Chestnut Street National Bank (Philadelphia, PA)

View Charter #3723 on SPMC View balance sheet

Episode Information

Episode UID
372301082
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
37230 national
Charter Number
3723
Start Date
February 1, 1890*
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bbf97d51a1b86589

Response Measures

Accommodated withdrawals

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1898-01-29
Date receivership terminated
1916-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
43.2%
Share of assets assessed as doubtful
12.1%
Share of assets assessed as worthless
44.7%

Description

Articles show a heavy withdrawal episode and legal action with a receiver; chronology across items is partially ambiguous.

Events (4)
1. June 14, 1887 Chartered
Source
historical_nic
2. February 1, 1890* Receivership
Newspaper Excerpt
George H. Earle, receiver of the Chestnut Street National Bank, by direction of the Controller of the Currency, to enforce a liability due by Mr. Singerly to the bank.
Source
newspapers
3. July 11, 1891 Run
Cause
Bank Specific Adverse Info
Cause Details
Large overdrafts and allegations about misapplied/state funds and heavy withdrawals created loss of confidence and sizable withdrawals.
Measures
Directors scraped together funds to meet demands (emergency raising of cash)
Newspaper Excerpt
the run $90,000. And when the directors ... scraping hands on to meet the demands
Source
newspapers
4. January 29, 1898 Receivership
Source
historical_nic

Newspaper Articles (7)
1. July 11, 1891 New-York Tribune New York, NY
Article from New-York Tribune, July 11, 1891

Click image to open full size in new tab

Article Text

he continued. Colonel McClure has been to see me about having Magistrate Bob Smith appointed as one of the fellow Mr. Mayor, I answered, I cannot appoint him for Colonel McClure. I do not want to appoint that man, anyhow, but if you want me to do It I'll name him. Mayor Fitler wanted to oblike Colonel McClure Then I agreed to appoint Major Smith that he sent for me and wanted Richard J. Lennon, and Not Bill said Singerly long so. after that told Democrat. he me that had appointed mercantile appraiser, and promised to do what he could for him. He asked me to make his promise good. said that would vote for Lennon. afterward learned that Mat Quay was pushing Crawford for the place. and that the Auditor General who was Quay's man, would support Crawf rd. Strong pressure was brought to bear on me by Quay and his men- Porter, Martin and others- but I held to my Quay, however, +pulled Singerly and got to promise. withdraw Lennon, promising him to keep $100, came 000 him of the State funds continuously In the me Chestnut twice it me about got and Street National Bank. to promise that would see that has and did Singerly so was kept. Quay's pledge there now H. that money Yard knows, and ought to know, no one deal those of great better than he, where pool, or whatev call with to it. funds have gone. He was in Lucas the and Marshall choose may surprise you to learn that Marsh Yard along. account to the tune mark you, that overdraw took the bank. the run $90,000. And when the directors during that dollar every together our scraping hands on to meet the demands of and to keep the bank on of some the first the ended think he did interview Mr. Bardsley has been said The Inquirer' in ridiculous second some the charges which to no reason attack has Elverson made. In this in way attacked to be allow way. the other be the him to word McClure keeps up the and demand too. should unishment go He's pretty fellow to should investip strict reform astound the would record his direct in his another There' Singerly BIII at Look munity should he resterday said than men are There more me of alongside treasury of the city you must explain clearly where the There is one thing that $000,000 went that Bank yesterday told say the that the due bills will tell but all do anything of the kind that They in money that who rumor that it was divided among promine men got business some that and of it and deposited I answer. to absurd too gave Marsh became don't know time what to time, receiving in return know I man don't Why, keep that depends the know both strong want don't Now will As and hour judge any have after wishes He find. will made be that with him talk If with Wilson me truly Wilson ought to report who bor judges three the money city borrowed judge of them did borrow but it was from loaned Two them. They were Ashmead and Fin the Mr McWade explained that it was afterward the na learned Bard std that MeWade Mr. advance salary. partly of the library would be discharged of a charge on trial is awaiting who Yard. did but he the Bardsley room the which He that and Mr. received since the the that probably taking in you hat influenced his room in here, them to keep committee the to began Bank 2.510 had doubt after legality been H H. Yard faint recollection that I have met him. if however, that I would know him him been stated that you quarrelled with the true Lucas that Mr quarrelled with her. state what took place when Mr. Marsh vis ited M Marsh my house about 8 o'clock Lacey in at he had been to se Mr. stock He the informed him there was more Keyston wanted right. was believed was bank the if whether to it. assist and stock take would ganized assist do to will you What He him told it. reason will He asked take things about Pasted whole Mr. Marsh apparently felt that because assist bank he could Washington me to with think felt that was in a delicate position, and balance in the Keystone Bank at can the bank had closed that then that bank to put SO much money in it afte in last loan from the falled. bank before the bank This concluded Mr. Hammet's questioning. THE GLASSHOPPER PEST IN THE SOUTHWEST of Kansas City, Mo. July 10.--Henry Smith city.

2. August 17, 1893 The Sun New York, NY
Article from The Sun, August 17, 1893

Click image to open full size in new tab

Article Text

Suspended Banks Reopen Their Doors. KANSAS CITY. Aug. 16. - The Armourdale Bank at Armourdale. which suspended business in the financial crash in the two Kansas cities one month ago yesterday. has reopened its doors and resumed business. FORT SCOTT, Kan., Aug. 16-The First National Bank of this city. which suspended on July 18, resumed business this morning. Bank Examiner Latimer of Sedalia. who has been in charge since it closed. has issued a notice to depositors saying that the institution is in good financial condition. WASHINGTON. Aug. 16.-The First National Bank of Rico, Col., which suspended payment June 30. 1893. having complied with the conditions imposed by the Comptroller of the Currency. and its capital stock being unimpaired. has been permitted to-day to reopen its doors for business. CLEVELAND. Aug. 16.-The Cardington Banking Company. at Cardington. O., closed its doors this afternoon. Theassets approximate $100. 000 and are said to be sufficient to meet the demands of the creditors. The President of the bank. Major W. G. Beatty. was obliged to make an assignment. and the bank could not weather the trouble brought on by his embarrassment. CARROLLTON. Pa.. Aug. 16.-The banks of Johnston. Bucks county. at Ebensburg. Carrollton. and Hastings. which suspended payments until they could get more money. will open again on Monday morning.

3. August 24, 1893 Phillipsburg Herald Phillipsburg, KS
Article from Phillipsburg Herald, August 24, 1893

Click image to open full size in new tab

Article Text

make the fight for gold monometallism Knowing that Cleveland was heartily with them, they desired to create such public sentiment as would make his triumph with congress easy. First they were to press the west for a settlement of indebtedness, and next they were to start the scare over the export of gold. The movement of gold abroad began early in the year. It was undoubtedly accelerated by New York financiers, and every effort made to magnify its importance. The telegraph wires were daily loaded, not merely with the various amounts that were going abroad, but with interviews with New York men as to what was the cause, etc. There was apparently a systematic effort to press upon the people of the whole country that other nations were frightened on account of our silver legislation, and were determined to secure all their indebtedness at once in gold. The strongest influences were brought to bear on President Harrison and Secretary of the Treasury Foster to get them to issue bonds for the purpose of calling gold back. It is said that the treasurer, Foster, succumbed to their influence and was willing to issue the bonds, which SO greatly encouraged the New Yorkers that they formed a syndıcate for the purpose of handling them. A gentleman of this city assures the Inter Ocean that he knows some of the members of said syndicate. President Harrison's firmness, however, thwarted their efforts, and when President Cleveland was inaugurated he refused to do what his predecessor had so firmly and positively declined. When it was found that President Cleveland would neither issue the bonds nor call an immediate session of congress to wipe out silver legislation the export of gold continued to increase rather than decrease, and the wise financiers of the east began to see that the movement they had started was one they could not control. The fuliillment of their prophecies of evil began to look them full in the face they became worse frightened than those whom in the beginning they had intended to frighten. They could not conçeal their apprehension, and though they were much more demure than they were when they were trying to frighten the rest of the nation, their influence was 80 chilling to enterprise and prosperity that the panic spread all over the country. A general distrust of banks and financial institutions siezed the whole people and an unexampled hoarding of currency began in all parts of the country. The result is that the nation is now undergoing a financial stringency such as was never seen here before and, like retributive justice, the severest sufferers of all are the financiers of the Atlantic who inaugurated and created the panic. The great banks of New York, Boston and Philadelphia have practically suspended and the work of furnishing currency to those who have workman to pay is relegated to brokers, who sell at premium, The New York city banks have now some $37,000,000 of clearing house certificates, which is a species of currency|that is good between the banks themselves. Checks and drafts on Boston, New York and Philade'phia, are selling in Chicago at from $15 to $30 per $1,000 discount and go begging at that. Over $25,000,000 of gold have been imported since July 1, but still these great banks are not able to resume their old relation with the banks of the country. They undertook to teach the west a lesson and require them to pay up, but they have found that the west is the great source of the wealth of the country, and that from the west come the exports to foreign countries, and that the money of foreign countries must come west in order to secure these exports. Ther have found that

4. September 2, 1893 The Ketchum Keystone Ketchum, ID
Article from The Ketchum Keystone, September 2, 1893

Click image to open full size in new tab

Article Text

ity that the panic spread all over the country. WALL STREET CHEATED THE PANIC. A general distrust of bank and financial institutions seized the whole people and an unexampled hoarding of currency began in all parts of the country. The result is that the nation is now undergoing a financial stringency such as was never seen here before, and like retributive justice, the severest sufferers of all are the financiers of the Atlantic cities who inaugurated and created the panic. The great banks of New York, Boston and Philadelphia have practically suspended. and the work of furnishing currency to those who have workmen to pay is relegated to brokers, who sell at premium. NEW YORK BANKS SOLVENT. The New York City banks have now some $37,000,000 of Clearing House certificates, which is a species of currency that is good between the banks themselves. Checks and drafts on Boston, New York and Philadelphia are selling in Chicago at from $15 to $30 per $1,000 discount, and go begging at that. Over $25,000,000 of gold has been imported since July 1st, but still these great banks are not able to resume their old relations with the banks of the country. They undertook to teach the West a lesson and require them to pay up, but they found that the West is the great source of the wealth of the country, and that from the West come the exports of foreign countries, and that the money of foreign countries must come West in order to secure those exports. They have found, too, that the West is full of able and independent business men, S who do not find it necessary to 1 simply imitate their brothers of the East. EASTERN BANKERS' CRIMINALITY. These great financiers of the East undertook to teach the nation a lesson, showing the folly of bimetallism+ and have simply demonstrated their own inefficiency as business men and worked irrepara ble injury to the whole country The gold that they aided to get away to Europe is returning, but it f comes to pay for the exports of the West. The same men and their allies undertook to make things easy for Mr. Cleveland, but have only succeeded in rousing animosities that will make the success of his administration more difficult and 7 S make monometallism more hated h than ever. Whatever the actual result of present contentions, there is a lesson in the present situation to all those who would have the whole t country pay them tribute.-Chicago Inter-Ocean, August 20th.

5. September 8, 1893 The Great West Saint Paul, MN
Article from The Great West, September 8, 1893

Click image to open full size in new tab

Article Text

of the nation, their influence was so depressing to enterprise and prosperity that the panic spread all over the country. A general distrust of banks and financial institutions seized the whole people, and an unexampled hoarding of currency of all kinds began in all parts of the country. The result is that the nation is now undergoing a financial stringency such as was never seen here before, and, as if ordered by retributive justice, the severest sufferers of all are the financiers of the Atlantic cities who inaugurated and created the panic. The great banks of New York, Boston and Philadelphia have practically suspended, and the work of furnishing currency to those who have workmen to pay relegated to brokers who sell it at a premium. Chicago is the only great city of the nation where the banks honor all checks, and pay every depositor currency as asked for. The New York city banks have now some $38,000,000 of clearing house certificates, which are a species of currency, unknown to the law, that is good between the banks themselves. Checks and drafts on Boston, New York, and Philadelphia are selling in Chicago at from $15 to $30 per $1,000 discount, and go begging at that. Over $25,000,000 of gold has been imported since the first of July, but still these great banks are not able to resume their old relation with the banks of the country. They undertook to teach the west Γ  lesson and require them to pay up, but they have found that the west is the great source of wealth of the country, and that from the west come the exports to foreign countries and that the money of the foreign countries must come west in order to secure these exports. They have found, too, that the west is full of able and independent business men, who do not find it necessary simply to imitate their brothers of the east. These great financiers of the east undertook to teach the nation a lesson, showing the folly of bimetallism, and have simply demonstrated their own inefficiency as business men, and worked irreparable injury to the whole country. The gold that they aided, to get away to Europe is returning, but it comes to pay for the exports of the west. The same men and their allies undertook to make things easy for Mr. Cleveland, but have only succeeded in rousing animosities that will make the success of his administration more difficult and make mono-metalism more hated than ever. Whatever the actual result of present contentions, there is a lesson in the present situation to all those who would have the whole country pay them tribute."

6. September 12, 1893 Idaho Semi-Weekly World Idaho City, ID
Article from Idaho Semi-Weekly World, September 12, 1893

Click image to open full size in new tab

Article Text

of Congress to wipe out silver legis. lation, the export of gold began to increase rather than decrease, and the wise financiers of the East began to see that the movement they had started was one they could not control. The fulfillment of their prophesy of evil began to look them full in the face, and they became worse frightened than those whom, in the beginning, they had intended to frighten. They could not conceal their apprehension, and though they were much more demure than they were when they were trying to frighten the rest of the nation, their influence was so chilling to enterprise and prosperity that the panic spread all over the country. WALL STREET CREATED THE PANIC. A general distrust of bank and financial institutions seized the whole people, and an unexampled boarding of currency began in all parts of the country. The result is that the nation is undergoing a financial stringency such as was never seen here before, and, like retributive justice, the severest sufferers of all are the financiers of the Atlantic cities who inaugurated and created the panic. The great banks of New York, Boston and Pbiladelphia have practically suspended, and the work of furnishing currency to those who have workmen to pay is relegated to brokers, who sell at a premium. NEW YORK BANKS INSOLVENT. The New York city banks have now some $37,000,000 of Clearing House certificates, which is a species of currency that is good between the banks themselves. Checks and drafts on Boston are selling in Chicago at from $15 to $30 per $1,000 discount, and go begging at that. Over $25,000,000 of gold has been imported since July 1st, but still these great banks are not able to rosume their old relations with the banks of the country. They undertook to teach the West a lessen and require them to pay up, but they found that the West is the great source of wealth of the country, and that from the West come the exports to foreign countries, and that the money of foreigh countries must come West in order to secure those exports. They t have found, too, that the West is full of independent business men, who do s not find it necessary to simply imin tate their brothers of the East. EASTERN BANKERS' CRIMINALITY. , These great financiers of the East undertook to teach the nation, showe ing the folly of bimetallism, and have simply demonstrated their own ineffi3, ciency as business men and worked y irreparable injury to the whole country. The gold that they aided to get d away to Europe is returning, but d comes to pay for the exports of the West. The same men and their alis lies undertook to make things easy for Mr. Cleveland, but have only succeeded in rousing animosities that st will make the success of his administration more difficult and make moncd metallism more hated than ever. r Whatever the actual result of present t contentions, there is a lesson in the le present situation to all those who would have the country pay them tribute. d

7. April 22, 1902 New-York Tribune New York, NY
Article from New-York Tribune, April 22, 1902

Click image to open full size in new tab

Article Text

"THE RECORD" TO BE SOLD. REPORT BY JAMES M. BECK CONFIRMED IN THE UNITED STATES CIRCUIT COURT. Philadelphia, April 21.-In an opinion handed down in the United States Circuit Court of Appeals today Judge Dallas affirms the decree of Judge McPherson, in the Circuit Court for this district, confirming the report of James M. Beck, master, which recommends the sale of the stock and bonds of the Record Publishing Company. The opinion of Judge Dallas is in pursuance of the appeal taken by James S. McCartney, administrator of the estate of William M. Singerly, deceased growing out of the suit brought in February, 1890, by George H. Earle, receiver of the Chestnut Street National Bank, by direction of the Controller of the Currency, to enforce a liability due by Mr. Singerly to the bank.