The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-01-15
Affairs of Jay Cooke & Co.


NEW YORK, Jan. 14-Tbe rrbrno nub-
fishes the following report of the Rece;ver of
Jay Cooke q Co., made to the Ranhr.,,on
Court in Philadelphia to-day. The rnnortP ~
on to say: goes
Among the assets of the estate are bonds of
OF the Northern Pacific Railroad Companv
amounting to $6,7O9900. There is no market
value TOR any such amount of these bonds 1
have been informed that sales in small quanti-
ties have been effected for about 50 cents on
the dollar.
From the best information have been able
get the debts of the firm will amount to about
S11, 100000, of which about 81, 500, 900 are Sc
cured by col'aterals or will be settled by claims
which can be set off, reducing the Indebtedness
to be provided for to the sum of $780, 900 L
believe that it would be to the interest of the
estate os Jay Cooke & Co., to settle any of the
debts for which the creditors are willing to ac-
cept the bonds of the Northern Pacific Rail-
road Company OF So cents on the dollar.
Jay Cooke & Co. owe to the First National
Bank of Washington about 100000. The
First National Bank of Washington owes to
various banks in different parts of the country
aoout $o5O, 900, in sums varying from $500 to
s3ooO each. The firm of Jay Cooke & Co., in
the month of October, made proposition to
ene creditor banks, above mentioned, for the
tional Re OI shelr claims against the First Ma
s,oiiai Dahk at the rate of 80 cents in cash and
~ cents IN the bonds of the Nortbern Pacific
railroad Company at So cents on tbe doIlar
with the understanding on the part of low
Cooke q GO. that the cash dividend from the
bank would furnish the 80 cents cash and thew
could pay to the First National Bank of Wash
irgton an amount of Northern Pacific bonds.
which at IS cents OF tee dollar, would he equal
to the other so GEMS, and that the bank would
receive these bonds in settlement of that much
of the debt of Jay Cooke Il Co. at the same
rate. Il order to induce the banks. about 600
in number, to assent to this arrangement agerrs
were employed by Jay Cooke & Co. to act I'M
der the direction OF Henry ID. Cooke, Jr., for
tine purpose of visiting the banks and procuring
their consent to the arrangeu ent. About
$4,000 were spent in this way. About $50
banks have signed the agreement acceptng the
proposition, and about fifty have signified their
Willingness to accept if they could be assured
OF the arrangement being carried into effect.
The assent of the remaining banks cannot be
obtained without being visited by an agent
competentsto explain the transaction. 1t ap
pears to me to be manlfestly to the interest of
the estate of Jay Cooke & Co., and of their
creditors that this arrangement should be car
ried into effect if possible, and it's success thus
FAR warrants the belief that with proper exer-
ton it can be accomplished. (The Receiver
then asks for authority to carry this project
QUIT would say further that the blnkrupts
have about $43O,000 of the stock Of the FIRST
National Bank, upon which they would be La
Bile for that amount if required in order to pay
the debts of the First National Bank The sa-
sets OF the bank exclusive of the debt of Jay
COoho q w., VIII Iall snort or paying the debts
OF the bank some $350,0OO By the proposed
arrangement this $780, 900 will be paid in
Northern Pacific bonds, and thus the liability
on the stock will be avoided.
(Signed) EDWIN M. LEWIS,
Receiver.
To this is appended the following recommen-
dation of the Register in Bankruptcy:
II have considered the annexed application
OF the Receiver, who has stated. in addition
thereto, that he is thoroughly satisfied that by
no possibility will the interests of the creditors
of the estate, other than those of the Fist
National, be prejudiced, or the said First
National Bark receive any preference in the
distribution of the estate by the arrangement
proposed, and would recommend the subject
of these conditions to the responsibility of the
Company, (Signed)
j. MASON, Register