New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-24
THE JAY COOKE BANKRUPTCY

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EXPLAINED.
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PHILADELPHIA, Marcn s3'-An important
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bankruptcy Schedules ny "nich IL appears .na' Tue
,.,,n,oa o,,on o.. ,,oIito,, :. ,ossonod NV .hort
u'pu'ou AIMING ,no o'ooo,' 10 'o'So"0u W 49,
N6Oo0Oo This discrepancy between the former stae'
ment of the firm aud tho actual facts to lie IN the
Ied exhibit which that for some e. 900 ad
Vaood 10 tho COMPANY IN casa ny Jay o'oAo w. .ha'
firm held s6.l6 400 Of bonds as collateral whereas it is
now d-coycrou tnat instead OF holding these
co,Ia,oro, tho firm, mazda n, acuai purobaae of the
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bonds received by them at 50 per cent and interest,"
amounting In the aggregate TO only SuDoined
Is SYNOPSIS oil tho long amondmeh' inauo W Tue
schedules:
in the ppoeecpes m bankrntey they have sot ont cer
tain claims against the Northern Pacific Railroad Com
W., q, ~ N,'h., p.,is. conn.,, An. No. q
and ls7S a.: G Siooooo w
20 100000 90
1878 100 900 90
Eee. Of the Northern Pacific Company due Dec. o. o %
h9ss Of the Northern Pacific Company due Jan l. ,ooo IN
io''''''''''''''''' ''''''''''''''''''''''''' 49,, W
49,, al AZ 2tn IN
Cb,,., In ,;a, Dsbi, Al: natioser an omen accom-,
by the Northern Pacific Rilro,I Conplar... 2l78385 %
,O26 COS 0j
The petition goes on to say that 10 State these as
Inn If 10 COMPANY
ing that they had been settled by the purchase OF
bonds of tbat COMPANY In fact these claims had been
discharged by taking from the Company first mortgage
3o bonds AT So cents on the dollar and In
terest IN satisfaction thereof petitioners then ask
that they may amend their schedules this important
particular In accordance with the facts. the figures
being: claims. sO2cso5 IS; Interest above
per cent up Dec. 1873 s10a5l5 "a They pro-
pose TINS by adding Sl32l 20 winch has been
settled In bonds as stated aDOvo 50 per and
terest making the Of bonds thus taken and held
81 T6T 800 n stead OF &c. 400 stated in tho old petition
TO be held "A collateral
The petitioners say that at the time OF filing their
schedules they believed they were stating tho facts
trutbfully when they act them they did. They
thought 1T appears, that tho Company owed them TINS
they held bonds collateral In double the amount Of the
advances The facls out OF which THIS state OF Things
requiring such material alteration OF the schedules
arose are az follows:
On the goth OF May, 1862 Jay Cooke co. undertook
the sale OF the bonds O the Northern Pacific Railroad
Company upon the following terms
They to receive commission OF 70 per cent In full paid
.oek Of The Compn and were az be allowed az et'9ss' an al
they ngnI rsae o,oI % oe" on a =, ~ $3.50
fhI % 20 "a ,S, Int, snnoTed IN elm, ne hoS.
,o,d IL, CooLe 90 bound 10 advance 10 the Com
a, bt be- rege BIZ them 5000 900 Bd hey we're 10 receive
bon At The rate OF 50 Tor 81 a, security for such advances
On ths 18th dav of NAV. 1873 a new agreement was
- ha, rean thc firm ana the Company
by J. Gregory smith, Presidont; g. W. Ciss j. Edxar
ana h ~ aeom"nt was a6roSaeS and he
Company agreed employ jay Cooke Co. to sell the
balance vi tue nst mortgaSe sV oohus up W sooVO'
ooV UPON tne ~ w. t,- ,.. AZ ,.p,s IN
s an, n.rest les, an Allowance Of Der cent as an sqlstsd
sum 10 cover be expense advertising other expenses making the
net ~ Der interest 40 eoat
in paid tao bonds thus sold
This agreement having abrOgatei the ngreeinenr or
tion advances before stated and also released
tho Company obligations to deliver the bonds
for security for such advances In TACT, on