The sun., 1897-12-28
Plans Submitted Whereby VIII
liam NJ. Singerly's Obliga- =,
tons Will be Paid in Full.
WILL CONTROL THE RECORD.
To Remain Its Editor ana to Control
Its Policy---The Business Depart
mcnt to he Managed by a
Board.
Special to The Sun.

PHILADELPHIA, Dec. 27-Tic Commit
tee having in charge the affairs of the
Chestnut Street Trust and Saving Fund
Company and incidentally Of the affairs
of the Chestnut Street National Bank,
and of the Singcrly Pulp and Paper Com
pany and OF Mr.. William NJ. SingcrIy
has submitted u plan for the prompt
settlement Of all claims ON the basis Of
100 cents on the dollar.
The formal announcement has this
preface "lt must be clear to all con-
ccrncd that in no case can creditors Of
the Bank, Of the Trust Company, Of the
Pulp and Paper Company and OF Mr..
SingcrIy himself, realize more than the
total value of the assets and rights OF
these corporations in addition To those
of Mr.. Singcrly individually.
No matter how protected or expensive
possible assignments and rcclvcrshlps
may be made, the creditors cannot IT,
ccivc more than the total OF all assets
less the cost and expenses which will be
incidental to their administration und1 +
what will be the most expensive form OF
such administration. The fact, how
ever, not at first sight so obvious, though
it more and more inpmsscs itself upon
us is, that owing to the peculiar nature
of the properties to be handled lack Of
good Judgment in their management will
result in the receipt by the creditors Of
less than the present, and probably OF
much less than the ultimate value there
of. The plan follows: Provision !. The
capital stock of "The Record Publish
ing Company, or Of a company to which
its assets shall be assigned, shall be fixed
and issued to an amount necessary to
give all creditors in class 4 par for their
claims in stock preferred as to divi-
dends and principal which shall bear s
per cent. interest cumulative; and all
creditors in class i par for their claims
in second preferred 6 per cent. cumnla-
tive stock also preferred after the first
preferred stock, as to dividends and prn-
cpal; and all creditors in class { par in
the common stock of said company. No
cncrmbrance against "rhe Record Pub
fishing Company's property is to be ere
atcd without the assent of tine holders OF
twothirds Of the preferred stock OF the
two classes.
Class 4 shall consist OF asserting cr~!l-
tors to the extent to which they may
hold liens against "Thc Record Pub
fishing Company or preferred or city
claims against the bank or trust company
or persons or corporations willing to ad-
vance new moneys to be applied ut the
best discretion Of the managers, in the
furthcring and bringing about this re-
organization.
Class b shall consist Of holders OF claims
apainst "Thc Rrcord' or Of claims So
cured by its stock. In case OF any doubt
as to the amount Of actual existence OF Il
claim as being Il valid one against "Ihc
Record" the managers may finally settle
the amount and status Of such claim
without liability to themselves !; or II
their decision be adverse to the status OF
the claim as one agains, said publishing
company the holders thereof may insist
upon judicial decision Of his status.
Class c shall consist OF all creditors
other than those above specified OF any
of the parti les, u reorganization of whose
affairs is now contemplating or may be-
come necessary to the success of the
plan.
Provision 2.-Thc managers OF this
plan shall make actual distribution OF
this stock within thirty days after they
shall determine that sufficient assents
have been received to make the plan
opeutiyc. The amount of assents which
shall make the same operative, shall rest
in their absolute uncontrolled discretion,
and it shall be their duty Immediately
upon the determination that sufficient
assrnts have been secured to make an
nounccmcnt of the fact.
Provision 3.-Thc existing claims shall
forthwith and respectively upon the re-
ceipt by the holders of their said stock
to the respective amounts, become the
,,r,,or,v of tho managers for the pur-
poses now to be stated and all said stock
shall be subject to redemption by Mr.
sngerly within the period OF six years as
herein stated upon the payment OF the
par value of said stock, with interest ut
the rate of six per cent. per annllm' less
a credit of all dividends Heretofore re-
ceiyed. It shall be within the power OF
Mr.. singerly at any time within SIX
years from the carrying into effect OF
this plon or of his assignees, to purchase