The herald., 1897-12-28
To PayOff SingerIy's Debts
in Full
A LOAN OF TWO MILLIONS
no BE SECURED ON A "RECoRD"
STOCK ISSUE
The Money Is Fully Subscribed If the
Creditors Agree to Accept
tie Plan
Associated Pross Special wire

PHILADELPHIA, Dec. N.-Tne con-
ference selected to formulate plan Of
settlement OF the affairs of the Chestnut
street national bank and the Chestnut
Street Trust company of which William
Singerly, proprietor Of the Record, was
president. tonight presented their plan
for the consideration Of the depositors
and creditors.
The chief measure suggested is the is
suance Of Record stock to secure the
creditors.
1t is believed that IL Mr.. Singerly will
continue to give his entire attention to
the development of his great paper, the
peculiar qualifications which enabled
him to build up property earning, 1t is
stated, in the fiscal year 1895, $310, 900 net,
and earning also, 1t Is said, In the last
seven years an average annual net
earning of $243,000, will enable him to do
what not only will be impossible under
changed conditions-namely,t to main
tain the present great value Of the prop
erty-but also to increase it.
This plan of course will be greatly
aided by Mr.. Singerly's insistence that
everything possessed or controlled by
him shall be promptly, without legal
contest. transferred to the managers to
be applied to the above purpose.
A note is inserted in the statement that
there now exists $1,000,OO0 of common
stock in the Record Publishing company,
subject to the prior lien of 100000 Of
mortgages. After full examination of
fha
syndicate recently formed that this
stock issue be Increased by the issuance
OF $2,000000 Of preferred stock, making
the total issue $3.O0O.O0 the 500, 900 mort
cages being intended to be paid out of
the proceeds secured from such new is
sue. Under these conditions the 81, ,00O,-
600 OF preferred stock at par were over
subscribed for by the capitalists and
banking interests Of Philadelphia.
The managers Of the plan are to make
distribution Of the stock within thirty
days after sufficient assets have been
received to make the plan operative.
In exchange for the stock the claims
are to be turned over to the managers
and the stock is to be subject to the
redemption Of Mr.. Singerly within six
years, upon payment of its par value,
with six per cent interest, less dividends
meanwhile declared.
Any assets obtained by the managers
from those having claims against the
bank by the distribution of the assets
of the bank. shall be applied pro rata
to the purchase at par of the Record
stock held by the new owners of assent
ed claims against the bank or their as
signees; or II the managers shall think
1t advisable to the liquidation of the
bank itself, at their option. The same
method Is to be used with regard to the
trust company.
Mr.. Singerly is to deed to the manag-
ers all Of his other property and estate
to further liquidation. They have the
fullest possible discretion and without
personal liability, although they will act
under advice of counsel.
Mr.. Singerly shall remain the editor of
the Record and shall be controlled by
board of which the managers may be
members. to be elected, a voting trust.
which shall consist of the managers and
Of Sydney F. Taylor, president Of the
Fourth street national bank.
The plan is submitted for the approval
Of the creditors. The plan was agreed
upon after an all day conference between
the assignees and J. Howard Gendell,
Mr.. Singerly's attorney, and Director
Loeb of the finance committee Of the
Pennsylvania.
PHILADELPHIA, Dec. 27.-A local
news bureau sent out the following
statement this evening:
From a reliable source we learn that
Mr.. Singerly's liabilities aggregate $2,-
$50, 900, divided as follows: To the Chest
nut Street National bank, $748, 1000; to
Trust company, $652,000; mortgage on
Record building. $200,000: bonds issued
by Record company. $550,000m borrowed
from Widener, Elkins & Kemble estate,
$3.50, 900; other indebtedness, $3.50, 1000;
grand total, $2.650,000
Mr.. Singerly owned 260 shares Of
Chestnut Street National bank stock, all
of which is pledged with the trust COM
pany for loans.
The books Of the Record Publishing
company show that the net earnings for
the past seven years averaged $240, 900
per annum.
Mr.. Singerly's most tangible asset Is
the Record Publishing company, which
IL valued at probably $2,500, 900 or 50, ,OO0,-
900. The $450,000 noted in the schedule of
liabilities represents money borrowed
from Widener. Elkins & Kemble estate
neveral years ago, when Mr.. Singerly
was involved in the failure Of Lewis S.
Cox.
4 It ID understood that about $500 1000
Record common stock is pledged for this
loan.
NJ.