The sun., 1898-03-09
EARLE AND CO0k|N CONTROL
The Syndicate Takes Up Loans
Secured by Record Stock.
PAPERS POLICY UNCHANGED
TMais We're Held by Widencr. ElkiI,s,
NfcN1aneS and KcImble Est at c..Thcy
Aggregate $500,
enen Foreclosure Int mated.

slscial to THE Sr>.
PMLADELrllI\, March S.--The securl,
Of $aOO,OOO loans representing, it il
claimed, all absolute control Of The
Record, changed hands today.
A syndicate formed by George II.
Earle, Jr., and Richard Y. Cook. took ~
the big loans. ..
They were previously secured b,
bonds and stocks of The Record and
held by =. A. B. Widencr, William l..
Elkins, James McManes and tht
| kemble estate.
The peresent policy Of The Record vii
be continued.
This Messrs Earl and Cook claim as
they now control more than hall of The
Record stock.
Mr. Earle said that the plan of settling
the affairs OF Chestnut Street National
Bank was greatly strengthened by tht
deal just co .lsummated.
"We are assured now he continued
that ut ka.t considerably more thar
half of the shares Of the Record stock car
be counted, upon as being in favor OF the
plan; but it will be necessary to secure
unanimous consent Of all Of the stock.
holders and rn.holdcrs before the plan
can br declared ppcrativc'
! The announcement OF the success OF
/ the deal was Il great surprise. McSSrs
/ Earle and Cook were rcticcnt.
1t is intinatcd that the deal was
/ bruugh. ahnu, through the fear tina,
Messrs. Widcncr and Elkins might iolc.
cl 'sc ON their loans and thus remove ali
change Of using he Record property ion
the banks creditors.
/ In TACT it is admitted by the managers
Of the bank plan that since the death Of
Mr.. SingerIy, the interest nl McSSlS
/ Wi,lener and EIknS in the plan has
materially decreased.
As they have had no interests to pro-
tcct but their own, it was feared that, in
the event Of their failure to secure con-
troll OF the plant, they would f"rrrlosc on
their own behalf,
The managers Of the plan have Il, all
times held that the step leading /" the
purchase OF the claims ayain>, The
Record was Il possibility, and it is
claimed that they have had a standing
arrangement bv which they conld BE-
taken up ut any time.
The act,al arrangements for the pres
cnt deal were, however, not made until
about four days ago, when the designs
concerning the action Of certain holders
of claims iecanr apparent. Several con-
fcrenrcs were held without reaching {;
conclusion. and this morning meeting
was arranged at the Finance Company.
and was attended by MpsSrS Widenrr,
ElkimS. McManrS. and Mr>sr>. Cook and
Earle.
All "f tie particulars were dis.
cl,>Scd, and it was determined to effect
the sale today. This removes n,
once the largest Indebtedness against
the Record. II was stated posi-.
lively tina. ui the $5D)OO claim in the
deal Alrssr~ Wi,lcnrr and EIkins hrld
S2Ol,NUO. and tina, most of the balance
was hcld by thr kinhIr estate. Con-
crrning t'c other Indebtedness against
the Record. Mr>srs. Earle anl Cook were
u'ticcnt.
They declared. however. hat besides
Il mortgage Of about S2nV 600, which is
held by the Western Saving Fund Com
mny. the other claims are not large, and
that the total claims are not much more
than S115OOOO. II is claimed ON good
authority tlrlt the outstanding notes are
insignificant in amount.