The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-28
stock of the MecOrd to BE Issued to
Creditors of the Two Banks
and the Paper Company.
DEBTS PLACED At S2,65O,OoO
WHICH AMOUNT HE HOPES TO EARN
THROUGH HIS NEWSPAPER.
Details of the Proposed Settlement
Assignment of the Big Overman
Wheel Company.
PHILADELPHIA, Dec. 2.-The conferees

PHILADELPHIA Dec 27.-The conferees
selected to formulate a plan of settlement
of the affairs of the Chestnut-street Ma
tional Bank and the Chestnut-street Trust
and Savings Fund Company, of which Will
liam Singerly, proprietor of the Record, was
president, and which closed their doors last
| Thursday, tonight presented that plan for
the consideration of depositors and credi-
tors. The chief measure suggested is the
issuance of Record stock to secure the cred
| itors. The plan is prefaced by a statement
| that lit must be clear to all concerned that
| in no case can creditors of the bank, If the
! trust company, of the pulp and paper COM
pany, 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 mat
| ter how protracted or expensive possible as
| sgnments and receiverships may be made,
| the creditors cannot receive more than the
| total of all assets less the cost and expenses
| which will be incidental to their admlnistra-
tion under what will be the most expensive
| form of such administration. The fact,
| however, not at first sight so obvious,
| though it more and more impresses itself
| upon us is. that owing to the peculiar ma
| ture of the properties to be handled lack
| of good judgment in their management Will
| result in the receipt by the creditors If less
! than the present and probably of much less
| than the ultimate value thereof.
lit is believed that if 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
a property earning, it is stated, in the fiscal
| year 1885, $4,000 net, and earning Also it is
| said in the last sevci, years an average an
nual net earning OF S243, co., will enable him
| to do what not me. ely will be impossible
| under changed condit ons-namely, to MAIN
| tain the present great value OF the property
but also to increase it. This plan Will,
! of course, be greatly aided by Mr.. Singer
| ly's insistence that everything possessed or
| controlled by him shall be promptly, with
| out legal contest, transferred to the mana
gers to be applied to the above purpose.
| FEATURES OF THE PLAN.
The plan provides that the capital stock
of the Record publishing Company, or OF
| company to which it's assets shall be as
| signed, shall be fixed and issued to an
amount necessary to give all creditors In
| Glass A par for their claims in a stock pre-
| ferred as to dividends and principal, which
shall bear per cent. interest, cumulative,
and all creditors in Glass B par for their
claims in second preferred per cent.
| cumulative stock, also preferred after the
first preferred stock to dividends and
| principal and all creditors in Class c par in
| the common stock of said company. No
! incumbrance against the Record Publishing
Companys property is to be created without
| the assent of the holders of two-thirds OF
| the preferred stock of the two classes.
Glass A shall consist of asserting creditors
| to the extent to which they may hold liens
against the Record Publishing Company, OIL
| preferred or city claims against the bank
| or trust company or persons or corporations
1 willing to adv dnce new moneys 70 pc APP
| piled, at the discretion of the ms nagerS, in
| the furthering and bringing about of this
| reorganization.
Glass + shall consist of holders of claims
against the Record or of claims secured by
| its stock. In case of any doubt as to the
amount or actual existence of a claim as
being n valid against the Record the
| managers may finally settle the tnoLnt and
| status OF such claim without liability to
| themselves or, if their decision be adverse
| TO the status of the claim as one against
| the publishing company, the holder 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
parties, a organzation of whose affairs
| sary to the success of this plan. A note Is
here inserted that there now exists 81 OO,0UO
of common stock of the Record Publishing
Company subject to the prior lien of 100000
| of mortgages After full examination of
dictate recently formed that this stock issue
| be increased by the issuance of 81, 0O0 O0J of
| preferred stock, making the total issue
| o. 90 U0U, the 100000 of mortgages being in
| tended to be paid out of the proceeds Sc
| cured from such new issue. Under these
| conditions the 81 O0J 600 of preferred stock at
| par were oversubscribed for by the capital
| lists and banking interests of Philadelphia.
The managers of the, plan are to make
| distributions 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
| 20 the managers. and the stock IS to be
subject to redemption by Mr. Singerly within
| six years upon payment of it's par value,
| with 6 per cent. interest, less dividends
meanwhi,e declared ANY assets obtained by
| the managers from those having claims
] against the bank in the distribution of the
| assets of the bank shall be applied pro rata
| 20 the purchase at par of the Record stock
| held by the now owners OF assented claims
against the bank their assignees; or, if
| the managers shall think it advisable, to the
| .ia Lidaton OF the bank itself at their OPP
| tion. The same method is to be used with
regard TO the trust company.
TO TRANSFER ALL HIS PROPERTY.
Mr. Singery is to deed to the managers
all of his other property and estate, to
| further liquidation. They to have the full
est possible discretion and without person.
| al liability although they will act under
advice of counsel. Six per cent. dividends
per annum are to be paid so far pos
| sible on the common stock, and no net
earnings of the Record shall be devoted to
| the redemption of the stock until these
dividends have been paid. When redemption
| is made it shall be pro rata among the
| holders of each particular series. Mr.. Sim
serly shall remain the editor of the Record
md shall control it's policy, of which the
managers may be members, to be elected
~ a voting trust, hich shall consist of
| he managers and of Sydney +. Tyler,
resident OF the Fourth-street National
ank. The plan is submitted for the APP
Iroval of the creditors.
The document was agreed upon after an
ll-day conference between AsSignees
ieorge Earle, jr., and Richard Y. Cook,
heir attorneys, John Johnson. Howard
iendell, Mr.. Sngeflys attorneys, and Di-
ector Loeb. of the finance committee of
Pennsylvania.
Deputy Controller Coffin stated. at the
onclusiOn of the conferees' consultation
hat he had telegra phed a synopsis of the
ian to Controller Eckels with an opinion
hat ii is the only possible course by which
he creditors of the bank expect to
ealize the largest percentage or probably
he entire amount of their claims
a local news bureau sent cut the follow
ng statement this afternoon: From a rel-
bic source we learn that Mr.. Sngerly's
liabilities aggregate S2650,44l, divided as
ollows:
% Chestnut-street National Bank. $e4S. O0o
70 Trust Company ................... 652, 00
Tort gage on Record building. 100000
onds issued by Record Company. $50 900
borrowed from Widner, Elkins and
K Kemble estate ..................., 10000
n dahr