New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-28
STOCK FOR THE CREDITORS.

~ i
MIR. SINCERITY EXPECTS TO PAY HIS
DEBTS IN FULL.
PLAN FOR SETTLING THE AFFAIRS OF THE
FAILED PHILADELPHIA BANKS PRESENTED
AN ISSUE OF 100000 PREFERRED
STOCK IN THE RECORD PUB
LISTING COMPANY ITS
CHIEF FEATURE.
PHILADELPHIA Dec 27-The conferrees selected to
formulate a plan for settlement of the affairs OF
the Chestnut Street National Bank and the Chest
nut Street Trust and Savings Fund Company, or
which William NJ. singery. proprietor OK The
Record Is president. and which closed their
doors last Thursday presented their plan tonight
for the considcra ton OF dcpositors and creditors
Tho chief measure suggested IL the issue or
Record" stock TO secure the creditors. mo plan
is prefaced by the following statement: TT must
be clear to all concerned that In no case can
creditors Of the bank OF the trust company OF thc
pulp and paper company and OF Mr. Sinsefiy
himself realize more than the total value oI inc
assets and rights OF these corporations In addtioh
TO those OF Mr.. Singerly individually. No matter
how pro.rncted or expensive possible assignments
and reccivershps may be made, tho creoi'ots
cannot receive more than the total or All aSse's'
less the cost and expenses which VIII DO lhc'-
dental TO their administration under what VIII be
the most extensive form OF such administration
The fact. however. not at fist sight so OBVIOUS
though 1t moro and more impresscs itself upon U.s.
Is that owing 10 the peculiar nature or the prop
critics 10 be handled. lack OF good judgment III
their management will result In the receipt by the
creditors OF less than the present ana PROBABLY OF
much less than the ultimate value thereof. IL Is
believed that II Afr Singery Will continue TO give
his entire attention 10 the development or MS
great paper the peculiar qualifications which en-
abled him to build up property earnins IL -
stated IN tho fiscal year 1896. NlO.V' het' ana
earning also It Is said. In the last seven years an
average annual net earning OF GC.Ul VIII en-
able him TO do what merely Will be Impossible
under changed cond!tons--namcly, to maintain
the present great value Of the property-but also
TO increase H. This plan Will. OF course. ne
greatly aided by Mr.. singery's insIstcnce that
everything possessed or controlled by him shaH
lie promptly without legal contest. transferred to
the managers to be applied to tho above purpose
DETAILS OF THE PLAN.
The plan provides that the capital stock OF the
Record Publishing Company. or OK a company 10
which It's assets shall he assigned shall be nxed
and issued 20 amount necessary 20 give an
creditors in Class par FOR their claims In STOCK
preferred as 10 dividends and principal when sh"i
bear per cen; !nieres, cumulative. and all cred
tor. IN Class I. par FOR their claims In n second
preferred 6 per cent cumulative stock. also pre-
ferred after the mrs; preferred stock. M to diV'-
drnds and principal: and all creditors In CLASS
par IN tho common stock OF tn" company. No en-
cumbrance against Tho Record Publishing COM
pany's property IS 10 be created without the assem-
OF the holders Of twothirds Of the preferred stock
OF the two classes.
Class shall consls: Of asserting creditors 10 the
extent TO which they may hold Hens against The
Record Publishing Company preferred or city
claims against the bank or trust company. or per
IONS or corporations willing 10 advance new
money. 10 De applied. al tho best discretion OF the
Managers In the farthcring and bringing ABOUT
this reorganization.
Class u shall consist OF holders OF claims against
The Record or OF claims secured by It's STOCK
In case OF any doub; to tho amount or actual
existence 0. claim ~ being valld one against
..rh. Record" IN, managers may finally setur
tho amount ana status OF suc1 claim without ~
biltv 10 Themselves. or. II the. decision be advers'
20 IN. status OF the claim against the pub
fishing company. the holdcrs thereon may Insist
on judicial decision OF his status
CLASH G shall consist Of all creditors other than
those above specified OF any OF tho parties re-
organization OF whose affairs IL now contemplated
or MAJ become necessary to tho success Of this J
plan.
A note Is here inserted that there now exists
10000 OF common stock Of The Record Pub
30 s; ~ morrsrc. Alter fulI cxamnaion OF the
trouerty T. was recommended 20 n syndicate recent |
X iG' n Of va iS5' Of 'iSS stock making S
total issue 3cCo"D the $4,000 Of mortgages being !
i i11m the 70 rex snr these conditions iha
10000 OF preferred stock at par was oyer,sub. |
scribcd by the capitalists ana banking interests or
Philadelphia.
E man s4S Of a 2s Pn ar: s to .S naH Hs
been received to make the plan op.raiIye In cN;
over 10 the managers. and the stock Is 10 be subject
to redemption b. Mr. sngerly within six years. OF
s dyidcnd. declared in the menn Tine Any assets
obtained By the managers from those having claims
against The bank In the distribution OF the assets
99 h Re Ecd nSs stock hea by the owners o. Par
claims against the bank or their assgnccs. II ;he
O, ihc hank ITSELF Mt their option. Tho same method
is 20 bc used with regard to the trust company.
NJ. sng"rly Is {" deed to the manaeer~ an his
They are have the fullest possible lis rctio1 and
without pcrsonai liability al,houeh ,hcy VIZ act
annum TO be paid so far as possible on the com
mon stoc%. and no net earnings Of '.Thc Record"
these dividends have been paid. Whcn redemption
Is made Il shnli be pro rata among the holders OF
each particular series.
Mr.. sIngerly shall r"maln the Editor Of The
Record" and shall control It's policy but It's busl
OF which the managers may he members. 10 be
elected by voting trns'. which shall consist OF
the Fourth street National Bank. " "
The document was agreed upon after an all-day
nc and Tcnnrd hS c George
John g Johnson; J. Nc Howard i Gcndcl Mr.. singer,
Finance Company OF Pennsylvania. 1t was after
ward read by George NJ CONN. Deputy controller
A io,al new. bureau sent on, In. following state.
merit this afiernoon From trustworthy source
;, soo GO divided follows: e
II ch.stnu, stree, Nn,ion, Rank........... sf;soo
T II" ur. On p!%eyd building ,2oco
Ponds by Record Company ......... ESQ osO
borrowed from wdener. Ek'ns and Kembe
Other naebtedness Observation-Disclosures. 10000