, 1873-11-27
A Receiver Appointed by the United
States District Court.
Resumption Of Business by tho First
National Bank Of Memphis,
Favorable Showing Made by the Re.
ports Of tie National Banks.

District Court, this morning. Judge Cadwaiador
presiding, tho matter Of rotitlono in bankruptcy
against Jay Cooko L Co. came up by order Of
tho Court.
Edward Wilson, representing tho Logan
Square Building Association, primary petitioner,
said tho order to show ca,,ae had boon published
aB directed by the Court.
john G. 1'ulitt, counsel for Jay Cooke l. Co.,
said Iio was ready to appear for all tho defond-
ants and That they had all been personally served
with tie order Ut tho Court.
prosonted, ho asked for MI adjudication Of bank-
ruptcy against tho hofcndnutu.
Mr.. Brinckloy, co'lnGol for tho intervening
cro1itorB mid ho also asked MI adjudication Of
bankruptcy against tho defendants.
wns very simple, and askod If tho assignment
,Tns thorc.
nlr. Brinc',ley said IL ,,aa attached to ono Of
tllo potitsona which was theroupon uont for.
]. o. uULLITT,
counsel for tho defendants, addressing tho
Court, nnid: l dcsiro to state TINT tho de-
ienilants failed Sept, IS, owing ncarly s8000,-
0o9 to pGrttca living IN various statcs in this
debts Of moneys owing them, real estate, bonds
and stocks of companieb in various parts Of tho
country. Tho asseta and creditors being W wide
~ scattered, thoJ wero greatly embarrassed md
~ a. losu to adopt ? plan that would be beat for
nil. They could either become voluntary bank-
rupts or perfect m adjustment Of thor affairs
with thoir. creditors, instead OF bankruptcy.
After consultation with such Of thor crcditora
~ they could gather together, they adopted tho
forrcd to- IN papor attached to one
Of tho petitlons 1iloa in court. THIS
plan, by lnrge number OF their creditors.
u Ier Ono their largest
from tho court having Jurisdiction Of tho &C
COUNT consent to Sign bis approval of the plan.
The general feeling among the creditors was .
preference for this plan to thnt of bankruptcy, as
tho Bankrupt net aa beiug less favorable to them
t!lan tho plum proposed by tho defondants. Tho
dofendants proposed surtondoring every dollar
thcy owned for tho boncht Of thcr
t SE'dte1s seoa IL tho creditors rs, agreed os
no right to 60 into voluntary bankruptcy
While ho was thcro to submit to wlntoycr tEo
Court might direct, to could not voluntarily con-
sen: to IN aajudicutton Of bankruptcy against
arguments, but, on the contrary. would. With oil
their ability, facilitate their crodtors in securing
tho money duo thom, but yet thoy cannot con-
sont to NIL Adjudication Of bankruptcy.
FURTHER DELIBERATIONS,
Judge Calwelader aslcdi il tho assignment raa
there. air. Dnllitt ropl1ed that 1t vas on record
anti naoltiouo1 in the petitions.
MN. nErHcKLEY,
council for tho plaintiffs, said that tho testimony
TNA to tho otcct TINT assignments lad been made
to Mr. 11oorohoel Of properties in othor Statos,
which, it Vas caudidly ad1nittod. voro intended to
prevent the eoizure Of that property BY credit
ors III those States No appraisemoat had beon
made. It was not known that anything had been
dono by tho Assignee to take possession OF the
recorded ii in tits State, but It was was not not
known whether it Ind been recorded
& s o5'r neS s;nos s:o. Judgments da aGnntng to
in tl9 city. and tTo executions hntf hnn., fssncd