New-York tribune., 1875-01-25
TIE JAY COOKE ESTATE.

PAYMENT or A DIVIDEND OF FIVE PER CENr-zHE
OFFER OF THE TRUSTEE TO THE CREDITORS
sANGUINE VIEWS or TIE VALUE or NORTHERN
PACIFIC IANps-FFFRCT OF TIE IITIGATIoNs.
frRoM TuE REGULAR CORRESPONDENT OF THk TRIBUsEl
PHILADELPHIA, Jan. 22.-The handsome
brovn-stone bankng house in South Tbrdst which was
the scene OF the great financial trumphs OF Jay COOKE q
CO.. and also of the crash that swept away IN asinge
dav for.uue apparently colossal Is onco more center
OF interest In The little back room where Mr.
Cooke used 10 receive the princes or the
financial world, aud the leaders OF national
politics, with the lordy generosity and conde-
scenslon Of the monarch in fairy tale whose touen
trarsmucs everything to god strange scono is no"
daily enacunc On the spot from which orders were
once issued which disposed OF millions OF dollars con-
sructed hundreds OF miles Of rairoad and peoped vast
wildernegses. lIong Of eager creditors press eacn
Whiting for his turn TO FIVE per cent OF his claim
against the once powerful finn The spacious front
Office was long sgo patit!oned off into two rooms ana
leased TO brokers' but the back Iooin, formerly TIE
inner sanctum OF the head Of the firm, has Deen
appropriat,ly reserved FOR the transaction OF
tle business of closing ont the bankrupt estate
bury policeman stands at tho door ana auO"s
only as many creditors to enter at once as can ma seats
inside and another officer is stationed within to MAINTAIN
order the hrong and to see that each person
In turn tie shred Of his claim saved from the caamons
Hero is the rich man WHO deposited bis surplus thou
sabds with the firm because he LonOred success ami
wanted 10 deal with large concern; the Republican
politician who thought that Jay Cooke was one OF the
main props VI the party; the professional man ana
small shopkeeper who sought saie place 10 put the
few hundreds laid by for rainy day and the mechanic
who felt honored have the great house take charge OF
his small savings.
The whole amount Of money which will be paid out as
uuh tod oiQim IL
the estate will be about S4O6o Fully tJOoOoo more is
in the hands Of Mr. Lewis the trustee but he Is not JUS
tried in disburs.Dg II until certain suits against The
estate are decided Besides the cash dividend In which
all claimants participate the option lie given to such as
desire portion OF the remainder OF their claims
In the bonds which make up the greater part OF the
assets They are offered 35 per cent IL Northern Pacific
bonds at 70 cents the dollar; Ii per cent IN Oregon
Steam Navigation at $40 per share, and per cent in
Lake Superior and Mississippi Railroad COmpauys 10
per cent bonds at 40 per cent Sixty days from
Jan 90 are allowed them to accept or decline this
distribution in kind or .sny part Of It, This
programme originated with the large creditors,
who believed they could realize moro upon their claims
could dispose OF their proporonate share Of the
securtes than these securities converted into
cash by the trnstee II the latter TAKEN II
feared that only small sum would be realized,
must not be supposed that the Northern Pacific bonds
marketable at any figures approaching 70 cents, as
ago they quoted Thrdst al 29d3o but the pros
pectve distribution Of large quantiy OF them TO the
highest of r. They may fan 10 90 or even below
II is confidently asserted, however, by persons IA
miar with the management OF the estate that the
bonds can be made 10 produce tue luil amount OF
per cent II invested In land The following are the
figures IN support this assertion For 500 Of claims
against The estate 1000 bond Is gwen on which the
accumulated interest is sl2O. Tire Railroad Company
take this hond in payment lands at 10 per cent
MUM, 81 1C0 making, with interest. g. 200 Excellent
land can be bought OF tue Company immediately uI"n
t.ai -. forSS an aero
for the bond IN ether words for the geo OF c4lms
land If held for few years WILL it is claimed be worth
in cash, the full vaHc OF s. an acre now nonlnaily
placed upon IT, whereas the actual present cost 10 tho
creditor who converts his claim Into is less han 81 an
the opinions current 10 the character or the offer
mad the creditors y the trustee representing the com
ntee IN charge OF the estate. There class OF cred
TORS who VIII take of the assets IN kind, believing
maj after large share OF the claims shall have been
satisfied by the acceptance Of these assets there will
closing distrbntion is made. Besides the Northern
Paciuc bonds two other kinds Of securities offered
the bonds OF the orr c0u steam Navigation Company,
solvent concern doing a profitable business on the
Pacific oolst and The Ucome bonds Of the Lake Superior
Mipueso,a i1e fornIcr are valuable securities now
but the latter viii probably he unProduclive for some
lime 10 come, aud thtT ultimate value IS II matter Of
lnc trustee docs not Ak any date for the winding up
OF the estate lie could do 80 II 1t we're not for the suits
pending ~ inst II, which may run Tor years IN the
courts. 1he amount Of the cash dividend which the
creditors may ultimately expect cannOt be estimated
owing % thesc suis. They TIE up Largo amount Of
property belonging 10 individual members " the bank
Tup firm. II they decided III favor of the estate the
creditors Will get this property but II against the
ret'e their claims VIII reduced in value below all
previOus estimates. There FIVE suits two Of which
are now pending the supreme Court at Washington.
IlIf o million II involved in suit The trustee
pr 5bably has a labor OF years, and the claims may
the heirs If many Of the present Lo ers
gacs Us uncertain value tiCkct5 in an undrawn
iutiCIy, OF tht historic French spO)iatiOn claims.
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T.. LIZ Ediinr Ihc IrihMmk