Show SINGfRLYS fAT NfWSrAPfR PHILADELPHIA RECORD STOCK GOOD AS GOLD GOL Proposition t Liquidate Recent Bank Failure On Basis of Half Cash Half Record Stock j New York Dec 2GA meeting of friends of William Singerly will be held in John G Johnsons office in Philadelphia Philadel-phia today when it is expected that a plan for the settlement of the affairs of Chestnut Street National bank and the Chestnut Street Trust Savings company com-pany will be reached An outline of the plan according to the Herald correspondent is as follows There is to be an issue of Record Publishing Pub-lishing company stock which will be sufficiently suffi-ciently large in addition to the assets of the bank and trust company to ena e I these institutions to liquidate upon a basis of 5 per cent cash and 50 per cent Record stock This proportion may be j changed after a complete examination has been made of the assets but t is I the basis of the present calculations The scheme is declared to be the only feasible one to provide for the successful voluntary volun-tary liquidation of the accounts of Mr Singerly and the two companies and It Is strongly urged by those of Mr oingerlys financial friends who wish to extend to him competent assistance at this crisis Comptroller of the Currency Eckels term of office expires this week and he expressly desires to have the matter settled set-tled before his successor takes charge If this plan fails to receive the approval I the creditors and a receivership is started it is said they will get considerable consider-able less than dollar for dollar and will be comDelled to wait a Tong time for that Under a receivership the stockholders of I the bank will be liable for a demand for payment of money equal to thiir holdings I of stock In the case of the trust company com-pany only onehalf of the 500000 capital I stock has been paid in and the stockholders I stock-holders are consequently liable to a assessment as-sessment of 250000 I George H Earle jr and Richard Y Cooke the assignees of the trust company com-pany are the leaders in the steps now I being taken Mr Earle Is president of the Tradesmen National Bank and Finance company of Pennsylvania and Mr Cooke Is president of the Guarantee Trust 3 I I Sate Deposit company and it is said that 1 one of those institutions probably the Finance company will if the plan goes I through the liquidation assume the task of conducting I |