Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-25
JAY COOKE.
Ho,c HIS Creditors IRE Settling Up Bro
kers Buying Then, In--Creditors Getting
Hold of Northern Pacific Land and Max.
ting Money Thereby.

Eers Buying Them In--CTedttOTS Getting
Hold of Northern Pacific Land and Max
ing Honey Thereby.
New York Sun, July o..
Presbrey & Green, attorneys at law, soli-
citors of claims and dealers in real estate,
Second National bank building, Washington,
d. c., are the duly commissioned financial
agents of the mysterious unknown, for the
purchase of claims against the estate of Jay
Cooke & Co. They have succeeded in buy
ing large amount, and under the instruc-
tions of their hacker, they say they are
ready to purchase any additional amounts,
though the 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 a fact, such is
his wealth that the drafts upon him by Pres
| brey & Green are accepted by the Second
National bank as SO much cash, and their
checks i'll payment of claims are promptly
! cashed. What commission they receive for
doing this business is their own private af
| fair, in which the claimants are not inter
ested, but the Washington creditors are GER
| tally interested in what is their own. Within
three weeks the claim of Mr.. Columbus
Alexander, of this city, for $16,414.54 has
been purchased by Presbrey & Green for
cash at par. Mr.. Alexander says that he is
satisfied. MIR. Alexander's claim is no
more just and equitable than that
of the humblest and smallest of the long
list of Washington claimants, and there is
preferred. It simply proves that great
| and unnatural anxiety existed to get this
particular claim out of the way, and thereby
/ oh no IF NT, II,
the affairs of the Jay Cooke estate. He has
no more concern as to what shall be the &C
| ton of the creditors at their meeting to.
morrow in Philadelphia. The reproduction
of little conversation with Presbrey 4
Green will throw more light on this subject
'You are purchasing the claims agains
the estate of Jay Cooke & Co?'
Eyes, sir; all we can get
''What is their market valued"
cit varies as to the nature of the claim
We pay from twenty five to thirty cents, al
ways, of course, making the best bargain
possible
SIN what respect do the claims vary?'
''There are some upon which a divident
of five per cent. has been paid. Othe
claims are partly represented by stocks, SOM
wholly SO. Where that is the case we ALLOW
the market value for the stocks, and take III
the balance of the claim as the case may be.
''What stocks do you refer tor
''The trustee, Mr.. Lewis, has made a dis
tribution in kind, and many creditors hav
accepted it. For instance, So per cent. o
the claim is given in the new preferred stoc
of the Northern Pacific railway company
IA per cent. in Oregon Steam Navigatio
company's stocks, and six per cent. in LAX
Superior and Mississippi railroad company
10 per cent. income bonds. The marke
value of these stocks is allowed in TIL
purchase Of claim.'
SIS there any doubt about a new dividen
of five per CENT?
| cit is hard to say. 1t is possible tina
some will be declared. The trustee has s
many irons in the fire he hardly knows whs
to do. There never was an estate fro1
which, when it went down, SO many ba
looms were detached, which, while the
have to be looked after, amount to nothing.
cit seems very strange that only one divi
dend has been paid in five years, tina
another is in doubt, while at the same tim
man stands behind the estate ready
shell out three millions cash for nine million
in claims
'sIhe man who buys the claims has no in
terest in the estate. He trades them RICH
off for Northern Pacific stocks, and with thi
stock buys lands along the route and pay
for them with the stock, and in turn thes
lands are put on the market. He gets the1
very cheap in this way, and at any kind of
sale it is good speculation
"rhen you think you are getting fai
prices for these claims.
"We do, as far as we understand the bus
ness, though we have no further interest il
, the estate than is involved in our action 9
the financial agents of the party who wishe
!, the claims
"You have not advertised for them, there
by making the business public?'
"No, but what amounts to the salne, "
have sent circulars to every creditor, az
nouncing our willingness to buy his inter
ests, and stating the terms. There has bee
no secrecy or attempt at secrecy. no MOI
than you see now