The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-09-02
AGREED ON SETTLEMENT
Creditors Of ". D. Cleveland 4 Go. Arrive
at an Understanding.
Fifty PER CENT OF DEBTS 70 BE PAID.
Half OF These Amounts in Cash. the
balance Secured by Notes.
Additional Claims.

ness again by the 18th instant. Az n
meeting of creditors held yesterday 1t
was unanimously agreed by those present
and represented, who constitute large
majority OF the Indebtedness, both as to
numbers and amounts. to accept basis
Of settlement practically the same rs that
submitted by Mr. Cleveland at the first
meeting held on August %. All claims are
to be paid at a rate OF 90 cents on the
dollar, of which sums so per cent is to be
paid In cash and the remainder secured
by six notes Of equal amounts due In six.
twelve. eighteen. twenty -four, thirty and
thirty-slx months and bearing per cent
interest from date, payable seml-annually
An order made by Judge Burnett gives
to Receiver S. Taliaferio. who is TO re-
main in charge OF the business until Sep
TENDER Is, by which time the settlement
sell and In other ways direct the affairs
OF the Arm as he may see At.
The meeting held yesterday was pre-
sided over by Judge Burnett referee in
bankruptcy. The following was submit
ted by Messrs. Masterson sewall, Me-
Asian and Lasker, the committee APP
pointed for the purpose at the first meet
ing:
To the Hon. j. r. Burnett, Referee, Hous-
ton, Texas.
Houston. Texas. August 81 1s99.--Dear
Sir; The committee appointed at the last
meeting OF the creditors 10 ascertain The
value Of the assets OF William u. Cleye-
land 6 Co.. hanlrupts, and to confer with
William d. Cleveland with view to as
certaining whether proposition in com
position that the committee can recon-
mend Will be submitted, respectfully re-
port.
/. That they have conferred with the
receiver and the committee appointed by
him to prepare detailed inventory OF
the estate. and those gentlemen gave our
committee the benefit of the examination
made and lists prepared by them. This
mmittee examined in detail all OF the
Items which constitute the assets. and
have gone over In detail the valuations
made by the other committee. and after
full consideration Of the whole matter, We
believe that either OF The following prop
ositions will he ihir. and to the best in
terests OF the creditors TO accept, viz.
/. The composition to be on a basis of
80 per cent to the unsecured creditors,
payable as follows;
Twenty-Five per cent of the composition
TO be paid in cash, Notes to be executed
by William u Cleveland q Co for the
remainder divided into five deferred pay
mcn,s bearing interest at per cent per
annnm, payable semi-annually as fol-
lows:
Twenty-Five per cent OF the composition
In six months secured TO the satisfaction
OF the creditors: 1915 per cent in twelve
months; l2A per cent in eighteen months,
lahs per cent in twenty four months: l2is
per cent in thirty months The twelve
months notes to be secured on the stocks
and bonds and insurance The remaining
three payments to be secured by a CON
veyance In trust to a trustee. to be named
by the referee, OF all OF the real estate
surrendered.
The powers, duties and composition. OF
the trustee To be such as may be satistac-
tory TO the creditors.
Second opostlon.-Cleveland & Co to
pay one-half OF the 80 per cent compost
tion in cash, and TO execute notes for the
remainder as follows, the other half TO
be divided into six equal payments. se-
cured on the real estate in the same man
ner as under the FIRST propositions; the
notes for these six payments to be due
on or before as follows.
First, in six months; second. In twelve
months; third. in eighteen months; fourth.
in ;wenty-four months; fifth. in thirty
months; sixth, In thirty-six months.
All notes to bear per cent interest
from date, payable semi annually. Both
propositions contemplate that Cleveland q;
Co. Will all
come due on the real estate. so as to keen
the same free from taxes Failure to pay
any OF the notes at maturity, or to keen
taxes paid on the real estate, to mature all
OF the notes then unpaid. and TO authorizes
the trustee to sell the real estnte TO nav
the debts The trustee to have the mower
that an owner in fee simple would have.
except that all sales before note mature
anu are PAID must be with written APP
prevail OF William d. Cleveland a Co.
upon payment in full of the whole 30
per cent composition, any real estate re-
naming unsold to be reconveyed TO WiII-
lam d. Cleveland & Co. and William ID.
cleveland and Sessums Cleveland TO be
released from all liability for the other
30 per cent of the debts Both proposI-
lions are based on the Understanding that
after payment of the half OF the 50 per
cent cash, the other half OF the debts 20
eirea--en the land Will not escrurt sntuuu.
The term unsecured creditors is meant
TO include balance due secured credltors
ever and above the value OF securities held
by them. ''
a recess was taken. during which the
report Of the committee was cons,dsrea
by Mr.. Cleveland.
wnen Inc meeting was again called 10