The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-01-30


cent: certificate, payable at pleasure OF the
State. This would then give an income Of
$500 to $500 on original par, with obliga-
tons OF the State as follows:
Two per cent. CERTIFICATES. $50. worth SO Der
cent. as compared with tile 'fours n.......... 10
s.a .... ..s 81. 500,
That the division here suggested is ut pre-
sent approximately Just Will appear from
the following statements showing the result |
OF On investment Of $4,000 in each OF the two |
classes at, say, respectively SEC. and 37c.-
the quotations given in the Financial Chr0ai-
Gle OF December %, 1878:
$4,000 invested in "tex-receiv-
ab!esn y at 56c. Will give, e,say..... ss,a25
New bonds, at 12k........ ....::... s10,040 |
$4,000 invested in s.peelers . at -.
z0c. VIII ES G. .say...... $4,000
New bonds at t7h................... s9,375 |
with probably some form OF obligation for
$3,375 overdue interest, worth zoe. to 30c.
The Association does not propose to fix
the terms OF division, leaving that to be adj
iusted by the bondholders among them
selves or through the market. But to facil-
itate combination it invites holders Of either
class alone, not yet combined, to tender
them for combination at such rates rs they
met by practical offers from the other class,
will be accepted, and certificates issued for
the bonds. : e .'.'tt.s
AS the new fours are to be paid by the
operations OF q sinking-fund, and to be re-
deemed after ten years In the order OF their
issue, and as those earliest issued will there
fore be. worth at least ten per cent. more
than those last funded. 1t Is stipulated that
the new bonds shall be awarded in the
order OF the dates of the offers to the Asso-
ciation.it?y trAyazH III -.tn,esi
An important feature of this proposition,
and one that is embodied in none other, is,
that to Just tue extent the funding is carried
the conditions arelimproved, and the bene- 4
fits are secured by those who refund, in
stead OF accruing to those who refuse to
come in. .r-..--. ads f.sa,.-. .s-. i-rr
The need for prompt action is obvious.
The holders OF taX-receivable bonds are mis-
taken In the confidence sometimes express
ed; if nothing is done their bonds must de-
cline. The new AS, however, will sell for
more than tax-receivable bonds now bring,
so that holder OF the latter would profit by
an exchange at par. The new 4's, freed
from taxation, will be in steady demand for
court and trust investment within the State,
and by reason Of prompt payment OF inte-
rest and the operations OF the sinking fund
will soon be in demand elsewhere. That
| the peelers will be improved is evident. -
| 1t is important to convey to the General
Assembly as early as may be the strongest
possible assurance that the scheme, II
adopted, will not prove abortive, and that
it is likely to be accepted by the bondhold-
ers. Holders of bonds who have not al
ready given their approval arc invited to
do so. Il ,.s
Forms for tenders, when desired, can be
obtained ut the Office OF the Funding Asso-
ciatlon, or from either OF the following
houses: Bank OF New York, n. B. A.
Charles NJ. Fry. president), Drexel, Nor
gan & Co., L. Won Hoffman &5 Co., Wins
low, Lanier & Co., First National Bank Of
New York, Hugh McCulloch.
OFFICE OF, THE FUNDING ASSOCIATION, u.
S.A. Nimited). Room SO, DreXel build
ing. ,..,., a. MCCULLoCH, President.
January 2, 1879.
OTHER PROPOSITIONS.
Governor Holiday, in his message to the
General Assembly at the beginning OF the
present session, said: ....
! "In extensive correspondence, and in in
terviews have had, have not found the
Suites creditors Shylocks," and men filled
with cupidity and meanness and grasping
cruelty, as they are so graphically described
by many who want to take away from them
their dues. have found them gentlemen
who are willing to. listen to reason, and con-
slider and weigh every statement made 70
them in good faith. ~a...@N
"Tbe result of this correspondence and
intercourse are recommendations from the
most powerful corporations and houses, aud
the most respectable and influential busi-
ness.men in the world. These / now lay
before the General Assembly.
"The first is from the Council OF Foreign
Bondholders, London, England, presided
over by the Right Honorable Edward Pley-
dell Houvere and with membership
from among the most prominent and po-
tential gentlemen in social, business, and
financial circles IN the kingdom. This con-
tains general proposition OF four per cent.
in gold upon the whole debt, principal and
interest funded. exempt from taxes, with
coupons receivable for all taxes, debts,
dues, and demands due the State, with
sinking fund, the proceeds OF the four per
cent. to be distributed by the creditors
among themselves so as to make the law
effective. ... ..-.--.
"The second proposition is from L. G.. &
G. c. Ward. signing for Barring Brothers &
Co.. August Belmont, signing for himself
and on behalf OF the Messrs. De Rothschild,
OF London and Paris; Brown Brothers &
1'A'
Fry (pre.ident of the Bank Of New York,
recommending per cent. for the consol and
81 in gold for all the other classes Of bonds,
principal and dinterestiunded, with coupons.
to be received for taxes or other dues to the
State, with suitable sinking fund"
, DIFFICULTIES ADJUSTED. ..e,
A meeting of number OF the represent
atiyes OF the creditors and subcommittee
of the Finance Committees was held yester-
day evening at the Ballard House, and the
preliminaries discussed in an informal way.
It Is stated on reliable authority that the
Funding Association OF the United States,
the Council Of Foreign Bondholders, and
the Messrs., Barring, through their repre-
sentatives here, have agreed upon plan OF
cooperation. 1t Is probable that well-dl-
gested scheme for settlement will be pre-
sented to the committees at an early day.
/ This will be great step forward. Mr.. Fry,
who is Virginian by birth and president OF
the Bank of New York, is giving his sup
port to the Funding Association OF Mr.
McCulloch, though not member OF the or
ganization. The two bondholding associa-
| tions represent q great number of Euro
pean bondholders. Mr.. Ward is agent OF
! the Barings, which firm controls many Of
the sterling bonds. Dir. Colston is author
ized to act for many holders residing in this
country and Europe.
BRIEFs.-Judge Robert L. Montague, OF
Middlesex; Judge Dickinson, OF Prince
/ Edward; and w. r. Taliaferro, Esq, OF
Orange, former member OF the House, were
| on the floor of the House Yesterday.