, 1879-02-06

ors Gao complain Of you II 1ou do Touf tcst: II
tou do klI you can undet thn circumstances ~
ct,sre the best price l,at this will bring with
Ss 'y o G' Te s IT, aoss. ~ f sa
. my Office, nnh my Impression Of tl,at inter,
REV Is t1at Woke eanU In frat, ant ha'"'el
ne petition or reports which hsa
,een exhibited hero 10 syiisncc, j.. as,a =
1e set forth in substance that he bad these two
notes against 1lesn9, secured by The .,fnatt.
n lung stnck, t!'nt llgsny waa tnsolyent, :ifnl
asked instruction oi the Court In The premises
Il Is sny rccollectlon tiIat willie wss reading y
Mr.. IIcslng nn'i Gen. Lcake came In. After
bad read II, or At Least turned srounl to The
persons, saIl. Welt gentlemen, what 10 you
alr. Woke made some indeilulte rcply,-tllus ba
hsd nD pulley, or tIn,l liz tdu't know what
to dY, anil asked TIC Instruction vi tic Court.
And thc subiect.mattcr u tow the estate. ha'i
sion, md rrcurred to lie prsc'ttihg cnnsersa:
ttun and said ! could not hea any hettcr way ot
selling than for Nj. Woke 10 tuyIte bids FronI
those Win dealt H, this class ii securities.
don't temernhcs that the name of single .per.
to be ma'io generally ambng tho hrokrrs n'"l
tnukrrs, aud at .on.e ttage Of the prurcetilnus-
probably after | had definitely settled That I
t'lo,t:l't that II Was 1l's bcs, way-leo.
iHecI-f carnot tcli witch -un oriet
at any rntc mn order was produced, wllcll, It
vas stated, II wns supposed would meet my
views IN That rcga.d. exa1nnc't It, md wrDte
thu wori, Enter. upon It. atHt delivered 1t t9
ole OF item, which ono | cannot tel, ,-i.,"l
they went from my ruon. Thus conversation
took plnce III my CHAMBERS md my practice IYE-
ever after tie fire, and ever fter t'lr aecufntIla.
tim Of banteurtey h,isne's lIad i'ecn 50 henry,
1,ad bcen to have the bankruptcy Hatttrs-thc
summary matters a. wu cxli them III tmnkrupscy
-at my cl,amberst uni wns IL the llhi:, after
determining upon any order, TO make s'tlct
n'snorandtsn npon II, aMt latnl II to counsel TO
,a.s pt2 The nv c'css 0iss t:e s Clerk 5pss
but II truated to counsel to tnke
the papcss in aini set that they were delivered
to tho tlcrs VIM, touk it for grantct. made the
proper entries. I heard nothing n'"Fo [, of t!,e
IL wauld seem from t1le Hle-Hlarks. was OH the
18th uf Arr,f, 1874, when he handed ms report
o,ie mornfnR,-tf,c UIunt morning hnur when
WAS III fuf t!,v hearing Of bankruptcy prtwced-
IN this record ,-tn whct. Mr.. Vockc informed
tic Court 0f the steps which tie had taken to
obtasn bi1s. l thought Mr. Voeko felt dtsap-
puit,set-l know ditt-nt tic bids which wcro
iraao for this asset. lrrad the trkers nt,l,
tnuls, commented on them openly. They were
mainly from, persona that knew and knew were
engaged In the business Of buying nnd selling
commercial PAPER. Several ot them we're from
1ankcrs OF high standing for financial Judgment
National Bunk of Illinois; Mr.. 1nge, OF the
First National l,abs; Sir. CoolbangIl. of the
linton National ljauk: and Baird tS Bradley.
Grccncbaun knew very well as q mnn cngagcI
supposed At the time, nlut 10 NOW, 'lat Mt.
tirecnehaum bought md Eold,-tf,as IL, The tlrm
Of Henry Greeheflaum d Co.. or urccncl'aunt
Bros. u Co., have forgotten the precise nat11e
ia Chl:ngo an'l one IN New Yorls,-but
suuposeI, ! Ind knowledge. that thcy
bought al,i sold very large amount u COM
.nercial PAPER. After e1atnintnE. a1r. Vockes
report mil these letters mlnuted upon thu re-
port an order or rule that al persons Interested
s,,nt,ld show cause by tho next Monday tnostl-
iug rteollcc: only this rcason lor that: Sir.
Woke informed me, either Ut tile trst Interview
or Oh this occ:lsion-OF tQsnc onc OF f1ie prcrcd-
tng interviews Or this occasion-t'lat he had
called crr,lttors' meeting fur day or two
alter the 1uth, aud that he was very anxoHs 10
ret in Ill The assets nnd make anal distribu-
lion. prefume that to be the rcasuu why
liked upon Monday, the 10Th, a. the time wfei,
The Grccne!,aum offer should not be accepted.
Either that evening, or within siay OF tw0,
having tile matter IN mind. and having a feet
,nR Of disappointment thst this .aAsct hsd not
eceurctl what considered were Adcquntu offers,
/ lal 1t iu my mind to ask Mr. Charles Il. Far
veil who, believed, or lad reason to buppo4e,
was to1erably familiar With Mr. iiesinE's nfars.
something III regard to tll!s Offer. Ho travels
I16Q the kliI1E tTQul lNMt w ~ uh1 1NHAEtJnt4
home, re living nj Lake Forest mud l at Wause.
gan, ind lookel for him upon the train. Mot
finding hIn., asked his brother, John
V. FarwclI, whom | found on tic tr.tn,
he e,d;. kaer Z,a an'th'ng .'ns a'GSs H., ss'n
ias,1 ho made was, :1o to Cooibaue'i. l1c knows
Mi about H. Tic next morning, OIL my way
from the depot to my Chambers, stepped ~
to the UniUh NatIullal Bunk nnd found Mr..
Coolbaugh Ut h!s deak. After thu ordinary
mornlng salusaiEot,, ! said 10 him, Mr. Cool
bauel, Tue Assigned OF ono Of the bankrupt In
ausanco companies In my court lias NJ: Hestng'a
nutos tor $4,000, secured BY *l7.G00 Staats
Ze fHng stock, uni II offered sb,0W for II. What
Do yoli think of Ill. accepting III understand
TINT yuu arc somewhat eonscraant will, Mr.
urslng'a affairs anA Staats. .Zeeu"q nffairs.
Mr. toolhaugn turned around deliberately IN
Its chair 50 ~ TO iare me nlIu said: supl'os.
a circular the ohtr day. l responded .lml
II saw hi. nAt1e atnnnH tic pcssulls who had an
swerel such circular. said l,r, : You must bt
aware sl.ut that IL very peculiar piece Of papur
time oy.sdue. Then Ilcslng Is hopr'cssly III
solvent. 10 uIat there ts ITO personal resI}onsi
bilitY ior tic .paper. ] know slsaf,' said hc
| BECAUSE havn had OCCASION to Investigate lies
| inys affairs, and know TINT he Is beyond hup'
10 fur - financial complications aru cnnccruttl
.l,,l he l,!Rtt as we'll go into bangruotcY to-t!a'
as any other tltnc. Ihcn,' saM fr, 'ns fur y
tic srcirity il concernttl. this Staats.Zfff"nl
| ConlpAHf NJ lliG tlHlE VI lAE EEeRk Hgo WAS y!
burned ur. II Ind nothing lcf. but Its goodwill
That know Of. They hayo slncs that time bull
m extensive building which is heavily mort
uage4l, they haro bought expensive maicrt,
tur tl,e eir printing mid publishing department
for which they must be carrying largo iloatint
debt. r!let,' said hcG 'is Il u closo rorpur'
lion. II ID iii tho power of the Inside parties
ircxe out any you.slders whom they don't w!a
to tnsur. They can ilx salaries au ns to nbsor
ull ,elr earnluxs 1llcY caI. mako heavy OK
ucpditlircs for C,,iargcnicnts ot tlleIr bIls[nes
hp a. to U.S. up tleir earnings, Or they cau max
any prctext which Is In tho interest OF tB lusId
party us ugatlst the outside PARTY. Further tlla
ilr.,,' said be. 'Mr. liest,lg has been son,ewha
eccentric lately In pnlttck, nill II le saould
Is il sometimes seems prof,ablu ttlat he NAV, r
into tbs Dcluocratts organization. thu Rcuunlls
AL readers Of thu Stdats-ZttfH'lI will Withlra,
largely; should he lake tits t,areE Into Tho uen
uerat!c Organization the Republican readers vii
Withdraw, n,,a 1t IL doubtful whet!tcr nc can sc
q corresponding Democratic support. Nus
tai.l tc, in ysw Of all ltlcse lhtys. this nu
being commercial paper in tl1c sense that "
bankers nIll brokers use It, Il was Il, the n!ac
Of your Assignee should think took ~ ll1c
responsibility in refusing ti'u ultcr oE $5iaoo ~
sht;nll III accepting IT, thanked HIN. und
don't remember now tfat any thfne further wa
sat1. Then | pr,HecIle1 to my roonI, tshl .