New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-08
ULTTM4TUM FROM SULLY.
Says He Is Unable to Pay More
than 10 Per Cent Cash.

The creditors Of Daniel J. sully & Co. will this
afternoon be called together at the Cotton Ex-
change to hear through the special creditors
committee which has been endeavoring for nearly
three weeks TO get the best terms possible for
them the ultlmatum Of tie firm 3 a settlement
At q long meeting Of the committee held Mr..
Sullys Offices yesterday. J. D. F. Junken, OF Phil
adelphia who 81 associated with John r. Dos
Passos as Mr.. sullys counsel read a final letter
from Mr.. Sullv in which the latter states that he
has mace the best offer his will permit him
20 make and THAI If this offer is not acceptable
tho creditors will have be satisfied with what
they viii get through the regular course 0; bank
ruPtcy proceedings.
II developed that the committee at the various
conferences hello in the last week has been trying
20 &c. Mr. SuIiy 20 offer A. cent in cash. in
stead Of 90 Mr.. Sully on Saturday made offer
10 turn over his entire business to the committee
and 10 run st IN conjunction with the committee
tfII Tie debts all paid but this they declined
as practicable. The letter fron Daniel J. Suly
& CO. read to the creditors committee follows in
part:
We desire to rut in writing our reply TO the re-
mittee 20 those who have presented claims agaiEs:
Desiring to deal with ail such claims with the
most fairness and without raising any questions.
which are advised were ai.d arc present in the
sta alton. we have made Two propositions:
Ffrst-To make paN Ii''Il gl ~ Dr cent IN cash
out Of the property in the receivers hands and give
our notes :or the 60 per cent balance, payable in
~
claims against Messrs. Haw!ey and Ray as collat-
Second-Or TO have property taken out OF
ha1tlrtptcy and placed IN the hands of trustees
anronted bv the creditors. who should possess the
title and who. with our aid. should work out OF
the same all that he obtained therefrom Tor
the creditors, We giving our notes for the IN
r,aid balance. secured mentioned in the first
proposition, excepting only therefrom the home Of
J. J Sully and the Sum Of sJoeVJ as working capt
TI,ts second proposition You declined at the last
conference as irnprs ctcatie- and as 10 the first
rropostion you ask that increase the cash offer
by- al least per cent. which would add sl750o0
more.
the expert booklieeDeTs. submitted by the receivers
ana your deductions therefTom. in which you state
that Won believe these assets worth enough 10
Justify US in making such additional payment; but.
Knowing our accounts and assets far better than
any one else beg 20 assure you that your
Auctions are incorrect and that Il Is wholly i'm
evon 10 nay the present offered by without
the forbearaEce Of individual creditors. who
are equally entitled 10 share with you. and we
therefore advise YOU that We cannot comply with
your request.
Indebtedness beyond what will realize
sc have endeaVored by the good faith
20 make offers and assume this heavy load We re-
cret that Il does rot accord with your views.
Under pnesc circumstances there seems TO be only
one thing. namely. 10 allow the law to take its
From the figures given in the letter IL is only
matter OF figuring TO Had out the and liza
bilities as determined by the various accountants
who have been at work Mr. Sully and his cred
tors agree that the liabilities Sc 500,O10 Mr.
81 lly figures his assets large enough TO enable him
pay 81 40 COO 81 cash. The creditors urge that the
assets WIZ enable him 20 pay them H,575.0eo.