The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1879-11-19
JAY COOKIES ESTATE.

On Monday last the Philadelphia
Times published a resume Of the history
Of the bankrupt estate os Jay Cooke &
Co., which has been SO managed that
the creditors who have not parted with
their claims are now in position TO re-
alizs more than their face value. The
essential parts Of this resume are here
with annexed: On the 18th Of Septe,n-
Der, 1873, not only Philadelphia. bu.
the whole country, was startled by the
announcement that the great banking
house of Jay Cooke & Co. had suspend
ed. The crash came like thunder bolt
from clear sky. and was as unsupported
to Mr. Cooke himself as to the public
The same morning the New York
branch Of tho house he'd received from
the United States Government de-
posit Of 81 900 900. which was, how
ever, returned. Mr. Cooke assured all
that the suspension would only be tenn
pOrAry; that the assets Of the firm great
ly exceeded its Liabilities. and that if
they would give him time he would
pay them every one dollar for dollar
A great majority OF the creditors be =
lieved what the great banke, said; and
within o week seventy three per cent.
Of the creditors-slmost all who could
bs reached - had signed al arrangement
by which the tirm were to continue in
business. But there were prophets of
evil abroad. as there arc always at such
times. and a horde OF hungry lawyers
saw their opportunity. Some fifteen or
twenty little
SUITS WE'RE BEGIN
BY a. many different lawyers. aud on
September 2jth, one week after the taIl.
ure. q petition in bankruptcy WAS filed.
Then . panic fell upon the town, which
grew and extended until its baueful
effects were felt from Maine to Mexico
and from New York to San Francisco
The nominal debts Of Jay Cooke g. Co.
were. in round numbers. SIS. .000, 600.
and they estimated their assets at $lG,.
100000. Among these assets was q
block Of sbout S6 600 900 in bonds of
the Northern Pacific Railroad Company.
Tho adjudication on the petition in
bankruptcy was had on the Goth of
November, 1873. and Edwin NJ. Lewis.
President Of the Farmer sand Mechan-
les Bank, was appointed receiver Of
the estate Of Jay Cooke i Co. Large
amounts Of the most valuable securities
belonging to the estate lad been by
pothecated with various banks. trust
companies, etc. and these institutions
were clamoring for their money and
threatening to sell the securities unless
they were paid. Mr. Lewis bent all his
energies to get he estate in a condition
to pay'these secured claims. and thus
save the hypo.hecated secureties from
being sacrificed. Mr. Lewis freely and
cordially acknowledged that to Mr.
Cookies advice and assistance is largely
owing the happy fact that the creditors
can now realize more than dollar for
dollar on their claims-s state Of affairs
that was never heard Of in the case Of
any other bankrupt estate. The first
meeting Of tho creditors Was held in
January, 1874. and Edwin NJ Lewis wa,
unanimously elected trustee of the es-
tate. with Committee Of five creditors.
known rs the Eli X Price ticket, con-
sisting OF John Clayton, Isaac Norris,
Robert Shoemaker. Charles X Helfen'
stein and Joseph Brown. The trustee
and the Committee at first