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Proposition Of Jay Cooke & Co.

Proposition Of Jay Cooke & Co. image
Parent Issue
Public Domain
OCR Text

PiiilaDELpiiia, Oot. 5. - Messrs. Jay Cooke & Co. have completed their detailed statement of assets and liabilities, and in connection therewith have prepared a forni of agreouient of settlement to be presented to their creditors ior their consideration. ïho main features of the proposed agreement are as follows : The luembers of the firm of Jay Cooke & Co. surrender all their partnership and individual property. A trustee, Hon. A. E. Itollins, late United tëiates Commissioner of Internal Revenue, will have the management of the estáte, thus saving costs and expenses. Dividends will be made whenever the trustee has cash in hand suflicient to be dividod, commencing soon after the agreemont is approved by the creditors. Settlements muy be made under ristrictions whioh guard perfectly the interests of the general body of creditors. Tiie creditors surrender no rights they now possess, but merely accept the advantages of the trust created for their benefit, and the debtors can gain nothing except the surplus which they hope to secure by an economical and judicious winding up of their estáte, l'ull powers are given to the trustee, but he is to act under control of a comniitteo representing the creditors, consisting of Messrs. Felton, late President of the Philadelphia, Wilmington & Baltimore Itailroud ; William C. Houston and Dell Neblit, Jr., President of the Corn Kxchange Bank of Philadelphia. Negotiable certificates of interest of any creditor of the estáte will be given by the trustee. After the debts are paid in f uil the remaining property will be reas8igned. It is understood that the firm do not propose to cali a general meeting of the creditors, as they have been doing business in three different cities and the creditors are so scattered as to render such a meeting impossible. They have, however, addressud a letter to each of the creditors, so far as known, submitting their proposition. Any creditor failing to receive such notification can examine the papers at the office o the firm in Philadelphia, New York o Washington.


Old News
Michigan Argus