Martinsburg weekly independent. [volume] (Martinsburg, W. Va.) 1873-1875, 1874-01-17

Jay COOK A. q co.
A State 5. mt by the Firm

The Bankrupt Proceedings in the
| Case OF the Rstined Banking
Firms The Moneys ne Members
| Haze 1ra,lJerred-Jdy Cooke
GiUes q History OF the Rise and
Decline Of his bdak--Judge, Cqd-
acdiiader Dissatisfied 0ith the
Statement The Plan Of LiQuila-
ton Proposed.
WASHINGTON, january. Tt
On the Goth of November last,
Judge Cadwallader of the United
States District Court, for the
Eastern district of Pennsylvania,
appointed Edwin M. Lewis, Pres
| ident Of the well-known Farmers
and Mechanics bank of this city,
receiv + of the Jay Cooke. d Co.
bankrupt estate for the reason of
the delay of the original petition
/ ing creditors to push their claims,
and because of.the assignment of
al.
to ex-Internal Revenue Commits
sioner Il. A. Rollins. On October
l the Judge at the same time made
the extraordinary order that the
bankrupts should disclose all
transfers, payments, orappropria-
tons made by them for the benefit
OF their families or relatives not set
down in the bankrupt schedule,
filed in the United States Mar
sha's office here. Under this order
the eight members of the once
great firm have just filed their
statements of
THE PROPERTIES
they have transferred to their
relatives since the firm was estab-
lished in 1871. Jay Cooke is, of
course included i'm the list of those
who have furnished the state
ments. The statement is i'm
portant as showing the gigantic
transactions of the firm in placing
the Government loans in the
darkest hour of the country's
need during the late war. Judge
Cadwalader, with his char
acteristic captiousness, is not
satisfied with the state
ments and requires the makers
thereof to present new ones. This
order gives great offense to Mr..
Cookies friends.
Under an order of the Judge of
the u. S. District Court, requiring
the members of the firm of Jay
Cooke 81 Co., to disclose all trans
fers, payments, or appropriations
made by them for the benefit OF
their families or relations, not set
down in the bankrupt schedule,
Jay Cooke publishes the following:
JAY COOKIES REPLY:
81 entered into co partnership
with William G. Moorehead on
the lst of January 1861, uuder the
name and firm of Jay Cooke &
Co. considered myself worth at
that time abont $l50,000; at the
lowest depressed prices which all
know were then prevalent, and /
believe Mr.. MoOrehead to have
been worth at that time fully dou-
BILE that sum. and pro baby nearer
half million dollars. Neither of
us had a very large amount in
actual cash, but we had land bonds
and stock which fairly represented
these values, and ter months after
the opening of our banking house,
and up to that time, we were
doing but moderately snug bust
ness; we became one of the agents
of the State of Pennsylvania for
the negotiation of their three
million loaa. We had the satisfac
ton of saving the State at least a
half million in that negotiation,
and of raising by that means the
credit of the General Government
also, so both the State and Govern
ment finances at that time were at
a very low ebb. This success gave
us prominent position,
as all payments to the
State were made through US.
The operation also attracted the
attention of Mr.. Chase, then Sec
rotary of the Treasury of the
United, States and we were then
appointed sole agents in Philadel-
phia under the law of the negoti-
alton of the first 7-30 issue of
bonds. We were so successful in
these efforts that the General
Government put in our hands,
finally, the great 5 20 loan, amount
ing to over 100000, which we
negotiate in very brief period.
Other loans were negotiated by us
from time to time, the legacies of
which was that of the 7-30 loan,
$3.50, 900, 900, and latterly 5000,
| 100000, of the new funded five