The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-02-04
ISAACS, TAYLOR s. WILLIAMS.
| COMPROMISE WITH THEIR
CREDITORS EFFECTED.
THE ASSETS BOUGHT BY THE FIRM.
A GREAT COMPLIMENT FROM THE
COMMITTEE OF CREDITORS.

A GREAT COMPLIMENT FROM THE
COMMITTEES OF CREDITORS.
In the Uuited States District Court yester-
day Mr.. John .. Steger, trustee forthe crcdi-
| tors Of Messrs. Isaacs. Taylor & Williams,
submitted the following offer Of compromise
| from that firm -
| We propose to the committee of our ere.
dltors to purchase all Of our assets, social
and individual, real and personal, upon the
| following terms and conditions ="
l. We viii assume and pay In full; all Of
our individual indebtedness and all valid
liens upon. or offsets against our assets, So
cial and individual. ,..... .......,..
9. TO do justice to and equalize our cre-
ditors we agree to add to the principal now
due the interest up to September y, 1873,
the date of our suspension, upon all ac.
counts and certificates bearing interest, aud
upon the amount thus found due from us
we agree to pay forty per cent. -one-four'h
in cash, the residue In three equal tnslal-
ments at one, two, and three years from the
date Of the confirmation Of this agree
ment by the court, without Interest; the
deferred instalments to be secured by deed
of trust upon ali of the real property sur
rendered by them socially and individually,
in which all claims to dover and exemption
shiil be released and all liens upon the pro-
perty removed. And, for further security,
they will execute and deliver TO the trustee
bond in such penalty aud with such per-
sonal security as shall be approved by
the committee, Conditioned for the faith.
ful performance by them of all the terms
and conditions of this agreement. To
enable them, however, to utilize their
assets and to comply promptly with
their engagements, they must stipulate that
the trustee, whenever they shaft require,
shall sell any part Of the real property con-
veyed to him MS security for the deferred
instalments; provided the prices which can
be obtained for said property shall approx.
mate the prices fixed upon the said property
by Messrs. Goddin, Hill, and Lyme, hereto
ATTACHED, and shall apply the proceeds of
such sale or sales to the payment of the in
stalment Of the said notes then due or next
to become due; and further, that the said
trustee shall convey, Us we may direct. any
part of the said realty on the payment to him
in money or in our said notes issued for the
deferred instalments of the value of the-snid
realty as so assessed by the said Goddin,
Hill, and Lyme. And in deflult Of our pay
ing any one of the said instalments, or any
part thereof, then the said trustee to sell so
much of the said property at public auction,
lupon the premises, as may be necessary to
pay the same. .---
3. We agree to assume and pay all costs and
expenses incurred, or to be hereafter in
Cured, in our proceeding in bankruptcy.
4. Upon the acceptance and confirmation
of this proposition by the court we will
make up and submit to the committee state.
I ~ 10, g <,ro
pay to the trustee the cash instalment of one-
fourth, and deliver to him our notes to each
OF our creditors for the deferred instalmens,
and we, together with our wives, will exc
cute TO the said trustee deed conveying to
him all the real property surrendered by US,
free from all liens, exemI ton, and claims to
dover, in trust to secure the notes given by
US for the deferred instalments, and we will
furnish the committee satisfactory evidence
Of the release Of all liens upon the said real
property, and also Of our having paid or
satisfactorily adjusted all OF our personal in.
debtedneSs, and Of all liens and offsets upon
and against our personal assets. LII the event
| that any difference should arise between Us
and any Of our creditors with regard to the
| validity or amount offthelr debts the same
shall be adjusted by the register in bank
ruptcy, or the court, and we will conform TO
such decision and in the mean time the
trustee shall retain sufficiency of the per
sonal assets TO cover any such unadjusted or
| disputed claims. Thereupon the said trustee
shall deliver 10 Us all Of the personal assets
surrendered by us individually or as firm"
This compromise was recommended by
Mr. Steger, the trustee, and by every member
| Of the creditors commttee-viZ: MessrS.
P. H. Starke, John &. Moffett, r. II. Spencer,
J. M. Estes, w. L. Fleming, Gilbert Philips,
w. A. Brooks, II. E. Warren, and W. +.
| jackson.
| Before taking any proceedings in bank.
ruptcy MesSrs. Isaacs, Taylor & Williams
had paid to their creditors thirty-fye per
cent. of their Indebtedness. ,.-
| The following minutes of the last meeting
of the committee Of creditors are Of interest
to the public and highly complimentary to
Messrs. Isaacs, Taylor & Williams: ...
RICHMOND, Cd February, 1875.
At meeting of the committee Of the cred
ttors of lsaacs, Taylor & Williams, held this
day, the following preamble and resolutions
were unanimously adopted: .ta
whereas IN the discharge Of our duty TO
the creditors of lsaacs, Taylor & Williams
we haVe,' With the aid of an accomplished
IeXpert, land with the aid given US most freely
L
u careful examination of their books, and also
Of the management of their assets since the
date Of their suspension, on the oath Septem.
ber, 1873, and being entirely convinced BY
the rests1t OF such Investigation that they
have honestly endeavored to protect the in
terests of their creditors and to deal justly
by them; and it being but just and right to
Messrs. Isaacs, Taylor d Williams that the
result of our investigation should be made
known therefore ......-
| Resoived, Th,t Isaacs, Taylor l. Will
iams are in the opinion Of this committee
entitled to the confidence and sympathy OF
their creditors and of the community.
Resolved, That a copy of this preamble
and resolutions be sent to Isaacs, Taylor d
Williams. 7. Il. STARKE, Chairman.
John o. Steeer, Trustee. 49, i
BRIEF LOCAL ITEMs.-The Senate yestel.
day, for the first time since the war, resolved
titself intoIC Committee of the Whole on the bi
for the establishment Of new lunatic asy-