The record-union., 1897-12-25
No Reserve in the Conveyance Of Property
to the Assignees.
William NJ. Singerly, President OF
the Failed Banks, Confident
That All the Creditors VIII Re-
ceive Every Dollar Due Them
Depreciation in the Price Of
Property Brought on the EIn-
barrassment.

PHILADELPHIA, Dec. 24-The
Chestnut Trust and Savings Fund
Company, which closed its doors yester-
day, made an assignment to-day for the
benefit Of creditors TO George II. Earle,
Jr., President of the Tradesmens Ma
tional Bank, and Richard Y. Cook,
President of the Guarantee Trust and
Safe Deposit Company.
The Chestnut-street Trust Company
is closely affiliated with the Chestnut
street National Bank, which was yes
terday placed in charge of the National
Bank Examiners. William NJ. Singerly
is President of both companies, ana the
Board of Directors of the two compa-
MES are the same with the exception
that in each board there is one member
who is not Director in the other.
The deed of assignment is signed by
William NJ. Singerly as President. and
there is no reserve in the conveyance OF
the property of the company to the as
signers.
The Directors of the Trust Company
held a meeting this morning, and made
the assignment to Mr.. Cook. 1t was
announced that a statement will be is
sued in day or two, showing the ex-
>.
An assignment was made to-day by
the Philadelphia Binding and Mailing
Company. a small organization which
was incorporated in Maine. The as
signment is said to have been forced
upon the company through the fail
ure yesterday of the Chestnut street
National Bank.
j. r. Earle, Jr., who was appointed
as one of the assignees, said to-day
that the assignees would probably is
sue a statement as to the condition of
the company.
The only active connection the COM
pany has with the bank" Mr.. Earle
said ''is as a depositor, and it has only
the same rights possessed by other de-
positors as far as securing it's money
is concerned. l believe that if the
people act as if they are sure, and pre-
serve proper discretion, the creditors
Of both institutions will receive dollar
for dollar. l am now working on the
accounts, to be able to make a state
ment tomorrow or Monday"
State Banking Commissioner Gilker-
son and Attorney General Mccormick
came here yesterday to ascertain the
condition Of the States deposit in the
Chestnut street Bank, and to officially
look after the interests of depositors of
the trust company, which is incorpor-
ated under the State laws
The rumors concerning the Security
Trust and Life Insurance Company, OF
which Ex-Governor Pattison is Presi-
dent, is entirely unfounded. Clarence
E. Cook, Secretary and Treasurer of the
o-+o hot ho
pany had had small deposit in the
Chestnut-street National Bank, but that
it had prepared itself for the emer-
gency, and anticipated no trouble. Mr..
Singerly is a Director and a large
stockholder in the Security Company.
The Bank Examiner and his assist
ants were busily engaged to-day in go
ing over the books and accounts of the
Chestnut-street National Bank. The
Examiner declines to make any state
ment regarding the assets and iabili-
ties of the institution, but says he will
furnish a complete statement when his
investigation shall have been complet-
ed. Every effort is being made by
President Singerly and the Directors
of the bank to adjust the accounts of
the bank in such manner that deposi-
tors and creditors will receive every
dollar due to them.
Following the meeting of the Direc-
tors of the trust company which ter
minated in an assignment, there was a
conference of the officials of the bank
with representatives of a number of
financial institutions of the city, at
which was discussed a plan to raise
sufficient funds to hquidate all the
claims against the bank.
President Singerly says he is conf
dent some plan can be consummated
by which creditors of the bank will be
paid in full, if the bank be permitted
to go into voluntary bankruptcy. The
trust company has about $500 deposit
accounts, and the bank about 100 de-
post accounts.
The Record to-day publishes the
following editorial:
ITO the public: The Record" is
compelled to make a painful personal
announcement this morning. Owing to
the financial embarrassment CT William
NJ. Singerly, President of the Record
Publishing Company, the Chestnut
street National Bank and the Chestnut
street Trust and Savings Fund Com
pduy we're ODlIStu IL SuSpeuu BUSINESS
yesterday. The weight of business that
proved too heavy for Mr.. Singerly
to carry on, was his large investment in
the Sirgerly pulp and paper mills at
Elkton, Md The extreme shrinkage in
the price of paper and the resulting de-
probation 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 be-
fore the announcement of the slrspen-
sicn yesterday to tide over the difficulty,
and Mr. Singerlys friends rallied to his
assistance with rare generosity and
fidelity. but it was found impracticable
to turn the assets at his disposal into
q shape to meet immediate require
menr.
"A complete statement of the condi-
ton of the Chesstnut-street National
Bank will soon be available In the
Record" property Mr.. Singerly has a
valuable asset. The earnings of this
journal during the year 1896. in excess
of all expenditures. were $4,000. With