Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-25
Meetina of Creditors.

| IN. Y. Special (July 22) Cincinnati Enquirer.
The most important point developed at
the meeting of the creditors of Jay Cook &
Co. to-day was that the Northern Pacific
was likely to turn out we'll enough, SO that
they could hope for a dividend of something
like forty per cent. in all. The failure was
| in September, 1873. and the first dividend
was in December, 1874, when committee
of creditors ordered that five per cent. be
paid in cash and securities. Since then the
committee has kept very quiet, and the
trustees have been doing everything possible
to get things down to a cash basis.
There has been great deal of complaint at
| the delay of four years in making settle
ment,but Mr.. Lewis, who is president of
the Farmers and Mechanics National bank,
and is regarded as one of the shrewdest
fnanciers in the city, thinks it will take at
least ten years to realize on the estate prop
erly, unless creditors take it into their own
hands, as he proposes. His plan is that
whole assets, leaving out two OF three such
as Agontz and Lake Champlain, should be
carefully valued by experts, the Western
lands by Western experts, by men familiar
with them, the stocks, bonds and other Sc
curities in the same way by experts. They
should be catalogued, and the aggregate
ascertained, and then a scrip dividend of the
amount issued to the creditors. Each one
would get a certain per centage in
scrip and securities. Those to be
sold at public auction for cash
or for these securities, nothing to be sold
below catalogued price, D. C., creditor with
ST. 900 of scrip could go in and buy bonds or
stock, or something else, and thus manage it
himself. One of the advantages of the scrip
plan would be to give the cost value to scrip.
Whatever was not sold at the expiration of,
say thirty days. could be set up at auction
again, and after that any creditor to be al
lowed to come in and take them at the in
voiced price.
This is the only way in which it can be
done. 1t would take lifetime to sell these
Western lands at private sale, and it would
take many years for the railroad securities
to come to fair price.
Claims against the firm for which credit
ors held securities have all been settled, and
the amounts paid to these secured. Credit
ors reach in the aggregate $1,5O1 ,007.433.
which includes interest and dividends accru-
ing between September 18th, 1873, and the
dates of settlement. In addition, further
sums of $113, 883.S8 have been paid, making
total of 81, 614, S0O.S1. The amount of
claims proved and allowed, and on which
dividends can be paid, is 1856, 652.95:
amount of claims not yet proved, but stated
as debts, $2O1, 1859; amount of claims
proved but net allowed, $83,124.05; making
the total amount of claims May 1, 1878,
$14O, 1929.
The largest of these claims are Jay Cooke,
McCulloch & Co., Syndicate, $164, 1886 !;
Jay Cooke, McCulloch & Co., general ster-
ling claim, $500, 900; Milton H. Sanford.
New York, $l4o,1l2.15; Washington Ma
tional bank, $698,O68.21; Lucius Hendri
Weltjen,. 100000.
There has been paid to secure creditors
81, 614, s90.s2; to the United States,
s7s7, 7eh.a2, aud In tho dividend Of