The New York herald., 1873-11-27
Jay COOKE & CO. ADJUOGED BANKRUPTS,

A Receiver OF tho Estate Appointed by
Order ~ the United States District
Court. ea f.to L. D.tt 4jl Esn .ll n. La..
PHILADELPHIA, Nov. 20, 1873.
Jay Cooke A co. were today declared bankrupt
by order OF United States District Judge Cadwal-
lader. -. r. ,-s,,f.t. Y. r.4sf
Mr.. Edward Wilson, representing the Lyon
square Building Association, and Mr.. Brinckle,
representing other creditors, moved the Court
that Messrs Jay Cooke a Co. he declared bankrupt.
Mr.. John G. Butt represented the firm, and he
opposed the motion. He stated that the dcfend-
anita failed on the 18th OF September, owing
nearly ss,coo.ooo 10 various parties who lived not
only In THIS state but In other States OF the Union.
The assets OF the rm consisted OF debts due them,
certain real estate, stocks and bonds OF corpora
tions. or individuals and communities. The
nrm was much embarrassed, and did not
know what 10 DO. Mr.. Bulitt con-
tnued There were two courses open to them
namely, either to 60 into voluntary bankruptcy
effect adjustment or settlement with their cred
itors. After consulting such OF their creditors as
they could get together they adopted the latter
course. and submitted the plan indicated in the
paper attached to these petitions. This they sub
mitted TO . larger number OF their creditors, and
have obtained the signatures or approval OF per
whose clam n s7oo,oo0 or $500, co., received from
the Court having jurisdiction Of the accounts per-
mission 70 slen TINS paper, unless. within lew
DAYS. an objection snouid he made by some inter-
esied party. The feeling among the creditors was
that this plan was better for all parties than bank
ruptcy Even the forty.thi section OF the Bank
rupt act was not so favorable to all interests as
the plan adopted BY the great body OF the creditors
ered,sors ever, dollar they owned, and felt tnas
they had no right 20 90 into voluntary bankruptcy.
While an here 20 submit to whatever the Court
may under the laws direct yet cannot voluntarily
consent to an adjudication OF bankruptcy. Of
course We viii interpose no caoti0us objections,
but, the contrary, will try every means In our
power TO facilitate the creditors In obtaining their
money, Vet We cannot put ourselves In the position
Judge Chdwallsder--ls the assignment hercS
MI Buibft-l do not Know, sir; II IL on record
and referred 10 ia the petitions.
Mr. brinckie-lhe testimony already taken fs IN
substance taat the assignment was made To Mr..
Mooyehead OF real and personal property In other
.es was aone 20 prevent n'u in ,hoss
states; no appraisement OF the property has
been made, sna they DO not know that any
10 take possession OF the assigned property.
me assignment has been recorded In Pcnnsyi
corded 10 the other states. Judgments to the
amount OF $4,000 have been obtained against
ssa Sas NO, psss Sssn ssss
cused an ana tns s~s.rIl remain IN n their bands.
a, the IA last t. meeting Of creditors. % but % not being
party 70 the proceeding the Judge declined to
Judge Cadwa,ader--In this case stated. a fort
night ago, that the creditors had been commenda-
bly, forbearing, and that the paper OF October
was open 10 serious objection In view OF the Bank
rupt law. I then also suggested tnat under the
43d section OF the Bankrupt law q committee OF
.reaitors oe appointed 70 aaminster inc estate OF
CURED, and now nearly 60 Gays have elapsed since
the execution OF the paper OF October !. n the
defendants will say that they are now ready 10
provide a dividend OF five per cent will now
strongly recommend TO the creditors TO postpone
their application for an adjudication, otherwise
must proceed regularly 10 an adjudication.
Mr.. Bulliit.I am not prepared 70 answer this
suggestion. IL involves the payment Of s4oo ooo or
centy familiar with the condition OF the deiend-
ants money accounts to say whether they can act
Judge cadwaladcr--Th withdraw the sugces.
tion. In fact, do not know that would have had
elapsed TO have secured certainty about that
Mr.. Bullltt--n counsel win consent to a tempo
rary suspension OF proceedings. can certainly AS
certain thus point by snndown and inform them.
Judge Cad walader--Really there should be no
further delay about this matter ! meant a fort.
night ago, TO the creditors that they could
not sustain the paper OF October ]. aud they have
shown the greatest iorbearance; in fact this re-
Mr.. Bullitt-I do not complain. on the contrary.
must say tnat have never known case IN
which there was 70 much confidence reposed by
Mr.. wilson, asked for an ADJUDICATION to-day
defendants ask a delay OF y elay only consent
Mr.. Brinckle-f am sure my clleuis have not un.
duly pressed the deienuantr, but they think
under all the circumstances, they are now entitled
10 an adjudication.
Judge Cadwaader-Ycs, sir and adjudication
NAV be- entered generally.
Mr. Wilson, desire 10 apply for the appoint.
mcnt OF receiver for the protection oi the assets
Judge Cadwaladcr-the paper OF October did
not prccede the proceedings m bank rnptcy, aud
therefore need not require bali. hut can appoint
a receiver, aud am glad the Application has been
made 20 obviatc any difrcuity A. TO divldends A
! suggested fortnight ago would nov name Mr.
Giliingham Fell N ne would accept the position. 1
would like some one TO accept who wo1la act with.
out going 90 q lawyer.
Judge Cadw aader then issued q commission a.
rccting that Mr.. fe be made receiver, AND 10 was
given into the hands 0f Court empoys to serve.