The New York herald., 1874-12-07
THE JAY COOKE ESTATE.
Report OF the Trustec-A Discouraging
Outlook-The Assets Unsala BILE.


PHILADELPHIA, Dec. 8, 1874
MIR. Edward NJ. Lewis, trustee In BANK
ruptcy In the case or Jay Cooke 4 Co.,
alter many months preparation, has at last
presented TO Mr.. Cookies creditors his report.
lie frst proceeds, In this document, to enumerate
the railroad stocks bonds, houses building lots
and ..ands in generap' turned over to him
for the benefit OF the creditors. The
houses mentioned in the catalogue are all
heavily mortgaged and the actual valuations or
the ''lands'' here, there and everywhere are so
covered with encumbrances that they can be
locked upon as almost II not entirely
swallowed up. Taking the trustees report for
all 1t amounts to all the houses, estates, lands.
&C., OF the 1rm seem to have
been pledged years ago for borrowed none ', and
the only recourse the creditors have Is to accept
the Northern Pacific bonds, upon winch the man.
ton which they know to be fancy" and Ior
which they also know said bonds can never
be sold in the market; MI: jay s Cookies Is
name), which cost over 81, $4,000 to construct,
decorate and adorn, Is offered for sale at the price
times nnds no purchaser. lhe immense hotel at
Putin Bay has also been precipltated upon the
its furniture and SURROUNDINGS, the ofer has been
declined. he managers oi the ruined estate can
evidently hnd no purchasers Tor anything they
offer for sale, aud are compelled to state the
prospective value only OF every hing they repre-
sent. Tne most astonishing revelation OF the re-
port Is the small capital upon wnicl the frm con-
The pronts derived from other peoples money
was DIVIDED among themselves and upon the
nrm's collapse the creditors were lett destitute.
Jay Cooke. McCulocn Co., Of London. at frst
represented claims against the American house OF
Jay Cooke h Co.,, FOR S597,00o, on which the
balance in favor OF the London house
port subsequent claims have been presented by
this London house, which entirely swallow up
the $500,0O0 due to the American house
and great many thousands more. The
foreign and American houses war BY
letters and numbers, instead OF the
names OF the interested parties, so that even
perfectly unintelllRible to any but themselves,
explaining them indisputaby before courts OF
law In any way tnat Will best advance
made lis unexpected claim, the secretary OF tue
Navy puts IN another, according 10 the report,
equally a. unexpected and almost a. great, so
that It seems ~ II there we're conspiracy to I'm.
leave the army OF patient expectant creditors out
In Cne cold.
The report Of the trustee might just as well
Il is weak, vague and visionary and tue creditors
are no more acquainted with their chances 0f
securing their accounts than they were before 1t
was penned. Brieny, II endeayors 70 stave
disappointment, the creditors will accept Tor pay
the miserable lands OF the Northern Pacific Rail-
way. Indeed, one OF the lawyers OF the former
public that II the claims preferred against the
Individual members OF the nrm are proven
there wiil be scarcely anything let ior
the rns oT aspS a1
before their failure the hrm OF Jay Cooke 60.
were speculating upon other peoples money, were
dividing the profits among themselves ana were
yearly giving enormous amounts OF money 70 tneir
wives and children.