The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-28
PLANS OF SETTLEMENT.
Mr.. Singeriy to Remain in Charge Of the
Record Which Pays Handsomely.

''Record,' Which Pays Handsomely.
Philadelphia Dec. 27.-The conferees
selected to formulate a plan of settle
ment of the a11airs of the Chestnut
Street National bank and the Chestnut
Street Trust company, of which Will
lam Singerly, proprietor of the Record,
was president, tonight presented their
plan for the consideration of the depos-
itors and creditors. The first measure
suggested is the issuance of Record
stock to secure the creditors.
The plan il prefaced by a statement
that lit must be clear TO all concerned
that in no case can the creditors of the
bank. of the trust company, of the pulp
and paper company and of Mr. Singerly
himself. realize more than the total
value of the assets and rights of these
corporations in addition to those of
Mr. Singerly individually. No matter
how protracted, or expensive, possible
assignments and receiverships may be
made, the creditors cannot receive more
than the total of all the assets less the
cost and expenses which will be Incl
dental TO their administration under
what would be the most expensive form
of such administration. The fact, how
ever. not at first sight SO obvious,
though IL more and more impresses it
self upon us, is that owing 10 the pccu-
liar nature of the properties to be
handled Il lack of good judgment in
their management viii result in the re-
ceipt by the creditors OF less than the
present and probably of much less than
the ultimate value thereof.
1t is believed that II 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 property
earning, II is stated, in the fiscal year
1896, $4,000 net, and earning Also 1t is
said, in the last seven years an aver
age annual net earning of S243,0 900. Will
enable nm to do what not merely viii
/ be impossible under changed condi-
tons. namely. to maintain the present
great value of the property but also to
increase it. This plan WILL of course be
greatly aided by Mr.. Singery's insist
ence that everything possessed or con-
I trolled by him shall be promptly, with
out legal contest, transferred to the
managers TO be applied to the above
purpose"
The plan provides that the capital
stock of the Record Publishing com
pany or of a company To which its
assets should all be assigned, should be
fixed and issued to an amount neces-
sary 10 give all creditors i'll class A par
for their claims in a stock preferred as
70 dividends and principal, which shall
/ bear per cent interest cumulative;
and all creditors in class Il, par for
I their claims in a second preferred 6 per
cent. cumulative stock also preferred.
/ after the first preferred stock. as To div
/ idends and principal. and all creditors
/ in class G par in the common stock Of
said company The managers of the
/ plan are To make the distribution of the
I stock within 80 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 stock Is to be sub
| ject to the redemption by MIR. Singerly
/ within six years, upon payment of it's
/ par value, with o per cent. interest less
! dividends meanwhile declared.
Mr.. Singerly shall remain the editor
\ Of the Record, and shall continue its
i policy, but its business MANAGEMENT
\ shall be continued by board Of which
4 the managers may he members 10 be
4 elected. a voting trust which shall
consist of the managers and Of sydney
\ i. Taylor, president of the Fourth
I Street National bank The plan is sub
/ mitted Tor the approval of the cred
I itors." The document was agreed on
. after an all days conference between
. the assignees and j. Howard Gendeil.
I MIR SingeTly's attorney. and Director
I Loeb OF the finance committee OF Penn
] sylyania.