Daily globe., 1878-09-03
JAY COOKIES ESTATE,
Circular Issued by Er. Le,cts JyiM
Snoring of s Per Cent. to Cyedttors

4 Circular Issued on Hr. Lescss With q
Snoring of 81 Per Cent to Creditors.
Mr. Edwin NJ Lewis, trustee of the estate of
Jay Cooke Co., has just issued circular to
the creditors OF the estate, in which he saws:
In making the former distribution in kind
valuations were affixed to the bonds of the
Northern Pacific Railroad company, to the Ore
gon stock and income bonds of the Lake Su-
perior d Mississippi Railroad company then or
dered to be divided. These valuations were
affixed at the suggestion and request of a large
number of creditors representing about 81, ,U00,-
600 of proved claims (see pages $50 and 351 of
my report of December |, 1874.) 1t was then
deemed proper and necessary that such valua-
tion should be placeo upon them TOR the pur-
pose of distribution. The bankrupts having
relinquished to the creditors all interest in the
estate or IN any possible surplus, the commit
tee have adopted the following resolution:
-Resolyea That the valuation affixed to such
securities be and the same is hereby Cancelled
and annullcd, both as to the creditors who have
heretofore received distribution IN kind and
those who may hereafter receive it, 80 that the
same shall stand a distribution of assets pro-
portionately, irrespective of any particular es-
innate or valuation, and that the trustee be
and he is hereby authorized and directed to
make the distribution previously authorized to
all creditors who have not heretofore taken the
same their simple receipt for the securities
distributed, without atfxing any valuation
thereto.
Since the first distribution the bonds of the
Northern Pacific railroad company have been
converted into preferred stock, and the Lake
Superior d Mississippi railroad, having been
sold out, its bonds have been converted into
stock of the st. Paul & Duluth railroad com
pany.
The trustee is now prepared to deliver to such
of the creditors as have not heretofore received
their pro rata in the distribution ordered Jan.
2, 1875, in the following proportions, without
any particular valuation being affixed: Pre-
ferred stock of the Northern Pacific railroad
company, seven shares for every $1,000 of
claims; stock of the Oregon Steam Navigation
company, three and half shares for every
$1,000 of claims; common stock of the st. Paul
& Duluth railroad company, one and a half
shares for every 81, 900 of claims. These Sc
curities will at present market prices (includ-
ing the former cash dividend of per cent. J
realize to the creditors so per cent. in cash,
as follows: Cash, per cent; preferred stock
111a per cent; Oregon Steam Naviga-
tion company stock (including divi-
dend), IA per cent; total, 3015 per cent.
The committee have also ordered a Second
dividend of per cent. in cash, which will
probably be paid before the 1st of October, and
a further distribution at the same time. without
valuation, as follows Preferred stock of the
Northern Pacific Railroad company, one and
half shares for every 81, 600 of claims: prefer
red stock of the ST. Paul and Duluth Railroad
company, three-fourths of share for every
$1,000 of claims; common stock of
the St. Paul and Duluth Railroad COM
pany, one and quarter shares for
every $1,000 of claims This cash
dividend and distribution will realize at
present market prices about 81 per cent in
cash, as follows: Cash, per cent; preferred
stock of the Northern Pacific railroad company.
2 2-5 per cent. preferred stock of the st. Paul
Duluth railroad company, rs per cent;
total So per cent.
Should the creditors approve the plan for a
scrip dividend, a copy of which has been sent
to you, the trustee is of opinion that the the
creditors will realize therefrom 10 or Is per
cent. additional.
To recapitulate: First dividend and distribu-
ton, soA per cent; second dividend and
distribution, SO per cent; scrip dividends
estimated to be worth in cash, sa? II per cent.
equal in cash to 81 per cent.