The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-08-11
RYAN'S PROPOSITION.
EE OFFERS TO SETTLE AT THIRTY
CENTS ON TaE DOLLAR.

His Circular Letter Proposing the
Compromise-He Offers TO Fay In
terest on the Obl!gations-The Cir
oular Causes Considerable Comment
at Atlanta.
ATLANTA, Ga, Aug. 1O-The Ryan
matter came up to-day in a letter from the
ex-merchant prince to his creditors making
definite proposition for a settlement. Sat-
urday there was consultation Of attorneys
on both sides A proposition of so cents on
the dollar was made for Ryan-one-third
cash, o1e-third in one-year and one-third in
two years. This was not satisfactory. A
counter proposition was made of 80 cents,
part cash, part In three aud part in six
months. Later the proposition was modi-
fiei to give Ryan six and twelve months
time. 1t was specified in both these propo-
sitions that the obligations should bear in
terest
REFUSES TO PAY INTEREST.
Ryan's proposition contemplated that he
should not pay interest. No terms could be
reached. To-day the attorneys for the ored-
itors were astounded to learn that Ryan had
written a circular letter to his credi-
tors direct, making substantially the same
proposition that was made by him in the
conference Saturday. This copy Of the let
ter was obtained from one Of the creditor's
lawyers. Duplicate. copies will be mailed
to all the creditors tomorrow:
THE CIRCULAR.
ATLANTA, GA, Aug. 10, 1891.
My DEAR SfRs-Doubtless you are fully aware
OF my failure. have awaited some authentic
inventory of my stock before attempting any
adjustment, as could not proceed without aid
fFfNFrN frIn anf AGl~N Nhn ofa
on some definite basis My stock, as invento-
ried by the receiver, is S406. 1858; my out
standings are $4,000; total Si43, 900.
The stock Is encountered by mortgages for
honestly believed by many Of my creditors that |
have other cash assets, and such, assure you.
is not the fact, and can never be realized. BY
the Kind act OF others | am enabled
your claims 80 per cent, payable as
follows: Ten per cent. cash, 10 per cent, in
months, deferred payments TO be indorSed sat
isfactorily and to bear interest at the rate of
per cent. per annum. In addition to this un-
dertake TO pay the expenses of the recsivership
and court costs, which, up to date, amount to
$4,000. But for great assistance l could not
make this offer. beg to assure you that this
is the best can arrange-much better than
could offer unaided, and hope for your prompt
acceptance Of the same. More than l50 writs
have already been begun, and are being added
to every day about this matter. and do believe
that unless there is an adjustment the entire
estate will be consumed in litigation
lasting long period. and that
nothing will get to my creditors
in the end. Even IL had the amount found by
The judge to be in my handss-(and appealed
from to the superior COURT, and the same was
paid over to the receiver, you would not and
could not get as much l now Offer
you. If you accept this proposition
please sign the inclosed slip of &C
ceptance and return same to Walter
r. Brown, Esq.,, my attorney, Atlanta. Ga
With many regrets for my past errors and mis-
fortunes, and with yet some hope of future
that will meet your approval, am yours truly
STEPHEN A. RYAN.
CONSIDERABLE COMMENT CREATED.
This irregular method of procedure has
evoked considerable comment.
This letter was written" said one Of the
creditors attorneys to-day, "for no pur-
pose but to influence popular opinion.
don't regard it as evidence Of a desire on
Ryan's part to effect a settlement, bui
rather as a bluff. 1t is an offer with a
string tied to it, and means nothing. If
RYAN had wanted to settle he would have
reached some conclusion with the attorneys
for the creditors"