Show BIG BANK FAILURE latest ct nantes in the city of 0 SutA suborn pend payment ph philadelphia lade la pec dec 27 A sensation was created lit in this city by tho the an no of the suspension of 0 the chestnut street national bank regarded as one of the strongest financial institutions in tile the city the suspension curried carried with it the cl osing closing of the chestnut trust and savin Savini cs rund lund company doing business under the state banking laws william AT sin gerly erly g publisher of the philadelphia record is president of both companies and the same saine 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 ot a notice posted on the door of the building occupied jointly by the concerns signed by national bank examiner william it hart to tile the effect thattie that the chestnut street national bank had bad closed its doors pending an investigation of it its affairs no statement of assets and liabilities is available but it is stated that the deposits of the chestnut street bank amounted to and of the trust company Sl president singerly gave out a brief statement tonight in which lie he said wo we are working to secure the indebtedness euliess of the two banks so that they can po go into voluntary liquidation and thus avoid a receivership the riot not earnings of the record last year are said to have been more than sufficient to pay dividends on a sum sufficient to pay all of mr Sing erlys indebtedness to tho the banks the statements of the cause of tile the failure current hero here agree with those made by comptroller eckels at washington that it was primarily duo due to the loss of much money by mr singer sing er 11 1 in his unproductive paper mill at elkton AL md id one of the largest in the country one statement placed the sum thus involved at nearly a million dollars mr sing singerly go aly also has much money moncy invested in other enterprises in this and other cities rumors humors were current that the ownership of the record would pass from mr singerly but this he be denied his friends stating positively that he be is in absolute control of the paper and will COnt continue iDUe at ua its head on monday of this week the chestnut street national bank made the following report to the clearing house loans and discounts legal reserve deposits sl 1789 due from banks due to banks circulation the reserve has been below the legal requirements for several weeks tho the deposits on october 5 when the bank reported to the comptroller of the treasury amounted to the shrinkage in this sure sum therefore has been more than in a little over two months it is said that there have been quiet but steady runs on both banks for several lays days past of the deposits in the bank the city is represented by the state by 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 Siu singerly gerly lie he has occupied such a prominent place in the affairs of the state and city for years scars past that the news of his financial difficulties r naturally created a sensation |