New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-22
SULLY OFFER REFUSED.
4 FOREIGN ATTACHMENT.
Forty Per Cent Cash, Rest in Notes,
Declined by Creditors.

At n long and by no means harmonious meet
ing OF the creditors Of Daniel J. sully & Co.
late yesterday afternoon n committee which
had been in conference with Mr.. Sully for near
" two hours delivered his proposition for the
settlement Of the firms obligations. This. It
was declared contemplated cash payment Of
40 per cent Of the Indebtedness. the balance 10
be discharged IN a series Of notes. running UP
to two years. II not accepted.
While Mr. SuIly announced last night that
tho creditors seemed favorahy disposed toward
his plan. there many Of the creditors who
are holding out. Some Of them opposed the
plan in the general meeting. Others who did not
say much there have been In consultation With
;reir lawyers and 81 they con',Eus 10 feel as
they declared they did yesterday will demand
better terms or bring lawsuits Nothing definite
was done az the meeting, and little more was
accomplished At a meeting Of the committee at
Deluonico's last night. There will be another
meeting or all the creditors to-day.
Last night from Philadelphia came word %
an attachment issued for Frederick Zeraga &
Co. 20 the use OF George H. McFadden & Bro.
against the Suy firm. John II McFadden. Of
the NIcFadden firm was chairman of the COM
rnittee Of creditors which on the day of the
"a lure and the next day tired 20 effect some ar
rangement with Mr. Sully. This, 80 IS believed.
is only the first Of many suits which VIII be
brought unless to-day brings some settlement
Offer which the creditors think IS adequate.
In the discussion yesterday TWO names were
mentioned for the post Of assignee to replace
Joseph II. Hoadley against whom there has
been much protest. David Miller, favored by
most Of the creditors was one, and Evans r.
Dick. Of Dick Bros & Co. The ether. In view OF
the protests against Mr.. Hoadley. The mention
OF Mr.. Dicks name seemed somewhat peculiar
TO many Of the creditors. who recalled that
Dick Rros & Co were behind the New-Iork,
Westchester and Boston Railway Company in
which Mr. HoadIey was said to be Leading
spirit and that M Dicks interests were in
great measure one with Mr.. Hoadleys Nj
IIoadIey did not resign yesterday. lie was not
at his office.
After a consultation with his lawyer Mr.. Sully
issued the following statement last night.
We met a committee Of tho creditors of n9niei J
sully Co this afternoon ana ~, tt fsir ~ f
Ibat frm which. if carried out, will. we believe,
efur fI and % offered If mat settlement should be
ceped by the creditors to c2opeTa'G & "i1 hsrd mem of
III sdfnittodly acceptable to all interests. We
have heard , t9nt 5hd '5s PT9PoS F9 certain legal echni
cal!ties be aTranGeo II i. VII Nj 6gegi'iys e,i0g
ceptSq cepng solution Of these legal questions by the
counsel representing the various interests oOl--
cernrd.
Early in the day Superintendent King of the
,,o.,on Exchange issued a call for a meeting
:, tho sullv creditors after the close Of the OK
.oto,ga They gathered. more than fifty Of them.
a. the managers room. and sat solemnly while
LAWYERS TALKED and other creditors gathered.
u the throng we're c. q. Gates. OF Charles @.
cetoz & Co, who recently introduced Mr. Sully
=, tho stock Exchange; John G. Latham. r. J.
s,,,. ~ Dick Brcs & Co, ". .. Springs, Of
II Parker & Co. said to be the largest cred
,,or ~ the SulIy firm. and Henry Hentz and
GORGE Faiev. of Bailey X Montgomery. About
. "a tho meeting began, with President Mac
Do,.e-au or the Cotton Exchange presiding
Ter minutes later there was general exodus,
e,,,,,yad IN, the announcement of a committee
., e,.a o.uointed 80 consult with Mr.. Sully. The
o,,,,-,ittee was made UP Of Reiuhard Sieden-
b,,rp Of Reinhard Siedenburg & Co; y. s
Clark Of Innan. Swami * Co; .. Temple
c,,.o.br,ev Of Gwathmey & Co; Charles A.
Sb.arson. Of Shearson. Hammal * Co, and
GEORGE 4. Chapman, Of Chapman. Setter d
Allen.
To an upper room IL the Exchange Building
they went. while the others scattered. 20 reas-
ser,bia al 40. greatly augmented IN numbers.
.OfRcialiv Superintendent King says there ere
some seventy creditors. firms and individuals
The brokers say hardly a person on the hoo-
escared some damage Meantime. the creditors
v-a;tcl. while outside more creditors paced tho
corridor. consulting with their lawyers. They
vsore not received cordially 1T the council At
5.o5 O'Clock the committee FASTENED into the
MANAGERS room. the door VAS blocked even u
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