Evening journal., 1897-12-28
SINCERLY'S FAILURE
Plan to Settle Affairs of De-
-funct Philadelphia Banks.
BY ISSUANCE OF RECORD STOCK.
Mr.. sinEeriy to Remain Editor of the
Paper and Control Its Policy, but Its
Business Management TO BE
Under Board.

Business Management TO BE
Under Board.
PHILADELPHIA, Dec. 2S.-The con-
ferees selected TO formulate a plan Of
settlement Of the affairs Of the Chest
nut Street National bank and the
Chestnut Street Trust and Saving
Fund company, of which William M.
Singerly, proprietor of The Record, was
president and which closed their doors
last Thursday. last night presented their
plan for the consideration Of depositors
and creditors.
The chief measure suggested Is the is
suance OF Record stock to secure the
creditors. The plan provides that the
capital stock of The Record Publishing
company or of a company to 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 a stock preferred as to divi-
dends and principal which shall bear
per cent interest cumulative, and all
creditors in class B par for their claims
IN a second preferred per cent cumula-
tive stock, also preferred, after the first
preferred stock as to dividends and
principal, and all creditors in class
par In the common stock Of said COM
pany. No incumbrance against The
Record Publishing company's property
IS to be created Without the assent Of
the holders Of two-thirds of the pre-
ferred stock Of the two classes. Class
A shall consist of asserting creditors, TO
the extent TO which they may hold liens
against The Record Publishing compa-
ny or preferred or city claims against
the bank or trust company or persons
or corporations willing TO advance new
moneys 20 be applied, at the best dis
cretlon of the managers. In the further
Ing and bringing about this reorganiza-
tion.
Class B shall consist of holders Of
claims against The Record or Of claims
secured by its stock. In case of any
doubt as to the amount or actual exist
ence of q claim as being a valid one
against The Record the managers may
finally settle the amount and status Of
such claim without liability to them
selves; or, II their decision be adverse
to the status Of the claim as one against
the publishing company the holders
thereof may insist upon a judicial de-
cision of his status.
Glass c shall consist OF all creditors
others than those above specified of any
of the parties. a reorganization Of
whose affairs is now contemplated or
may become necessary to the success Of
this plan.
A note is here inserted that there now
exists Si,OOO,0OO Of common stock Of The
Record Publishing company subject to
the prior lien OF 500, 900 OF mortgages.
After a full examination of the property
It was recommended to a syndicate re-
Gently formed that this stock issue be
increased by the issuance OF S2,O0O0 900
Of preferred stock, making the total is
sue S3000,0O0, the 100000 OF mortgages
being intended to be paid out of the
proceeds secured from such new issue.
Under these conditions the 1000, 900 OF
prefeurod .stoclv at par were oversub-'
scribed for by the capitalists and bank
Ing interests Of Philadelphia.
The managers of the plan are TO
make distribution Of the stock within 30
days after sufficient assets have been
received to make the plan operative. In
exchange for the stock the claims are
20 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
bank in the distribution OF the assets
Of the bank shall be applied pro rata to
the purchase at par OF The Record
stock held by the now owners Of as
sented claims against the bank or their
asslgnees; or. II the managers think It
advisable. 20 the liquidation Of the bank
Itself, at their option. The same meth
cd is to be used with regard TO the
trust company
Mr. Singerly Is 60 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, although
they viii atct dntier advice OF counsel.
Six per cent dividends per annum are
TO be paid, so far as possible. on the
common stock. and no net earnings Of
The Record shall be devoted to the re-
demption Of the stock until these dlvl-
dends have been paid When redemp-
tion Is made. II shall be pro rata among
the holders of each particular series.
Mr. Singerly shall remain the editor
Of The Record and shall control its poll
Icy, bptits business management shall
be controlled by a board, OF which the
managers may be members 70 be elect
ed by voting trust, which shall con-
Hist OF the managers and of Mr.. Sydney
F. Tyler, president of the Fourth Street
National bank. The plan Is submitted
for the approval Of the creditors.
A local news bureau sent out the fol-
lowing statement yesterday afternoon:
From a reliable source we learn that
Mr.. singerly's liabilities aggregate 81
900 O0O."
Charges of Conspiracy withdrawn.
ST. JOHNS, n. f., Dec. 2s.-when the