, 1874-01-21
Proceedings in the Bankruptcy Court
in Philadelphia.
Judge CadWaiader. Holds that the
Creditors Arc Not Acting
lntelligcntly.
He Suggests the Appointment Of Mr..
Lewis as Sole Assignee.
The Matter Taken under Advise
molt by the Court.

monG ny tlo COURT
Special Di$pateh 10 tbs Chirdqo Tribune.
PHILADELPHIA, Pa, jan. 2o-Judgo Cadwaladcr Bat
III the United 8taes District Court this morning. to
hear the views Of such creditors OF Jay Cooke Co..
hal not voted for committee Of creditors upon
tho rea necessity for such commitee, their reasous
why tho should not proceed undor tile thr-
teenth section Of the Bankrupt act, calling for the
election Of Assignee. number Of creditors a-
pcared In person and by counsel.
COL. sNowDEN
applied for further tina before the Register proceeded
with tho rule made Under the thirteenth section. aud
asked whether the Queation Of having committee
had not boon already definitely settled by tho credit
in their resolution to proceed under the thirteenth
aectto and her action In casting tho requisite vote
for the election Of Truatco under that hecttou. He
said he could confidently assert that tho creditors had
gravcy and soe.nn1y considered this NATTER and ho
had personally no knowledge Of the desi,e OF any
creditors to haye this vast eatate placed in the haus
Of an Assignee.
Judge Cntlwa1adcr inquired whether 1t Maa thought
committee aud Truace had mora power, or could do
more, than IN Assignee.
Col. Snowden said he thought tho answer to this
question should be In tho affirmative.
Judge oadwa1ador aaid ho wlsl,ed to know whethur
the creditors had hnd sufficient information to enable
them
TO VOTE 1HTELL1oENTLY
ANYTHING th.t might b urged, lut # tLey lad ho
matter.
John 8: Powell, representing other creditors. IN;
Registers report informal meeting Of creditors
held ut which It was resolved that II waa tie sense Of
continucd, and he said ho desired to make that motion
Judge oadwaladar said thsro were
TWO FONTS ......
upon which ho would lko to 10 enlightened first,
whether my benefit to tho creditors would result
whether tho eradors havo been sutlcsently informed
to enable them to voto advlsedly.
Ell X. Price, representing th8 pennsylvania COL
onizatlon socety replied To tcsc auggesfions saying
that tho faciltca for voting at tho first meeting wore
G ss as ne nst g Il bg nst FIJI" IT. Tie in
fusion waa go great that he Registers had to call upon
tho aarshnl to preserve order. This certainly not
importance. As to the sccod point tho committee Of
creditors would havo the power OF inspection and d.
that tue greatest Justice would 30 dono aud greatest
satsfaetion gven by permitting Tie creditors to re-
were fully awake to the matter, aud they would all
como In and vote; aud il the proper facilities
offered full expression Of thcir dssire would be OBJ
Judge CalwalAdcr said that
ONE FACT TO HORNE IN hind
WIS TINT tie printed expedition Of thu expactcd
asaets Of the bankrups did not como from tile
printers hands until tho 18th OF this month"; and then
~ ga. ~ IA " a ~ a
w. 9ssn ~ s ~ .ae ~ a9m u LIE
10 wa 70 @ 10 snoa
hut m tnoso @ a sote agaan gan upon tas se
tSnx not an ~ tnSarm" M tn anoo HEM a to
lney aaa ~. p9eu ~ NJ W el"oAe teAn w.
Fo.1 ann1lu8ent!} ne5etglo5e A.. .,,... L.. ,,.
81 r. al'cS saau ~ ussi1eo AZ 'oe eses ;" A
th9 same Gnanee ,..,,,..o, .,,,4 u.onu,,t..4,o,
1Huao GAuMAauef t!inatcu ,1 anaa . ~
q tue entire meeting sor s M pu5ppse "oua W H.
oe,4y q scseral Wssks ~ ~ a nH G - ~ @ h ~
hlf. rface nuMght t.tas ueey nuuu ~ 1e'oS"pe ~
= fVftFN = D Hn p
sai ~ "t aEtor a .on, ,ta n
Judge taaNhhapt sa!u t4at atGs "a ~ "ouaa my ~
knoW whetner the efeoloss eonsloetsa 'e R
an enatHemeAt u tne.F powess osct ue ~, "
~hether t WAs 10y lea!Iy .es't.ion npo anu an a
petlng o. ats T., luz NJ s uhu ~
expressed sucn tn9tousa ~ tnt ~. ~ ~
would ssy tnat Ae nau concelVea u = pun "
which tlat g9nueman Xoulu oe oaosea Assgnes, 1s ~
ether wof4a trustee w1tnous % eontee n 1G ngns
o. thla inumauon no aAKeo ~tetmes AT LEWIS % moota @
10 aaslated py committee, or Whetnor ~ wouIo not
be tfamneled and rciafueu " tnose wig, tfotn Iae
nature o. things, Woula not pe conhtany "'a ni,n,
or 20 1ahary eonsersant a. Ae was "sn kit tu0t+es
III nano. -, ,-.-
samuel DIXON fcped tnat u MI. Le"la Was arpoilnt-
Gu Aahehee anu supported w conmntee OF tne
eredttora he would feel much loss hesitation IN adopt
ing measures WINCH hss own 1naglnent T promsptea.
Tha juugo said. that under the English system,