The herald., 1897-12-25
Promise to Pay Dollar for
Dollar
RECORD PUBLISHING STOCK
4URNED INTO THE GENERAL
FUND
The Herring g-Hall-Marvin Safe Com
pany Is Forced to Ask
For a Receiver
Associated Press Special Wire

Associated Press Special Wire
PHILADELPHIA, Dec. 24.-Wm. M.
stngerly, president of the Chestnut
street National bank and of its allied in
stitution, the Chestnut-street Trust and
Saving Fund company, which collapsed
yesterday, issued the following state
ment tonight:
ION Tuesday next, or at the last on
Wednesday, plan now being formulat-
ed, requiring the devotion to its pur-
poses of all my assets, will be submitted
- my creditors and to the creditors Of
the Chestnut t-street National bank and
the Chestnut street Trust and Saving
Fund company. 1 believe and this be-
lief is shared by those who have been
informed of the situation, that with this
plan, which will involve partly an ac-
ceptance Of Record Publishing company
stock, approved by the creditors none
Of them will ultimately lose anything"
The only other development In the
situation today was the formal assign
ment OF the trust company to George
II. Earle. jr., president of the Trades
mems National bank and of other finan-
cial institutions, and Richard Y. Cook,
president Of the Guaranty Trust and
Safe Deposit company. This was but
natural outcome Of the failure.
Mr.. Singerly's statement comes as q
result Of a conference of the directors
of the defunct concerns today. and it is
generally believed that the hope of an
eventual settlement, on a 100 per cent
basis, will be realized.
The only other embarrassment thus
far resulting from the crash was the
assignment today of the Philadelphia
Binding and Mailing company. small
organization incorporated in Maine.
CAUSE OF FAILURE
PHILADELPHIA. Dec. 24.-The Rec
ord today publishes the following edi-
torial
To the Public: The Record is COM
PEELED to make painful personal an
nouncement this morning. Owing to
the financial embarrassment of Mr..
VIM. M. Singerly. President of the Rec
ord Publishing Company, the Chestnut
Street National Bank and the Chestnut
Street Trust and Savings Fund Com
pany were obliged to suspend business
yesterday The weight of business
WHICH, plONtu tOO HedNy lOT MI. olHSeTly
to carry, was his large investment in the
Singerly Pulp and Paper Mills, at Elk
ton, Md. The extreme shrinkage in the
price of paper and the resulting depre-
ciation In the value of that property
was the primary cause of his embarrass-
ment and OF the suspension of the bank
and trust companies with which he has
been so closely identified. An extra
n n fort hofn thn
announcement of the suspension yester-
day. to tide over the difficulty and Mr.
Singerly's friends rallied to his assist
ance with rare generosity and fidelity
but it was found impossible to turn the
assets at his disposal into shape to
meet immediate requirements.
A complete statement of the Chestnut
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 such a money maker to
fall back upon and with grim deter
mination to pay every dollar he owes.
he hopes to redeem his credit and satisfy
his creditors.
ASSETS ASSIGNED
The Bank Examiner and his assist
ants were busily engaged today in 60
ing over the books and accounts of the
Chestnut Street National Bank. The
examiner declines to make any state
Ment regarding the assets and liabilities
OF the institution, but says he will fur
nish complete statement when his
investigations shall have been com
pleted. Every effort is being made by
nw>r q
the bank to adjust the accounts Of the
bank In such a manner that the depos-
itors and creditors will receive every
dollar due to them.
Following the meeting of the directors
Of the Trust Company, which termin-
ated In an assignment, there was a con-
ference of the officials of the bank with
representatives of number Of finan-
cial institutions Of the city, at which
was discussed. a plan to raise sufficient
funds to liquidate all the claims against
the bank. President Singerly says he
is confident some plan can be consum-
mated by which creditors Of the bank
will be paid in full if the baAk be per-
mitted to go into voluntary bankruptcy.
The Trust Company has about $500
deposit accounts and the bank about
100 deposit accounts.
The deed Of assignment is signed by
VIM. M. Singery as President, and
there Is no reserve in the conveyance
Of the property Of the company to the
assignees. The directors of the Trust
Company held a meeting this morning
and the assignment to Mr.. Cook was
the outcome Of a discussion of the
troubles of the institution. It was an
nounced that a statement will be issued
IN day or two. showing the exact con-
dition Of the company's affairs.
ANOTHER FAILURE