New-York tribune., 1891-12-19
vIRGINIA'S SETTLEMENT ACCEPTED.
ENGLISH HOLDERS or THE slATI7s DEBT AGEEE
TO 4 COMPROMISE.


TO 4 COMPROMISE.
London, Dec. 1s.-A largely attended meeting OF
the English holders OF the Virginia debt held TO-
day and after considerable discussion II was decided
by vote Of 80 10 II 10 accept the agreement effected
between the Virginia State Debt Commission and the
Olcott Committee for settlement OF the Virginia State
debt.
Sir John Lubbock presided at the meeting. In an ad-
dress he repudated the idea that the council OF bond
holders was too exactng At any rate" he sald we
thought 1t desirable TO come to amicable settle
ment and agreed to leave the matter for the time
In the hands OF the w-YOrll committee and the
Advisory Board In Order to stop legal proceedings.
Whatever the majority Of the meeting may decide
upon,' he continued, the New-York proposals are
undoubtedly favorable to the bondholders than
is the Riddleberger bill; and this is due to the long
and persistent litigation maintained by the council In
the Federal courts. but for which the bonds would
long ago have sunk to point at which IL would have
paid to fund them under the Riddleberger BILL
Sir John Lubbock then read the NcI-York proposals.
lie said that neither the council nor the virginia
committee would have recommended these terms, be-
they believed the State of Virginia was able TO pay
more Sir John Lubbock closed by saying he did not
desire to influence the bondlolders in way or the
other.
Mr.. Leon NJ p, moving the acceptance OF the pro-
posed TERMS said ii useless TO into the question
of the honesty Of Virginia. or Of censuring the com
mlttee. Inc question OF tiie VI TIC NV'n'
sion paid the committee might be gone into later IL
the motion was rejected endless litigation would ensue,
and the result would probably be the submission OF
worse terms than \ motion to reduce Tie COM
mission not seconded.
Mr. Franklln then proposed an amendment to refuse
the terms offered unless per cent interest wac main
tanned. ,.., ..,
Replying to a question, the chairman admitted that
1t would still be open to Virginia TO rpudiae, DuI ne
thought this improbable. o..
An amendment to allow depositors sixty days in
which to withdraw their securities was also reIected-
80 TO Il. ~ A.,
The motion to accept the agreement between the
Virginia state Debt Commission and the OlcOtt COhl-
mittee, which offered by Mr.. Leon, was theh
adopted
When the proposition OF settlement was first
sent abroad, the English bondholders who
own the greater part OF the debt, were some
what dissatisfied. They hoped to secure better
terms but representations made 10 them that 10
modification was practicable. The settlement had
been brought about by the Advisory Board OF Creditors
consisting of Grover Cleveland. Thomas F. Bayard.
Edward j. Phelps. George S. Cos and George G.
Williams Yesterday London cables indicated that
at last this troublesome question, which has vexed
politics and finance In Virginia for SO many years. Is
In fair way of being removed from further contIo.
versy. Frederic 2. Olcott, chairman OF the bond
holders committee said yesterday: "The advices
we have received too meagre for me to make
an official statement. All the indications, however.
point to the approval Of the foreign 6ondhoders and
the final settlement Of this question:"
The basis OF sediment proposed Is the issue Dy
the State of Virginia of $19,OOO000 bonds to run 100
years, and TO draw interest at the rate OF per cenl
for ten years from July l. 1891, and per cent for
the rest of the period. The new DohdS VIII ulspiice
S28 900 900 Of existing debt