The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-07-30
JAY COOKE 4 CO.'S ESTATE.
TRUSTEE LEWIs'S PROPOSITION FOR a
FINAL SETTLEMENT.
Providing for nivision orthe Money Hand
aud ~ PRO Rata Distribution or Other As
sets-Thc Committee's Charges Criticised.

sets-Ihc Committees Charges criticised.
PHILADELPHIA, July 29--At II o'clock
this morning several hundred persons who
are looking for some dividends from the estate
Of Jay Cook" CO. had found their way up tho
marble steps Of the Peoples Bank to n back
room on the third floor. The meeting was held
for tho purpose Of hearing the report OF the
committee and trustee on the question of q final
settlement of the Cooke estate in accordance
with the proposition submitted by Edwin NJ.
Lewis the trustee. Mr. John Clayton presided.
great deal Of natural induisitiveness was dis
played by the creditors. but this did not
break out TO any annoying extent until Mr..
Lewis had got his plan before the meeting. He
was requested ut the meeting last Monday 10
prepare some plan Of settlement, and he sub
mitted a proposition to divide the money col
lected. and also to distribute all stocks that can
be divided among the creditors. pro rata with
out aflxing any price thereto; but as the estate
cannot all be converted into cash. or divided in
| kind. 1t is proposed to issue scrip representing
the interests Of the creditors respectively in
certain assets remaining in the hands of tho
| trustee. II does not pretend TO provide for
| more than partial settlement. but rs the cred
| itors are not in condition to enforce complaint
about anything, they will make the most Of 1t.
| The plan provides
First-scheiucs Of each asset shan he prepared and
apprai:cmcnt made by competent experts who shall
G Ss 6 "Sss S :" s e .s IN q. '9a a be
10 The creditor say Tor w5irs of the appraised value
Third-The scrll shall be Issued in sums Of $50 500
creditor the amount he issued each creditor being
equal 70 two thirds o the sum he would he entitled g. re
S.Me IN eRsn me ~, ss'e.s Wers n,c
issued The and tenor Of the scrip shall be deter
Fourii-Csiacgaes shah he prepared setting out each
asset with the Appraised value Affixed Tor the use aud
Fiith-rhe assets shall be sold by public suction in the
city OF Philadelphia after at least thirty days notice by
.fail Re void below the appraised value
sevenihlh, ois ali ne aifanHe' as iat Is prasuea
Tor small sums 10 compete with the larger creditors
acknowledgements Tor purchases shall be made in scrip
;p SSf p sS pe r: I, hH s be %
that shall be used IN payment Of the a.set and any
eeled pro tnnto by proper ENDORSEMENT thereon. made
Tsnih-1le sale shall be continuous from day to day
u1nl tns SnusS l,w ia, D,h i a. tho Ar, or
ng hal be agaln on, red At the close Of the catalogue
anh Offered ur'y day s'er ING 'srnnsJn Of ne mr.,
thirty dag 10 euatc any one to buy at the appraised
Twenh ANY gain Or pront on the sales shall be the
Thutenn-rho taNc. for 1873 on lands and other real
nm f i .ts NJ loS. transfers and ackno
edgnents s.ah be- paid by the estate Recording shall
Fit'en!h-Ns HE valuation viii be that Of ISIS they
VII. hN riauvcN equal AMI no ,rrltior can complain
K,ery cr,ior should invest the amount Of lis Grip
stNircnih committee reserve ne iitht ~ adjourn
should bs -ol reasons ter sodo.ns ailue adjourned sale
shall ~ a respects Lave the ,anle effect as the original
seventecrthAt such time after the expiration Of said
tn unsod as 1. together others the
nt,G maf 'sa'y r ss r nan y ~
scip the amount a We nr,t issue o. scrip 'ntsandns
the entire balance shsl the second Of
scriu OF sph form ami tenor.
Etghteentir his arrans mont shall take eject when
and soon a c As, nj 60 ~ a. been given by or dnrs
suelent Do hummer in the Judgment Ut the trustee and
coium.u,c 60 enahc them to perfect aud carry it into
i,cnth-No,a iu,staudins tie adoption OF this ar
ransemsnt 1 pn 's ny'.n NM rni u nS p" uus'I ana
sa,. AMI administration OF III. asst whether .. not
been iropo.cd
Mr. Lewis made tho consoling announcement
that to remove the impression that TIE bank
he has procured from the firm OF Jay Cooke X
G.. their signatures 70 paper Withdrawing
mcnt for creditors TO sign was read with the
plan. which inds them TO its provisions alike
The needing dld not Immediately enter upon
discussion ~ this proposition. \ large num-
| Der ~ the unfortunate creditors, who Ind put
their trust ir Government bankers, had been
studying the N.luininous report handed around
last week, and something had startled them.
Mr.. Hazelhur-t fr,d the first shot by asking in
what manner 50 large an amount as one hun
the pretended settlement OF the estate. This
brought out long explanation from
Mr. Ashpr7l one OF me ihwygrs IN
with n neat story IT q lawyers perils and trials
in an affair Of this kind. and wound up by ref
crcnce TO what he called the successful litga-
ton in behalf II the creditors. This was more
| fully explained 10y one Of the creditors himself,
when he said thht il was strange after so much
successful litigation according 10 the lawyersl
that the creditors were called together at the end
OF the fourth year TO be told that they were only
10 get dividend Of five per cont
Another man had been auHiZing the salaries
paid some Of the clerks and ascertained that
another was convinced that the committee and
trustee hal looked out for themselves at the
expense Of the creditors.
In reply to some questions Mr. Lewis said M
! 10 the sale Of Western lands, which seemed 10
years. TINT eight thousand acres 81 land had
been sold ami MS there were one hundred and
thirteen thousand acres to be disposed Of. it
would take the next fifty years to soil them.
Mr.. Chambers took up the attack on the ex-
penses Of the attorneys, and a creditor said he
was astonished ut the enormous expense incur
red in managing the estate. He thought Il the
same system was To bo carried on the creditors
might ~ we'll hand over all their claims to the
Another creditor said he found in the report
n large item for the storage OF iron. and wanted
Mr.. Lewis-Mr Co5kebought the iron and
Crcdiior-bo. You still hold it in storei
| Nj. Lewis Yes. sir
Creditor Then why in the name Of common
sense ga you not sell III
Mr. Lewis-Thr iron is Of peculiar kind he
Ing only II for the making OF rails, and l. with
every one else thought such iron would go NJ
in price. There are thousands OF tons OF iron
held in the same manner
The same creditor then went on 10 criticisC
the trustee and committee for the enormous cX-
pcnse incurred. lie thought their services were
10 be- given gratuitously. but he found that tn,
committee had been paid large sums Tor ser
. vices.
Ex-Mayor Fox thought that the expenses o
> managing this estate We're eating the heart GU
of 1t, and the longer the matter WAS kept Opei
the less there would be To distribute. and tn,
sooner the plan was put into operation the bot
. ter. MIR. Fox said ~ had heard that the com
: mittec We're 10 serve with out compensation.
r \ Creditors So they were. | WAS at the meet
. | ingwhcn such an understanding was agreed b.
MIR. toN-lt that is So, II is matter for rcilc
I ton. and one that exceptions could Boz made e.
. Mr.. McMurtio stu another lawyer. had an
! other explanation Ia make. ana the trustee
went on To- show that If ne had taken five PEI
cent. commissions on all tho disbursements b.
had made he would nave gut $4,000. but all h.
mas ever retained for his services WIS so 600
, II was then resolved that printed copy OF tn
. plan be- sent 10 each creditor, who should r.
, turn it with objections or approval. and tn
meeting broke M.
4 Bogardus Making the hest Score Recor
p In England.
b LONDON July 29.-Capt. Bogarlus shot
. pigeon match today with Capt Shelley OF the Nottin.