The times., 1897-12-28
PLANS OF COL. SlEGERLY
Aiming to Reorganize the Suspend
ed Philadelphia Bank.
Creditc1s 10 Re Divided Into Three
Points of the Arrange-
ment Decided Upon.

Philadelphia. Dec. "a plan of reor-
ganization ana adjustment of the affairs
of the Chestnut Street Trust and savings
Fund Company, OF the Chestnut Street
National Bank. and OF the affiliated busi
ness interests of william NJ. Singerly, WIS
made public tonight. ana viii he submitted
to the creditors of those institutions and
of Mr.. singerly. by George \. Earle, jr-,
and Richard Y. Cook. the assignees OF the
trust company.
The q assirnees vere in conference with Mr.
Siugerly, Ssistant Comptroller Coffin, OF
the Treasury Department, and counsel ttns
afternoon when they adjourned late TINS
evening" they had adopted formal plan
of REORGANIZATION, TO be submitted 10 the
creditors The plan aims To place all tue
assets of Mr. Singeriy and of the Bank anu
Trust Company in the hands OF reOrSaniza
ton managers II divides the creditors into
three e e.: first. those who assent to
the plan t. the extent 10 which they may
hold liens against the Record Publishing
Company OF preferredor city claims against
the bank OF trust company, or persons, or
corporations willing to advance money IN
furth erance of the plan.
Second. Holders of claims against the
Record. or claims secured by its stock, the
managers reserving to themselves the right
to determine without liability the amount
or existence of such claims.
Third. All creditors other than those
specified who may have an interest iii the
success of the reorganization.
The plan tnen provides for the issue of
capital stock Of the Record Publishing
CompaI Y To an amount sufficient TO pay
the creditors of the first-class par for
their claims in 6 per cent cumulative
pieferIed stock. The Teditors of the
second class, paT in a 6 per cent cumu-
lative ST cond preferreds took, and the
creditors of the third class, par in conmoa
stock No incumbrance gainst the
property Of the Record Publishing Com
pany is to be created without the assent
of the holders of two-thrde OF the pre-
ferred stuclA of 10th classes. The plan
saws.
There now exists 81 100000 of com
mon stock of the Record Publishing Com
pany, iect 70 the prior lien Of S700,O0o
of mortgages. After a fun examination
OF the property, it was recommended to
syndicate recently formed that this stock
issue be Increased by the Issuance Of
S3.o0C 900 of preferred stock, making the
total issue So zoe 900, the 100000 of
mortgages intended to be paid out Of the
proceeds received from such new issues.
Under these Conditions the S2,00U,o00 of
preferred stock, at par were over subscribed
by the capitalists and banking interests OF
Philadelphia.
The proposed issue Of stock viii he
distributed within thirty days after the
mana gers of the plan determine within
their discretion that a sufficient number
of assents he We been made, and take pos
session OF the claims OF asserting holders,
which Mr.. Singerly viii have the right to
redeem within a period OF six years. Nr.
SingerIH is 10 deed all of his property
and estate TO the reorganization man
ayers in trust or to the Record Publishing
Company or both; first, to secure the
further issue OF Record stock by the pres.
ent company, or "A new corporation to be
formed, if advisa bic; second, TO further
the liquidation of the ba nix, the trust con-
pany, the pulp and paper company, and
other Indebtedness OF Mr.. Singerly. Any
amount rena ming under the trust, to
gether with net earnings of the Record