The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1873-09-25
TIE KEW FORK FIXTURES ]
4 Great PanIc IN Wall Street

as muc0 O Apprehension as 10 EDe lu-
tJre, as By the existing condition Of
affairs. Eminent Wall street men at
tribute the suspension of the firm not
50 much 70 the effort to sustain the
Philadelphia house, IS to their opera
tioDs in Northern Pacific, which, it IS
said, they sought TO carry beyond
their strength.
NEW York, Sept. 18.-Jay Cooke &
Go. make the following statement
The immediate cause Of the suspen-
sion Of Jay Cooke & Co. was the large
drawing upon them by their Pnila-
deIphia house and their own deposit
ors during the last fortnight. Both
houses have suffered large drain up
on their deposits, in consequence OF
the uneasy feeling which has recent
I ~ prevailed, and which has affected,
more or less, all houses closely identi-
I ned with new railroad enterprise
The Philadelphia house had previous
u been weakened by large cash adj
vances to the Northern Pacific Rail-
road Company, OF which they are the
financial agents. The business OF
Jay Cooke, McCulloch & Co., London,
Is entirely distinct, and that house Is
lpersectly solvent, 50 that it viii meet
all its outstanding drafts and letters
OF credit without inconvenience to
travellers, aud have large cash sur
plus 70 apply to the American house.
The firm Of Jay Cooke & Co. and its
members, have large amount OF real
and personal property, upon which,
however, they can not Immediately
realize. They are confident the de-
pogitors will be paid IN full.
Richard Schell and Robinson & Say-
dam have suspended.
NEW YORK, September 1s.-Anoth-
er day Of intense excitement has
passed oyer Wall street. Early this
morning predictions were made that
this would be bard day, and one that
would see the downfall Of more than
one financial house. The Chicago
fire, It was thought, would occasion q
draw upon deposits and tend to a
panic. Stocks, for the first two or
three hours, duetuated wonderfully.
Western Union fell ten per cent. with
out an upward struggle, but about
noon recovered its opening figure. At
noon q report was whispered that the
house of Jay Cooke & Co. had sns-
pended. At first the rlmor was con-
sidered an idle one, or, at most, start
ed by some scheming faction. How
ever, it had great effect. Men and
boys ran races from office to office.
The telegraph was sncessant in its op-
eratlons, and the excitement grew in
tense. Shortly after u 10. IL was Of
fcially announced that the suspension
had occurred, the reasons therefor be-
ing advances made to their Phiiadel-
pliia house which rendered them un-
able to meet the demand made upon
them by their depositers here. As
soon as 1t became generally known
that Jay Cooke & Go. had suspended,
many rumors touching ether promi-
nent houses spraDg into existance, but
all reports about the suspensions Of
firms, excepting Jay Cooke & Co,
Richard Schel, and the small firm
of Robinson, Suydam d Co., upon in
vestigation proved 10 be without fOun-
dation. When this fact was made
known on the street, confidence was
ag2jn restored, aud at the close of bus
iness stronger feeling prevailed. 1t
is not thought that any other firms of
prominence viii succumb. Men re-
garded as among the safest and most
judicious on the street give it as their
opinion that the great danger is past.
Robinson, Suydam & Co. expect to re-
sumo IN a few days. MIR. Schell was
not prepared to make any statement
ia regard TO his liabilities. His sus-
pension was occasioned especially by.
the decline in Vanderbilt stocks, in
which he was 3 large dealer. The lia.
bilities of Jay Cooke 4 Co. can not be
ascertaIned. 1t Will take some time
to make a statement of the affRirsi of
the house. The creditors are mostly
banks and bankers, there being but
one individual depositOr ia the list.
The suspension will greatly interfere
with the operations of the syndicate,
and will probably suspend the nego-
tiation of the five per cents. The
bonds OF the Northern Pacific have
been Of slow sale recently, and the
failure of Kenyon, Cox & Co., Of New
York, and the 0swego Midland road,
operated disAstrously against further
negotiations OF bonds.
PHILADELPHIA, Sept. 18-The fol-
ofI1ce door of Jay Cooke & Co., in
this city
We regret to be obliged to annennce
that owing to unexpected demands on
us our office has been obliged to sus-
pend payment. In few days we
will be able to present q statement of
our affairs to our creditors, until
which time we must ask for their pa
tient consideration. We believe our
assets to be largely in excess of our lie
abilities, JAY COOKE.
WASHINGTON, Sept. 1S.-There is
much excitement here over the sus-
pension OF the houses in Philaeeiphia
and New York, and it was deemed
advisable TO close the house here until
further advised. Many officials de-
posted funds with the house. here,
and they are now panic stricken 10
consequence Of the suspension.
High financial authority gives the
cause of the panic as follows: During
the last four years we have undertaken
10 construct and equip q, 000 miles OF
railroad, involving an outlay of near
" $500, 600, 600, of which a considera-
bic part for years will not bring ia
any return. So long as money lend
ers were willing to buy bonds and
stocks these enterprises sailed on
smooth sea. The expenditures of to-
day were met by the receipts of to-
day, but when the uprising OF the far
mers of the West, and other signs of
dissatisfaction with the management
OF corporations begot little distrust
the receipts OF the more doubtful fail
ed to come in, their treasures were
depleted, and their hackers, who
have gone outside of their legitimate
business to endorse their securities,
have gone by the board.
A reporter Of the Tribune called to-
night on Samuel Wilkinson, Secreta-
~ Of the Northern Pacific Railway
Company, who said there was no
question that the failure of Jay Cooke
d Co., and the suspicion thrown on
all railroad bonds, no matter how
good their securities might be, on go
cunt of failure of Canada Southern
and the New York & OsWego Rail- |
rUad Companies, would prevent the |
sale Of the Northern Pacific Railroad !
bonds, and oil other rail-
road bonds for tbs present, and prob |
ably for considerable time to come.
As usual with financial agents, Jay |
Cooke & Co had made large advances |
to the company, bat he did not think
this had impaired their credit or Grip |
pied than. Their failure was due to /
q sudden run in consequences of the
OF the money market,
caused by the manipulations Of Gn-
scrupulors couspirators. Il
New York, Sept. 19.-Fisk & Hatch /
have failed. White, Defreitas &
Rathbone are announced suspended.
The firms of Beers & Edwards and
Eugene Jackson have also been an
IA the Stock Exchange as
Jailed. Eight failures are reported
thus far to-day. A great panic pre-
vails.
or this cluster Of failures Fisk &
Hatch is the only firm Of magnitude.
Their embarrassment has been caused I
1t is said, by having their money lock-
ed Hp in Chesapeake 4 Ohio Railroad
bonds, and they are thus unable TO re-
spond to the demands of depositors in
The existing and so called unreason-
ing panic. Confidence is expressed
that every dollar due by this flrm will
be paid. /
Failures have been announced of
Reed & Co., w. n. Warren,
& Norris, and George Bal
ley.
This seems to be another Black Fri