New-York tribune., 1874-05-08
TIE jay COOKE BANKRUPrCY CASE.

! MEETING OF TIE COMMITTEE or CBEDIroRs--rM-
| PoRrANT QUESTIONS DIscUssED-ENoUGH CASH
NOW ON HAND TO DECLARE A FIVE PER CENT
DIVIDEND - NEGOTIATIONS BETWEEN LARGE
CREDITORS AND THE COMMITTEE.
lVRoN AN NoccAsIOSAL CORRESPONDENT OF TIE TRIBUNE
PHILADELPHIA, May 7y-There was a move
nent In 1he Jay Cooke bankruptcy case to-day. which
may be OF interest to the large number OF creditors Of
this fallen house. The committee appointed at the
general meeting OF creditors some time ago. in con-
Junction with the Trustee Edwin NJ Lewis,
PRESIDENT OF the Far,ers' and Mechanics Bank
OF this city, held q meeting this afternoon, and
were IN sess0E several hours While, OF course. their
deliberations not Ioade public, they took no
formal shape Which could be PROMULGATED as decision
yet Is understood that the long 7exed question Of
whether dividend should DO made at this time, or
whether arrangements already entered upon with cred
itors and debtors OF the firm, well with those
desrous Of purchasing portions OF the assets should
DO contaminated. vas discussed. The Comuhttee
consists Of Messrs. Edwin NJ Lewis (at their head as
trustee John Clayton, Isaac Norris, and Robert Shoe
maker ofiPhifadephia; ID. Hefsnstein OF shamohn,
Penn, and Joseph Brown OF Wllkesbarre, Penn THESE
gentlemen represent In their own persons as creditors
OF Jay Cooke & Co., over SO0OO0, and are
well known as thorough business men. This Commit
tee took up considerable time In discussing the
adyisabty Of compromising several claims which the
bankrupt estate had against individuals. who in turn
had 5etoifs" They did not decide whether hVe per
cent dividend In cash would be made at once, for,
although the most Efforts have been made to
get in al the proofs they not all been re-
ceived has the vericaton by tho books or account
OF those which have been received been completed.
Mr. l. wis says he Is still waiting to have returns or
claims By the Government Departments at Washington
only having thus far been receiycd-that or the
Post-Oaca Department-for $4,000. He has almost
enough hand to make per cent dividend In cash,
which requires some saDJ,c0). A sale OF 1900
tons OF pig at MOrrlstown, purchased Dy
jay Cooke Barlow MOOrhcad for the purpose OF
being made No into rails FOR the Northern Plch Railroad
Company, Is n process n accomplishment ana TINS VIII
Dfms sVocOO lddlonil more MN s.siS 70 nn & up
a iye per cent dividend. The Northern Plcihc oOlu1
now selling privately at ABOUT 81 or - cents on
the dollar. Tnis estate has about SJOJI,1J0 OF
these. fOr sOno time past thfre hIVe D-cu ne
gOtatiOns going between Of the larger crei-
llors in NewYOrK. Philadelphia, and Washington and
the trustee aud his committee looking dividend OF
the assets kind Win certain arbitrary estimates OF
value having been set upon the stocks ana bonds Iha
Is say, the proposition rather suggestion Cor ~
assumed more definite form than tnat or mere
suggesOn E that those creditors VINO choose % do so
should their claims by taking say, 10 per cent IN
cash. per Northern Pacific bonds at 10 cents on
q dollar - per cent IN Lake Superior bonds anu the re-
malnIef ~ Other DohdS no an tlsuic'I sdI. Aus
bat initiative proposition Dut II shows now the cur
The Committee, understood, Will DO nothing that
would not maniestiy be 10 the advantage oi all tho
such arrangement, II II should DO made. Other
propositions. looking partial tsentaneloment OF the
/
following l. type: large creditor, having claim or
about sl5J,oo0 suggests that he be allowed to take
| lands are to be taken under an agreement
that II they are powed once 70 per- cent Oh tIer
inserted to encourage the cultivation OF land
going To waste, and an ncrease OF population with
a necessary increase OF business 10 tho railroad IL IS
thought thstn these suggestions VIII assume definite
shape before Tong ant Jnlt the creditors 0f Jay Cooke
| * %. viii nave something TO act upon.
As 10 or the more prominent uem7 or assets AIr
Lewis the Trustee, + SIM nursing theil, proeLIihB
rather hold tuem than to sell at great shcrn -.
lnls Is the with tc mag nOent country seat Oh tle
senior mem0c- NJ the hrn NJ Cheton li,ll'' VI
Philadelphia, valued AZ SjJ)OJ Several prominent Een
tieu1e;l among whom were leading hotel pruDrlctOrs
here short time ago thOuSit serlou,Iy o. pu'ouAS
| ing 90 gOntz," as tue seat - calei ana maAlnS :
into country summer F.sisHS9 IVr t,or we'tH5
men who could tiAe .helr Iilliue5 LleI. auu
! reside on the WGiro sulphur Spring system,
adapted to tastes and requirements OF each. Tlls
sshene Is still being cons dcred by the capaliats re-
tlgeous tho estate ~ ths large mansion ahu tDe
grounds surrounding ~ would hardly hnd purchaser
RdOrs nave oeen current tha hr Lewis was aDout 20
srll the costly furniture which has remained IN The
mansion the failure. This, however Is not CON
tempated 1t i5 Thought that the property WOul DC
! much more valuable In furnished state.
jay Cooke, the senior partner Is living IN very mod
est way, having LETT his family residence snort time
after NJ failure Mr. Cooke retains all the buoyancy Of
spirits sanguine expectation OF tho uture FOR which
he was always noted au MS answer 10 the qIesto VI
TRIBUNE correspondent This afternoon represents
the tenor mind You ask what are the prospects
all right and be greatest in the country II VIII
/ fabulous EtbIJus Ol AdJufo Mt..eu ~
United States Government and her people You WiII al
/ see that before many years pass over our heads
! Ey-GOy Henry ID. Cooke Is living IN GeOrgetOWn,
D. c. with his son Harry aud is engaged IN settng mp
his business preparatory TO entering another hcssrs
FlbnesOck and Harand Of the NeWYOrS branch or the
house are now engaged clerks or as suDorinate' IN
tne First National Bank IN New-YOrk. The old banking
been rented Tor the same purpose OF car
| rying on a banking and brokers business.
The Committee viii probably SIT Tor several days CON
siderng the above and other propositions and deciding
/ upon terms OF compromise and sales or properly
Whether a five per cent cash dtyiiend Will DC an
Dgurced will doubtless known after this or the next
meeting or the Committee, which latter VIII take place
! IN about two weeks