Omaha daily bee., 1888-05-12
ClLLIC'S DEFUNCT EXCHANGE
The Liquidator Takes a Pessimistic
View of the Situation.
EXTENT OF THE INDEBTEDNESS
The Berlin Pulse After the British
Queens Visit-Her Chat With the
Chancellor-S Salisbury Attacks
Lord Woolsey.
A Badly swamped Institution.
lConmtnlt tsss nn .tnmes lorrion lcnncttI

LONDON, May IL New York Herald
Cabe-Special TO THE BEE For the benefit
of the creditors and others interested in the
American exchange ! undertook to gather
some information from those in charge Of the
LIQUIDATION. Mr.. Arthur Cooper, of the law
firm of Cooper Brothers, is the provisional of
fetal liquidator. He was seen to-day at his
Office and took II pessimistic view of the situ-
alton. "What do l think Of the creditors
prospectsw said he, with cold smile. "Oh,
not much. So far have received only about
1000, and after paying the various expenses
that sum will be lessened. l doubt if the
claims against the exchange are worth 10
cents on the dollar It's bad business as far
as can see They had squeezed the concern
pretty dry at both ends There is some talk
of reorganizing, of finding 600 etc, but"
Mr.. Cooper concluded not to finish his
sentence, and yet as well as could bo judged
from his mask-like face it seemed plain that
he did not bank very heavily on the success
of the scheme to which he referred.
"Some people even insinuated," suggested
the reporter innocently, "that you were in
collusion with MIR. Gillig."
This was one too many for Mr.. Cooper.
"What?" he exclaimed aghast, II in collusion
with Mr.. Gillign and then he added with
majestic scorn, "my dear sir, go out into the
street and ask the first man you meet if he
thinks it probable that the firm Of Cooper
Brothers would be in collusion with Mr..
Gillig. Oh, upon my honor, that's good
one. Tell those people who are
troubled with such anxiety that had never
even heard of the American exchange until
was appointed it's provisional liQuidator by
Mr. Justice Sterling, and that have in all
set eyes on Mr.. Gillis exactly three times"
AS to the details of the condition of the
American exchange, the extent of their
debts, how they propose to pay them, what
they will do with Gillig-in regard to these
and all similar questions my Ignorance is
profound. More complete information was
obtained at the American exchange, where
the acting manager and representative of the
liquidator expressed himself as follows i
you ask as to the extent of the indebted
ness. There We're letters of credit to the
| amount of about S500,OO0, but of these the
only ones on which there is any loss to our
patrons are cash letters, which amount to
only $4,000, divided among forty holders
Guaranteed letters of credit will be cashed
| by the American exchange in Paris, or by
any European banker doing business with
| the United States. Besides the eS, 600 we
are unable to pay at present the. sum of
G27, 600 in current accounts and other liabili-
ties, both here and in New York. Our total
liability, therefore, is e40,000, and our entire
number of creditors is 500 at the outside.
Our creditors, or at least half of them, are
| ladies, many travelling on the continent with
| children, and it is fair to assume that the
| people who can afford to iaunt about Europe
| in that way will not be reduced to the verge
| Of starvation, ,as the letter writer's would have
| us believe, by the loss or delay which
which they may experience through us.
| There is no use in painting the picture
| blacker than it is. I have great hopes of
seeing the trouble speedily arranged, for the
farther off they place the day of settlement
the larger becomes the amount of money
| frittered away. l should say that we shall pay
| certainly so cents on the dollar It's great
shame-a very great shame-that after such
| spelndd start and such perfect organization
| this institution should come to grief because
| -because--but won't go into that he con-
| cluded sadly, "hard words mend nothng,n