Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-20

and boasts that Mr.. Conkling viii lead in
the movement to instate him. The only
qualifications which Kennedy brings for
the place is the reputation of having long
fought Fenton in Chautauique county, New
York, where both Fenton and Kennedy
live, aud where the latter was Sheriff.
French is popular man and good officer,
and is not likely to be pestered.
Jay Cooke d CO.-Why are They Fa-
y0red?
As the coqueting in Philadelphia be-
tween the resisting debtors of Jay Cooke &
Co. shows that the creditors in the bank
ruptcy proceedings pending there are likely
to result in an amicable adjustment, the
proceedings here are regarded with increas-
ing interest. The two cases pending be-
fore Judge Humphreys of the Supreme
Court Of this District, sitting as District
Court in bankruptcy, came in for hearing
to-day, Clifford Arrick and Benjamin p.
Buckner were the petitioning creditors. As
person by the name of Stevens was ambi-
tious of becoming a creditor at this late
day, and had assumed the responsibilities
of Mr.. Arrick in his case, Robert Christy
and b. F. Grafton, attorneys, announced
that they had retired from the case Of Ar
rick, and appeared for Benz. p. BucEner
alone, and proceeded to offer proofs of the
service, personal and by publication, in the
latter case. The return of the Mar
shal showed personal service upon Henry
d. Cooke and Vim. M. Tenny, and the
nOn-residence of all the other members of
the firm. Judge Humphreys gave patient
hearing to the case, and announced that
any adjustment of the case now would not
prevent any other creditor from availing
himself of the advantages accruing to either
of the present petitioning creditors. After
full discussion, the court held that the ser
vice by publication should not be disturbed,
but out of abundant caution, the authori-
ties cited by counsel differing in regard to
the matter, it would be safer to make per-
sonal service out of the District of COlum-
bia. Thereupon, by consent, the cases
were continued to Tuesday, Dec. =, when
they will undoubtedly be tried.
The unusual and indeed unprecedented
extensions allowed the house of Jay Cooke
& Co. by the courts has given rise TO much
scandal. Mr.. ChriSty, attorney for Arrick
and Buckner, explained tonight that the
bankruptS were allowed access to their
funds, were Offering fifteen cents on the
dollar on the street to creditors, and die
tated their own valuation Of bonds of the
Northern Pacific Railroad as parts of their
assets at IS cts, besides demanding
own trustee. In this way they were using
assets properly their creditors to buy forced
settlements, and the Courts of Justice, as if
paralyzed at the audacity of the banbuupts,
DELAYED to take action, and thus assisted
their scheme of recommending business.
Jay Cooke has about the same confidence
in the Northern Pacific enterprise as before
his failure, and seems TO believe that his
bonds will again appreciate and give him
solyency. His London partner, McCulloch,
is meantime about to cut loose andreOrgan-
ize the London house. Gov. Shepherd says
that FahnestOCk, the New York member of
the firm, precipitated the failure of Jay
Cooke & Co.. by seeing the doom coming
and closing up his branch, and estimates
that his circumstances are better than his
more tardy partners.
Special TO the Louisville COurier-Journal.
WASHINGTON, Nov. 1S.-The Jay Cooke
ring have succeeded in procuring another
postponement in the bankruptcy case in the
court here, the creditors finding that the
Cooke influence appears to be potential in
the courts of this city and of Philadelphia.
Some of the creditors have determined to
appeal to the courts of New York. A Phil
adelphia firm has accordingly filed petit
tion in the United States Court at New
York, asking that Jay Cooke q Co. be ad-
judged bankrupts. The prospect in New
York does not appear much brighter, for
the clerk of the court has endeavOred to
keep the filing of the application from get
ting into the press.
Another Large Increase of the Public
Debt.
Special to the Cincinnati Times.
WASHINGTON, Nov. 1S.-Secretary Rich
ardson says the public debt will be largely
increased this month in consequence of the
falling off in customs receipts, and the pay
ment Of the quarterly pension accounts
which will require four and One-half mil
lions.
The premium on gold having advanced
the Treasury Department has discontinued
the payment Of silver in sums Of five
la1lo,.