New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-25
TRUST COMPANY ASSIGNS
FURTHER DEVELOPMENTS IN THE
PHILADELPHIA BANK FAILURES.
A PROSPECT THAT THE DEBTS OF BOTH INsTI-
TUTIoNs WILL BE PAID IN TULL-MR.

A PROSPECT THAT THE DEBTS OF BOTH INsTI-
TurIoNs WILL BE PAID IN FULI~-MR.
SINCERITY ISSUES A STATEMENT.
Philadelphia Dec. 24-William NJ. sirgerly. presl-
dent q the Chestnut Street National Banl; and its
allied institution. the Chestnut Street Trust and
Saving Fund Company, which collapsed yesterday,
issued this statement TO the public tonight: ION
Tuesday next. or, at the latest on Wednesday. a
plan now being formulated. requiring the devotion
TO It's purpose OF all my assets. will be submitted TO
my creditors and TO the creditors OF the Chestnut
Street National Bank and the Chestnut Street
Trust and Saving Fund Company I believe and
this belief Is shared by those who have been in
formed Of the situation that with this plan. which
will involve partly acceptance Of Record Pub
fishing Company stock. approved by the creditors
none Ct them ultimately vii! lose anything"
The only other development in the situation to-
day was the formal assignment Of the trust com-
pany 10 George H. Earle. jr president Of the
Tradesmen's National rank and othe- financial -
sututoLs. and Richard !. Cook. pras'den: Of the
Guarantee Trust and Safe Deposi; Company. This
was natural outcome Of the failure. and the step
taken after a long session Of tho Board OF d.
rectors OF the trust company The deed unreserved-
" CONVEYS all the property OF the company 70 the
assignees.
a SETTLEMENT IN FULL EXPECTED.
Mr.. Singerly's statement comes as the result of a
conference OF the directors OF the defunct
the hope Of an eventual settlement in full will be
realized.
A statement vii! be issued within day two.
showing the exact condition OF the companies az
fairs
The only other embarrassment thus far resulting
from the crash the assignment to-day OF the
Philadelphia Binding ard Mailing Company a
small organization ncorpora ed in Maine.
The bank examiner and his assistants spent the
greater part OF the day going the books OF the
two companies. but declined 10 make any state
ment.
II is said that the bank has about eighteen hun
dred deposit accounts. and the company about
thirty-two hundred State Bank Commissioner
Gilkeson and Attorney General Mccormick were
engaged to-day in inquiring into the condition OF
the States deposit in the bank and looking after
the interests OF depositors Of the trust company
which is incorporated under the State laws.
George II. Earle jr, one OF the assignees said:
Tho only active connection that the company has
with the bank is as depositor, and It has only
the same rights possessed by other depositors so
far as securing its money is concerned. believe
that II the people act as II they and pre-
serve proper discretion. the creditors Of both in
situations will receive dollar for dollar Ny exact
thought Is that there is sufficient property to make
good all legitimate claims. and II the people will
by exercising their patience avoid the destruction Of
that property everybody will be protected. The
trust company will take its place with the other
depositors in the bank and will only obtain Its
funds when dividends declared. am now
wofxlng on the accounts TO be able to make
Tho rumors concerning the Security Trust and
Lille insurance Company. OF which ex-Got ernor
founded Clarence sS" : COOK aI Secretary aaG reas
urer OF the company SAID today mar ,ne .om-
National Bank bIt that 70 nHI pf..Htrl usrlf
FOR tae trntrgencJ, and nut. lr1 on .I.H..l Mr
sinser.y Is a dire aud si..sH..'.f la 'he