Omaha daily bee., 1897-12-25
SINCERITY MAKES STATEMENT.
Expects to Pay Every Dollar of His
Indebtedness.

lila, DeC. Ef.-lne iteCOTu tO-
day publishes the following editorial:
To the Public: The Record is compelled
to make painful personal announcement
this morning. Owing to the financial en-
Darrassment f Of Mr William Sngerly
pany the Chestnut Street National bank
and the Chestnut Street Trust and Savings
Fund company We're obliged to suspend
The weight which proved too heavy for
, Mr.: singerly to carry was his large invest
at Elkton, Nd The extreme shrinkage in
the price of paper and the resulting de
was the primary cause of his embarrass-
! ment and of the suspension of the bank and
trust company with which he has been SO
closely identified. An extraordinary effort
was made before the announcement of the
suspension Yesterday to tide over the diff
his assistance with rare generosity and
fidelity, but it was found impracticable to
turn the assets at his disposal into shape
! to meet immediate requirement.
"A complete statement Of the condition OF
/ the Chestnut Street National bank will soon
rangements will be perfected as will enable
the bank to liquidate its obligations without
the or deay c bs
valuable asset. The earnings of this journal
| during the year 1896. in u, excess of all ex,
money maker to fall back upon and with
grim determination to pay, every dollar
he owes, he hopes to redeem his credit and
| satisfy his creditors
| Tho Chestnut Street Safe and Deposit
| company which closed its doors yesterday,
| made an assignment today for the benefit
of creditors to George Fl. Earle. jr., presi-
dent of the Tradesmen's National bank, and
| Richard Y. Cook president of the Guaran-
| tee Trust and Safe Deposit company. The
| Chestnut street company is closely affili-
ated with the Chestnut Street National
| bank, which was yesterday placed in charge
of the national bank examiner. william NJ.
| ic n hnth pnmDanipS and
| the boards 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 Will
liam M. Singerly as president. and there
! is no reserve in the conveyance OF 'he prop
eIty OF the company to the assignees. The
directors of the trust company held a meet
ing this morning and the assignment to Mr..
| Earle and Mr. Cook was the outcome of a
discussion of the troubles of the company.
1t Is understood statement will be issued
| in day or so, showing the exact conditions
| Of the companys affairs.
| An assignment was made today by the
| Philadelphia Binding and Mailing company.
This is a small organization which was in
| corporated in Maine The assignment is
said to have been forced upon the COM
pany through the failure yesterday of the
Chestnut Street National bank.
| PHILADELPHIA, Dec, 24.-Willam M.
singerly, president of the Chestnut Street
! National bank and OF its allied institution,
the Chestnut Street Trust and Savilg Frnl
company, which collapsed yesterday, issued
this statement to the public tonight:
"On Tuerday next, or at the latest on
| Wednesday, a plan now being formulated
requiring the devotion to its purpose Of all
my assets will be submitted to my creditors
end to the creditors OF the Chestnut Street
National bank and the Chestnut Street Saw
ings bank / believe, and this belief Is
ehared by these who have been informed OF
the situation, that this plan which will in
volve partly an acceptance Of Record Pub
listing company stock, approved by tho
creditors, none of them ultimately will lose
anything"
The only other development in the situa-
tion today was the formal assignment Of the
trust company to George II. Earle, jr, presi-
dent of the Tradesmels s National baHk end
OF other financial institutions, and Richard
II. Cook, president of the Guaranty Trust
and Safe Deposit company. This was but
natural outcome of the failure and was
taken after lengthy session OF the board
OF directors of the trust company. The deed
unreservedly conveys all the property OF the
company to the assgnees.
| Mr.. Singerlys statement comes as re
, suit of a conference OF the directors OF the
defunct concerns held today and II is gen
orally believed that the hope OF sett,ement
on 100 per cent basis will Se realized A
statement will be Issued in a day or two
showing the exact condition OF the com
panies affairs.
The only embarrassment thus far result
ing from the crash was the assignment to
day OF the Philsdelphia Binding and Mailiai
compsny. a small organization incorporated
| in Maine.
J The hank examiner and his assistants spen
the greater part OF the day going over the
books OF the two compaaies. but declined tt
i make any statement 1t is e1it that the
| bank has about 1.S00 deposit accounts ant
? the trust compGny about $780,
D State Banking Commissioner Gilkeson ant
/ Attorney General Mccormick were engaged
j today inquir!ag into the condition OF thu
state depoait in the bank End looking aftel
! the interests OF deposltors in the trust com
psny, which ls incorporated under the stat'
; laws.
The bank examiner and his assistants ver
busily engaged today in going over the books
and accounts OF the Chestnut Street National
bank. The examiner declines to make an
statement regarding the assets and llabill
ties OF the institution, but says he will fur
nish q complete statement when his inyesti
CATION shall have been completed Ever