, 1865-05-26

HeettnE af the Creditors---TheT Resolre t.
Recommend the Aeteptanre of The
Proposition &ftAe Directors to Take
Si4tk In 1ht Treasury Bank.


Proposition &fiae Directors to Take
Suck In .lhe Treasury Bank.
Aineetilg OF the creditors OF the 1..e Western
Marine 4 F,rt lrsurnne: Company Bank WIS held
It the Mt-caLule Association Roons last evening,
10 henr The report Of til. committee chosen By the
'dcpositcse nj = previous MEETING. Seth Tadhams
~1e elected Cha,rman, and A. c. W1tter Secre-
tary. j. Il Mcyiekcr, Esq, Chairman vi the
cornltee for TINT purpose. then read their re-
port, III lu1oWs:
.. coNA1I7kr'k EEroRr.
Tour Cou'mitte, appointed Oh the Eth Of De.
tosncyB have prosecuted their Ii pora with al tho
tuettJ IN their poweE. But few days from then
Committee Iesottn. time 10 F"ur interest.
Protesting no sk1! il lnukin.: naatirrs VIC had
only 10 rely Oh what we ceen1ed justice, Equity,
Iou viii remember that wien you honorea us
Hih your con1drnce We toux up tae la''ors ot q
previous a. larger Committee, of Whca We were
resulted IN making charxe a..ai,tet q. u. Wave,
C1Eh.tF q: the cs:.5u A1rlAr and Fale 1n.ut-
nnee Company, to ,ac eject that be was indebted
sund do1Jalf, nnt o:te.uiur bonds u that amount
as il cuaznn'y Tint he would pay such inde,t4.d-
1eEt iT proyrd against him. au4 asr> e3y Lat the
ae ssa tefaa ef se e. e.
conse1t and the arn.tsation fo3rcts1 by your Com
mlttee 1rert: j. r: Rice a.u Q. F. Haddoek Mr.
Attorney. n: Edmond M1rdns pr5ss:uz
red the case, md Geo. q. Bates delend.d Mr.
wsi1e- The ezpert.. IN 'eok-keepta: aud
Charles Randolph. I'VE DO no, decm 1t necrss II
TO gre detailed scrouut of the prokress Of the
case, bnt TO ttste that It fcruited. after rr14l,
tict cg9Ilet ". Il. Waitc Of t19Gt;L Il ring
judgment lot That amouht, aud only security tor
abor; orG-halk y orc!me ma1tet Of much later.
Re oht.intd. Lengthy 1ecotlAuaEa ,.ok p.4cs
with Ii: .ttofner End relatvs Of Mr. Wa!;e tae
naving le!s the country, ~hich e~usorned rim,
Yonf comntt.ee ,aEsns i bro.d vicw of 'Gla: the
vhoe crouno-the isws del.y-the uncertainty
of the dcnt the be:t for the interest OF tie cred-
torf, Snd ncstns on 1hft, Ts. IN competition with
,ce s:d g. D!nctcr:. aas1sed tse 3.:;:a"e 70 s:t:le
bc1nc we'll secured for tte baia9ce, au1 exacttng
interest on al not CRIB o: ten Per cent.
1he % o1,sins' II ssen1y Esysn @ toE $4,000 ~. la
h nds te1nc indean:aed by collatc-s4s placer In
th. II hart'+ h the 1efauf!eF. port,n o. ties:
eo''"tree it wse f"und necessary rue as@;nee
ftonld hold Is secaraIy for The whole dcpL and
bcrce II wns deemed exp.ticn: TO fozt.o the
pressing at The SIG, COZ cesa fue t.e sake Vi ret
ing xls GOO er tims With Interest. snd th.t With
therefore of the bsnk'e cal1 agstnst ". Il. Waite
10 u tuIiuwr:
x;s;cu' y th5ec. siz, n'nn and twelve months
xssCae payable thus: s5.No Dec, 10th. 1865,
ESD tev.fy stx months from that t4:e T. the ls4f
Fas snent. which vii! b. d e Dec %, 1861.
In addition to witch ~e obtained IRON hin
,oTards payss the e1pcnset of the clerical
A thorouEh examination, u tho af:drs Of the
Behk d!~ciores that its !eciun,a.e business w.s
10 is bting rrofatui4d for p~rsouzt pr. h.s au9
Iessa tee G. ezens d " W4'iss 2b,:tss. IL a.ss .sS
LII. Chss, D. Rsu,l, o.e u IN. ts!lc.., Taosc H.
dehtedies' to rhe Bslk Is aeout f!apol for the
colt ehtn Of which the AsstsDce viii ii oucs In
u dlscuTtr nnS cznc, sure that of orr Confidence
se1a fnt1e e:o+s'y d. s1if1e q lie BaaE. ~
ice El.1 now take mp the creditors. foa wlu re-
ws+ propoted th.t We should Be made your aitot.
signature OF each creditor Of the t.uk. 81 Ieeolu.
tton 1unGaye ne 'hf1y d.ys to obtRin tbs tis1a-
tnte. nd falling 70 DO 60, directed ns to call yoa
tbe time Of our appointment there ~as a proposi
o. Grntuity F.ssG0 TO enable The tauk to pay The
creditors tit5 cents cssh Rcd n1y c.uls 3I.f pa,d
stock 10 the hank, w1;htn pistty days trou that
date. provided all would g!ss tafIE con=rnt to the
bahk'a resnn'inR hus:ncst. We dstesareed -FOUR
e1r 1aist,tn. We hoped from dsy to
oI all th4t We should act al their attorneys. 4
number, repreN nttng between fs9,t10 or so ono.
either declined or hesttAted. whether from doubt
Of Jour, COMMITTEE or Themselves, We Will not
presume to decide, The Directors offered to cx-
lend the tioe, hui your Committee found the
prorerb OF the ''doc In the mangtf" applicable
10 rome Of the cred3tUrA, and 60 gave up IL. hupe
Of retuzleitsdrE the WtsteEn Marine and Fire
InsusnLce Company. non The fact that unless MI
tas creditors as'ehtsd. those who dia not and
vantage, anu We resolved they eluult NOT hara ~
IN! action Of {orr ComEiltce. Had Ill consented,
an won!d have been in possession Of any per cent
Ut .lc1r c1ttms ZONE trortes ago, and tic a.l1n:e
Houid have bern no worse thsn nov. We still
hope bowevtr, in rpitc Of The @ih7cu'tiee We have
ihc :ta7nrc wh,el VA con.ldc1cd the wor. I that
ever occurred III our city w5it make one Of the
hs:t ,,sa:ement= which Is IL follows: .sas ,x
!isbttles ~ 1 Is! y
uf whst s u esns,se:ed Worthless asset. ihe:s re-
17.ire trt S36 OO0, from which something may
,sss:,zss t1I tu. .: rresc1t thsT must ss called
Thus. Jcur clas1ns. after psvine The experser Of
the invtetie.dou, will u: worth ei;hfy-eighs
dsys pay 1wenty IRE per cent, tho bzi.uce 5ou
VIII receive ii ai1e1eut ntnes, hi fssr "a The 2s.
Aetr srr realized.
addressed the following note tu the Directors, In
The hope thst they would ole- some propnsitiots
Which might rel,sve ths cred.tors from the delly
GEH7LHES:-Assuu,tng the award ohtainedb by
Nr. Dickin.un agafnet Mr. Waite, settled By the
conaprou1ee approved 81 " yonrse!yts aad the
sye about 10 call 4 meeting Of the creditors end
ma1:c ctr !. port. Before Going 20. We thtud he
pleased to h1ox Il yoa hsvs nv, ny pfo2ost,,on 70
Grafton, htpius 1t will be euch as We can accept
ourselves and recommend to thoee nc represent.
BY order Of the Con9ttEe: y ID tie r....-
TO which we received the following psopoal-
Cu1cAoo. Msy--, 1sGs.
q Msyeaf5 X E;q fa1'tSs9 c1 Committee Of
DEAR Sm-ln reply to son1 taTor q the s'h ~ r..
ttaut aekirs II We nave Any proposition to 9aef
to the c1ed,tnrs OF the Western Marine ano f,re
Joeursnce Company. before your cou1u1ttee mske
tbe:r fnal frptirt to the dtposltots Of the com.
pAny. we would respectfully state that "a lieu OF
lhe 4soUo eraautty 70 the y: n. q r: !ns: %:
ptappee to procure subscription OF {50W0 b.
oureelrcs AID other rartief TO the capital stoek u
e Treasury oashsfto b. paia y 'hs BE- 1t
disertofe not exceeding ~ per cent thereof per
morth, with the understanding thss the creditors
The u lns c. Co. "a! H. h,se saei nc p'1rtsss
cia,t In cah and the balance In full paid stock Of
y Re t make the propositions tor thces reasons:
1Et-Tncfe will be mach enbarfAssme1t attend
Inn The resusci,sunn VI The Nestzzu Marine, OF
wb1ch yuut cotumittee ts aware
4d-itis much more favorable proposition ta1
The erGito1a th&n the Other though less 80 ior INC
hluckholders u the company, as youf committee
sa-Ihe creditors vii: realize more for their
Claims and IN less time thsn under the assignment.
4;h-Thc creditors arc lift frcc to accept the
| proposition os to receive their dtyidebd> under
the as.tehnent which rtuatu urdlstuTbed.
at half ca:h mad ths ba auce In ten or A.
afep trr cent paying stock, for The entire amount
| Of their Chime asa,n.t The wes.t7n Marine mad
/ J. II. WooDwoHrEa,
F. fC17IE, -
@. c. Coos,
In rtply to thle, Mr. wooduor1h hts informed
III That be has been lshotInc coneusn N 4te 20 .e
plkp ior The immediate relic. of the cfedilors het
1s tter tf1.t na:rrd ~ the hsstcnmcut, and .13,
be would be present this evening AMI give you Iii
IL; % sour eoum1ttee Icrclvcd ron he fssssdcli
of TIE bunk, ED torc Of the directors. every a,
teptien. Mr. Woodwork ha. dtsnted hts ens;re
lime, and doue a!l 10 his poEer to tac.lltse tht
tnvesttcstion. Nj. ). 3, dickinson, ~ assignee
we found s:wa:ss walrE E,,,s ND q. sarioDs + +
he hest interest Of the crcdttor.. TO h'u sna
Nj. Tocdwnrtt ynnr espceil1 ;hanks asc dne
TIC ae. Ie rce's astor7Ay. Iii. EuwatJ Mss.tn, VA
PROMPT. eue!crt1e. std tuesee.ia', 70 prosecu m:
| NJ Wsi1e, while dc,enn,nE his client 70 the h-s
| n lin ability. won our respect ty the high toni
H. 1hll fled. in pos1tlou not tnriatlt. m ~
,.sxer win 1 Qu1bh1e Of tho 11w. asteD0;tni
eithcr to dclay OF defeat 3aetlcs To a!!. there
i'r",, ht in coutsqt tbeir thsnxs arc due.
Iii Of which u respectfully submitted hy 5ou
J.H. Ncy1cKER.
JOEL g WALTER,
/ II HCn