The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-28
70 HELP SINCERITY OUT.
AssTGNBEs IND COUNSEL DRAW UP
A REORGANIZATION PLAN.

-
stock OF the Record In Three Ciassss. to corre-
spond with the Creditors, 20 ne nssued Go the
Extent or So. 900, O00-sinEeriy 20 need
All His Property to tho Managers In Trnst'
PHILADELPHIA, Pa, Dec. 27.-A plan OF re-
organization and adjustment Of tho affairs OF
the Chestnut Street Trust and Savings Fund
Company, OF tho Chestnut Street National
Bank. and OF tho affiliated business in.
forests OF William NJ. S~ingorly. was
made public tonight, and will DO sub.
mittcd TO the creditors OF those institutions AMI
OF Mr.. Singerly by George II. Earle, Jr., and
Richard Y. Cook, tho asslgnccs Of the trust
company. Tho assignees were in conference
with Mr.. S%ingerly, Assistant Comptroller
Coffin Of tho Treasury Department, and counsel
this afternoon at tho law Office OF John G. John.
son. When they adjourned late this evening
they had adopted u formal plan to DO submitted
to the creditors.
The plan Minis to place all the assets of Mr..
Singerly and of tho bank and trust company in
tho hands OF reorganization managers. 1t dt.
ridcs tho creditors into three classes. First,
those who assent TO the plan to the extent to
which they may hold liens against the
Record Publishing Company or preferred or city
claims against the bank or trust company, or
persons or corporations willing to advance
money In furthcrance OF the plan; second, hold.
ers of claims against the Record. or claims So
cured by its stock. tho managers roserving to
themselves the right to determine without LA.
billy the amount or existence of such claims;
third, all creditors, other than those specified,
who may have an interest in the success Of the
The plan then provides for the issue of
capital stock ofIhe Record Publishing Com.
creditors OF the first-clnss par for their
claims in o per cent. cumulative first pre-;
| CLASS par Ill n u Der cent. cumulative 9apnpd prn.
ferred stock. and the creditors Of the third
class, par, In common stock. No incumbranco
Company is to be credited without tho assent Of
the holders OF two,thirds OF the preferred stock
There now exists 81, 10000 OF common
stock Of the Record P,h6iishing, Company sub.
After a full examination of the property It was
ffsse9mnendcd to- a S,yndicatc recently formed,
tho thS' issuance sHns s'0S OK s ss.ooo. 600 SS i or nrsqcrr BY
stock, making tho total issue SO, 1000. 900. tho
SOC. 200 of mortgages being intended to be paid
out or the proceeds secured from such new
issue: Under these conditions the s., 900. 900 Of
R PR ERR ste s19ek t;st at par par we're oversubscribed
will be distributed within thirty days after the
discretion that a sufficient number Of assents
have been made, and take possession of the
will have tho right to redeem within a period Of
six years. Mr.. Singerly is to deal MI OF his
property and estate to the reorEanization man
ayers in trust. or to the Record Publishing
Company. or both. first. to secure the further
issue of record stock by the present company,
or a new corporation to be formed IL advisable:
second. to further the liquidation Of tho bank,
the trust company, the pulp and paper
company and other Indebtedness OF Mr.. Sin
gerly; Any amount remaining under the trust.
together with net earnings of the Record, Pub.
fishing Company. shall DO applied to the re-
demption of the new issue of Stock
The reorganization managers are to file their
account with the Provident Trust Company.
Mr.; singerly by tho terms Of the plan is to re-
rect the policy Of the paper. The business
Of managers to be chosen by a voting trust,
Of which the reorganization managers and
President Sydney F. Tyler of the Fourth street
National Bank. who represents tho widencr
and Elkins interests. are to be members The
men who have been named as reorganization
managers are Messrs. Earle and Cook, assignees
OF the Trust Company. and r. +. Rothermel,
Jr, J. Howard Gendell. and John g. johnson
of counsel.
The proposition to the creditors makes no
reference to the assets or liabilities of the sus-
pended bank and Trust Company or of Mr..
Singerly. Assignee Earle said tonight that
their examination of tho books had not gone far
enough to, determine them. He said he was
satisfied that If the creditors acceded to the
plan it would succeed. ~