Savannah morning news. [volume] (Savannah) 1868-1887, 1883-06-28

After The statement had been submitted
the bondholders retired, and the papers
were examined. A committee, consisting
of Messrs. JOnn l.. Hardee, A. L. Hart
ridge and john Flannery, was appointed
to confer with committee from the Coun-
ell. The following proposition was then
submitted:
PROPOSITION o. THE BONDHoLDERs.
Resolusd. That the conditions proposed by
the city of Savannah in an ordinance pre-
scented for its first reading May I'd. and pub
lished for information, so far as they relate 70
the compromise Of that portion of the bonded
bonds Of the Savannah, Albany and Gull
Railroad Company, guaranteed BY The Mayor
and Aldermen Of the city Of savannah ana
not meet our approval, and shall not pc &C
cepted by us as basis OF compromise Tor the
adjustment OF our claims.
Resolred, That while We respectfully eau
the attention OF the city authorities TO the
fact that under Judgment Of the highest
court Of the land we are entitled 70 demand OF
the city principal ana interest 70 date. payable
in legal currency of the United States, in set
Element Of our claims. yet as creditors and
citizens we fully recognize the right OF the
city, IN view OF her present nnanclal conui-
ton, TO ask that she be met by the Donunola-
ers in a spirit Of concession and llDerality. ana
as an earnest OF our intentions we authorize
our Chairman to embody, as expressing our
views, the following plan Of settlement:
Isl. W VIII agree TO accept new . pei CENT
bonds of the city of Savannah at their face
value in settlement of the principal OF our
claim.
2d. We will agree to accept. in settlement
of the five % coupons of S35 90 each, matur-
ing January / 1877, July /, 1871, January !,
1873, July l, 1873, and January ]. 1879, with in
terest thereon to January /, 1879, amounting
to SIS p hfty-eight cents so on Ine a3ar, pay!
Sd. We viii agree to accept IN settlement OF
the interest from January ]. 1919, TO July l,
1885, amounting to 1878 81, 90 nNe-seVenths
of the same payable in legal currency OF the
United states.
4th. We, however, agree in case the cOndi-
ton of the city will not warrant the payment
as said sealed interest IN currency 70 accept
in settlement of the same, its equivalent IN
per cent. bonds of the city of Savannah.
9TH In addition. and as a paramount ae-
cOmranving condition of this compromise, 1t
Is understood we are to receive from the city
reimbursement of our lawyers fee, amount
ing to $1,000. in Savannah, Albany and Gulf
bonds. with accrued interest thereon, and eX-
penses $685., incurred in the prosecution OF the
suit.
1-$S5 and interest from January l, 1871,
ssss % and 1dn interest from July j, 1877. to
s-SS5 and interest from January ], 1878,
to January ], 1879 -..-..------- IS
ESS5 and interest from July l, 1878, to
January !, 1879. --------.,-.--- "
5-ss5 and interest due January l, 1879,
interest on coupons. --... .--.-- Sl2 "A
Sl75 coupons
Principal .----.-----.- $1,000 70
CounOns Us 90
Interest on coupons. . u "A
$l,ls7 "A
Amount due January l, 1879 ..----. l,lS7 "a
Interest on same years months
to July !. 1888 Observation-Disclosures 313 81
Value of bond July l, 1888 .--.... 1851 p
IL COMPROMISE.
PRINCIPAL ..................... 1000 90
5Sc. on $IS7 "A to January l. 1879 los SO
5-7th on 1878 81 to July ], 1888 .... 261 10
Compromise value July lst- 1883 Sl,375 SO
Compromise of bond July 1st,
1883 --.---.--- ..-.-------- $3.50 69
Principal ... .Sl,O00 w
Interest NEUTRALITY-SUSPICIOUS.. 375 %
sl,375 90
Principal payable in bonds ...-. $1,000 90
Interest, its equivalent in bonds 469 81
s1,469 81