The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-04
JAY COOKE & CO.'S ESTATES.
CREDITORS LIKELY TO BE PAID DOLLAR FOR
DoILAR-sTArEMENT OF THE RECEIVER.

CREDITORS LIKELY TO BE PAID DoLLAR FOR
MISREPRESENTATION OF THE RECEIVER.
PHILADELPHIA, Nov. 8, 1879.
The settling up of the estate of Jay Cooke 4 Co.
is named an anomaly in the history of bankruptcy.
and his friends claim that the condition of the
estate to-day is what they anticipated when it
placed in the hands of receiver and a committee,
with full power to make for its creditors all they
could of it instead of putting it into absolute
bankruptcy. i'll which they would have realized
only about twenty-five per cent. whereas they think
they have got to-day dollar for dollar and may be
more.
STATEMENT OF THE RECEIVER
This is happy sequel to long period of anxiety.
and just how it brought about can clearly be
from the following statement of the
The creditors realized ttty-one per cent OF their
claims, AZ follows:-
Per cent
Cash dividends NEUTRALITY-SUSPICIOUS.. 10
Northern Pacific. preferred at 161s ......... 1879
Oregon Steam Navigation Co........-.......... IA
Preferred stock st. Paul and Duluth. .......... Ia
Scrip dividends. cash estimate. II
iotai....... Oh
This is. of course. partly due to the boom which
has been going on for some time i'll the stock mar
ket, for in the calculation st. Paul and Duluth
lcommonl was regarded worthless, while to-day
1t Is selling at from S25 to SOS share. Western
racine preterred), which stood at l6a at the time
of the distribution, has reached 60 and over.
In January, 1875 the rst dividend of per cent
was paid and distribution in kind made the
following basis:-
Thirty-fve per cent on Northern Pacific bonds at
roc. on the dollar
Fourteen per cent of Oregon Steam Navigation
Company stock at $40 per share.
Blk per cent OF Lake Superior and Mississippi Rail-
road Company's 10 per cent income bonds at 40 per
cent.
The second distribution with tho second cash
payment Of five per cent made in the fall of
1878 on the following basis:-
Preferred stock o. Northern Pacific Railroad Com
pany, one and half shares for every 81. 900 Of
claims.
Preferred stock of the st. Paul and Duluth Rail-
road Company. three-quarters OF q share for every
$1,000 of claims.
Common stock Of the st. Paul and Duluth Rail-
road Company, one and quarter shares for every
81 900 of claims.
The receiver has hand to-day enough assets to
realize for the creditors dividend OF two and
half per cent on their claims and make distribution
In scrip on the basis of 10 per cent each claim,
stocks and lot OF real estate, including Jay Cooke
residence, which is said to have 81 900 000 all
of which will be sold at auction. The scrip issued
now quoted at seventy five cents on ST. will be re-
ceived at the sale at par in payment for purchases
Taking the present value OF stocks 81, 900 claim
ought to be worth 81 ,072 ST.
cash dividends e Of per cent and of az
per cent?. ACKNOWLEDGEMENTS. S125 90
Scrip dividend. 500, at S75.............. rs 90
80 shares Northern Pacific preferred at COZ 514 %
u of share of st. Paul and Duluth preferred
at Observation-Disclosures. 43 II
"a shares Of st. Paul and Duluth common
at IS. ACKNOWLEDGEMENTS. II 90
31a shares of Oregon ut 81. ............. 1872 90
Dividends on 31s shares Oregon, SIG per
share. Observation-Disclosures. Sc 90
Total ,O72 81