The record-union., 1897-12-28

ferVees selected to formulate plan OF
settlement of the affairs of the Chest
nut Street National Bank and the
Chestnut Street Trust Company, of
which William Singerly, proprietor of
the Record" was President, tonight
presented their plan for the considera-
ton of the depositors and creditors.
The chief measure suggested is the
issuance of Record" stock to. secure
the creditors.
1t is believed that if Mr. Singerly will
continue to give his entire attention to
the development of his great paper, the
peculiar qualifications which enabled
him to build up a property earning, it
is stated, in the fiscal year 1896 $31O,-
600 net, and also, it is said in
the last seven years an average annual
net earning of $243,O 900, will enable him
to do what not merely will be impossi-
bic under changed conditions namely
to maintain the present great value
Of the property, but also to increase it.
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 applied to the above purpose
note is inserted in the statement
that there now exists 81 100000 of COM
mon stock in the Record Publishing
Company, subject to the prior lien of
Sloo,0U of mortgages. After a full
examination of the property it was
recommended to a syndicate recently
formed that this stock issue be in
creased by the issuance of $1,000 600
of preferred stock, making the total is
sue S3,W0,OOO, the $4,000 of mort
cages being intended to be paid out
Of the proceeds secured from such new
issue. Under these conditions. the
S2,0OuO0O of preferred stock at par
were oversubscribed for by the capital
lists and banking interests Of Philadel-
phia. T
The managers of the plan are to make
distribution of the stock within thirty
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 mana agers,
ana the stock is to be subject to the
redemption OF Mr. Singerly within six
years upon payment of it's par value,
with per cent. interest, less dividends
meanwhile declared.
ANY assets obtained by the mana gers
from those having claims against the
bank of 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 new owners of as
sented claims against the bank or their
assignees, or if the managers shall
think 1t advisable, to the liquidation of
the bank itself, at their option.
The same method is TO be used with
regard to the trust company.
Mr.. Singery is to deed to the man.
ayers all of his other property and es-
tate, to further liquidation. They are
to have the fullest possible discretion
and without personal liability, although
they will act under advice of counsel.
Mr.. Singerly shall remain the editor of
the Record and it shall be controlled
by board, of which the managers NAV
be members. to be elected a voting trust
which shall consist of the managers and
Sydney F. Taylor, President of the
Fourth-street National Bank
The plan is submitted for the ap-
proval of the creditors. The plan was
agreed upon after an all-day conference
between the assignees and j. Howard
Gendell, Mr.. Singerly's attorney, and
Director Loeb of the Finance Commit
tee of Pennsylvania.
A local news bureau sent out the fol-
lowing statement this evening:
From a reliable source we learn that
Mr.. Singerly's liabilities aggregate
81, $50. 900, divided up as follows: To
Chestnut-street National Bank, $74S,-
600; to trust company S652,OO0; mort
gage on Record building, $500 900:
bonds issued by Record" company,
$3.50, 900; borrowed from Widener, Ell
klns & Kemble estates, S450, 900; other
Indebtedness, $15O,000: grand total,
50, ,650,O00
Mr.. Singerly owned $500 shares of
Chestnut street National Bank stock, all
of which is pledged with the trust COM
pany for loans.
The books of the Record" publish
ing company show that the net earnings
for the past seven years averaged S24u,-
600 DER annum.
Mr. Singerlys most tangible asset is
the Record" Publishing Company,
which is valued at probably S2.50o,o0o
to SO. OOO. 900. The S450,OO0 noted in the
schedule OF liabilities represents money
borrowed from Widener, Elkins q KEN
BILE estates several years ago, when Mr..
Singerly was involved in the 1allure or
Lewis S. Cox. 1t is understood that
about $500, 900 Record common stock
is pledged for this loan.
FIRE AT LONDON.