Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-30
JAY COOKE & co.
The Great Bankers "Gone Glimmer-
Ing"

bankruptcy ErOceeUlmEs a&a1Rst Jay
Cooke d Ce. sn PhtIadeIphfa-As-
alignment of Their PrOperty-uxrv
Report about Their washtnxeon
Bank.
From the Cincinnati Commercial.
| PHILADELPHIA, Sept. 26.-Tbis after.
neon the he use OF Jay Cooke & Co. was
forced into bankruptcy on the petition of
the Logan Square Building Association of
| this city, which was depositor of the firm.
| Its Treasurer, Mr.. EIwood Artzor, le,rned
yesterday the important fact that the sus-
pended house had made an assignment Of
all its property outside ofthe State of Penn
| sylvania, On the both inst, to j. B. More
head, one off the members Of the firm. this
being an undoubted act of bankruptcy.
The petition alleging that fact, and also
that the bankrupt had refused to nav a
check for five hundred dollars, drawn YES
day, was fled with judge Csdwallader. of.
the United States Court, who granted an
order TO show cause, Terurnable Oct. /. and
the papers were served upon the members
of the firm this afternoon. aEfFH
Your correspondent learned In an inter-
view with MIR. Jay Cooke himself that the
assignment referred to Ia not q general as
signment of all the assets OF the firm, but
is merely transfer Of certain specific pro-
perties belonging to 1t, and the individual
members thereof situated ia other States.
and liable therefore to be taken under for
eign attachments Issued against them In
those States as non-residents. The object
of this is to protect the property of the firm
and Of its several members for the benefit of
all their creditors alike and to prevent any
one from obtaining priority or preference BY
first initiating legal proceedings.
Such an assignment, Ike the continued
suspension of commercial paper for four
teen days is an act of bankruptcy, and the
firm was of course liable to have such pro-
ceeding instituted In any Of the cities where
it was doing business. The first action In
such cases draws to itself the settlement of
the firm affairs, and if the bankruptcy pro-
ceediDg instituted to-day should be pushed
TO thei bitter end they will be carried
through in Philadelphia. Il is believed.
however, by the members of the firm, that
they will be able TO submit such statement
to heir creditors as will be satisfactory, and
that they viii be allowed 10 superintend
and control the management and DISPOSE
ton of their assets, they being of course
able to realize vastly more than would re-
ceiver outside of the s. ale in charge of their
affairs. The assignment made here on the
10th inst. cuts out all attachments laid
against the property of tho firm in other
States, notably heavy enc laid few DAYS
since against real estate in Cleveland.
In the interviews above alluded to with
MIR. Cooke, at which bis brother, Henry u.
Cooke, late Governor of the District of
Columbia, and the counsel of the firm, John
q. Bullitt, Esq, we're present, Mr.. Jay
Cooke said that it would be we'll for those
of his creditors who were selling their claims
against the firm al a sacrifice to investigate
for themselves, and not rely upon rumors
current upon the street. Mr.. Bullitt stated
that full exhibit of the assets and liabili-
ties of the firm would be made to the credi-
tors in the early part of next week.
Ex-Governor Cooke alluded with consid-
cradle warmth to the telegrapbed report
that he, as the sole executor of Chief JUS
tee Chase, bad handled that trust estate in
the affairs of the firm, and of the First
National bank of Washington, styling such
a report an infamous lie, and saving that
not dollar had been lost, as the securities
were safely locked up on special deposit in
the vaults Of the Fidelity Trust Company
OF this city. Measures will be taken by
which an official contradiction of this
canard will be made tonight by Edwin L.
Stanton, the assignee of the First National
bank in Washington.
We append statement of their liabili-
ties and assets, previously teleg-aphed:
The following is a summary:
Liabities-S7, 939,4O9.
Assets-Bills receivable, bank insurance,
and other stocks, bonds and real estate,
81, SCI, $40; loans to the Northern Pacific
Railroad Company, on s., 900; stock of
Oregon Steam Navigation Company 81, $780,
600; loans to Northern Pacific Railroad
Company, on bonds of the company,
81, Oo5,2 l6; second mortgage railroad bonds,
stocks, etc, $3.50, 356-total Sl5, 1866, PHI
The above exhibit of liabilities is exclu-
sive of 81, 7O1, l40, loans of the firm, which
are fully secured by good collaterals. The
excess of collaterals upon these loans has
been estimated and included in the assets.
From the Cincinnati Commercial.
WASHINGTON, Sept. 26.-Tbe Receiver
of the First National Bank of this city COM
pleted his report as to the condition Of the
concern, and placed it in the hands of the
COMPTROLLER ofthe Currency this afternoon,
but the latter refused to give it out until to-
morrow. He had determined to hold the
report until after the statement of Jay
Cooke & Co. was made public, but said this
evening that they had determined to bold It
10 longer than tomorrow, when, if Cooke
q Co.'s statement is not finished, the report
Of the First National Bank will be given |
out.
The Comptroller, for some unaccountable
reason, declines to allow the publication of |
the last sworn report that was made 20 him |
by this bank. As before sisted in these dis
patches, there was q discrepsny in one |
branch of the account, amounting to over
one hundred and thirty thousand dollars, |
which the Comptroller has since frequently |
demanded the concern ID clear up, out his |
demands were not needed, for reasons best |
known to the parties.
1t is learned tonight from the most re- |
specta lie authority that the listilities Of the
First National Bank will foot up Sl,260,O00, |
and that the assets will amount to little or |
nothing outside of the capital stock, unless |
it be Northern Pacific railroad bonds. There
is no means of ascertaining until the report |
comes out how much Of the capital stock re-
mains.
WHAT IS THOUGHT OF JAY COOKIES !
STATEMENT.
WASHINGTON, Sept. 27.-The general
III W LILO Va 10Y
Cooke & Co. in the statement that has
been published, Is that in brokers' parlance,
cit is as tho as water" Not a great deal
better is thought of the report of the FIRST
National OF this city, made by the Receiver
to-day.
REPORT OF THE RECEIVER OF THE FIRST
NATIONAL BANK.
Edwin L. Stanton, Receiver Of the First
National Bank, has made 3 report to the
Comptroller Of the Currency, and says:
"While precise comparison can not yet
be made, a careful examination causes me
believe that the following statement OF the
resources and liabilities of the bank, quail
fed by remarks which succeed it, is rs &C
curate one as can now be made:
ASSETS.
Loans and discounts, actual value
estimated at (see remarks follow
ing this summary. ................ S546,425 90
Oyer-drafts ....................... 4,705 Oe
United States bends to secure circu- -...