The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-29
DFNTTCT DR.. A. e. BUCHANAN
Uu1t 44U4 s2.53 When Building
CREDITORS MAY ACCEPT
SINGERLY'S PLAN FOR PAYING HIS
DEBTS FAyoRABLY RECEIVED.
Denial from Controller Eclkels that
Philadelphia Bank Failures.

PHILADELPHIA, Dec. 28.-The plan for
the liquidation of all claims against the
Chestnut-street National Bank and Chest
nut-street Trust and Savings Fund Com
pany, were, as far as could be learned to-
day, quite acceptable to the general body
of depostors of both OF those institutions.
The plan providing for turning over
to the bank and trust company the entire
property of the Record Publishing Com
pany, of which William M. Singerly is the
owner. it is believed, will suffice to pay all
the claims of depositors While few de-
positors felt they should receive their money
at an earlier date than can be done under
the plan of liquidation, over one hundred
depositors called at the bank to-day and
informed Mr.. Singerly, who is the presi-
dent of both the bank and the trust COM
pany that they are fully satisfied with the
proposed plan.
Controller of the Currency Eclkels made
the following statement at Washington to-
day: 81 have instructed the deputy con-
troller. George Nj. Coffin, to at once call a
meeting of the directors of the Chestnut
street National Bank to pass the necessary
resolution and issue notice to the share
holders for meeting to vote to go into vol
untary liquidation. In addition have re-
quested him to have the directors obtain
at once the signatures of representatives
holding two-thirds of the banks stock
agreeing to vote for liquidation, which mat
ter will be presented at the meeting to be
called. Having done this, have stated that
the controller would then permit the bank
to go into voluntary liquidation, after the
vote is had. on evidence being furnished
that the creditors of the bank have accept
ed the plan proposed by the committee in
place of the evidences of Indebtedness from
the bank. By having this arranged before
voting it will enable the public to under
stand that Immediately on the consent of
the creditors being obtained the bank will
avoid the appointment of a receiver and
the expenses and delay attendant upon a
receivership.
Il have studied the plan submitted with
care and am of the opinion that the cred
itors of the bank, the trust company and
Mr.. Singerly will be better cared for than
by any method which can be devised in
which all u assets represented by his va
rious inter are handled under different
agencies. I a division of responsibility
and of would necessarily entail dis
putes anc ult i'll expensive litigation as
TO the RI of this or that one in the
property rests represented by him. 1t
would ali opardize the value of the
for the pa Ant of the obligations due from
the institul. ons with which he was connect
ed, and from himself The Importance of
whatever action the creditors take being
quickly determined arises from the wisdom
of not permitting any asset 10 be unneces-
sarily dissipated or any of the good will
of any valuable property in which Mr. Sim
gerly is interested lost. The situation is
now in the hands of the creditors, and 1 be-
lieve that in following the plan outlined the
end will fully Justify their relying upon
conservative management of those who
have heretofore been successful in under
taking large financial matters"
Controller of the Currency Eckels wired
p statement TO this city tonight In relation
to the published articles intimating that po-
litical feeling had something to do with the
failure Of the Chestnut-street National
Bank and the Chestnut-street Trust and
Savings Fund Company OF which William
NJ. Singerly proprietor Of the Record. was
president The controller says: Il have read
with deep interest the statement in "A New
York paper on this date relative 10 the
affairs Of the Chestnut-street National Bank
OF Philadelphia. its president, William NJ.
SingeTiy, AMI the acts of the controller of
the currency In connection with the bank 5
failure. ] have no objection to any criti-
cism which may be nude of any OF my Off