The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-28
SINGERLYS OFFER TO SETTLE.
CONFERENCE COMMITTEE SUBMITS
PLAN TO CREDITORS.


ing to be Paid on If the plan Goes
Through and Capitalists Ready to
Underwrite the Proposed Issue OF
stock.
Philadelphia, Pa, Dec. 27.-The confer
ence committee selected to formulate a
plan of settlement of the affairs of the
Chestnut Street National Bank and Chest
nut Street Trust and Savings Fund Com
pany, of which William M Singerly, pro-
prietor of the Record, was president and
which closed their doors last Thursday, to-
night presented a plan for the considera-
ton of the depositors and creditors. The
chief measure suggested is the issuance of
Record stock to secure the creditors. This
is prefaced by the statement that ''it must
be clear that in no case can creditors of
the bank of the trust company of the
pulp and paper company, and of Mr. Sin
gerly himself, realize more than the total
value of the assets and rights
of these corporations in addition
70 those of Mr.. Singrely indvidu-
ally No matter how protraeted or
extensive possible assignments and receiv-
erships may be made, the creditors can
not receive more than the total of all the
assets less the cost and expenses which
will be Incidental to their administration,
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 manage
ment will result in the receipt by the cred
itors of less than the present and proba-
bly, of much less than the ultimate value
thereof
ut is believed that If Mr. Singerly will
continue to give his entire attention TO the
development of his great paper, peculiar
qualifications which enabled him to build
up a property earning. IL is said, in the
fiscal year 1896 $4,000 net, and earning
also. 1t is said, in the last seven years an
average annual net earning of $243, 900, will
enable him not only to maintain the pres
ent great value of the property but also
to increase 1t.
This plan of course will be greatly
aided by Mr.. Singerlys insistence that
everything possessed or controlled by him
shall be promptly, without legal contest,
transferred to the managers TO be ap-
pointed for the above purpose"
The plan provides that the capital stock
of the Record Publishing Company, or of
company to which its assets shall be
assigned, shall be fixed and issued to an
amount necessary to give all creditors in
class par for their claims in stock pre-
ferred as 10 dividends, and the principal
of which shall bear per cent. interest
cumulative; and all creditors in class. 3
par for their claims in second preferred
per cent cumulative stock, also
preferred after the first preferred
stock as to dividends and principal; and
all the creditors in class par in the com
mon stock of said company
"No encumbrance against the Record
apfxy 10
created without the assent of the holders
of two thirds Of the preferred stock Of two
classes.
"Class A shall consist of asserting cred,
ttors to the extento of which they may hold
liens against the Record Publishing Com
Dany or preferred or city claims against
the bank or trust company, or persons OF
corporation willing to advance new
moneys to be applied in the best disere>
ton of the managers, in the furtherins
and bringing about Of this reorganization.
"Class B shall consist of holders of
claims against the Record, or of claims
secured by it's stock. In case of any doubt
as to the amount or actual expense of a
claim as being a valid one against the
Record the managers may finally settle
the amount and status of such claim with
out liability to themselves; or, if the de-
cision be averse to the status of the claim
as one against the publishing company
the holder thereof may insist upon Ju-
dcial decision of its status.
Glass c shall consist of all creditors
other than those specified above or any
of the parties of the reorganization, whose
affairs are now contemplated or may pc
come necessary to the success oil the
plan"
A note is here inserted that there now
exists ST. geo, 900 of common stock OF tne
Record Publishing Company subject to the
prior lien of 100000 of mortgage
After full examination OF the properly
IL was recommended 10 syndicate re-
Gently formed that the stock issue ne IN
creased by the issuance of 81 O0O,Olo OF pre-
ferred stock, making the total issue 30
100000 the 100000 of mortgages being IN
tended to be paid out of the proceeds from
such new issue. Under these new condl-
lions the 81, go 900 Of preferred stock at par
were over-subscribed for by The capitalists
and banking interests of Philadelphia.
The managers of the plan are 70 make
the distribution of the stock within thirty
DAYS after sufficient assets have peen re-
ceived 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 subject to redemption by Mr
Singerly WITHIN six years upon payment
of its par value, with per cent. interest
less dividends meanwhile declared
ANY assets obtained by the managers
from those having claims against the oahK
i'm the distributing of the assets OF the
chase at par of the Record stock held Dy
the new owners of the assented claims
against the bank or their assignees; ana
if the managers shall think II adVlsap-e
for the liquidation of the bank itself d.
their option. .,
The same method is to be issued with
regard to the trust company
Mr. Singerly is to deed to the managers
all of his other property and estate, TO a
further liquidation. They are to have the
fullest possible discretion and without per-
soma liabilities. although they will act un-
der advice of counsel
Six per cent dividends per annum are
to be paid so far as possible on the COM
mon stock and no net earnings of the Rec.
ord shall be devoted to the reuemptieh "a
The stock until these dividends have been
paid. . 80, -. 80
rata amongst the holders of each nartic-
,,:sr series Mr.. Singerly shall remain the
editor of the Record. and he shall controi
its policy, but its business management
shall be controlled by board OF when
tha managers may be members TO be