, 1874-01-22
Jay COOKE & co.
Tho Bankruptcy Court in philaelel-
phia Sill Considering The
Firms hnhirs.
Judge CadwalIader Favors the Appoint
naent Of a Sole Assignee.
Il Final Decision Reserved Until
= TO"Dny.

Spec'al D!sua.ch 10 Tic Chieaso Tribune.
PHILADELPHIA; Pa; 'Ja,t. 2i.-iio caBo OF jay
Cooio l. Co. WAS @ga., taken up tA!s morning
III lhe United States DiH!rict Court, Judge
Cat1wallador presiding. 4 number OF creditors
Of the firm, md representatives OF othor credl-
tors, were present.
Judge Caiwatlaler Baid "1his mailer comoH
up, bolloyo, Oil Ill application to continue the
voting. would liko to have a responsible deli
nitlou Of tho ttno required, for it will take 1aar
$500, 900 additional"
J. g. Dullett EBq., said that ho appeared at
tho request Of = nnnGar OF creditors who
had called upon him. and WHO thought
thov voltd like 10 vote, but Ind not
llad opportunity. lfo represented in amount for
thoHc gontlon1ou batwoen ss200,0oo and $500, 900;
aud thought that probably tho representation of
tia required amount could be aocnred BY to-
| morrow.
TILE JUDGE HINTS At AN ASSIGNEE.
Judge Cadwalladcr replied that ho could mako
the order ifhe could geo lis way clear to contrm
| tho vote, ii in fHvor Of Trustee aud Commit
toe, Ho had the viewa Of number Of credit
ors, yesterday, but would like to be further en-
| liElltoned.
Mr. Bullet said that he did not auppoBe he OF
/ my nun could on1ighten His Honor on the Bank
! rupt law, but hc viewed the provisions uudor
Which a Trustoo was to be eppolntod as clothing
him With power to make distribution among tho
creditors in kind instend Of in cash. as IN AS
signce was required to do. That difference WAS
| OF VITAL IMPORTANCE 70 THIS EsrATE
J for many Of ita creditors would be willing
to accept such distribution. Ho saw one
gentlomuu i'll Court who represented d
fargo amount who had oxprea4o4 his
willingness to tnlke q settlement Of hls claim in
Northern Pacific railroad bonds ut 75. uo be-
| loved It wca tho deaira Of a largo majority Of
tho creditors to continue tho voting, 40 that q
| Trustee md Committee might DO appointed.
Many Of thon had beon unable to vote, and 9TH
ors lad voted under q misrepresentation
Judge Cadwallader said that the yio|s Of Mr.
Bullet were contrary to those Expressed by 9TH
er gentlemen yesterday. Tlc practical question
WEE, whether It wero
DETER TO APPOINT AN ASSIGNEE
to make distribution in money, or Trustee, who
| would be llable TO a check from committee
whenever thoy might diaagrce with him.
Messrs. Comegoys. Wood, and others, repro
eeuting more than the amount required to mako
up tho requisite amount, stated that they de-
sired to have an opportunity to vote. It was
| also slated TINT many votes were caHt under an
absolute ignorance OF what was being done, for
men had beon voted for WHO wore not even cred
| itora.
Judge Cadwallader replied that q Trustee had
as full power to distribute i'll specie AZ M
Assignee would; that committee Vas not au
advisory but
DIRECTING coMA1rrEE
/
desired to know il the creditors wanted Trus-
tee or an Assignee appointed with M ovor-
riding committee, which would only impede
him. He would probably doler to tile opinions
Of others, but. il hc @ere q creditor. ho
| WOULD VOTE AGAINST ooMM1TTEE.
=" If the appointment OF committee can bo
approved by me-" said the Judge, II will cor
tainly give all opportunity to have tie voto
brought i'll, and the Registrar would have dis
crotiou to lit from day to day until tue vote
should bo completed, aud any creditor who
had already voted would have tho
right to change that vote aa
lo uaw fit. II what had been said as to tho
character Of tho meeting ut the Assembly Build
i,ty was true, it WAS apparent that creditors had
not had an opportunity to voto advisedly."
hIr. William II. Datk Aald to the Court that he
was not a lawyer ,and had not spoken in public
for twenty-five years, until tho meeting in the
Assembly Building: md then, strange to say,
Lis retnarkB Ind not been reported In the nows-
papars. He then opposed the appointment OF a
committee Of creditors. Judge Cadwalader
made no reply.
Finally, Judge Cadwallader said ho would prob
ably decide tho matter tomorrow.