The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-06-23

tate aud of the creditors Will De thereoy
promoted. Stringent provisions are aiso
made by section 10 enforce the accounts.
biIity of the sssig nee, and to surround the
estate with safeguards against any abuse OF
the opportunities of his position. 10 save
ex sense to the estate where srlall creditors
are numerous, it is provided that notice OF
proceedings being taken may be gwen Dy
publication instead of personal service, OF
mail, as now.
Section Q of the amendatory act makes an
important change in the law enacting that
| in cases of involuntary bankruptcy the pay
ment of no proportion OF the bankruPt's
debts. nor the assent of any OF his CREDITORS
shall be necessary to his discharge; ana 10
cases of voluntary bankruptcy the proper
ton is lowered from fifty to thirty per cent,
and instead of a majority in number and
value OF creditors, the assent OF but one
fourth i'm number and One-third In value IL
made necessary.
The periods during which transactions in
tended TO give preference are made inopera-
tive by the present law are changed from
| four and six months to two and three.
In order to set aside hypothecated pledges
| or liens on the bankrupG's estate, IL must
appear that the party dealing the bankrupt
knew that he intended to perpetrate fraud
upon the bankrupt law, and that he intended
j to go into bankruptcy. When loan l.
made to a bankrupt in good faith, and Sc
curity taken with the intention of aiding
him to pull through. it shall be considered
| as haYin actual value, and the security shall
not be invalidated by proceedings in bank
ruptcy.
Tine specification what shall constitute acts
of bankruptcy is materially amended in the
act of suspension of payments, fraudulent
suspension for any length oftime, and actual
suspension without resumption within forty
DAYS, being enumerated as such. But In
stead of a single creditor, to the amount OF
$50, being able to force debtor into Dank-
ruptcy, the amendatory act requires one
fourth in number and One-thiro in value.
And the provisions of this section are applied
to all cases of involuntary bankruptcy be-
gun since December /, 1873, boiore, as well as
after, the passage of this act; SO that cases
heretofore commenced on the petition oil
creditors less in number and value may, on
the petition of the debtor, be dismissed, 10
is also provided that in computing the num-
Der of creditors who shall join in the petition
those whose respective debts do not exceed
$3.50 shall not be reckoned. Proceedings
NAV be discontinued whenever the debtor
pays those secured debts which were the
ground OF throwing him into bankruptcy, or
whenever, with the consent of the courts, he
and a majority of the creditors shall ask for
a discontlnuauce of the proceedings.
A majority in number and three-feurths
in value of the creditors, in cases now pend
ing or adjudicsted, as well as those hereafter
begun, NAV, at a meeting called by the
court, agree to accept composition offered
by the debtor, and thus agreed upon, IL shall
be binding upon all creditors brought in ac-
cording to the provisions of the act The
court, however, mav'refusa To confirm such
composition for good cause
Section Is makes the important reduction
of one-half in all existing fees, commissions.
charges and allowances, except necessary
Disbursements until the justices of the
- - Shal 10 t1nu NIL nd
regulations to simplify-and, so far as in
their Judgment will conduce to the benefit
of creditors, to consolidate-the duties of
BANKRUPTCY officials, reduce their charges,
and avoid delays.
IRON MARKET.
The situation as stated by the Chicago
Railway Review will hold of general appli-
cation: There are, as yet, no encouraging
signs Improvement in the pig iron market.
A small, steady business is done, bnt sales
are confined to amounts necessary for i'm
mediate use. Our reports this week show
no schange, and probably will not for
some weeks. The market for foreign pig
does not seem to be affected as it ordinarily
has been by the strikes in England.
Prices of manufactured iron are steady.
Few mills are running on double
in July. Bar iron caa hardly reach
any lower point, Pittsburgh quotations be-
ing 5-IO(d2 1Oc, and Philadelphia and
Eastern, S-IO@3c. Rails remain: Welsh at
S52 O0(d54 co. gold, and American, $50 Goa
90 30. currency, in the New York market.
Old rails, rs, $50 OOa3S 90.
IH England the state of the iron market re-
mains unchanged, and no Improvement is
looked for during the next six months. The
labor disputes are still unsettled, and in
most instances the men remain firm in their
not to submit to reduction.
Unless a settlement is soon arrived at a large
Of the iron works will compelled
to stop, as stocks on hand VIII soon run out.