New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-18
DUNCAN, SHERMAN & co.
PROPOSITION TO TIE CREDITORS.

PROPOSITION TO TIE CREDITORS.
OVER or W. BUTLER DUNCAN TO PAY 33is PER
CENT ~ MS NOTES, WITH INTaREST-f;XCEss
OF AsSYTS OVER THIS PERCENTAGE 10 BE ALSO
GIVEN To CRrDiTORs-AssfTs TO lie PLACED IL
HIS HANDS UNDER CONTROL OF COMMITTEE.
After business hours yesterday, Mr.. Duncan
ISSUED circular to the creditors OF the firm IN when nc
proposed pay 33l9 cents on the dollar in fuli settle
mont of the indebtedness OF the firm Following is tue
circular 49,. 49,. 49,. n ,o,s
10 ne Creditors orprNc,v SIBERIAN & Co:
By tae schedule OF liabilities and assets fief by the
Hon " D. Slpnan. assignee of the firm and oil the in
diyidual merlla.iS OF same, there appear 10 10 :
lab lues amounting o.. sa'SiinVss3 ~,
o. assets 10 liabilities ga 81 say G per
cent Tnc;a liahiniies may he changed by the adjust
nen OF certain accounts which can only he accomplished
when all accounts from distant points are at hand WHO
The assets may also be changed as the statement OF tClr
value based upon best jninca and some may orn n
more and others less than tie stated valuation 10 to
desire anl intention OF my 't and my parncfs 20
in assigning All our assets whether lndiNuua OF n ,
the lit Of or creditors and II our 3sSis.o Is HOe
now In such possession we will promptly remea! any
Mn ,gs ica,cmen have to make the following pro
poston "a or creditors without distluCnn a IN my
{udSmcnt yielding TO them the best osalts IRON our
assets the earliest possible moment ana WIN IN. it',
lass - ell concerned both in tie method o. ta2auOh
and In the expenses attending the same In consideration
OF being discharged from our present oeisanons'
Ga per ny note dated Juy 27 payable on OF Oeoro
per cen; IL my dated July 81. payable on OF before
7. 1876.
Der nj IN my no;o July 81. payable eT before
Sni Ia nv note dated July 81 payable before
10 cent ~ nv note dated July o. payable before
win iury,,, az seven Or cent per annum until paid
or A. much tf9 assets shall he itizcd ana
divided As security for toe prompt FUN mont OF ms
81 the assignee t. be held and administered ny
him vnney the advice Of the committee named
% C,,,s aynl. time for realization without nee dlcss
saerit,e nile 10 effort will o spared 10 lason sich
meiia;clv divided by the assignee and applied by the
oornmitter upon my note, IN thsorer OF ther ni'tr
The mol cls the several Obligations OF l)hcai Snoi-
man Il Co shall deposit the same win -ueA Sonh'c,
e, ~ Pred % VIZ w iGil power attorncy represent
the same ak lo-al proceedings ana 10 cvtt al ~
dends doicd by the Ass NEE MS eHcctuay ~ como nc
o,tui lt,r and 10 Apply such dividends - collected
mon ny notes 10 he efc IN sttte.lgnt. -. ~ i' 49,
uidrscol that until all PARTIES Interested III re es.ie
q; DaEcL sherman q Co shall la, asseni'd 10 iilS
ngr,el w. and ti.t 50 - r SeL 30 la) PAID tnc aI'ls
now .-ent all thu creditors OI Duncai sherman d
Co dividends IN the meantime 10 be APP aed ny tne oin
inittoc my new notes Si9Hil thls"lI ,
Te,icc:cl ~ maac mont Of thc assets 70 ur place. III
Inv mos. "a far rs possible. iOr the hcnct of an con
INnnox \. unedy, esq Pre- ieIt OF me NillonH tn
Saic,ai iank Of the state OF NewYork who have con-
sem" - ,h ergfess ~ Al s early Gate ana even he
foreit can nc clearly seen @l ,nc5e asset WIZ a c
T.. whole more o: 'eia 'n1 'so o. sI r5
me, nat danger Of exls';si1e litigation resulting
uoa ~ perhaps after raj caos) IA pioceo&'nssin
Sanrrnuiy tiOi which De bu al tle eNrue ., ne
sst,,c ,, inevitable depreciation OF asset w III
III, ron every thing that can VIII BE- "z q; afd
II the Is carrier converted mt S'sn Van e 's
doirs a. tIe composition notes, such r'a!Iui"h' ~
divided bv tie assignee. Will De at once &pi 'irldt
Aud b,,t r. Notwithstanding his legal discna!s e snol
~. tts Atom fIou tie assets sActVl t4t sum " i'l
nov ~. rose ny cOnpO>ton una rake 10 see
mai III, tes- shall Dc distnbS"d 10 cIttis !Nfit
md n sNgftiCu shall lt Wainr on 10y part {" dCc"I
UI.h this De-, 1T; lny 4AtutOn beng that ON 1I'9I5
shn L Sd. e., chat male OFT OF thc assets dhucI
m i,,s. i least expensive uinlSrauon ~ th'i
III ,f.t a. the acceptance OF this proposition M DO
ave 10 i,osiioIs ana others III negotiable snap,
~, af,tx nate auOun, N.c tue asr"ts are cNlNct'
Ia rcsz- giving also for :Ler more tE'oNt TOT
iz.tiori Z curing q the cncc The N@idpm aiN'e
snd 10 ne tAo advice and coUtroi OF gentlemen o. ef
y4reic, anl standing iLe conil4Ili!, "hch al Is
fo,ei teycAt much II not az IilSaH'hi "Ni more
0ytr 81 red be deemed 'nEtai to the Jst ana clHi
sts'rlbu.n OF tho i.A the cS At shciId DC 10y
vcui A. IA any time forced INTO alhruicy u p'Us
N, he u,e OF Committee L. proceed 10 INC most
1-onut and eff Give soliciting tier own as
srn-e ... consequent administration under thr lIo
vision vi c law Though reed -carcely adj that slch
come will trust, Dc avoided rs DelicNe IL VIZ De
wloii, Unnecessary. have he honor T. remain your
ol~'Iit,t ..t,.ut. W. BUTIFE DUNCAN.
IN ms froyssition meet with your approval, plcd-e
sru, - - me IA writing, stating me amount nnd n'ie
of vour claim. whcreupcn tie COMMITTEES VIII Ht ON
have TIC necessary papers prepared l"i YOU anu in1