The Wichita daily eagle., 1897-12-25

l turing company ID 1HOuric.
PHILADELPHIA, Dec A-William NJ
Singerly, president of the Chestnut
Street National bank and OF its allied
! institution, the Chestnut Street Trust
and Savings Fund company. which col
| lapsed yesterday, issued this statement
to the public tonight:
| "On Tuesday next or at latest on
! Wednesday, a plan now being formu-
| lated requiring the devotion TO its pr-
poses of all my assets, will be submitted
u nv creditors and to the creditors Of
| the Chestnut Street National bank and
| the Chestnut Street Trust and Savings
Fund company. 1 believe, and tnis be-
/ lief Is shared by those who have been
| informed of tee situation, that with this
plan, which will involve partly an ae-
ceptarce Of Record Publishing company
stock approved by the creditors, none
I of them ultimately will lose anything
The only other development in the sit
uation today was the formal assignment
% the Trust company TO George H
Earle, Jr., president of the Tradesrnens $
National bank, and of Other financial
institutions, and Richard Y. Cook, pres
ident of the Guaranty Trust and Safe
Deposit company. This was but nat
ural outcome of the failure.
Mr.. Singerly's statement comes as
result OF a conference of the directors Of
the defunct concerns held today and IT
is generally believed that the nope OF an
eventual settlement on 100 per cent
basis will be realized.
TIE only other embarrassment thus
far resulting from the crash was the
assignment today of the Philadelphia
Binding and Mailing company. a smaA
organiza ton incorporated in Main
philadelphia, Dec. 24-The Record To-
day published the following editorial:
'sTo the Public: The Record Is COM
PEELED to make a painful personal an
nouncement this morning. Diving to the
financial embarrassment of Mr.. William
NJ. Singery, 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
yaiue of that property, was the primary
cause of his embarrassment and of the
sion of the bank and trust com
pany with which he has been 50 closely
identified. An extraordinary effort was
made before the announcement of the
suspension yesterday TO tide over the
difficulty. and Mr. Singerly's friends ral-
lied to his assistance with rare generos-
ity and fidelity; but it was found inn
practicable TO turn the assets at his dis
posal into a shape 10 meet Immediate re-
quirements.
"A complete statement Of the condl-
ton of'the Chestnut Street National bank
will soon be available. 1t is probable
that such arrangements will be perfect
ed as Will enable the dank to liquidate
it's obligations without the necessity or
delay of a receivership. In The Record
property Mr.. Singerly has valuable ae-
set. The earnings Of this journal during
the year 1896, in excess Of all expendi-
lures. ere $4,000. With such a money
maker TO fall back upon, and ith grim
determination TO pay every dollar he
owes. he hopes to redeem his credit and
satisfy his creditors"