The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-07-23
J.iY COOKI:'S EgT!TY.
a Mccting Of Creditors that Turned ont 20 10
fRrcc-rrustce Irwi.'s rropn.ittor.

PHILADELPH1A, July p The only prrc-
tic II effect Of the meeting to-day in the Jay
Cooke estate was the pr s"ntn,on 10 the ere lit.
ofs. about one hundred of whom worc on hand,
OF a big pamphlet of two hundred pages Of lno
print on tn,ed paper. in viii n the five com
mitteomcn AMI the trustee set out in detail what
they have becn doing in the ast three years
Tho summaries are big. especially the one
Of the amount paid to secured creditors
over t23OO.0OO. Of which nearly $500 900 went
TO tho United Statns Navy Department.
This was n case in which Robson seems to
have looked out for the interest Of tho country
by nj least securing; his dcposi with his favorte
bankers. As nothing whatever was said in the
report about dividend in cash or in anything
else. it hard for the creditors present to SEQ
exactly what they were called together for. aud
in sort Of blind cropping several Of the profess
sional takers. the Kind that nro at every gath
erng. tried TO find out. II was very soon shown.
however. that the creditors had no real voice in
anything. John G. Bullitt tho counsel for the
trustee and his committee. telling them
that they might make suggestions. but that tho
committee would pass upon all questions thom-
selves So eX-Mayor Fox. Geo. II. Stuart prcsi-
dent Rollins and others saw that there was no
use in making motions Of nny kind. MIR. Bul-
lit explained that this was not n town meeting
but that under decision of the court Of five
committeeman appointed years ago by the credi-
tors. were a Judicial body who decided every
thing. IA there seemed to be nothing to
decide the creditors took this bit OF nforma-
tion meekly and tried to yet some Information
out Of the trustee as to the present actual value
question Mr.. Lewis was unable TO answer. ow-
ing. rs he said, To the grcni difficulty of fixing
values to that which had no market value.
" All the salablc things mad boon disposcd Of
before the estate came into my hands" said he,
and he sunmar2ed his position by adding.
received only the unsalable."
ulSuTIitX "
tors who had no power To do ANYTHING. except
TO read the big pamphlet, which could have
been sent them 10y mail. soon became 50 ap-
pHrcut that several q them asked that propo-
sition Of some kind 10y which the estate could
hc wound up should be made 10y the committee.
lnrn mere was putting togethcr oi the heads
OF the lawyers, and Whispering among thu
them. except that they would sit for the next
three days TO hear the suggestions of the crcdi-
tore. Upon this some wag among the creditors
said that the meeting seemed l. have been got
ten up for the Information of the committee
rather than for the creditors. whcreupon n
CHA tly smile ripped over the faces OF those
Meanwhile ono oi The lawyers whispered in
Mr.. George ii. stuar'- ear that perhaps the
by which the estate could bee wound up This
WAS the cue for bringing forward Mr.. Lewis,
WHO had NJ pan cNld.ntly al c,rkcd and
primed. and ne came out IN front of the cred
My IDEA i. that all the assets. excert tho
Lake Chumuiain and OgOnZ properties. should
be- carefully valued 10y experts. mon familiar
with them; that they be- cathosued and then
scrip dividends be- given 10 the creditors: that
tho property then be sold az auction for not
less thpn the catalngu'd value. and that credit
tors might buy with the strip. Nhnt"yrr wasn't
sold at the eni .! thirty days should be- put M
again tor sale This WAS Grpr ted by applause.
and several suggested that tho mccting should
edopi this Tl'ln ut once. but Mr.. Bulitt shook
his head aud said IL was not for the meeting to
decide. but that each creditor rs no callod on
the committee in the next three days might in
form them Of his wish that Mr.. Lcwis's plnn
should be adopted, an then tho committee
would take 1t into consideration. II Is very
evident that this is the plan that will eventually
be adopted.
The meeting then broke up and engaged in
little private talks with Mr. Lewis. in tho course
Oi some Of which he said that they would have
on hand about the middle Of August enough
money to make another five ppr cent. cash diNl-
dend. aud II his plan Of distribution WIS
adopted ~" "nt4logu"l apprn, scmcnt Of the
property still m tn" estate could be made los oN-
ports inside oi sixty dlys. and the auctions
could be GIN inside az three n four months;
" the whole thing is ], GAL put Ia Mr.. Dullu.
tl. laNypr