New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-29
FINANCI1L ADJUSTMENTS.
HOwEs g. MACY's CREDITORS
TERMs or srrrLEMENT AGREEp upoN.

TERMS OF SETTLEMENT AGREED UPON.
The creditors and representatives of cred
tors OF Howes Macy met last night the Metropolitan
Hotel the number OF about so. pursuant to adjourn
ment. James Mcbride in the chair. The committee APP
pointed at the previous meeting reported as foows
The undersigned tho committee appointed by the
creditors OF Howes Macy, beg leave TO report That
they have. 80 far possible, made the examination
quired by the resolution under which they APP
pointed. and find the amount OF debts to 81 COO
OF the firm. t950OOO individual assets OF Mr..
lin addition 10 those pledged for his Indebtedness
to the rml 5000 making total Of assets s03250 and
sl3i2O0 loaned on call on Government and other good
securities s9o0 making s250o 80 per cent, and
in addition 10 this they have serng draft due the st
OF December for al50Oo, say $4,000 making present
available assets, SJO0,OOO
They think that within six months enough additional
could be realized to make up fun so per cent? the
mainder Will be Of slow collections but at present est
eventually pay 30 per cent and upward. We have
far possible prepared detailed statements, which
Messrs BOwes & Macy have submitted 10 US a propo-
sition which also herewith submit for the considers
ton OF the meeting but which we cannot, as commit
tee recommend believing that the estate will pay rs per
cent least In the hands OF trustees IS cent Dec
Is per cent on Feb 10 per cent on March l. 10 per
cent In year. cent In years. without inter-
est on balances as they stood Sept "a.
This proposition not being accepted by the creditors,
the alternatives seem to be for voluntary lny0un-
tary bankruptcy OF the firm or the assignment OF their
property for the benefit of their creditors.
We such assignment far more for the interest OF
the creditors than bankruptcy proceedings, and there
with power TO select nine from their number,
these latter to have power TO nominate assignee or
assgnees OF the partnership properly ana the property
Of the firm In trust TO collect SELL and convert the same,
and the proceeds TO distribute after deductng neces
sary expenses, pro rata among the creditors without
preference of any kind
The making OF such assignment by Howes Macy to
be required by the Committee provided the creditors OF
the firm shall consent dividends arising from II to be
IN full satisfaction of their respective claims.
1t 10 proper that such satisfaction be agreed
to- otherwise the assignment could not be compelled
nor willingly gwen as parties thus seem to nave no
alternative except bankrupt proceedings.
The Chairman explained the latter part OF the clause
by saying that action Of the creditors could compel
Howes Macy to make assignment, but that they had
consented to do provided they could thereby
leased from their obligations Attached detailed
statement showing that the capital stock OF the firm on
beginning business was $4,000 OF which Mr. Howes put
in 100000 and Mr. Macy $4,000 During their 10 years
OF business t7OOOOO have been paid interest to de-
positors and 5000 have been drawn out by the mem
bers OF the firm. Mr. Howess account is overdrawn TO
a large amount, but the Committee said the deficiency
was amply secured In the statement OF assets one item
was of the Mr.. Howes's house which cost
:3oOOo but estimated by the Committee at $1,000
A long discussion ensued. All present seemed de-
sirous that arrangement should be consummated
by which the business Of the house should be wound up
by Howes Macy under their direct supervision III
conceded that no agreement would be binding IN
law unless ali the 900 creditors entered into il. and W.
e. Barrett counsel Tor HONes * macy, Hdlu lHhl nt
would never advise his clients agree TO the PROPOSE
ton until NIL the creditors had signed the agreement.
II then proposed that Howes Macy agree to pay
40 per cent on Jan 10 per cent March and is per
Jan 1874 the last two amounts - bear inter
from the time OF the first payment, receiving a re-
lease in full Messrs HOwes E Macy objected TO the
interest item and there long debate on the point
Finally the interest abated and the debtors agree
ing TO the Of settlement the resolution embodying
1t was unanimously adopted; IL signed by the Com
mtee Seven aud will lie sent to ali the creditors as
the Recommendation OF those present Mr.. Barrett
agreed 10 take charge OF the interests OF the creditors IN
fan IN fhrnr oil nts
IN any should persist In pushing suit against
them 10 Judgment, and thus allow all Ia share alike.