Evening star. [volume] (Washington, D.C.) 1854-1972, 1876-07-25
Iax Cooka,s E.fafe.

WHAT TIE TRUSTEE PROPOSES TO DO
ABOUT IT.
On the 14th instant w. o. Alexander, OF
this city, wrote to Edwin N. Lewis, esq i,
trustee OF Jay Cooke & Co., saying:-"I have
the honor TO acknowledge the receipt of your
jaw Cooke Con- fbat yca nave seen 0ron OF
tosppropriate large sum Of money belong-
Ing 70 them In payment OF the residue of the
of the indfrisiuai members OF the firm on Jaw
Cooke Co. In regard to this transaction
for the present withhold any expression OF
opinion, though confess I received the in
formation with feelings OF great surprise.
"Permit me TO inquire whether you have
az yet disposed of the residence property of
Henry ID. Cooke In Georgetown, and II so,
and to whom? Also what progress you have
made In the twenty four suits, or any Of
them, begun against the debtors Of Jay
Cooke &c: In the Supreme Court Of the
Circuit Court Of this District has now ad-
journed as to the trial OF cases upon their
merits, and that neither Of those cases has
DAT the rate you are advancing when do
you expect to finally settle this estate? or If
you are not able TO answer this question,
and pay another dividend?
Isl am still pursued by offers to purchase
my claim, and desire the above informa-
"Have you settled with the Potomac Fer
~ Com pany or with the Maryland Freestone
Mining and Manufacturing Company"
Trustee Lewis replied on the 18th instant.
saying: "With regard TO the circular and
the matter therein contained as TO payment
under the decree of court OF certain sums
from the joint estate of Jay Cooke & Co., in
OF the NAVY, against the Individual estates,
/ IL ought made II pretty clear in the cir.
cular, but as 1t evidently has not been SO to
your mind, add in further calculation, as
"'The supplemental bill filed by the Sec.
rotary of the Navy claimed that the several
assets on hand belonging TO the Individual
head and Jay Cooke, should he at once sold
and proceeds applied to the liquidation of
his debt This we very vigorously opposed,
and McKennan sitting, were of the opinion
that the right of the United States being
clear under the decree OF the Supreme Court,
for sale of these several properties. This
would necessarily have entailed great sacri-
fee. In consideration Of this Judge McKen-
nan consented to make an order which all
parties deemed very beneficial TO the estate
Of Jay Cooke Co., that the trustee should
be directed with the funds of the joint estate
in hand, TO purchase the claim OF the Secre-
his rights of sale, &C., and with full power
at the sales OF Individual estate to buy them
in with joint funds, thus preventing the sac
rince and enabling the trustee, II and when
IL was necessary, to make sales OF these
properties TO protect them, SO as to realize
the benefit Of the expected advances for
joint creditors.
Under this decree have paid large sum
Of money, but not all that Is due to the Sec
rotary OF the Navy, being able by this pay
ment to prevent any further movement for
which was looked upon by the committee
and creditors here as necessarily disastrous
With regard to your inquiry as to the dis
position o. me residences and property OF
that 1t has not been disposed of, the matter
regarding this property as well as the Cart
ter place still remaining In the unsettled
Mr.. Christy wrote demonstrating against
the proposed settlement with Mrs. Cooke,
On these matters i understand that you and
Mr.. Christy have changed your views and
no longer disapprov;d OF this proposed ar
The suits against the several debtors OF
Jay Cooke Co. in the Supreme Court of the
District OF Columbia are all In the hands of
Walter ID. Davidge, ESQ.,, our attorney. l
have no very recent report from him on the
subject.
you Inquire, am pleased to tell you have
been able, under the direction of the COM
mittee, TO effect what is considered a very
settlement, having compro.
missed our claims for ST 500 In cash.
AS to the Mary land Freestone Mining and
Manufacturing company we have as yet re.
ceived no offer Of settlement. / regret that
IL is impossible for me to give you, at spres-
ent, any Information as TO when the estate
will be finally settled From the nature of
many of the assets, which in the opinion OF
the committee require careful nursing and
gradual not forced sales, 1t must occupy
period. Nor can 1 answer your
question with any deaniteness as to the
time when another dividend can be declared
and paid. was earnestly DESTROYS o
attempting to make q dividend OF funds on
hand and certain other assets which / hoped
TO get In shape for distribution at an curly
uay, SI;. inasmucn as q large portion OF the
funds In hand were claimed by the ,cretary
of the Navy and other Individual creditors
TO be enormously marshaled and really to
belong TO individual and not to fr a es-
tates. 1t was doubtful whether 1 could have
been allowed to do so, even had the order of
court of April not been made.
But of course this order necessarily post
pones the period of another cash dividend.
/ am, however, pressing collect ms and
sales with all the rapidity that can be done
without sacrifice, and money Is constantly
coming In. You may rest assured that the
will order dividend and another
at the earliest period that 1t is
any way practicable to make It,"