The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-07-30
THE JAY COOKE ESTATE.

ANOTHER MEETING OF cREDIroRs-ENoRMoVs
LAWYERS FEES AND EXPENSES OF WINDING
UP THE EsrATE-ovER SIXTY THOUSAND
DOLLARS A YEAR FOR MANAGING THE ELE-
PLANT.
PHILADELPHIA, July 20, 1878.
1t matter Of certainty when the 1000 cred-
itors OF Jay Cooke Co. should carefully read the re-
port of Mr.. f. NJ Lewis the trustee that they would
be rather astonished at the enormous expenses OF
winding up tho affairs OF the gigantic and
complicated properties Of the bankrupls Ths
200-page octave report OF the trustee was
handed to the creditors at tho meeting last
Monday, but mono OF them had chance at that time
to at the true nwardness the voluminous docu
ment. Tho adjournment for one week gave the
creditors this opportunity and to-day they came
together with several ominous signs OF row IN
prospect An Item OF $4,000 expenses for counsel
ices alone the last report and other expenses
making the cost Of managing the estate over 100000
year. extracts from the cash calcu.
lated allay the impatiencc OF disappointed and
hungry creditors. At the meeting today there was
larger attendance than last Monday and much more
interest shown tho proceedings. Complaints
laid that fat fees for lawyers ana extravagant
clerical expenses eating up the promised divi.
dends.
The meeting called to order by John Clayton.
Mr.. Lewis. the trustee began the reading o. the plan
proposed by the committee, prefacing II by saying:
Sat the meeting the 22d inst, was requested by
the creditors to prepare AMI present to-day plan for
the partial settlement Of the estate. outline OF
which gave verbally at that meeting. Before doing
so l wish TO say that Il suggested by Mr.. Ash.
hurst at the business meeting OF the committee on
Wednesday last that 1t was very desirable TO remove
the impression which was evidently entertained by
uAfth n s1o uS0h m
mately derive benefit from the estate orhat the
distribution the might result in the return TO
the bankrupts OF considerable portion OF the estate
Tnls suggestion was promptly acted upon ~ ySss
procured from the mcmbers OF the firm Of Jay'Cooke
& Go. their signatures to a paper Withdrawing from
all claims or benefit
'.il now proposed TO divide the money collected
and also to distribute all stocks that be divided
among the creditors pro rata without afdxtnR any
price thereto. But as tho estate cannot all be
verified into cash divided in kind is proposed
issue scrip representing the interests OF the creditors
respectively. In certain assets remaining IN the hands
OF the trustee upon the following PLAN
IL Schedules OF each ASST shall be prepared and
Ss
The aggregate be the basis
@ U p value 'n'
81 IS as 1s ca BY Zach oq.do9
~ Se issued creditor being equal
cash tho appraised assets were into money
The form aud tenor Of the scrip shall DO determined BY the
committee.
with .pps:ssd US. ca and niorma-
Of ss BE- sold s public sus,iSs T. city
cts sSs &c s arSs tue appraised
the quantity offered sn.Sle s.sdscfs Tor small
's Payments for purchases shall be made in scrip OF
~ The scrip used in su,h purchases shall BIO
to and cancelled BY the trustee 70 the extent shall be
Ss 10 IN % Ir s' e.
s e s be ~ re ns auy until
tho entire catalogue has been offered.
aS: q s4 asis
ored thirty days alter the termination OF the hrss sale
anything then nsoa shall Dc held isss. thirty
IL Any gain profit the sales shalt be the property
i3 The for 1878 lands and other real
IA The costs Of deeds transfers and Acknowledgements
shall be paid by the estate ecorins shall DO paid by
10 IS the valuation vii. be that of 1879, they will be
IA sse Sss
iscr should inyss. ,hs amount Of his scrip;
sale sims n Their udassns there should
IN IN AZ have The eject the o%a
A. such time s After inc expiration Of the said period
sold assets together with such eommssss
%ss na %
snsre balance second issue scrip
ia This arrangement shall take effect when and as
assent been by creators
cient number in tho judgment OF tho
mittee to male them TO perfect and carry 1t into
plete operation. Pr asfs
"l9 Notwhst anding the adoption Of this arrangement
anything herein enacted, the trustee aud committed
shall their entire discretion continue sales and
administration Of the assets, whether iced IN
tine schedules though this plan had not been poposed
THE
When the reading was finished Mr. LOWS read the
following form OF agreement to the plan, which, he
SAID would be handed 10 the creditors or signature
We the undersigned creditors Of TIE estate Cooke
in bankruptcy do hereby assent to and approve Of
the plan for the issue of scrip TO the creditors
omitted by the trustees to the committee under date OF
29h July 1873 AMI do hereby request Eawin NJ
Lewis trustee said committee carry the said
plan re effect, ana do hereby
with said Edwin Lewis, trustee, and with the
mtee with each other accept the terms aud
visions thereof and take the scrip when the trustee
shall be prepared to Issue IL.
After discussing this plan at somo length the
meeting adjourned after resolving to send printed
copy TO eacn creditor to vote upon.
BOARD OF POLICE JUSTICES.