Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-24
Statement of President Singerly Of
the Philadelphia Bank.
TRUST COMPANY ASSIGNS TODAY
It Was Affiliated With the Chest
nut Street Bank.
GEORGE H. EARLE, ASSIGNEE

PHILADELPHIA, Pa, December 24-The
Chestnut Street Trust and Saving Fund
Company, which closed its doors yesterday,
made an assignment today for the benefit
of creditors to George H. Earle, jr, presi-
dent of the rradesmen's National Bank,
and Richard Y. Cook, president of the
Guarantee Trust and Safe Deposit Com
pany.
The Chestnut Street Trust Company is
closely affiliated with the Chestnut Street
National Bank, which was yesterday taken
in charge by the national bank examiner.
William NJ. Singerly is president of both
companies, and the boards of directors of
the two con. n.panies are the same with the
exception that in each beard there is one
member who is not director in the other.
Signed by MIR. SinserIy.
The deed of assignment is signed by Will
lam NJ Singerly, president. and there is
no reserve in the conveyance of the prop
erty of the company to the assgnees.
The directors of the trust company held
meeting this morning and the assignment
to Mr.. Earle and Mr.. Cook was the out
come of a discussion of the troubles of the
Institution. 1t was announced that state
ment would be issued in a day or two show
ing the exact condition of the company's S
affairs.
The assignment was made today by the
Philadelphia Binding and Mailing Com
pany. This Is a small organiza ation, which
was Incorporated in Maine. The assign
ment is said to have been forced upon the
company through the failure yesterday of
the Chestnut Street National Bank.
President Singerly's Statement.
TIE Record today publishes the follow
ing editorial:
ITO the public: The Record is compelled
to make a ainful personal announcement
this morning. Owing to the financial en-
barrassment OF Mr.. William NJ. Singerly
president of the Record Publishing Com
pany, the Chestnut Street National Bank
and the Chestnut Street Trust and Savings
Fund Company were obliged to suspend
business yesterday.
THE weight which proved too heavy for
Mr.. Singerly to carry was his large invest
ment in the Singerly Pulp and Paper Mills
at Elktcn, Md. the extreme shrnkage in
the price of paper and the resulting de-
probation in the value of that property
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 mad. be-
fore the announcement of the suspension
yesterday to tide over the difficulty and
Mr.. Sngerly's friends rallied to his assist
dHce Win rare generosity and Edeiity, but
1t was found impracticable to turn the as
sets at his disposal into a shape to meet
immediate requirement
Statement Soon to BE Made.
"A complete statement of the condition
OF the Chestnut Street National Bank will
soon be available. 1t is probab that such
arrangements will be perfected as will en-
able the bank to liauidate it's obligat tions
without the necessity or delay of a re-
ceivership. In the Record property Mr.
Singerly has valuable asset. The earn
ings Of this journal during the year 1896,
in excess of all expenditure, were $4,000.
With such a moEey-maker to fall back
upon and with a grim determination to
pay every dollar he owes, he hopes to re-
deem his credit and satisfy his creditors"