Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-12-01
ENoLIsHMEN OPPOSE II.


London Bondholders Do Not Favor the Pro-
posed Virginia Debt Settlement.
Several interviews were had yesterday in
London with leading English holders Of vir-
ginia bonds in regard to the latest plan for
funding the state debt All of them were Bit
teriy opposed TO the proposed plan Of settle
ment Mr.. Cooper, the secretary Of the COM
mittee Of English holders, said that only an out
line Of the proposition had been cabIed. Until
the full document, which was coming to Eng
land on the steamer Etruria, was received no
meeting of English holders would be convened.
In the meantime, every opinion that he had
heard expressed concurred that The PROPOSE
ton was unienable.
Mr.. Trotter, the principal member Of the
committee, said that he considered the plan
utterly iniquitous. Tho holders, he declared,
wouid decidedly prefer to keep what legal grip
they had on Virginia on tax-receivable coupons
than to accept terms which we're greatly insult
fcient and which left them to rely on the
honor of men who had already shown that they
we're lacking in the sense Of honor. Virginia
was able to pay her debt, but the question had
long passed out of the hands of the old honor
able Firginians and had become political one,
controlled by carpet baggers and negroes, who
dragged the honor OF the state through the dirt
with their coupon-killer measure. He was for
peace, but not at the price offered in the plan.
1t would be better, he declared, for the holders
to fight and carry their claims from court to
court. The proposal he made to the committee
some time since was absolutely the lowest
terms possible to accept.
Mr.. Trotter said he knew that Sir John Lub-
book, Mr.. Littlcdale and others, who were
authorities, concurred in the belief that the
holder ought not to agree to accept less
A private holder declared that the proposals
we're farcical He knew the details OF the plan
through private cable dispatches. When the
meeting Of holders was called 1t certainly
would unanimously reject with scorn and con.
tempt worse terms than they could have got
ten years ago.
Mentioning this remark to Mr.. Trotter sub
sequently that gentleman said that Whatever
the holders might have got ten years ago in
the way Of terms the conditions we're the
same then as now. What reliance could be
them? I'VE would have no security whatever
If we surrendered our tax-receivable coupons
Tor the newly proposed issues"
Mr.. Franklin Of A. Keyser 4 Co., foreign
bankers Of London, said that the impression
made upon him by the new proposal was unfa-
vorable, but that the bondholders expect the
terms of the proposal to be submitted to them,
as was arranged in the agreement of deposit.
BY this agreement 1t was provided that the
holders not satisfied with the proposals. would
be given sixty days to withdraw their holdings
and that majority Of any group would have
the right to withdraw that group. II this Was
not done, Mr.. Franklin said, great resistance
might be expected.
MIR. Newgass. q noted fnancier, who holds
81 DOC, 600 Of Virginia bonds, and Vivian, Grey
Co, who hold 81, 600 600 Of those securities,
are also dissatisfied with the delays.
Virginia bonds on the stock exchange closed
yesterday at Az.
The Times in its financial article yesterday
said: THE persons interested in Virginia debt
bonds may be divided into three classes: First,
ID rl>r . III
30 that they may secure . profit from the
bonds, which they bought cheaply; second,
those who are not content with the present
scheme. because they purchased the bonds at
high figure; third, those who will lose by the
scheme, but who want the matter settled in
order to facilitate further railway enterprises,
&c. The last mentioned class is q large one
but is composed Of small holders. The second
GLASS is largely in the majority, and if content
to wait patiently and remain firm it will GER
tainly get better terms, because the business
community in Virginia will insist upon a set
tlementH