The times. [volume] (Richmond, Va.) 1890-1903, 1891-11-20

,.ts.r last session yesterday afternoon at
....f,,k conclusion Was reached by the
r.,, commission. representing the State. and
,t...-s Olcott and Garden and Ills. repre-
--..to, the bondholdcrs committee. OF New
~, which will cause great rejoicing
.t-.,,.t o.. the state. The final conclusion
...lol bv this conference was in brief-s
....l..3 .ettlerreut OF the debt on the basis
- stonoo0l bonds. running one hundred
,,.-. hearing per cent interest for the first
ter Year. and per cent thereafter. MS
f-... r,,I retire ell outstanding default
'.....-.-.e. az tho State and Will. II Is
t-,l f.rorer end the trouble and litigAt on
eh,,l tie state has been subjected ior so
...-. wears past. and Will te the beginning
ofaraw era ~ prosperity.
~ft.s issue OF Sl9.OOO.0 600 Of bonds there
,,ff IN. issued to tho bOndholders committee
...- ia present holding 10 the neigh Oorhood
III. 10000. with waich viii be retired the
s.0.0HI OF securities which they now hold
ISL ch amount includes past due interest
u.t. tle present time
r.afral conference Of the representatives
.ft.. committee with the clmmission was
-.-,.ter,red by great uuanimity and kindly
tla.rr and the ultimate conclusion reached
meets with the unanimous and hearty APP
.-oI Of both the representatives OF the
s.ts and the b0ndholders
lur MOVEMENT FOB SETTLEMENT.
tvl le remembered that an agreement
v.frtered mt on the 18th day OF May.
r-. ietween certain gentlemen composing
tahorih0.ders' committee and GIL creditors
,ttIo State asserting thereto looking 20
...tenent of the existing difficulties between
f. state aud IT'S creditors. This committee
va. composed Of the following well-known
t-s1c ers ~ New York
Frederick T. ole tt. chairman, president Of
C..ra. Trust Company OF New ork.
William j. Bull. Of Edward Sweet u Co.,
Henry Bulge, Of HaugaIten & Co., New
Charles D. Dickey. j., Of Brown Brothers
SEQ. II New ork.
hugh r. Garden, president Of the Southern
Society.
John Gl. president of the Mercantile Trust
81I Deposit Company of Baltimore
G s. Hills secretary Of the committee OF
Che Central Trust Company of New York.
THE ADVISORY BOARD.
II was provided that any plan of settlement
t1nute1 uuauim usly by them should be sub
je,t o. the unanimous approval of the Advis-
~ board % tie creditors, consisting OF the
following gentlemen
Hon. Grover Cleveland.
Hon. Edward j. helps.
hon Thomas T.. Bayard.
SIR. George S. Coo, president American tx
change Bank
Mr George G. Williams. president Chemi-
rs. bouk
VIRGINIA COMMISSIONERS.
The commissioners representing the State
O.. Virginia were.
Hon Philip w. Mckinney. Governor.
hon. D. H0ge Tyler. Northumberland.
Hon. TAYLOR Berry. Senator.
Hon r. ii. Caldwell Speaker
Hon. H ~ Mickbam. Senator.
boa. W. j.. Dabnev House.
Hon Is. II. Tyler House.
and these have continued 70 represent her
interests 20 the latest moment and with IN
Tagging zeal aud fidelity.
LONDON ADVISERS.
40 this stage 1lr. Bull. Of the bondholders
committee. went % London for a conference
pi.l tie security holders with the result that
ile following named gentlemen we're ap-
pointed as London advisers representing the
interests OF the English creditors OF the
State
sfJohn Lubbock, Of Roberts, Lubbock &
Co.. bankers.
Edward Lidderdale, governor of the Bank
o. Il-and
John Henry Daniel, broker for the English
Government.
shortly thereafter. under this agreement.
securities were deposited with the committee
sa lnung O. over so. 600. 900, including past
o'seoup0ns. This deposit of securities was
i-e inst that had been made IN any effort 10
settle the debt. and enabled the committee,
sieaang for so large an amount OF the debt,
Miwmuiaie plan OF proposition to which
'e -ep sitting security holders assented.
PLAN oF ADJUSTMENT.
This plan was as follows.
irst The b0ndh0lders' committee shall.
" carrying out the purposes Of the agree
~e-i. dated May ~, 1850. surrender 20 VIZ
ilil al tie obligations deposited under the
Aforesaid agreement. and receive IN IA salts
'e-Iou therefor such an amount OF new bonds
o mas De agreed upon between the SAID COM
A'lee and the representatives Of the State
Ae maximum amount upon which the
1a.e "a able 10 appropriate an amount annu- |
".J ir the payment of interest. which !
tl9llt shall not be less than the sum agreed /
l.9a as q minimum by the bondhOlders COM |
L..iee and approved by the advisory board
liouded that q settlement shall not be 1
moulded unless the committee be unanimous /
&c iis agreeu eut as 20 such maximum amount. /
second. The new bonds TO bear such rate |
. interest and % have such exemptions and |
~ .e oi such character as the representatives /
Virginia and ths committee consider best (
calculated TO give them the standing they /
~. deserve 10 the money markets Of the /
4h I'd. Tho distribution Of the new securi-
-7s among tue depositing creditors shall be
az led by commission 10 consist of Mr. /
g. n. bratnwate appointed by the Virginia
uMiitee ia London Mr.. John Henry Dan
"'s appointed by the advisers III London. /
80 slf EDWARD j. helps appointed by the |
o'-il9.ders committee. Any vacancy III said |
omission shall be filed by the party ap-
lihg espectiyely.
.lfih. uis plan and proposition shall in
.'-le Tie right Of the b0ndhoders' commit
. 80 aa agent Tor the depositing creditors. 10
&c pending suits and judgments against
az AteIs who have rendered coupons for
exc aud TO receive and deliver 10 the State
involved
VISITS TO LONDON.
.-osequent % the proposal and acceptance
=, .''' plan % settlement u ocame nece .sary,
~ 'ie" oi the cOnMcung Impressions as 10
aD'.lF ~ Virginia 20 pay. existing in this
.liiy and IN ngland, for Mr.. Bull. Of the
..''lltee and Mr.. Ills. the secretary. To
. .1 separate and repeated visits 70 London
60, 80 tNe View 10 securing the assent and CO.
f'''"'Oh ~ the London creditors. After Mr.
'' returned last spring the next step taken
II tAe committee Was 10 suggest TO
III Governor OF the State that tLey would
~ ~ meet the commission representing the
80 ioI conference on the subject Of
f,.. vlntht' lhi- suggestion was promptly
lcd = tDS governor. and conference was
~ "a inc city Of Richmond ON Tuesday,
for,.e-, ~ 1uLe. which. however, resulted ia