New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-20
TIE JAY COOKE BANKRUPTCY CASE.

FRUTLEss ELECTION ACTION OF CREDITORS TO
SECURE COMMITTEE - ANOTHER MEETING TO
BE HELD
PHILADELPHIA, Jan. 10. - The creditors Of
Jay Cooke & Co. met this afternoon, when Register
Mason submitted his report saying that the total num-
be- OF claims proved ny TO Jan IA was lH7. one
creditor voted for assignee, and t94 had voted
Mr. Lewis trustee; the amount thus represented
being g. 40 in but only fraction over
q was represented In the vote cast for the com
mittee, and that not being the necessary three
fourths no committee had been elected. Coun-
selor Bullitt explained tho difference between the
settlement Of an estate by trustee and that
conducted by assignee, and SAID he believed the fa
ure TO elect q committee owing 70 the impression
that the committee would prove expensive. He wished
90 say that believed not single Of the gentlemen
named the committee would look for compensation
The speaker concluded By saying that the election OF
trustee was rendered nugatOry by the failure to elect
committee Several creditors assured the Register
that they had been lsboring under msapprehension
when voting whereupoE the Register said an opportunity
would be given those II any, who desired to make
change in their votes 10 do sO aud adjourned the meet
ing until Thursday next
The creditors subsequently held meeting for the
purpose OF taking such action as might further the
object Of procuring the necessary additional votes by
which 10 elect committee. Col Magilton presided.
The following resolutions were presented:
Resolred That Il the belief of the creditors here
that IL IL the unanimous wish OF the of
Jay Cooke Il Co. that the estates OF the bankupts
wound up under the fOrtythtd section or the
Bankrupt act, by the trustee and the committee in
preference TO an assignee
Resored, That q committee OF five la appointed 10 ap
pear and present the sense or the
creditors the necessity OF allowing the creditors 10
continue the vote for trustee aud committee UNDER bec-
ton q Of the Bankrupt act.
RsOred That the committee be also charged with the
duty of urging creditors who have not yet voted Tor
committee well for trustee to do at the meeting
10 held Thursday next at any adjourned meet
ing which may be held for that purpose.
The resolutions adopted, and Joseph Creamer
Elias d. Kennedy. John s. Powell. III. NJ Reading, aud
John Is. Jones appointed as the committee
LATER-The proceedings OF the first meeting OF the
creditors, held at Assembly Buildings to-day, were re-
ported Judge Cadwaader before the second meeting
took place The Judge said that there would have 70 he
an election OF assignee at adjourned meeting IL
there really was any looking 70 the interest OF
the creditors why q committee should be elected he
would like TO hear IT, After remarks from Col. Snowden
who said he believed majority 10 value OF the credit
ors wero anxious that committee should Dc appointed
the Judge that the had already been sub
eced to unusual delays and he thought II should DO
settled as rapidly possible. The Judge then made
order as follows:
The Registers report OF the proceedings In part at the
first meeting OF creditors presented at O'Clock IN the
to morrOw morning at 10 o'clock Tue adourne1 SITTING
first meeting appointed By the Register Tor tins
afternoon will he held adjourned by blm until future
sitting later than Thursday next the 23d inst.