The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-07-23
4 Meeting of the Creditors in
Philadelphia.
THE TRUSTEES REPORT.
A Plan for Winding Up the Estate aud Giving
Forty Per Cent Dividend.


the amodnt OF $40 500, 900 taftsrward reduced TO
S. 1875 900 worth OF proved claims), there
two thousand creditors, and although many OF them
have sold their claims tnis does not satisa ctorily
account Tor the small number Of persons who were
present to-day. Nearly all who attended were resi-
denis Of this vicinity. There representative
from Washington several from Interior towns in
The State, but none from The West, where many Of
creditors live. Much interest was shown by those
who there from tho TACT that Mr.. Edwn d.
Lewis, tho trustee, was TO present important and
interesting report Of his cement since 1874 1.
also known that Of the propositions TO be
laid before the meeting tne declaring Of
another dividend OF five per cent. fhe meeting was
quietly conducted and Was managed entirely by the
committee creditors VINO, under the decision OF the
courts have really JUDICIAL powers when acting with
the trustee There very little 0mplisned be-
had read Mr.. Lewis report, and there
general desire TO study it carefully before act
ing upon ii. The dive per cent additional dividepd
did up IL was stated authornatvely that
about forty per cent Will be realized from thu as
sets AT the adjourned meeting next Monday I'm
portanI action wall probably be taken.
ORGANIZING.
Mr.. Isaac NorIi is OF the COMMITTEES OF Auditors,
called TO the chair, and Mr. John C. Built, one
the counsel TO theacommitee stated why the meet
Ing called the notice. alter whoh The
bulky printed copies OF Mr. Lewis report were handed
around. Atter some little discussion 10 the pro-
pretty of taking time to examine the voumiaoas
document bt tore acting upon 1t, 1t was understood
that the proc eedings OF the meeting should ou but
that the would Tor several days to listen
TO sugs OF creditors alter they had had
time 10 the report, aud that later meeting OF
creditors ould be held, when tho attendance would
be likely 70, be larger.
INQUIsrivE CREDITORS
One OF n 70 creditors asked the pertinent question
whether ~ o report contained any information 10
the approx innate value of the estate. Mr. Lewis re-
Piled dia not It would be posi- be place
the props value UPON some Of the property.
ADJOURNED MEETING
Ex-AU 'or Fox pressed hts previous motion for an
auJourps meeting to discuss the report next Mon
day. but the Chairman did not put the motion. A
creditor wanted TO know If good sfiers had been
made r some Of the properties, saying that IL
reporu that certain persons were ready to give
$780, 70 Tor Ogontz. Mr.. Lewis pronounced this a
nstJ e. The best offer they had ever had Tor Ogonlz
was I20, 600, which they mad refused.
Ho f. a. Rollins moved that Mr.. Fox's motion TO
adio the consideration OF the report until Monday
be table, and suggested that tho report be-
MAJ q the special oroer Tor next Wednesday. The
cor miltee then hold u short consultation, and Mr.
Du mt announced that they had decided 10
to-day, tomorrow aud "Wednesday, anu
10 boId general meeting Of creditors
Monday Some asked II the comInittce had
4 plan 10 propose 10 the disposition oil the
asses. Mr. II. L. Asnursl, the nittec, replied
HAT they nad not--that tncy prepared TO near
the suggestions OF loe creditors, not To submit any
proposlion of Their own A voice, winch plainly hit
lac nan on mo head exclaimed, Oh, then Dcet
ins Is the obstruction OF the commt;vc and not
Instruction OF the credItors' Inns ret0rt upon
tue lawyer Raised general Laugh. MI Fox then
moved the comm be requested 10 prepare q
pan Tor uuaI ssillemepL Beng more familiar with
he affairs than Tue creditors tney ought
b. able 10 suggest something he said Mr. Fox. alter
Lille Iurtner uiscussion asked II mr. Lewis could
r.
bounced iEai ne was ready then and there. he Was
listened 10 Win much attention as Lie submitted the
following
''My 10 that tfie assets, except
perhaps Osonlz ana the Lake Oh. M PLAN properly,
sLoua first be carefully valued BY experts inciude
III, Western lands the stocks b,ssus and all 70 10
carefully appraised They SHOULD then be cataoeued,
the aggregate uscertalnsd ID dividend issued
10 tu creultors Tor the amount eacn 10 get certain
Percentage scrip and be sold al
auction tncr securities, the lots To Oe made
small so that the small creditors could puy.
would give cash value to the scrip Nothing should
be sofa besow tue cataogueu PRICE Whatever was
not sod at nrs, might oe set up again. aud alter TINS
let the creditors have tncm at lnuJice price.
10 otner way of disposiug OF these lands. some
oil them ~il not be saiaoie for years.
Mr. Lewis proposition was greeted wsth applause
ana Mr. George IL. STUART ana others made speeches
supporting IT. Afler turner discuss u was agreed
that tue comniltee o. creditors via untl next
Wednesday 10 near suggestions Tor or against Mr.
llxss' pan aud that the general mesiIAg OF tue
creditors DO held ON Monday.
REPORT OF MR. LEWIS.
Mr. Lewis report nils ocsavo book OF two
busdfcd pages It's dated July g. 1875, and IL pro-
lee 10 Iul statement OF administration OF
tue estates o the Dangrupts since November 4, 1874
il ny MI Lewis 10 trustee IN oankruDicy, act
Ing under tae direction oi the committee OF aedors
contains detailed account OF tue condition OF
tue various properties Ia the possession OF credit
OIs, valuable ana worthless; the dIfhcuJtIcs
iic way Of their citation; tue trustees
cunt the st OF creditors aud the statement VI prop
efty outstanding over deLts unco lecsd The report
MORN stton Of very general interest
j. sppesrs claims against Tho Arm, Tor winch
creditors held securities have ali been settled. The
aggregate DOL Uu1 a.. wnIcn includes and
ayiacnds accruibs between September Is 1873, anu
tie oates OF settlement
In addition 20 the amount paid TO secured ereditns of
the been paid iurhersums other
Aoug.gs street property, Washington.
Msc,ga on LANDS in o!t@wa county. Ohio,
eSiiterais from Henry Cooke. 11.Uoi SO
Mortgage part VI "Ozontz ........ 49,. 30
DvDt Of George q, 1hcm.s 10 First SAtional
D~nx, PniIaoeiphia. With col iateraL 1854 81
D~St Of wih'an " .oornsad to .he riaeity
Insurance, Trust aud safe Deposit Company,
ps.. OF William a. Moorhead 10 fif.r National ''0o
Bank, fhii'<ephis. with collateral 5O.553 50
Assins total amount paid 70 secured crsa,sors Of
rbe report first describes the foreclosure and revs-
ganIzatou o The Lass superior and sppi Ran
rvaa e. mpany, tue disposition OF the Minneapolis
aud 81 Louis ANA Minneapolis aud Duluti Railroads.
Rud the foreclosure OF the Lnuianz Sentri
kailroad Doaas when road 10 s.,u 10 nave moly
favorable prospects. In. ss,ats holds Ll0 V0U ot
tue second mortgage bonus The Iowa t.sn.rsi RAN
ROAD bonds we're ,seenuy sofa after mo sn dIleais.
ing me Northern Pac'nc Is described al I,1gin.
THK NORTHERN PACIFIC.
The foreclosure safe aud purchase tgy the bond
holders cOmmttes Is hrst recited. ana tne report
gOes Oh 10 sat -
sinee the reorganization the sfsrs OF this company
bavc been conducted with great succes asa hs nture
loJs. very bngst,
the measures OF et5stivs reiicf
pvught o Congress. All the
company hiss souRn an extension VI time giving
adaitgual psrod would In vie,s d
ati0n through winch rsttrvad ustres
passed. opportunity 10 co@pise ns road and
lis view OF th
of tue present preferred sycsbol anu the
already sustained. IL
Reasonable 20 hope for thus much Of ndui,
Legislative power The exaggerated horr SUBSIDIES
no rsgning. however, has 2vns TO such kent
unwilling to vote tor OF retef
subsidy, but slmDle justice 60 tne
bOhonoiuets now preserved STOCKHOLDERS o. ths Northr n
Pacific Company. who had advanced their money the
TAI OF governments lands a
the continent luis ieefng per-
hays with opposition from those inte wouu not