The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-12-28
A PLAN OF SETTLEMENT
Proposed to Depositors Of Philadel-
,~ phia's Failed Bank.
MR.. SINGERLY'S WHOLE FORTUNE


Liquidation. and Creditors VIII Be
Secured by Stock of Tho Record.
Approved by Deputy Comptroller.
Philadelphia, Dec. 2S-The conferrees
selected to formulate plan of set.
tlement of the affairs Of the Chestnut
Street National bank and the Chestnut
Street Trust and Savings Fund com.
pany, of which William NJ. Shgerly
proprietor of The Record, was presi-
dent, and which closed their doors last
Thursday, last night presented that
plan for the consideration Of depositors
nnd creditors.
The chief measure suggested Is the
issuance of Record stock to secure
the creditors. The plan is prefaced by
a statement that "it must be clear to
all concerned that in no case can
creditors of the bank, of the trust COM
pany, Of the Pulp and Paper company
and of Mr.. Singerly himself realize
more than the total value of the as
sets and rights Of these corporations in
addition to those of Mr.. Singerly in
dividually. No matter how protracted
VI CAPGHslfC PpoolblS ssAhN
receiverships may be made the cred
itors cannot receive more than the
total of all assets, less the cost and ex-
penses which will be incidental to their
administration under what will be the
IuusL eAUensIve Iorlu VI surH aufnlH-
istration.
1T is believed that If Mr.. Singerly
will continue to give his entire atten-
ton to the development of his great
paper, the peculiar qualifications which
enabled him to build up a property
ear. ing, it ia stated, in the fiscal year
1886, $4,000 net, and also, it is said,
in the last seven years an average an
rual net earning Of $243.000, will enable
him to do what not merely will be i'm
possible under changed conditions
namely. to maintain the present great
value of the property, but also to in
crease It,"
The plan provides that the capital
stock of The Record Publishing COM
pany, or Of a company of which its
assets shall be assigned. shall be fixed
and issued to an amount necessary to
give all creditors in class A par for
their claims in a stock, preferred as to
dividends and principal. which shall
bear per cent interest cumulative, and
al, creditors in class B mar for their
claims in a second preferred 6 per cent
cumulative stock, also preferred, after
tho first nreferred stock, as to divi-
dends and principal. and all creditors
in class c par in the common stock
of said company. No encumbrance
against The Record Publishing COM
Danv's nroperty Ia to be created with
out the assent of the holders of two
thirds of the preferred stock of the
two classes
A note ia here inserted that there
now EXISTS s1 200 600 of common stock
NJ The Record Publishing company,
subject to the prior lien of 800. 900 Of
mortrapes After a full examination
of the nronertv 1T was recommended
to q syndicate recently formed that
+b;s .toc, ,ssue he ;ncreased hv the ,s
suance ~ 20 nm oOO of nreferred stock
n,,king tho fatal issue a. oOo 400 the
e-oo ooo ~ uortyaqes beinr intended
=, ho no,a out of tho nrooeeds secured
from such new issue Under these con-
d;.ions tho 20 OOo nm NJ nreferred stock
at mr. were over subscribed for bv tho
c,nito,icts and handing interests of
ph,,oda,nhi,
n,ha rpon.gors ne tho MA, ore to
oLa +ha aistrihut,or re ,hs stock
,,ithi, IN a,vo oft.r s,fiicient assets
hova hoa, raoo,vod r. r,,ke the MIA,
onor,ti,,. IN o,cbsnro for the stock
~ a,a,. tr h., t,,rnoa o,,or +o tho
co.'s .nd tho stool, is to be sub-
,aot e. roaarr,tio, h., NJ cinearly
,,t,,,;r civ ,,aars uno, ,,ymant ~ ,ta
nav yalue With & ner cent interest less
dividends meanwhile declared.
Mr.. Sjngerly Is to deed to the man
ayers all of his other property and es-
tate to further liquidation, they to
have the fullest possible discretion,
and without personal liability. al
though they will act under advice of
counsel.
Mr.. Singerly shall remain the editor
Of The Record. and shall control Its
policy, but its business management
shall be controlled by board, OF which
the managers may be members. to be
elected by a voting trust, which shali
ney II. TYLER, president of the Fourth