The daily morning journal and courier., 1897-12-25
MIR. SINGERLY'S TROUBLES.

A Personal Statement in the Record
 The Closed Chestnut Street Institu-
 tions.
 Philadelphia, Dec. 24-The Record to-day publishes the following edito- rial:
 To the Public-The Record is con- pelled to make a painful personal an- nouncement this morning. Owing to the financial embarrassment of MT. William NJ Singerly, president of the Record Publishing company, the Chest nut 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 MT. Singlerly to carry was his large investment in the Singerly Pulp and Paper Mills at Elk ton. Maryland The extreme shrinkage in the price of paper and the resulting depreciation in the value of that prop erty was the primary cause of his en- barrassment 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 sus- pension yesterday to tide over the diff ficulty, and MT. Singerly's friends ral- lied to his assistance with rare gener- osity and fidelity; but 1t was found inn practicable to turn the assets at his disposal into a shape to meet immedi- ate 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 lquidate it's obligations without the necessity of the delay of a receivership. In the Record property MT. Singerly has a valuable asset. The earnings of this journal during the year 1896, in ex- cess 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 cred itors.'
 The Chestnut Street Trust and Saw l ings Fund company made an assign | nent to-day for the benefit of creditors l to George F. Earl jr., president of the | Tradesmen's National bank, and Rich. ard Y Cook, president of the Guaran. | tee Trust and Safe Deposit company. 1 The bank examiner and his assistants l were busily engaged to-day in goinf over the books and accounts of tho | Chestnut Street National bank. Tn, examiner declines to make any state ment regarding the assets and liabili ties of the institution. but says he vii furnish a complete statement when hi' investigation shall have been comDlet ed. Every effort is being made by 1 President Singerly and the directors o the bank to adjust the accounts of tn, bank in such q manner that the cred itors will receive every dollar which i due them.
 Following the meeting of the director of the trust company which terminal ed in an assignment of the company there was a conference of the officials
 of the bank with representatives of number of financial institutions of tn city, at which was discussed plan t
 raise sufficient funds to liquidate al the claims against the bank Presiden
 Sngerly says that he is confident tha
 some plan can be consummated b. | which all creditors of the bank will b
 paid in full and the bank be permite,
 to go into voluntary bankruptcy. Tn
 trust company has about thirty-tw
 hundred different deposit accounts an
 the bank about eighteen hundred de
 posit accounts.