The New York herald., 1874-01-20
JAY COOKE & co.
Meeting OF Credttors-No Trustee and
Committee Chosen-The Voting To BE
ReOpened.

Re0pened.
PHILADELPHIA, Pa. Jan. 10, 1874.
The creditors OF Jay Cooke 4 Co. met this after
noon, when Register Mason submitted his report,
saying that the total number OF claims proved up
to the 18th of January was 1917. One creditor
voted for an assignee, and 594 had voted for Mr..
Lewis as trustee. the amount thus represented be-
ing 963 So2; but only fraction over 81, 500 900
were represented in the vote cast for the commit
tee, and that not being the necessary three
fourths, no committee had been elected.
Counsellor Bultt explained the difference be-
tween the settlement OF an estate by trustee
and that conducted by an assignee, and said ne
believed the failure TO elect q committee was
owing to the impression that the committee would
prove expensive. He wished to say that he be-
lieved not single one OF the gentlemen named on
the committee would look for compensation. The
speaker concluded by saying that the election OF a
trustee was rendered nugatory by the failure to
elect committee. Several creditors now assured
the Register that they had been laboring under
misapprehension when voting, whereupon the
Register said an opportunity would be given
those, II any, who desired 70 make change in
their votes to do so, aud adjourned the meeting
until Thursday next.
The creditors subsequently held meeting for
the purpose OF taking such acton as might further
the object OF procuring the necessary additional
votes by which 10 elect the committee. Colonel
Magilton presided. The following resolutions were
adopted
Resolved, That 1t is the belief the creditors here
present that y is the unanimous wish of the creditors OF
wound up under the forty third section OF the bankrupt
act by the trustees and the committee In
Resolved. That n committee Of Eve be appointed to ap
pear IN Court tomorrow and represent the the
creditors as 70 the necessity OF allowing the creditors TO
continue the vote for trustee and committee the
forty third section OF the Bankrupt act
Resolved That the committee be charged with the
duty OF urging creditors who have not yet voted
m,ee as well as for trustee to do at the meeting 70 be
winch may be held Tor that purpose
The resolutions were adopted, and Messrs. Joseph
Creamer, Elias ID. Kennedy, John =. Powell. II. M
Reading and John h. Jones were appointed as the
committee.
Action OF the United states District Court
The proceedings Of the FIRST meeting OF the cred
itors, held at Assembly Buildings to-day were re.
ported TO Judge Cadwallader before ;he second
meeting TOOK place.
The Judge said there must be an election OF an
assignee at an adjourned meeting. II there really
was any reason, looking to the interest OF
the creditors, why a committee should be
elected, he would ike to hear 1t. After
remarks from Colonel Snowden, who said he
believed majority In value OF the creditors we're
the Judge answered that the had already
been subjected 10 unusual delays, and he
thought 1t shoud be settled as rapidly
as possible. The Judge then made his
order as s:-"The Registers report OF the pro-
ceedings in part at the first Meeting Of creditors
presented at three O'Clock In the afternoon. The
case Will be heard on his partial report to-mor-
OF the first meeting appointed by tine Register for
this afternoon Will be held adjourned by him until
lnture sitting, not later than Thursday next the
22d inst.n