New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-07

The creditors of the New-York Betting and Pack
ing Company agreed yesterday to allow an extern
sion. Ten per cent of the claims is to be paid in
cash, and the remainder in notes running from SIX
TO thlrty-six months. Police Commissioner Wheeler
filed statement of his assets and liabilities. Action
was taken in other bankruptcy proceedings.
THE NETWORK Betting COMPANY.
IT'S CREDITORS AGREE TO AN ExTENsIoE-TEN PER
CENT TO BE PAID IN CASH AND NINETY PER
CENT IN NoTEs-A LETTER FROM MEssRs. DU-
RANT AND CHEEyER.
The creditors of the New York Betting and
Packing Company met yesterday at the office OF f. NJ
Diekerson, counsel Of the company. The committee
appointed to examine the books OF the company made
report recommending the granting OF the extension
asked by the company and the suggestion was adopted
The committee report that "they have found moth
ing TO impair their confidence the ability OF the
company to pay its obligations IN full with interest, II
an extension granted and its business IN the future IS
judcously managed The total indebtedness OF the com
pany appears be S916233 90, OF which SlS66l3 Al
is due TO three persons vino Interested in the com
pany and who willing TO allow the sum to remain
unpaid until the company relieve itself from its
present embarrassment To Offset its pressing indebted
ness Of S7296l0 S. the company has good legitimate
business amounting to about S55O,OOO. In add-
ton TO this Mr. Cheevcr viii turn TO the company
as a security for money due from him, assets
when he values at 100000, concerning which
your committee can only say that they are unable to
express q reliable opinion rs to their real value. AZ
present they are unavailable. consisting Of real estate
iron mines etc. The real estate Is well located and val
liable. nj Il held few years Will probably bring the
value which Mr. CbeeYer places upon IT, IRE Tily Fos
ter iron mine. your committee Is informed. Ia ut tic
present time yielding 100 tons OF per dny, at rrOn
Of 81 per ton. The properly of tho Ncw-fork steam
Engine Company which part Of these assets, can. In
cha ~ 20 Ia
worth over and above its Liabilities, 100000 While
your committee unwilling to express any opinion as
to the present value of this list OF assets sill they arc
opinion that they valuable and In connection
with the cOmpany's assets form security uhnndanty
ample to enable the company TO qmdatc its entire IL
dcbtedLess.
The terms OF settlement are ~ follows: The claim of
each creditor far II natures before October l.
1873 shall have the interest from ITS maturity ny TO
that day added, aud SO Tar ms ~ natures after tnt Y
n shall be conuutcd as that day; each creditor
sna receive 10 pea cent OF MS claim M cash. duu lho
snail each be 10 per cent OF the claim, maturing ~
three, six, tH eve, eighteen, lWcnj-t1uf ahd lllp
months the seventh snail be for the remaining
30 per cent, aud shall mature IN tHrty-six months
snail be ludOracd hy me persons now ld"it
unon The p,per for which they are exchanged Some
nrrson not = 4 selected, u 10 De joined with John H.
Cheeyer Corustces, 10 hold the properly epfsehleu
ON Inc companys books by tue account entitled John
m Cneryer, Trustee" 10 be mauuged for tho benefit of
Henry r. Durant and John II. Cheever have addressed
n letter To the company. IN which they say; " Inc
wounds whcn NJ 1appans accusation has inflicted
tIpOn us O. only healed by your most thorough un-
defs audng of tho facts; when we feel hient you
Will see, do thar nothing nut the ues par OF soi
degraded man. clulching al the hope OF gaming q
moments relief By claiming that he was LED 20 Tue com
mss on OF his crimes b' thuse Whom ne WIS Weihlsh
ruined can for his desperate course IN atlept
ING 10 implfate Us with himself In carrying these Two
Ts concerns united in common enterprise ana inter
est II has always been customary Tor each 10 heip the
other tn toe regular course OF business ana we submit,
with great confidence that not only was 10 right ana
proper 10 do TO- but 10 the duty Of each 20 snare
wth tho other the burden OF sustaining the common I,
comDlnv however, nus contributed, 1t times, IN this
way much more tAan its snare bdt mas never meutu
any real risk IN so d0ngalways excepting tue risk OF
dishonest AGENT which al men VINO must trust others
Tine letter Then contrasts Tappans transactions with
those OF the aud submits that che msiOrtuncS
OF tneir company were IN nc way due to msuAnHke-
ment but 10 Tappans acilOl.