The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-12-25

Philadelphia. Dec. 24-William NJ.
Singerly, president of the Chestnut
Street National bank, and of its al
lied institution, the Chestnut street
Trust and Saving Fund company,
which collapsed yesterday, issued this
statement to the public tonight
"On Tuesday next, or at the latest
on Wednesday, a plan now being for
. mulated. requiring the devotion tn it's
purposes all of my assets, will be sub
mitted to my creditors. and to the
creditors of the Chestnut street Ma
tional bank and the Chestnut street
Trust and Saving Fund company l
believe. and this belief Is shared by
those who have been Informed of the
situation. that with this plan, which
will involve partly an acceptance of
Record Publishing company stock, ap-
proved by the creditors. none of them
ultimately will lose anything"
The only other development in the
situation today was the formal assign
mtnt of the Trust company to George
n. Earle. jr. president of the Trades
mems National bank, and Of other fin
anCial institutions, and Richard Y.
Cook, president of the Guarantee Trust
and Safe Deposit company. This was
but a natural outcome of the failure,
and was taken after lengthy scs-
sion of the board of directors of the
Trust company. The deed unreservcd-
~ conveys all the property of the COM
pany to the assignees.
Mr. Singerly's statement comes as
the result of a conference of the direc-
tors Of the defunct concerns held to-
day. and it is generally believed that
the hone of an eventual settlement on a
one hundred pr cent. basis will he
realized.
\ statement will be issued within a
day or two, showing the exact condi-
tiun of the companies affairs.
The only other embarra ssment thus
far resulting from the crash was the
assignment today of the Philadelphia
Binding and Mailing company, small
organization incorporated in Maine.
The bank examiner and his assistants
spent the greater part of the day go
ing over the books of the two COM
panies. but declined to make any state
ment.
II is said that the bank has about
l,S00 deposit accounts and the trust
company about 500 State Banking
Commissioner Gilkeson and Attorney
General Mccormick were engaged to-
day, inqurlrG into the condition OF the
states deposit in the bank and look
ing after the interests of depositors in
the trust company, which is incorpor-
atcd under the state laws.
IT'S EFFECT At ELKTON.
Tlktnn, Md, Dec. 24.-Wnen the news
of the closing Cf the Chestnut Street
National bank, of Philadelphia, of
which William NJ. Singerly is preSi-
dent, reached this town yesterday af-
t"rnoon, it hai a disturbing effect up
on the depositors in the Second Ma
liunal bank of Elkton, of which Mr..
Singerly is vice president and a heavy
stock holder.
The news reached Elkton shortly be-
fore the closing hour of the bank. The
bank opened its doors as usual this
morning for business and steady
stream of dnpOsitors filed in, anxious
TO Withdraw their accounts. The Off
Gals of the bank, however. anticipated
run and made preparations for it,
The depositors were assured by Pres
ident Warburton and Cashier Davis
that The institution was perfectly SOL
vent and fully able to meet all its out
standing obligations. As a result of
these assurances many depositCrs de-
cidel to retain their funds in the bank.
II is feared that the financial fail
ure Of Mr. Singerly will close his mills
in this county, the depreciation of
which stock caused the Philadelphia
institutions to go under