, 1875-02-10

-'1oshE" VH 9AkHIAE<f - -KTQ0HnilttY
TINT nr. Allen WILL Not Re E'nrccc
into Bankruptcy by E1is Ioxvn Crcus
isorH.
sbet'al Correspondence ef The Chicago Tribune
DEsMolaEs, Feb. 5.-No important develops
nehth have been mado IN ,lr. Aliens Affairs s.uco
tue creditors meeting Tn Friday. There was 4
rush OF depohttors on Saturday, to tile their
claims. It ID tho opinion ct some that not enough
III Value Of Lis creditors wi come forward to
force bin into bankruptcy. Yet tho Committee
arc sanEuno they will succeed. meeting Of
the craditors' Committee NAG held on Saturday
afternoon, when the following action ray taken,
Htsored, That sec. s3 OF tho BANKRUPT ape sstt}ng
forth tic manner 0f settling m tho Affairs Of bank
ru. estate by ineIha Of committee Ut creditors ant
Trustees, ba published for the information OF credit
oTa.
}:'eaor<d, Tha. the Judgment Of the Committee ia,
anu they m recntnne1d t. TIN creditors. taat thn
manner vi settlement provided said Sec. IL ia Tho
best bnth in tha economy Of snastmcut Of tho u.s.
aets All. eepcraI kecurIty 10 at creditors.
sf. ~ It ae Bankrupt aet. which provides for COM
nit: rrsitnrs and trustees, instead Of III Assignee
to scttle b bankrupt asthts:
SEC. aIos. II ii te first mcesug of CREDITORS or 1t
any meeting of csclitors to 10 specially rscd foe that
pnrposo and for which prcvous notice shall hays been
Elren for such length Of Tins and In such mauucr IS
tho Court may direct. threefourhs in value uf tho
crraitor1 *hoso claims haze besa proved shall deer-
era body Of the creditors That the es,ate OF the baua-
rnpt so'1!d DO wound and settled, aud distribution
ecckion and direction 1t committee Of the ctriit
orr shall be Lawful for tho creditors certify and
e r Tr,.e. T. 70 S s% o 19d LIT to
the estate under the direction OF such Commit
s9s: IT, .,,,a. ~. tta snrsar n 70 tho cS.
may dasre to be heard thai the resolution Wss div
Iassed md that ths lntereat Of tho cqeors vii! e
tho execution and ding by On beh.lf of th.eo-
fourha iu value Of all tbs creditors rose claims ayr
besl proved Of conseu. thst Ito es.o Of tho hani-
rHrt wound md entt1eI bv
ms to the term Of such Fcso,utpn the bankrupt
s IN 'f ts 4 spo1Ie In a. s eass
under o,t'. conyey transfer and deliver a bs prop
srty aud cetase ot ts BANKRUPT to tho sd Trnstee
fer have nnd hold tho san,c in tho manner ant
With the powers and right. In all respects Is tho
cecdpg in bankruptcy had been taken tho A.agaes
in bankruptcy wunlt hnve done hAd Fueh resolution
not ostl nasss and sae eonae;t and the proceed-
creditor "hose debt u proyRhle who hus nut siguol
ths sanle - i be had signed It, snd on my cr.tor
y; and the Court, BY order Bha direct ali acts and
things needful to bo done to carry into effect such
resolution Of the creditors, the said Trustees sha
proceed to wind up and see tbs eatate under the
recton and inspection Of sne Committee OF tho crod
the winding and sette1e: Of any estats under tho
rroysiona Ut this section shall he deemed 10 be rro
aas ssr tS n. .aa hs sa
alguees In bankruptcy.
ssgaed} is. PoLx,
JAMES CALLAHAN.
TAos UATToN, tn,
10HS GuNNINouAM.
This Is precisely tho plan which the c1odtors'
meeting laid on the sabls on Friday Il ia
doubtloas the visoat and best that could bo
adopted, and the fact that the Chairman OF tho
Committee 10 one Of the beat lawyers in tho
State is good reason for thinking SO and, setting
aside all thought Of III. Allen, aud looking only
to tie interest Of his creditors, there il Ger
talnly mood Of outstanding all resources; for, 81
was said st tue creditors meeting, eyery turn Of
tie bankrupt mill gruds up assets which no
credltor gets.
This arrangement has beon accepted by Astor.
nojs representing largo claims against tho cs.
tate, who had already begun legal proceedings
aud they have joined With tho creditors Com
mttca, and withdrawn their suits.
l. is hoped this is the beginning OF tho un~
folding of 4 financial affair which just nls
puzzles good many.