The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-25
SINCERITY HOPES TO PAY.
VIII PLACE RECORD sToCK At TRB
COMMAND OF CREDITORS.

1fo ISSUES n Statement TO tho Erect That ne
Relieves That Mono OF His Creditors win
Lose AnSthinE-A Meeting or leading CIti.
sens 10 Arrange n Pinn or Payment
PHILADELPHIA. Dec. Oh. The Chestnut Street
Trust and Savings Fund Company, which sus-
pended aymen yesterday contcmporancously
with tho collapse of tho Chestnut Street Ma
tional Bank, mado an assignment this morn
ing to George H.. Earle, Jr.. President of the
Tradosmcn's National Bank, and Richard Y,
Cook. President OF the Guarantee Safe Deposit
Company. The company's suspension yestof~
day foroshadowcd the assignment, William NJ.
Slngcrly, the President and chief stoekholder
OF tho two fallen institutions, Is still hard ND
work trying to raise tho money necessary TO
secure their Indebtedness and tho indications
point 10 n successful outcome OF his efforts.
There aro many financial men here willing to
subscribe to an issue Of stock or bonds Of the
Record Publishing Company, and Mr.. Singerly
Is bringing nil his other interests to bear In
tho attempt to raise the necessary money. Tie
affairs OF the two institutions will be wound up,
and they Will pass out of existence.
ing q the bank. Tho Philadelphia binding and
Mailing Company made an assignment to Jnhn
ali !ES creditors fNSr ar % Phiissd Il iaS p DsHSi S0'f,.
statement S', OF The bank %'V affairs sc could S,Ip be snn made DC
uh!.i to.hDFroW, or MONDAY, MeSsrS. Earle
and: Cook began AN examination of the trust
company's books this morning, ana will issue
n statement OF it's condition MS soon MS they can
arrive at a clear understanding OF its affairs.
their relations with the bank were the same as
those of any other deposition and that IL would
be treated the same as tho others.
A curious crowd stood on the sidewalk in
front of tho bank all day to-day. but there was
nothing for tho three policemen who stood in
tho doorway to do except to prevent tho side
walk from becoming blocked. Tho suspcn-
sion of tho bnnk Inns not hnU any effect m thu
other financial institutions in tho city. Mr..
Sinscrly published an editorial card In the
Record this morning, in which hc said:
Tho "A r. complete statement Gf the condition Of
AVAILABLE, 1t is probable that such arrange
ments will he perfected as will enable the ty,nk
TO l~iquiiatc its obligations without the neSos-
property Mr.. Singerly has u Valuable asset.
The earnings of this journal during the year
1895, IN excess OF all expenditure, were $780,.
600. With such n money maker to fall back
every dollar he owes, he hopes to redeem his
credit and satisfy his creditors e.
Many. Philadelphians believe that he will
Day dollar for dollar. and the general feeling
among tho depositors is that they will get their
money. ~.
After a conference tonight with several mon
Col. Singerly issued this statement to tho public:
Ion Tuesday next, or Mt tho latest on Wednes-'
day. a plan now being formulated, requiring tho
devotion to its purpose OF all my assets, will be
submitted to my creditors and to tho creditors
of the Chestnut Street National Bank and the
Chestnut Street Trust and Saving Fund Com
III believe, and this belief is shared by those
who have been informed OF the situation. TINT
with this plan, which will involve partly an 40
%ceptance OF Record Publishing Company stock,
approved, by the creditors, mono Of them ulti.
WILLIAM NJ SINGERLY."