New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-27
JAY COOKE 3 co. ADJUDICATED B1NR
RUPTS.

IMPORTANT PROCEEDINGS AT PHILADELPHIA BEFORE
JUDGE CADwALADER-J. GILLNGuAM FELL AP
POINTED RECEIVER.
PHILADELPHIA, Nov. 20. - In the United
States District Court this morning. before Judge
Cadwalajer, motion was made behalf Of sundry
petitOning creditors that Jay Cooke Co. be adjud
Gated bankrupts Upon this Mr. Bullit counsel for the
defendants. made the following statement:
The firm OF Jay Cooke & Co. failed the 1sth OF Sep
sSoO0O0O These debts due in various States Of the
Uulon. and to many persons residing IN foreign
real estate and debts due them Of various
railroad corporations ana other COMPUTATIONS, ana
OF the States. These gentlemen had two courses eIt
open to themthe was 10 30 into bankruptcy volun
tary the other was TO endeayor 10 make an ADJ ustne
settlement with their creditors. After careful con-
sileratlon they adopted the plan which Il, think,
case dated the first of October. That plan was sub
mitted 10 number OF the leading creditors. and 1t was
earnestly TO get the approval OF their other creditors to
the paper and they have succeeded mp to the present
time in obtaining the signatures or over IS per cent or
their creditors-perhaps should say not the signatures
amounting to $4,000 had not signed but had approved
OF the paperOne Of the largest creditors. amounting 10
dicon Of the accounts and authority to sign unless
some objection was lnterp0sed In few days by per
neghboruoOd OF hreequarters the creditors who had
approved this plan OF settementand the feeling was
they understood from their creditors who mad signed
that it would be very much better to have this estate
administered in such form IL proposed In the
agreementof October l. than Ia bankruptcythat whllc
the foryhrd section OF the Bankrupt law does provide
certain means whereby an estate may be saved from
what ordinarily regarded sacrifices or losses sup.
posed incident bankruptcy, yet that these
thought be favorable desirable for the body
Of the creditors as the plan which was proposed
These gentlemen have put into the firm assets every
piece OF property which they own All the private as
sets OF the partners have been brought ill., and they were
very large and they proposed to their creditors to sur
render penny or their property Tor the debts they
They don't feel aud have not felt that they had
right voluntarily TO assent to bankruptcy They had no
such ght, In their Judgment in OF the wishes of
those OF their creditors whom have referred and
while to-day am here appealing for hem ready 10 SUD-
NIT to the law, cannot voluntarily consent u an adu-
owe ~ those creditors OF whom have spoken.
Judge Cadwalader-In this case stated fortnight
ago That the credltOrs hdu Deeh c0nmenuaDy IorDeat
ing and that the paper OF OctoDer lst was open 10
objection in view OF the Bankrupt law. also
stated that the debtors had shown good disposition
though they make o mistake IN the manner OF mani
Testing it, suggested the great probability that com
mttee OF creditors under the 431 section OF the Bank
rupt act could be appointed to administer the affairs OF
these debtors. There had then occurred eXtraOr-
binary delay and there now occurs an additional delay
OF a fortnight. 1t has been now 60 days nearly since
that paper was executed. II the parties ready TO
divide five per cent at once, Internationally. strongly
recommend the creditors TO consider whether they
that dividend. But that Is not matter for me TO
obtrude creditors IL there dividend ready
t would be idle to delay the proceedings IN bank
ruptcy.
Mr. Bulltt being unable to say that his clients
prepared divide dividend. and there being assent
to further delay Judge Cadwalader declared that an
adjudication OF bankruptcy might be entered generally
Motion was then made for the appointment OF re-
ceiyer and after consideration Judge Cadwalader
named ]. CillinSham Fell for the position, intimang
that future proceedings under adjudication should be
had under the i3d section OF the Bankrupt act, which
authorizes the appointment OF trustee and committee
by tho creditors.