "To the Public: The Record is compelled to make a painful personal announcement. 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. "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 suspension 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 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 to enable the bank to liquidate its obligations without the necessity or delay of a receivership. It is 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."

15. 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

16. December 31, 1897 The State Herald Holyoke, CO

Article from The State Herald, December 31, 1897

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BIG BANK FAILURES. PHILADELPHIA CONCERNS COLLAPSE, Chestnut Street National and a State Savings Bank-President Singerly Owner of the Record Responsible for the Smash. Philadelphia, Dec. 23.-A sensation the created in. this city to-day by the announcement was of the suspension of Chestnut Street National Bank, regarded as one of the strongest financial institutions In the city. The sus- of pension carried with it the closing the Chestnut Street Trust and Savings Fund Company, doing business under M. the state banking laws. William 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 this in the form of a notice posted morning was on the door of the building, occupied jointly by the two concerns, signed by National Bank Examiner the William M. Hart, to the effect that Chestnut Street National Bank had closed its doors pending an investigation of its affairs. No statement of asand liabilities is available, Chest- but it sets stated that the deposits of the is Street National Bank amounted to $1,700,000, nut and of the trust company to $1,300,000. President Singerly gave out a said: brief statement to-night in which he 'We are working to secure the indebt- they edness of the two banks, so that and can go into voluntary liquidation, thus avoid a receivership.' In this connection Deputy Comptrol- Coffin. of the Treasury George M. ler who was sent here from Washington said: Comptroller Eckels, to-day by The matter of putting the Chestnut National Bank into voluntary has been taken up men of great liquidation delphia Street financial ascertain by ability. PhilaTheir first step will be to the value of the assets of the bank. must first be satisfied that they have They n value sufficient to warfant them in assuming the indebtedness." Coffin will remain here several aiding the men who the task of days. upon Mr. themselves financial have extricat- taken difing Mr. Singerly from his ficulties. These gentlemen are in con- is sultation to-night. and the belief strong that they will provide the funds of necessary for voluntary liquidation the two banks. known for some time in bankthat Mr. ing and the It was circles in trouble. Singerly's national of banks bank the were examiner. it is said. was aware condition of the affairs. The statements of the cause of the current here agree with that Comptroller made failure by pekels primarily at Washington to-day. that it was Mr. due to the loss of much money by Singerly in his unproductive paper the mill at Elkton. Maryland. one of in the country. One statement placed largest the sum thus involved at nearly a million dollars. Mr. Singerly also has much money this invested in other enterprises In cities. Rumors were effect that the and the other ownership Singerly, current of the to would pass from Mr. this he denled. stating the is in absolute but Record that he control positively head. of and will continue at its paper Monday of this week the Chest- the On Street National Bank made nut following report to the Philadelphia clearing horse: $2,261,000 Loans and discounts 396,000 Legal reserve Deposits 1,789,000 355,000 Due from banks 680,000 Due to banks 43,000 Circulation The reserve has been below the legal The requirements for several weeks. the bank deposits on October 5th. when of the to the comptroller trensury. reported amounted to $2,035,856. shrinkage in this item. therefore. little has The been more than $300,000 in n over two said months. there have been quiet but of the It is runs on both banks for several the days is represented by steady past. the city deposits the In $289. bank by $225,000. and but nnby a large to creditors are com554. tional of the government these state believed sum. all protected. When the trust state be made its last report to the the deauthorities pany on November 16th posits amounted to $1,492,253. not Eckels said there was doing the on Mr. of any wrong the of any one of he still had strong least the part suspicion and connected liquidation hopes with bank. for the voluntary exarranging bank's affairs. without the of a of the incident to the appointment the bepense Mr. Fekels expressed would pay receiver. that the bank ultimately Philadelphia lief dollar It owes. The President every which Is owned by very Singerly. Record. Mr. Fekels said. about Is a 5 per valuable property. paying cent. annually on about $5,000,000.

17. January 2, 1898 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, January 2, 1898

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HOPES TO PAY IN A YEAR. Mr. Singerly Hopes to Settle His Debts to Bank and Trust Company. Philadelphia, Jan. 1 --Messrs. Earle and Cook, assignees of the suspended Chestnut Street Trust and Savings Fund Company, who devised the plan for voluntary liquilation of the trust company and the Chestnut Street National Bank, to-day announced to the creditors of the two institutions that the time for receiving assets to the plan will close Saturday, January 8. May assets were received to-day. The managers of the plan state that, judging from the way assets have been coming in, it will be easily possible to make the plan operative on the date named. National Bank Examiner Hardt says there are only two ways to settle the affairs of the bank and trust company, one being under a receivership, and long and expensive procedure, requiring about ten years and resulting in irretrievable loss to the creditors, and the other by the proposed plan for liquidation which, it is said, will enable a settlement within a year. and at no loss to depositors. Mr. Singerley also takes this view.

18. January 23, 1898 The Sun New York, NY

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SOME SINGERLY ASSETS. Appraisement of the Trust Company's Affairs Shows n Value or $848,414. PHILADELPHIA, Jan. 22.-An appraisement of the assets of the Chestnut Street Trust and Savings Fund Company, which made an assignment following the suspension of the Chestnut Street National Bank, on Dec. 24. was filed today in the Common Pleas Court. The appraisers, Louis S. Fiske, William B. Hackenberg, and William H. Lambert, place the total value of the assigned estate at $843,414.02. In relation to Mr. Singerly's connection with the bank the appraisement shows: Time loans, amount loaned. $108,950; appraised value, $67,750. The call loans of Mr. Singerly's show an amount loaned with interest aggregating $547,828.24. with collateral appraised at $96.810. Most of these loans were on Chestnut Street National Bank stock, now worthless. The appraisers were obliged to file their statement to-day to be within the limit specified by law. The assignees, Messrs. Earle & Cook. at once qualified with their sureties to an amount double that of the appraisement. The settlement of the assigned estate will now proceed, but the assignees are hopeful that it will not interfere with carrying out the proposed plan of readjustment. With respect to both the bank and trust company, under the ruling of Comptroller Dawes the plan cannot be made operative with respect to the bank without the unanimous consent of creditors. the principal dissenting creditor that interferes with it up to this time being the State of Pennsylvania. As to the trust company, the plan can be made effective without the unanimous consent of the creditors.

19. February 28, 1898 The Wilmington Daily Republican Wilmington, DE

Article from The Wilmington Daily Republican, February 28, 1898

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THE LATE WM. M. SINGERLY. bank and the Chestnut Street Savings Fund and Trust company, which recently collapsed, and persident of the Singerly pulp and paper mill. He was a member of the Fairmount Park commission, and until lately its treasurer, and a trustee of the Philadelphia Commercial Museum. Mr. Singerly was born in this city on Dec. 27, 1832, and, with the exception of a brief period in his early manhood, when he canducted a commission business in Chicago, has lived here ever since. His father, Joseph Singerly, was one of the originators of the street railway system of Philadelphia, and William returned here to assume the management of the Germantown Passenger Railway company. In 1877 he bought The Record, then a comparatively feeble journal, and brought it to its present standard. In 1877, upon the retirement of Governor Pattison from office, Mr. Singerly took an active part in establishing the Chestnut Street National bank, of which the ex-governor became the first president. Upon Mr. Pattison being called for a second time to the governoship of Pennsylvania Mr. Singerly succeeded him as president of the bank, and also became president of the Chestnut Street Trust and Savings Fund company. In seeking relaxation from the cares of business Mr. Singerly had for many years taken a keen interest in farming and stock raising. His herds of Holstein cattle at his large farm at Gwnedd, in Montgomery county, were famous for years, and he was also owner of the Elkton stock farm, near Elkton, Md. Mr. Singerly was always an active Democrat. In 1891 he was unanimously made the Democratic candidate for governor of Pennsylvania, and entered with great energy into the canvass, speaking in nearly every county in the state. In all he made over 70 speeches in upholding the cause of the Democracy. The natural Republican majority of Pennsylvania was too great to be overcome, however, and his competitor, Daniel H. Hastings, carried off the prize. During the last national campaign Mr. Singerly supported the Paimer and Buckner ticket, making a number of speeches in its behalf in Pennsylvania, Delaware and Maryland, and organizing a local association in aid of the movement. He also took an active part in forming the Pennsylvania Bankers' association. Financial misfortune overtook Mr. Singerly during the last few months of his life, when, on Dec. 23 last, the Chestnut Street National bank and Trust company were compelled to close their doors. Messrs. Earle and Cook were made assignees of the Trust company and managers of a plan looking to the liquidation of the affairs of both institutions. Since then a receiver has been appointed for the bank, and the affairs of it and the trust company are In process of settlement.