New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-09
ME BISHOP SUSPENSION.
PROPOSITION OF NETWORK CREDITORS.

PROPOSITION OF NETWORK CREDITORS.
FULL SURRENDER OF THE BANKRUPTs' PROPERTY
TO BE- MADE-LIsT OF THE PROMINENT NEw-
YORK CREDITORS.
BY the settlement with r, NJ. Bishop g. Co., pro-
posed by the NewYork creditors full surrender Of
all the property is to be made. Il is expected that
in this way so per cent of all claims can be paid
list of the prominent creditors IN this city was
made
SOME DETAILS OF THE SETTLEMENT.
COMPLETE SURRENDER TO BE MADE-PRoBABLY
FIFTY PER CENT TO BE REALHED-LIsT OF THE
PRINCIPAL CREDITORS
The special committee appointed by the
NewYork creditors OF r. NJ Bishop Co., of Cincinnati,
at their meeting Wednesday to plan Of set
Element, held a long meeting yesterday. The conf
mittee consists OF d. R. James, Of the firm OF Pack
ard & James, j. NJ Edwards, OF Edwards * Maddux,
A. c. BarstOw. Ofthe De Castro Donuer Sugar Refining
Company, W. p. St. John, Of HaYemeyers & Elder. and
Otis W. Booth, OF Booth & Linsley. The committee,
after long discussion decided to accept the firms
offer of 40 per cent but concluded to accept the offer,
voluntarily made by the firm, of a complete surrender
OF all the firm aud individual assets, subject to legal in
cumbrances. In consideration OF this surrender. the
creditors to grants full and unconditional release
of their claims.
Concerning the proposed settlement a member Of the
firm 35 per cent, which afterward was worked up
TO 40 per cent, but the New-YOrk creditors I'M
willing to accept percentage which they felt much
below what the estate was able pay In this set
Element should be accomplished 1t is expected that
siderably over 80 per cent will be realized. I can
not say, OF course, whether it will be accepted
by all the creditors, for there are always few
who stand out in the hope OF having their claims
paid in full Tho members OF the failed firm
are under obligations to assist in carrying
out the proposed settlement with their creditors and in
case any considerable number should withhold for any
their this arrangement to perfect il
by proceedings in bankruptcy BY Of the compo
ston clause in the Bankrupt act any obstinate cred
itors ould be compelled release their claims This
method Of settlement is not usual and admit that usu
ally s not attended with results successful cred
itors apt anticipate But for this very reason,
nothing but the prospect Of large returns would have
induced the NewYork creditors to accept the PROPOSE
ton"
That this view Of the terms Of the proposed settle
ment is not held by the representatives OF r. NJ Bishop
& Co. is quite certain W. I. Bishop left the city for
Cincinnati by the evening train last night IL Is under
stood from good authority that he has not been pleased
with the reception he has met from the New-York
creditors. Il is said that he demanded Of the
committee at the meeting yesterday that the
creditors should give a bond to guarantee o
full release to the firm. This request was refused
by the committee, the ground that by doing so
they might be forced to pay in fun too many claims OF
small creditors WHO might attempt TO interrupt the set
Element Mr. Bishop is said TO have urged in reply that
in consideration OF the absolute surrender to the cred
itors of all the assets OF the firm, a GER
tainty that a clear release would be granted
was due the part Of the creditors. 1t is
not thought that any obligation rests upon the rm to
by composition in bankruptcy in perfec.ing the
proposed settlement While is said that the firm VIII
carry its part under the plan, in good faith, it is
certain that does not hold the opinion OF its OBJ
legations as are expressed by Of the creditors
Concerning the previous reputation of the rm one OF
the creditors said yesterday The firm has enjoyed
fair credit think but not sold t any goods for
the last two Years-wth the exception OF the bill foR
which we are now creditors In this salesman
who took the order wrote that Mr. Bishop had made
statement TO him that the firm was worth at least
SI75000 clear OF all liabilities. Upon tins representa-
ton and the urgent request OF our salesman
that should deliver the goods we consented 70 do So
That bill II not yet sixty days old. We did
have the statement in wrtng-tt would be OF very
little use to IL had it-but IL yerbiI repre-
To our salesnlan The loss Dy tnls failure
falls heaviest. think the coffee and sugar trades,
but no creditor here, sure, has debt so large as
seriously 10 impair his resources know why
T6e creditors should wish 10 withhold their names OF
tho amounts Of their debts AIN not ashamed 70 con-
Tess the amount of mime"
doubts exist the successful issue of the settlement
proposed. said by that the committee was
composed OF creditors nmlca TO tue hr aud that the
course t would not the hearty appr0-
val OF majority of the NewYOrk creditors. BY others
lt was thOught that the action OF the committee would
result in the firm seeking relief in bankruptcy. 49,
The following are the OF the principal creditors
IN this citv with the approximate amounts OF their
claims, reported Many Of these amounts have been
In this city Is that OF the Bank OF NewYork which Is
said 20 held at the time OF the failure 9l9,oOO
OF Endorsed paper OF the firm
Arnold B. G.. SID zoo Havemeyer Brothers ooo
Tooth n