New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-26
EFFORTS OF FALLEN FIRMS.

DISPOSITION OF THE CREDITORS OF HoWEs q MAUI
TO GIVE THE HOUSE AN EXTENSION.
A meeting of creditors of the banking hrm
of Howes Macy was held last evening at the Metro
poltan Hotel in response to circular letter sent 10 III
their saying that they had failed to procure
sufficient number OF signatures to the Agreements
mitted by them to their depostors 10 warran. 'no "
resuming business and desiring all 10 whom 'ncS o
largely indebted TO confer with thein, W eA"ii"o
statement OF their Indebtedness and assets, and to de-
ermue what should be for the best interests OF Oil
concerned About 100 persons we're present represent
ing sss eG6 Of the firms liabilities James McIride OF
this city was called 10 the chair, and L. b. Reed was
chosen Secretary VIM. c. Barrett appeared counsel
for Howes & Macy both Of whom were present
Mr. Howes stated that they had about 1OO creditors,
aud that the liabilities of the firm were In round mum
bers 81 2COOOO their about 10000; of which
2l5 were in cash He proposed that the creditors
should Join the banking house to the extent of their
credits forming joint stock company with capital OF
100000; the proposition that each should receive
stock certificates representing the amount OF their
credits the house. with rs per cent Of the value repre-
sened by such stock paid the earnings OF the bank
going make up the Is per cent deficiency Of stock be
fore dividends should be paid 20 stockholders.
Considerable debate followed on this proposition and
Others which had been 10 depositors by circular
Many were favor Of the proposition sent out soon
after the suspenson-On Sept H-bu one-third OF the
creditors had not agreed 10 IT, This was that they should
receive an extension of year. and should pay dlv
dends as fast they might be able to earn them On
being questioned Mr.. Howes said that If they were
forced into bankruptcy assets would not probably
realize so per cent; If they allowed 10 settle them
selves they could probably pay high "a per cent
but IL an arrangement were effected by which they
could continue business and give TO their creditors the
advantage of the business connection which they had
built up nothing would probably be lost.
All the different propositions were fnlly discussed
some creditors Directing to the JOINT stock company plan
on the grOunp that tAwoud render their private prop
ery liable TO amount equal to the value OF their
stock but the desire seemed be very general TO enter
into some arrangement by which the business Of the
house OF Howes q Macy night not be sacrificed. Inaa
the remarks the kndest feeling was manifested toward
the gentlemen who stood in the position Of debtors lm
mediate action OF sort urged, on the ground
that suits for $4,000 or $4,000 had already been
begun against the firm, which. as there was 10
defense, wonld be brought 10 Judgment next
week. and if the large creditors in body united in
plan OF settlement thought thab they would stay
proceedings Mr.. Perry attorney for creditor who
had begun suit for S9O moved that all creditors who
had cases in court be requested 10 stay proceedings
until some definite action had been decided upon This
was carried
Henry F. Townsend moved that committee OF five
be appointed examine all the assets OF the 1rm aud
of the indy members OF the firm, and the different
plans of settlement which had been proposed and report
by circular TO the creditors to meeting to be held
Saturday evening next. This afterward amended
so that the Committee should consist Of seven OF which
the Chairman should be one and it instructed 10
report meeting be held Friday evening for the
convenience of creditors from distance. The Com
mittee was appointed follows:
James Mcbride, Newly ork C. B. Brement. Indiana
Edward How, New-Jersey Willis Blackstone, New
York H. W Farley. New-York; L. NJ. Davenport, New
York Henry T. Townsend, New-York.
THE NATIONAL BANK OF THE COMMONWEALTH.
II Is announced that 80 per cent dividend will DO
paid the depOsors in the National Bank of the Com
monwealth, III December, probably on the 18th. The
remainder II the indebtedness to dcpostOrs aud holders
of certified checks viii be iquidated as the Sc
cures car be converted into cash without too great
sacrifice IT is confidently asserted that the depositors
will be paid in full without the necessity Of resort TO
an assessment OF the shareholders.