Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1874-08-05
AssOCIA TED PRESS LETTER.


ASSOCfATED PRESS LETTER.
PHILADELPHIA, August !, 1874
JAY COOKE a co.
This renowned firm Of bankrupts
are now undergoing an examination
before the Register IN bankruptcy rel
ative 10 transfers Of property in alleged
violation Of law Jay Cooke, the no.
nior partner, says: That in 1861 he
considered himself worth $3.50, 900
that on January LIST, 1871, hewas worth
50, l27 9O669 that his family expenses
were about $4,000 per annum from
1867 to 1871 that his charitable dona.
tions amounted to about $3.50, ,00O.---
William &. Mooreliead, the esccond mem
Der of the firm, testifcs that he married
his present wife June 18th, 1869 that
he then made q settlement Of securities
upon her and her two daughters Of
sl27,OO0 On December 25th, 1871,
he settled upon her his present resi-
dence, costing sl50,00O; that in 1860
he regarded himself worth $500, 900 f;
that on the 25th day of December, 1871,
he believed himself to be worth 81, ,000,-
900, and in point Of law had a right to
so deed his property.
IL. G. Fahnestock states that he set
tied on his wife house and furniture
and slO0,000 in U. s. bonds.
James A. Garland whose interest in
the firm was only Z per cent, states
that part of his share in the profits
of 1871 was represented by certif-
cate for s35, 100, which was given to
his wife; that in 1872 he paid off n
$4,000 mortgage upona property own
cd by his wife.
Henry d. Cooke purchased two pro
pcrties in Washington, amounting to
S230,00O; the titles to both these pro-
perties were vested in his wife they
were subsequently, conveyed TO Jay
Cooke, Trustee, for thcSu Of the firm
of Jay Cooke a Co., in order TO secure
hisliabilities to the firm.
This exhibit shows that Jay Cooke
realized n profit of about sl325, 900
from 1861 to September 1873. His in
terest in the firm was 80 per cent,
which shows an aggregated profit du-
ring that time for hissyndcate of the
government of about sl4 100000.
Ever since they were adjudicated
bankrupts accountants have been at
work, under direction of the trustee,
in endeavoring to arrive at the correct
statement of the accounts between Jay
Cooke, Mccullough 4 Co., of London,
and Jay Cooke 4 Co, of Philadelphia.
This claim is for a very large amount,
and no accurate statement concerning
it has yet been made.
| stated in my letter bearing date
June q, that on the 9Th of May cash
dividend of 8 per cent. had been de
clared by the trustee who then had
$500, 900 in his hands. From present
indications ! infer that dividend icW
not soon be paid. The creditors OF un-
disputed claims protest against the
payment of dividend upon the claims
of the London firm Of Jay Cooke, Me
Cullough a. Co. against Jay Cooke &
Co, Phiadelphia That claim is for
more than 81, 900, 900 and has been as
signed to Geo. NJ Robson, Secretary
Of the Navy, for the use of the United
States. 1t is possible the Supreme
Court of the Nation may have to ad-
judicate upon this preferred claim
before the dividend is paid. The dec
laration Of the dividend is also regard
ed as illegal by the Register, who is of
opinion that under the 43d section of
the bankrupt law, trustee cannot de
clare dividend and that to legalize it
Register Mason believes that maiori-
ty Of creditors in interest must make
the dividend.
jay Cooke a Go. have creditors in n
majority Of the Congressional districts
of the U. s., and 10 these creditors who
are daily in expectancy ofa remittance
Of per cent. Of their claims ! have to
observe that until these two legal ques-
tions are settled this dividend will not
be paid, and the intimation that il will
be increased TO 7 per cent. is the "soft
-.-- a a - :.
answer 'hat turne'h away wrath at
'ne aeiay
Inc last ~, examination was held July
the bankrupt is set down for Scptem-
ber 25tb, rather more than two months
''o"' '"' jug 'N"''''''"''o''
TOUCHING BOTTOM
The sanguine editor Is laboring in
dustriously to put animation into the
depressed condition Of business he
predicts busy fall trade and instances
the starting up of few rolling mills
that have been lying speechless dead
for long time. The hard pan of
facts scarcely Justify the Inference OF
any notable revival of business during
the coming fall An interviewing tour
amongseveralsolid business men causes
me to observe that until the bottom is
fairly reached by du classes Of trade the
upward turn IN the business tide VIII
be delayed,
Many things have reached anti-bel-
lum prices especially is tins the case
with sugars, teas, dry goods, wearing
apparel and imported goods generally,
excepting coiiees; But all kinds OF
farm produce, including beef mutton,
and pork, with car fares rents, fuel
and labor wages have to iall consider
"oiy ov,oio my ,o"V" oo''o'i'
seems u''ncui. 70 rouur, Ways so 'ong
" re'l's, iuci anu NY, ea'ao'es so VI no"f w p'o-
duet'9n remain no n'gn, ror .w9 years
our business nlcn nav gencra'', ui-
eomplnhing'y sustained neayy losses
IN trade ana now tne conclusion IL
about reacheu tna' expenses must pc
curtailed by cut,ihg DOWN 'nc wages o.
employees, 10 40 80 mus. necessarily s',.y
Drlng down nOusenOlu expenses, Wnlcn