Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1897-12-30
Proposed to Depositors Of Philadel-
phia's Failed Bank.
COMPTROLLER EoKELs' DENIAL.
Combats a Published Statement That
the Bank Was Favored on Account
of Political Affiliations Between Mr..
Singerly ara Himself.

Combats Published Statement That
the Bank Was Favored on Account
of Political Affiliations Between Mr..
Sfngerly ard Himself.
Philadelphia, Dec. PA sensation
was created in this city yesterday by
| the announcement of the suspension of
| the Chestnut Street National bank, re-
garded as one of the strongest hnan-
cial institutions in the city. The sus-
pension carried with it the closing of
the Chestnut Street Trust and Saving
Fund company, doing business under
the state banking laws. William M.
| Singerly, publisher of the Philadelphia
Record, is president of both compa-
| MES, and the same men, with one ex-
ception, act as officers and directors.
Philadelphia, Dec 2S.-The conferrees
selected to formulate plan of set
| Element of the affairs of the Chestnut
Street National bank and the Chestnut
| Street Trust and Savings Fund COM
pany, Of which William M. Singerly,
proprietor of The Record, was presi-
| dent, and which closed their doors last
| Thursday, last night presented that
plan for the consideration of depositors
and creditors.
| The plan provides that the capital
stock of The Record Publishing COM
pany, or of company of which its
assets shall be assigned, shall be fixed
and issued to an amount necessary to
| give all creditors in class A par for
their claims in stock, preferred as to
| dividends and principal, which shall
bear per cent interest cumulative, and
all creditors in class B par for their
claims in a second preferred 6 per cent
cumulative stock, also preferred, after
the first preferred stock, as to divi-
dends and principal, and all creditors
in class par in the common stock
of said company. No encumbrance
against The Record Publishing COM
pany's property is to be created with
out the assent of the holders of two
thirds of the preferred stock of the
| two classes.
| A note is here inserted that there
now exists 81 200, GOO of common stock
of The Record Publishing company,
subject to the prior lien of 100000 of
mortgages. After a full examination
of the property it was recommended
| to a syndicate recently formed that
| this stock issue be increased by the is
suance of 100000 of preferred stock,
making the total issue $3,000,000, the
| 100000 of mortgages being intended
| to be paid out of the proceeds secured
| from such new issue. Under these con-
ditions the $2000,000 of preferred stock
at par were over subscribed for by the
capitalists and banking interests of
| Philadelphia.
The managers of the plan are to
make the distribution of the 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 the stock is to be sub
| ject to redemption by Mr. Singer1y
within six years upon payment of it's
par value, with per cent interest, less
dividends meanwhile declared.
Mr.. Singerly is to deed to the man
ayers all of his other property and es-
| tate to further liquidation, they to
have the fullest possible discretion,
and without personal liability, al
though they will act under advice of
counsel.
Mr.. Singerly shall remain the editor
of The Record, and shall control its
| policy, but its business management
shall be controlled by a board, of which
| the managers may be members, to be
elected by a voting trust, which shall
consist of the managers and Mr.. Sgd
ney F. Tyler, president of the Fourth
| Street National bank.
| Philadelphia, Dec. 29.-Comptroller OF
| the Currency Eckels wired a statement
| to this city last night in relation to the
| published articles intimating that po-
| litical feeling had something to do with
| the failure of the Chestnut Street Ma
| tional bank and the Chestnut Street
! Trust and Saving Fund company, OF
which William M. Singerly, proprietor
Of The Record, was president The
comptroller says:
"I have read with deep interest the
statement in a New York paper of this
date relative to the affairs of the Chest
nut Street National bank, of Philadel-
| phia, it's president, William M. Sin
gerly, and the acts of the comptroller
of the currency in connection with the
banks failure. I have no objection to
any criticism which may be made of
any of my official acts which goes to
the merit of them, nor have 1 any wish
to evade full responsibility for them.
The objection which must be made to
the article referred to is that by inu-
endo it undertakes to show that the
difficulties of the bank were not dealt
with because of some alleged political
affiliations between Mr.. Singerly, some
others and myself The injustice lies
in the fact that 1t is unfounded and
places me in the attitude of introducing
into grave business situation an ele-
ment of selfishness and partisanship.
Nothing could be more foreign to any
thing done or attempted to be done.
Throughout the period of time that
the affairs of the Chestnut Street Ma
tional bank have been under super
vision the conditions have from time
to time changed. AT one time they
would seem to be better and at another
time worse. The paper of Mr.. -Singerly
and his allied commercial interests were
in the question to be dealt with and
that question was how to get it out,
having in mind the creating of the
least disturbance to business conditions
and if possible saving the bank to the
shareholders and keeping the creditors
unframed"
In compliance with an order from
Comptroller Eckels Deputy Comptroller
Coffin yesterday called a meeting of
the directors of the bank to take steps
to send out the notice Of a meeting for
shareholders to vote upon the question
of going into voluntary liquidation.
The law requires 30 days notice of such
meeting, and Jan. 20 was the day fixed.
Mr.. Coffin stated that he had 1857
shares of stock II more than the neces-
sary two-thirds, pledged to vote for
voluntary liquidation under the plan
proposed.
Comptroller Eckels, according to Mr..
Coffin, favors the plan and will give 1t
his strongest endorsement.
Disastrous Fire in Hayti.
Port au Prince, Hayti, Dec. 30.-At Ii
o'clock Tuesday night fire, which
assumed considers 1nla r1ronoY-fionc m