The evening times., 1897-12-28


Hours 10 to :12 and 8 to 8 daily; Sun
day. 10 to IL. a.ss
de2S-tf 81
cue with any amount, up to LAO goo.
it is said. They withdrew their offer
though, when it becSme known how great
the Indebtedness would be.
"sU!sn sass.r, Is Nat Na9iena sank and the Fl
nance Company, of Philadelphia. and Rich
ard Cook, president of the Guarantee Trust
and Safe Deposit Company, are the as
Agnees cf tn, t,ust company. It istheywho
have formulated the plan Of settlement
which was submitted to the officers and
depositors of the Chestnut Street Bank.
This plan, as originally outlined, cOmp:e-
hends the initiation OF the stock Of the Rec
ord to S3, 900 900, upon which amolnt it
isnow ed: ming 8 per cent dividends ann Jally.
All Mt. sir,geriy's assets would go 70 re-
cure this stock, which syndicate will
underwrite and float. From the sale OF
this stock IL is said that en0ugh cash will
be realized to pay all iepositors 80 cents
on the dollar, and they Will be ask ID to
accept stock IN lieu of the remainder.
1t Is rot known whether or not this
scheme Will he received with favor. It is
said that Comptroller Eckels sanctioned 1t
conditionally. The assignees intimate that
while the Government requires that .lollar
for dollar must be paid In voluntary iiqrifa-
ton. II tho creditors TASK" to be paid half
in cash and half In stock. there can be no
legal objection to settling on that oasis.
AS an inducement to the creditors to ''ask'
to be paid half OF their claims In stock,
Mr.. Singerly's friends point out the .,elays
and expensive litigation incident to the al
Tentative or a feceivership. aud the veIy
excellent chances OF the impairment II the
value OF assets by reason Of delay or sorced
sale on a poor market under the receiver
ship.
With few slight changes this plan, cub
initted by George h. Earle, jr., and Rich
ard Y. Cook, was approved this Afternoon
by their attorney, John G. Johnson, and 1t
Will at once be put into operation. The
plan, however, is not cash ettlsm INT of
80 per cent and so per cent Of preferred
stock in the Record. as was at first stated.
Mr. singeriy himself and Mr.. johnson are
authority for the denial, and both state
that for tue present the exact plan Will
not be made pubic. It Will probably be
submitted to the stockholders Thursday or
Friday.
1t is gradually appearing, howevar that
Mr. SinSerly's various properties are blank
eted with obligations almost to their full
value. aud Conservative financiers have
predicted that when all Is known the
wreck Will be nearly rs bad as that Of the
Keystone National Bank.
Tie Comptroller OF the Currency today
outlined the plan for allowing the Chestnlt
Street National Bank OF Philadelphia to so
into voluntary liquidation. 1t is presu,ned
that the creditors OF the bank will accept
the plan prof osed by the committee having
the matter in charge. Mr. Eckels maae
this statement:
II have instructed the deputy comp
troller, George n. Coffin, to call meeting
atonce Of the directors ofthe Chestnut Street
National Bank to pass the necessary Y reso.I-
tion and issue notice to the SHAREHOLDERS
the bank for q meeting to vote to 20 into
voluntary liquidation. In addition I have
requested him to have the directors obtain
at once the signatures OF representatives.
holding two thirds OF the stock agre sing
to vote for liquidation when the matter is
presented at the meeting to be called.
'Havfns done this have stated that the
comptroller would permit the bank to so
into voluntary liquidation after the vote is
had on evidence being furnished that the
creditors Of the bank have accepted the
plan proposed by the Con ''ttee in pllce of
evidence of Indebtedness from the baak.
BY having this arranged before voting It
Will en- able the public to understand that
Immediately upon the consent Of the
creditors being obtained the bank will
avoid the appointment of q receiver AMI t he
expense and delay attendant upon IA re-
ceivership avoided.
Il have studied with care the plan sub
mitted, and am of the opinion that the
creditors of the bank, the trust company,
and Mr.. singcrly will be better cared for
than by any method that can be devised
in which all assets represented by his va
rious interests are handled under different
agencies. Such q division of RESPONSE
bility and of assets would necessarily en-
tail disputes and result in expensive atiga-
tion as t" the rights of this or that one in
the property interests represented by him.
1T would also jeopardize the value Of
the assets which is the most to be looked
for for the payment OF obligations due
from the institutions with which he was
connected and for himself. The import
ance of whatever action the creditors take
being quickly determined arises from the
wisdom of not permitting any asset to be
unnecessarily dissipated or any of the
good will Of any valuable property, in
which Mfr singerly was Interested lost.
1.-The situa tion is now in the hands of the
creditors, and ! believe that in following
the plan outlined the end will fully
justify their relying on conservative man
agements of those who haS e heretofore been
successful In undertaking large financial
matters"