, 1874-11-29
STURGES.
His Proposition to His Cred
itors.
lie Offers TO Pay Them in Full in
Sixty Days.
They Unanimously Accept an Une1-
pected Offer.
His Total Indebtedness is Forty.
two Thousand Dollars.

His Total Indebtedness is Forty.
two Thousand Dollars.
a meeting Of the creditors OF "Corn Jack
stnrges was held in the rooms cf the Committee
on Arbitration, Chamber of Commerce, yester-
day afternoon. to it existing differences could
not 10 satisfactorily settled Among those
present woro Charles Brega, c. s. Fellows, Mr.
Stbey, +. a. Rankin, T. F. Murphey, E. B,
Sackett, c. E. Sackett, G. s. Williams, H. G.
Eae, j. $. Ward, c. A. Mair, A. II. Pickering,
Noses Jones, ". E. McHcnry. l. &. Capron, ].
Il. Hcrlbut, A. Peters, z. f.. Pulsifer hurry
Nelson and S. P. Oldershow.
On motion of Mr. S:urgea. Warren Norton was
called to the chair. G. H. Howe Was appointed
Secretary.
said tho circumstances under which the meeting
was called seemed to demand an explanation.
The prime cause.-The dollars and cents-vas at-
tributable to IN appeal which arose from deal
in the latter part Of July, in which Charles E.
Culver and othors Joined in prosecuting him. t
was reported publicly On the Board that
the case would not bo decided for
months; it WAS decided in the latter
part Of September, and. a. he believed.
the intention WAS wilifuly aud ma!iciously to
br1nG about what the present meeting Was called
for. He would undertake to prove that in the
court. Soon after the last OF September. several
of his creditors filed complaints with the Board
of Directors, with view OF adjusting their
claims against him. It wss the duty Of the Di-
rectory, to themselves. to him, and tho Doard of
TRADE, to examine those charges but, as he
claimed, through prejudice, the claims we're laid
aside, and the charges preferred asal.,st him
were tried first. It seemed to him that they
could prejudice his case more by such
L colrso than by any other. The meeting
callad by hin when he was under no d;sc,-
pline whatever; and he had called it at the first
opportunity afforded hi.u, whcn 1t seemed that
he WIS not attempting to influence votes. and.
rs le said to member Of the Board, he would
not hive done it before il all the members had
voted for him. 1t had been said that he Eeld
MAHG1S-11CEETs
which he had refused to 1ndorse, and that he
had refused to indoEse those held by oLhers.
That he di.ela:sned. He had indorzed
@ rGis;fer vi Who had M ooo mo1s ss up than hit hii
CAIN amounted to, be (S.crSes) signed mar
yin :ic:se: for $4,000, though he (Prisifer) re-
lie (S:u1Scs) did not seriously objec. to. Ha
said this III justice to himself. He had
ONE PROPOSITION
to mako, wanting little t1ne. He proposed to
paw dollar for, dollar; Faint appl4uss:l Thu
Board of Trade granted: !: was his own cortifi-
Gates supported By a bund. The margin certifi-
Gates anlputed to less than the bona, and lesa
than any one thought ne PROPOSED % ep.
ho would be acceptable to eli his creditors. and
woald icdorse gins sufficient to cover any
juat claim against him OF the condition that Asa
DOG should hold them in trust for sixty days;
aud if, at the end Of that time he failed to fulfill
Ills obligations, Mr.. Dow should use tae margins
to 1ly his i1debtedness-he agreeing to sign 4
papcr 70 insure tho payment. In settling bought
in call1ls, fclr outside average should be thd
basis +; i'll the others the average would be 1876
ceilts-tLo market price of the day. In tLa
casea OF Mr. Culver and Alr. BreGa, he would
arl,itrate ana settle in the same manner.
3Is. RE2ga did not think that was right, aa
there was au actual loss Of money in his case
AI7. St;lrgcs replied that he made the PROPOSE
ton voluntarily; ho was under no obligations
whatever, so far as tho discipline of tho Board
Of Trnde Was concerned; but mnny members
had circulated reports which were INJURIOUS to
him. saying TINT, in tho event OF tho case going
against him. Le would not pay cent All knew
that lie could keep every dollar in his pocket,
aud they could not touch his money for two
xears at least Hs, however. proposed to keep
nothing, but would pay every cue every dollar
th>: legally or r1shtfu!ly belonged 10 kim.
Mr. Joues asked about
''oATs."
Mr.. Sturges answerod that lis proposition ap-
Piled to all deals.
4 creditez inquired as to the nature Of the
Mr. sturses replied that ho would tako in-
dividual atldavits. whore parties bought in, that
the corn was actually delivered
!Ir. Hos; desired to know the proportion OF
the Claims that the margin certificates covered
lIr. S:urFcs sai1 he would indorsc q sufficient
amount OF margins to cover au the claims.
w!lctllor secured By margins or not. If there
MAS $500 over he would BIZ willing to let it Eoi
hat il outside Of that, he expected his c1edl-
TOYS to ndorso the surplus back to h!n.
1lr. Jones moved that the proposition be nc
cepted.
alr Pickering wished
MORE LIGHT.
11r. Sturgcs eaid he would r:lorse the margins
in blank turn them over to 3ii. Dow, and slgn
M agreement that they be held Ill trust for sixty
dass from Tuesday.
sIr. Nelson inln,red the object in asking for
time: the na1Hins were deposited i'll bank, a. he
understood.
Mr. sturges rejoincd that his proposition wns
emphatic; it WAS all he should make, heiny un-
called for from bin, and all that aur honorable
MAJ, could ask Of him. lie did not p1opoEo to
argne it.
III, tho market price was fixed at 1919 centB-
Suppose the corn WIS bought in; what then?
l1r. Sturge+I will take your affidavit and
paw eyeyvtl1p. you lost in the transaction.
1lr. Pickering Where the corn vas bought
the claim would be settled at tha price paid pro-
yided proper proof was given?
.lr. Stur.es-Tes. TINT Is it,
3lr- Pickering inquired whether he tStu!Ees!
Was not willing to appoint one OF two additional
Trustees?
,ir. stnrses thought one, ard that Mr. Dow,
Was sufficient:
Nr. Nclaon repeated bis question about
THE.
He could not Zee the object in waiting sixty
duve when tho money WAS in the bank Tho
Trustee Was acceptable to him. The bank. as
be had been told. waa anxious to pay the money
as sooa as the checks wete returned indoreed-
He thought the proposition was euinently fair
in every shero and way. but, il it vas accepted,
Ebv wait for tho money2
Il7. Dunbar remarked that since 31r. Sturges
asked for sixty days it should be given him.
31:. SturgeB said certain OF his creditors had
offered to taka GO cents On the dollar; but he
refu-ed to settle with them. He had never paid
anv less than dollar for dollar and lid not in
tend to do so as long AS he lad the money. They
had heard his ul:,maru1n, and could accept or r.
ject it. II the Directors lad done their duty
four days ago, they could haTs forced him to
pay, but now they could not.
The proposition was then