The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-12-25
FAILURES in PHILADELPHIA
The Chestnut Street Trust Com.
pany Piles an Assignment.
NO STATEMENT HAS YET BEEN MADE
Tho Chestnut street National bank
May lie Able "a Go lpso Voluntary
Liquidation and settle In Full.

Philadelphia. December 2a.--The Chest
nut Street Trust and Savings Fund COM
pany, which closed its doors yesterday.
made an assignment today for tho benefit
OF its creditors, to George II. Earle, Jr.
president OF the Tradesmcu National bank,
and Richard Y. Cook. president Of the
Guarantee Trust and Safe Deposit COM
pany. The Chestnut Street company Is
closely allied with the chestnut Street
National bank. which was taken In charge
by tho National bank examiner. William
Singerly Is president OF both companies
and the boards Of directors Of the 'wo
companies are the same, with the exception
that in each board there is ono member
who is not director in the other.
| The deed OF assignment is signed BY
William NJ. Singeriy as president. and
there is no reserve IN the conveyance
of the property of the company to the as
signeos
The directors of the trust company held
a meeting this morning and the assign
ment to MIR. Earle and Mr.. Cook was tho
outcome of discussion of the troubles
1
a statement would be published in a hey
or two showing the exact condition Of the
| company's affairs
| An assignment was made today by The
| Philadelphia Binding and Mailing com
pany. This is II 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 2i,--The bank
examiner and his assistants were husiy
engaged today In goiug over the books
and accounts OF the Chestnut Street Ma
tional 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 COM
pleted 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
viii get their just dues.
Following the meeting OF the directors
of the Trust company which terminated In
an assignment. there was conference OF
the officials of the bank with representa-
tives from a number Of financial insti-
tutions at which was discussed n plan
10 faiSe SuHlcleut luliuS 10 ilqulualc all
the claims against the bank. President
Singerly says he is confident that some
plan can be consummated by which all
the creditors of the bank will be paid in
fun and the bank be permitted to go into
voluntary bankruptcy The Trust com
pany has about 5000 deposit accounts and
the bank about 1900 deposit accounts.
Elkton. Nd, December 24.--when the
news OF the closing of the Chestnut Street
National bank OF Philadelphia, Of which
1 w, NJ sipsSrly is president, reached hcrr
yesterday, It had an exciting effect on
the proprietors of the Second National
Bank OF Elkton, OF which Mr. Singerly
is vice president and heavy stakeholder.
The bank opened its doors as usual this
morning for business and a constant
stream OF depostors filed In anxious to
withdraw their accounts. The officials
OF the bank anticipated run and made
preparations for II. The depositors were
assured by President William T. War
burton and Cashier Isaac d, Davis tl-.r
the institution was solvent and fully able
TO meet all It's outstanding obligations
AS a result OF these assurances many
depositors decided to redeposit their funds
Mr.. Singerlys paper mills will probably be
closed.