New-York daily tribune., 1851-05-29

I aI.
Co 50 Wall-st, on and after ID June
The meeting of the Creditors OF Messrs.
Hollis,er, this afternoon was attended oy aooul o'y
nersons Atthis meeting MI Holllster snoiiluel me
following proposition for the settlement oi Ms il4O
ties. "
He will nav the whole Indebtedness Of every hini
iocind,ng III outstanding drafts, notes ana oiheI
debts Of the Clayville hill, Empire MILL lne w.
inrton Mil and the Washington steam NIL - " E
as debts for which Austens spcef arc n%Ile a. a.
others lDut not including any OF sal1 oeOs ioI VIM
card Hohster IS personally responslO!e as ui"ei' e
dorser g1larantOr. or acceptoT-aIl oi sun ~ ~ -
ness or liability sad Holilster is prepare 20 ~ Al Al
cash-and not including any notes, dIuts, ., 49, @
Dsrer NJ eaid mills or either OF them, Whlch hds
been purchased or obtained by Isaac Storm 81 81
nov Is or since the failure OF sand Storm nds Ooe"
IN the hands OF said StOrmss Asslgneesj eau P'!.
roent IN ne made IN property. real AMI personal, ~
the appraisal Of three competent ana uls.lIeiesse
men, all Of whom are TO concur III sdid pdse l, l
One 70 be selected by the creiltofs Iesis ~ oo,a
York City one by the creditors resiulig III n.J 80.
County and in the State Of Ono, ana one Oy '!S % .
HOLSTER and he viii pay said haeoeiiiel, III 81 mi
perty aforesaid, At the rate OF one 1;,-s ~,
ge1fvfve cents on the dollar the sad crelllors,o on
receiving the said property as aioleSdlu, 'C - @
said Hoister in cash one-quarteI par Vi st -, -
cents, that is to say for every $40 IN proll A roy
are TO paw $3l 25 IN money and Auslehs q oplC.ei
are TO repay said HOlster One-hdi OF llc SSnn.s I
sions received by them in cash since lhe Isl - Ia
ary ls47 in all and every OF ther tIansacllos mI'l
through
them If apv Of said property shall be lncuinOereu
II is TO be appraised at It's value, SUBJECT 20 sucii III
cumbrance This proposition IS ma1e As one dnI III III
dIvsibe, and each part IS required 10 oe ou'
as stated in order to render any part OF the PROPOSE
ton obligatory.
This offer was submitted by Mr.. HOLSTER through
Joshua A. Spencer, Ward Hunt and Charles r.
Kirkland Esqrs. The offer proposes to pay all OF the
Empire. Clay Mil and Washington Wills paper afioat,
commonly known as the "Hollister paper" which
embraces the majority Of threequarters OF the paper
accepted by Austens & Spicer now ahOat IN TINS
market
The offer is, it will be seen, TO pay II property
fairv valued l25 cents on the dollar, and the hoid-
ers Of the paper to pay back to llolster % g cent
of this amount and Austens & Spicer to pay back to
Holster one half of their commissions charged and
received during last year. The property IS well
known as four large manufactures completely filed
with wooden machinery. mainly new and OF the very
best make and the villages at the factories embrac-
ing property which must have cost full $750,eO,
and other property in and about Utica to the extent
Of say $3.50 600 more These mills are capable of
producing 81 100000 per annnm Of manufactured
goods and as parcel Of manufacturing property IS
second to none in the United States II is generally
thought that if this arrangement can be carried out as
proposed the holders of this paper would fare much
better than If the property should be sold at forced
sale Sui tits doubted whether the proposal VIII
be acceptable, as it involves the necessity Of paying
good money after bad which Is not IN much favor IN
this community. A Committee Of five was appointed
on behalf Of the creditors to examine the property
and report 1t is very desirable that some such ar
raneement should be carried out.
Hon Alfred Kelley, in behalf of the
Cleveland, Painsyille and Ashtabula Railroad Com
pany, CLake Shore Road has negotiated with
Mossrs Winslow Lanier Co. a sale of 100000 Of
the City of Cleveland : T. cent. Bonds payable in
ten years, interest payable lst May and lst Noyem-
her In tins City, receemabe IN this City IN 1851,
principal and interest being guaanteed by the Rail
road Company. These Bonds were issued by the
City Of Cleveland In payment OF a subscription OF like
amount to the stock of the Railroad Company, which
subscription made by authority Of an act OF nhe
Legislature. and the same assumed and confirmed by
the votes Of large majority Of the citizens. The act
requires an annual tax to be levied on the entire
property of the city sufficient 10 pay the interest and
also provides for a sinking fund. The taxable prop
ery OF the city about S50O0,Oe0 population about
90 600 total debt OF the city including these Bonds
about 100000 against which the city own valuable
and productive property to an equal amount.
| The Railroad Company have large cash subscrp
ton to their stock nearly sufficient to complete the
road and which is constantly being increased The
road is in very forward state. portion Of the
iron is in hand and the track from Cleveland to the
Pennsylvania State Line will be IN operation during
the present year There are probably fewer roads
IN the country of the length VIII have greater
amount of traffic than this. II connects with the
! New-Yo-k and Erie and the central New-York INES
with the Cleveland canals, Cincinnati and all the
/ other Ohio and Michigan roads
Edward c. Delevan, President of the Al
bany and SuSquehanna Railroad Company, VIM. "
Many, Robert IL. Puyn, Franklin Townsend, ex-
| Mayor Joel b. Mott of Albany, NJ. r. Inches, En-
eneer, of Boston Judge Page and A b. Watson, Of
| Unadllla Woodbury. r. Cook and L r Ford Of
! Oneonta Gideon HotchlNSs, Director Lewis HUI
! bert, Phlo Comstock, CALVIN Markham and Mr..
| Jones, of Windsor T Ruggles and Z. Northrop, Of
/ Hapersvile and G. w. Chase of Maryland Otse-
/ 60 County, were III Binghamton Friday, on a tour
OF general examination Of the route, and 10 inquire
into the views and feelings of the people IN relation
/ To its construction.
The amount of earnings on the Vermont
/ Central Railroad IN April 1851. was $47, $50 81 IN
April 1850, $l5,666 So Gam this year 2O5 p cent,
( S32,l54 81
/ The earnings of the Northern On. W
| Railroad in April were $27 ,09o
Markets. .CAREFULLY REPORTED roE THE TRIBUNE.
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