The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1912-05-15
CIRCULATION 2.3O0.
Compromise of $4,000
Accented COndftfOnally

COMPROMISE of $4,000
Accepted C0ndftfonally
A conditional compromise of $3.50
was accepted by the creditors Of W. r.
Roof and of the Lexington Savings
Bank at q largely attended meeslng OF
the creditors held in the court house
On last Saturday. The sum of $25,ooo
il to be paid within 60 days or sooner;
ss5 ,000in - months, and an additional
S25 900 in 18 months. Upon the pay
ment of the first $25, ,oOe Mr.. Roof is to
file with Thos. P. Meetze, O. E. Leap
hart and w. 81. Townsend, trustees OF
the estate, bond for $5o, 900 to be ap-
proved by the court.
The offer is fully set out in the fol-
lowing address. which was read with
much feeling by Mr.. Roof:
ssTo My Creditors-Ladies and Gen
tlsmen: / am before you this morn
ing to ask your kind attention and
consideration for few minutes only.
1t is not my purpose to attempt any
explanation of all that has led up to
this serious misfortune that has be-
fallen me, yet I viii say that I made
an honest and desperate fght to keep
back any such disaster. Now that it
is on me, you can never realize or
knew the deep sorrow, humiliation
and regret that has almost crushed
my existence. Not for my own loss,
though my whole life work has been
swept away from me. but my deepest
trial and greatest grief has been for
the safety of my creditors. Yet, l
have not ceased to work, for both
night and day I have been with my
attorneys making an effort to formu-
late some plan by which I might save
my creditors, an | with the help of
God shall still contend f,- anything
that will be for their intel ests.
chad plan to present TO my cred
itors, assuming that the committee Sc
lected on the 2nd would trade with the
Parrish stafford Company, whereby I
would be relieved OF my endorsements
of about $500, 200, leaving approx
mstely $s74, 200, lut on Thursday af-
ternoon last was informed by MEM
ber Of the committee that Shey could
not. probably, agree to the proposition
submitted TO- them by the Parrish
Stafford Company. My plan was the
one Outlined at the4 last meeting by
Mr. Barron, viz, by which each cred
itor would be q stockholdsr for the
amount that they have involved until
an could be had without their assum-
ing any additional liability. This I
was willing to undertake with the as
sistance Of q board of directors of your
selection. if it had taken me- ten years
or the balance OF my life, in order to
pay all or any amount that might
have been agreed on.
Now, believing that the estate will
be forced through bankruptcy unless
some compromise is made, and taking
the very low estimate made by some
of the committee and their attorneys,
{they say very little will be realized,)
to avoid the bankrupt proceedings and
the sacrifice of everything, I desire to
undertake to pay into the Court $751;
600, viz, S25, 900 in sixty days or less,
$25, 900 in twelve months, and $4,000
in eighteen months. On account of
the very short time that I have had
since Thursday afternoon have not
had the time to see my friends, from
whom I think can borrow the money
for the first payment, but feel rea-
sonably sure that I can meet the pay
ments and am willing to enter into a
nOQu 60 GulS euScG.
'sThis offer of com mposition is made
to be applied to the bank, cotton and
mercantile creditors, and will trade
with the Farrish-Stafford Company,
whereby will be relieved of all en-
dorsements of the cotton nills.''
Following Mr.. Roofs offer Of COM
promise, the attorneys for the trustees
made statement of the conditions as
they appeared to be after a thorough
investigation.
Mr.. W. II. Townsend, receiver for
the bank and one of the trustees of the
estate Of Mr.. Root, said that the best
that the trustees could hope to realize
for the creditors under the most favor
able circumstances was about IS Per
cent.
Mr.. Roof was questioned by Hon.
GEORGE Bell Zimmerman as to where
and from whom ne hoped to be able
L NJ ~S