The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-07-22
JAY COOKIES ESTATE.
Agents for Some Mysterious Unknown buy
inR-up Claims Against II.

WASHINGTON, July 21.-Presbrey & Green,
attorneys at law. solicitors OF claims and deal
ers in real estate Second National Bank build
ing. Washington. ID. c., are the duly commis-
stoned financial agents OF tho mysterious
unknown for tho purchase OF claims against
the estate OF Jay Cooke Co. They have sue
ceeded in buying large amount. and under
the instructions OF their hacker they say they
arc ready to purchase any additional amounts
though tho figures may represent Millions
Who this person Is who has such confidence in
the ultimate value Of Jay Cookies assets cannot
now be stated but this much Is fact such Is
his wealth that the drafts upon him by Presbrey
4 Green are accepted by the Second National
Bank as so much cash. and their checks in pay
ment OF claims are promptly cashed. What
commission thcv receive for doing this busi-
ness is their own private affair. in which the
claimants are not Interested; but the Washing
ton creditors are certainly Interested in what Is
their own. Within three weeks tho claim OF
Mr.. Columbus Alexander Of this city. for &c.
414.54. has been purchased by Presbrey 4 Green
for cash at par. Mr.. Alexander says that
he is satisfied. Mr.. Alcxanders claim
is no moro Just and equitable than that
OF tho humblest and smallest OF the long
list Of Washington claimonts. and there is no
reason in Justice why 1t should have been pre-
ferred. 1t simply proves that a great and un-
natural anxiety existed to get this particular
claim out of the way. and thereby extingulsh
the activity OF Mr.. Alexander in the affairs OF
the jay Cooke estate. He has no moro concern
as TO what shall be the action Of the creditors at
their meeting TOMORROW in Philadelphia. The
reproduction Of a little conversation with Pres
brey Green will throw more light on this sub
ject;, A., ,.,-,.,.
estate OF Jay Cooke h Co"
Yes, sir; all we can get m
What Is their market vnlue ?"
1t varies as to the nature of the claim. We
pay from twenty five to thirty cents. always. Of
course, making the best bargain possible"
" In what respect do the claims vary 2"
" There are some upon which q dividend OF
five per cent. has been paid. Other claims are
Where that Is the case we allow the market
value for the stocks. and take up the balance Of
the claim as the case may be-"
The trustee. Mr.. Lewis has made distri-
button In kind, and many creditors have ac-
ceptcd II. For instance 35 per cent. Of the claim
Is given in the new preferred stock Of the North
Oregon steam NaviiGaEtioe Companys ~ NSt2ek;s.
bonds, The market value Of these stocks is al
lowed In the purchase Of a claim"
= ls there any doubt about a new dividend OF
y" II is hard 10 say. It ia possible that some
will be declared. The trustee has 50 many irons
in the fire he hardly knows what to do. There
never was an estate from which when II went
while they have to be looked after. amount TO
nothing"
Itseems very strange that only one dividend
has been paid in five years, that another is in
doubt while nj the same time man stands be-
hind the estate ready 10 shell out three millions
cash for nine millions in claims"
The man who buys the claims has no inter-
est in the estate. He trades them right of for
Northern Pacific stock. and with this stock buys
lands along the route and pays for them with
the stock and in turn these lands are put on
the market. He gets them very cheap in this
way, and at any kind Of sale 1t is u good spec
ulation.'
Then YOU think YOU are paying fair prices
for these claimsf"
We do. ~ far rs we understand the busi-
moss though we have no further interest in the
estate than is involved in our action as the
financial agents OF the party who wishes the
claims"
You have not advertised for them. thereby
nkng he business publicf"
No. hut what amounts to tho same. we have
sent circdlar5 20 every creditor announcing
our Willingness to buy his interests. and stating
the terms. There has been no secrecy or at
tempt at secrecy, no more than you see now
Al this point representative of Mrs, Kate ;.
ODDS ot 1876 East Capitol street came in TO see
about the disposal of her claim for al .OOO. and.
learning the terms. went away 10 complete ar
rangements Tor the sale. From this fact, II is
evident that a great many WashlngtOninns are
doing the same thing; hut as stated before Il
Columbus AleNander's claim was worth its full
value. 1t stands to reason that all Of thsm are.