New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-16
BANKRUPT LAW,
BANKRUPT LAW.
A REMONSTRANCE AGAINST THE SENATE AMEND
MENTs - PROMINENT MERCHANTS PROTEST

A REMONsTRANCE AGAINST THE SENATE AMEND
MENTs - PROMINENT MERCHANTS PROTEST
AGAINST THE PROPOSED LEGISLATION.
The announcement that the Senate amend
ments 10 the Bankrupt act have been substantially
agreed by the Conference Committee OF both Houses
has called forth a remonsrance from several prominent
firms 1t will be observed that in the Senate yesterday
the report of the Committee was agreed to- 1t has yet
10 90 before the House The remonsrant object TO the
repeal OF the provision OF the law which requires
before a bankrupt is discharged the payment Of
tain proportion of his debts the assent OF a
portion his creditors in cases OF involuntary CON-
pusory bankruptcy. The memorIalsts claim tnat the
involuntary or compulsory cases are les, ol an eled
effect arrangement will be made ty the majority Of
all bankruPts to have their cases clsssed as
provision for release objection is also 'made the
amendment which requires that petition to brlUg
about involuntary bankruptcy must be signed by one
fourth of the creditors representing Ia the aggregate
fact law which specifies the circumstances under
winch action wall lie tor involuntary bankruptcy,
contempates the commission of fraud the part Of the
debtor the basis of the prosecution and that the
qurement OF definite number OF creditors ard fixed
proportion of indebtedness to be Joined III the proceed
ngs simply offers by its hnderance facility for fraud
Lastly the nemorialsts object TO the amendment which
provides that composition win tne creditors sna be
accepted IN satisfaction of debts withou: regard 10 pro-
ceedings il bankruptcy. These amendments It will be
memorialsts regard them giving TO that class undue
advantages over the creditors The signatures are as
H. B. Csfu Co.. Chab.st we. Broadway and wOrhst, City
< jadrsy CO., No $50 Broadway, City Of Sey;YOrs
Arnold No 500 Canast, City Of NeSiork
Il 40 and 4l2 Broad say. CITY Of Ne. York
Whitney Co., No. }92 Broadway, CITY Of NeNiork
Sons No. IA Wsrre1 City Of New iCft.
James Chambers No. 81 ST., City o. Newiors.
Newell Greacen. No SO Wsrrens' Civ Of Sewyot
L. e. sohocnmsker Co, No % Narren-st City oNew.ios
Wallace Elliott Nos % and 20 Nsrens. Ciiy % NewioIk
John T. Jacobs, No u WarreD-st, City OF Sev-lork.
Aaron Smith Co, No 20 Wsrrens,., CITY Of Eew.York.
William Neeey l. Co.. No. 10 Waren-st., City Of SewYofk
Nathaniel Fisher Co. No. 81 WaueasL, City OF New YORK
Whitney Cook No 3l2 Broadway, City o: Newiork
Peske Ordcke Co.. Nos 427 and 429 Broadway City OF New
YOr
William H. No. 4iV Broadway. City Of York
Cornelius Van Bankenn, No 4l2 Broadway. City Of New.
York.
Eastman Bgeow DAYTON No. 42j Broadway CITY OF
Te GIswoh Co.. Nos. 443 and AS Broadway, City o. New
York
Cochran MeLesu Co. No 1852 Broadway. CITY ofSewYork
b. Chittencen Co No. 32s Broadway, CITY Of SewlOrs
s. Housnsn & Co.. No. SO Whitest, CITY Of Newict.
United Tea COMPANY BY Calvin Cole President Nos 80
and "a yesey-st. City Of New-lort.
d. H. HougbtsiHg Co. No. 80 Broaiway City New.York
Msgoverl Co., No. 3i3 Broadway, City OF NewYoTk