The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-05-15
THE CREDITORS OF IsAACs. TAY.
LoR d WILLIAMS IN COUNCIL.
A LARGE REPRESENTATION PREsENr-A
PROPOSITION FROM THE CONCERN
ACCEPTED-INTEREsrI
MEETING YEsTEa-
DAY, &C., &C.

| DAY, &C., &C.
=, IN pursuance Of the call made by Isaacs
iatior d Williams large majority OF their
,eueofs o,eis assembled at Virginia Hall at 10
1,oeh yesterday morning.
M moGlon M OF Mr.. F. T. Glasgow, Mr..
Anonias " McCance was called TO the chair
tary. ~ 49, - seeie-
Inc names or the creditors were called
person or by proxy. '''Ae' ~
MIR. lsaacs, the senior member of tbo s,r,
then read for the information Of tbe 49,
ing an address, Of which the following 10 !.
copy:
RrcHNorD, 14th May, 1874.
Gen!lsmsn,-A few of our depositors hay-
ing threatened to resort to the courts for the
collection of the amounts due them, and We
having from the date of our suspension
placed each depositor on the same footing
and paid to each their pro rata share. and
being fully determined to treat all alike, we
have deemed it eur duty to call you together
| in order that by united action the interests
| Of all may be protected and promoted, and
no relieved OF entreaties, demands, or
| threats that meet and hamper us at every
| turn, and which, if yielded to by US, would
operate prejudicially to your interests.
On the 1st of September Our Indebtedness
was in round numbers S4SO,5O0. Our avail.
able funds, amounting to S91 800, were ex-
hausted in the vain effort to meet the run
| that was made on us.
On the moment Of suspension we ad-
| dressed ourselves to the work OF gathering
| in our means with which to pay. TO faci-
| tate that end, and also to preserve the busi-
ness which bad been built up through many
years of hard labor, we speedily found
fricnds-a large majority OF whom are not
creditors-to take up the stock Of the Bank
Of Commerce." to which we are small SUBJ
scribers aud Of which we were made the
officers.
The first, second, and third dividends of
ten per cent. We paid on the 1st day of No
| vember, December, and January respective
| ly, although judicious business friends ad-
Tised against them, and urged dividends Of
| five per cent. instead; yet we felt it our
| duty to pay as fast as realized. At the end
| of that period (say February we found our
selves without the ready means to pay far.
ther !; but under the advice of friends our
income was anticipated to an amount sutfi-
cient to cover a dividend of five per cent.
for February-the result has been that the
amount thus distributed has just been real
lied. we have paid in dividends about
$4,000, you will perceive, since the 1st of
September; we have reduced our indebted
ness in the round sum Of 1921. .490, leaving
a balance now due of S249, 9,1I.13 as per
memoranda herewith submitted. This re-
suit has been reached at some pecuniary sac.
ri6ce and cost, and we now find ourselves
with firm and individual assets costing, say,
S297 ,3l7 as against S249. 14l.13, or surplus
at cost Of S4S,17G. Unfortunately for you, as
we'll AS ourselves, the effects Of the panic are
still felt to such an extent as to render 1t lm-
practicable to sell our property, or to realize
money for large portion Of the assets, except
at such sacrifice as would be ruinous to our
selves and very damaging to yeu. The
practical question now is, whether it is best
to force a conclusion at heavy shrinkage OF
values, or take the necessary time to make
the most of them? We have felt unwilling
to make any suggestion, or submit any plan,
prefcrring to leave the whole subject to your
good judgment; but it has been urged, with
much seeming plausibii'y, that your dellbe-
ratens may be facilitated TO conclusion by
our doing so. With that end in view our
minds lead us to this suggestion: that you
agree to take paid-up certificates OF STOCK IN
the Bank of Commerce for your entire re-
spectiye indebtedness. To protect the bank
we will transfer all our assets. You Will
thus get all we have, and, in addition, the
very we'll established business which the
bank has and will inherit from us, together
with our services for this year, and longer II
desired; and the Board OF Directors repre-
sentiDg your interests would be practically
your trustees. In time, and with proper
management. the bank will realize an equlva-
lent. In placing at your disposal all our
resources, we are n the same time
anxious to receive suggestions from
you, and will carry out in good
faith any conclusions at which you may ar
rive. We would respectfully submit, how
ever, that whatever plan is adopted, 1t cam
not be effective without unanimous concur
renee and forasmuch US we propose to sur
render all we have TO your administration,
We must ask in any event that relief which
the law affords in the premises.
Your obedient servants,
IsAACs, TAYLOR & WILLIAMS.
We would add that the proposition made
in the foregoing meets with the approval OIL
the stockholders and director. of the Bank
of Commerce.
On motion of DR.. A. Monteiro, commit
tee of twenty Lone was appointed TO take Inc
statement and other papers submitted 6y the
frm. and report to the meeting at O'Clock
thi, evening what action they would recon-
mend the creditors at large to take in The
nremises. Each member Of the committee
was ballotted on, and the following named
gentlemen selected: James 81. Moody, DR..
]. C. TerrilI, Colonel W. }. Dance, Gi!oeL'
phill;ns. Colonel w. Fl. Palmer, w. +. Jack-
.on. Colonel w. G. Darlington, 81. b. ELY
CON ]. 5. Moore, William Berscott, Coionei
.John A. Sloan, DR.. l.. r. Chiles, j. Al. Con
rad. james Cassidy, Josiah Ryland, >. W.
Morton, A. w. Noting, Jr., Charles Herp>''
s. r. Owen, James Goldin, and ". G. ena-
hIe. Seven members to constitute quorum.
The meeting then adjourned to rta'sem"
hle at O'Clock At that hour the meeting
was called to order, aud after few mo-
ments' delay the chairman OF the committee,
Mr.. James N. Moody, presented the report
adopted by vote OF l9 for and / against.
The secretary proceeded TO read the report
of which the following is q copy:
REPORT OF THE COMMITTEE.
The committee to whom the proposltlon
and schedule of effects of Messrs. lsaacs,
TAYLOR & Williams were referred beg leave
to report:
accented by the creditors for the following
reasons:
/, It may be lawfully done.
. # has the assent of the stockholders
of the Bank Of Commerce, representing three-
fourths of the capital stock Of SAID Danh'
L l.,