Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1873-09-26
BY TELEGRAPH
snspension 81 lay Cooke = "a.

Z snspension 81 Jay Ce0ks : "a.
| N lstIsXi,EIsrifIA. septeinber ia. !
The firm d Jay Cooke 4 Co. has suspend
ed. great crowd II now collected aroun.
their pace III business. The following cart
hes been posted on the Office door
We regret to be obliged to announce that
owing TO unexpecfsd demands On us. OUT
eniee has been Obliged g suspend payment
stateIncnt Of our nnairs ~ our creditors
until which fine we must ask for their patti
ent considerations We belieye our assetz
Will be largely til excess Ot our iabisif es.
lSisned sJzk K COOKE"
Mr. Cooke says: e believe this house
will speedily be relieved from embarrassment,
ard to this end, If needs be, every dollar OF
means possessed BY members of the firm will
be faithfully discharged
The temporary suspension of the AEerl-
eau house does not In any way affect the
London house OF Jay Cooke. McCulloch q
Co., from whom the following cable telegram
was received this afternoon. creating the
|liveliest satisfaction when made known TO
the public .li,3 s
n I LONDON, September 1S.
f The London firm OF Mr.. Cooke responds
to his SUSPENSION by stating that all drafts
and letters OF credit on them Issued by Jay
Cooke s o., win be duly honored. ...e
WAsHINGToN. September Is.
The ling house Of Jay Cooke e Co.. in
this city, was closed shortly after noon to-
day, and a l,otics. posted up that ii conse-
qucnce Of me suspension OF Jay Cooke, q
Coz Ia New York and Philadelphia. the doors
would remain closed for the present. There
fs.mucll excitement and large crowd is con-
gregated in 'front.' OF the banking house. ,.4s
The First National Bank, sshich occupies
the same building, has suspended. ,..,3.e.s
NEw York, September is. 8.
There Is great excitement on the street in
consequence Of the announcement of the
failure of Jay Cooke s. Co. The question is,
generally asked. i" Who next?'' Stocks
took d tumble generally, caused as much by
approximations for the future as by tie exist
ing condition Of affairs. Prominent Wall
street men attribute the. suspension, of the
firm not so much to their effort to sustain the
Philadelphia house as to their operations in
the Northern Pacific. which, it is said, they
sought to carry beyond their strength. 1t is
expected that the life insurance company
with which Jay Cooke & Co. are connected
may have to 90 under. It is also said that
jay Cooke has lost large sums In the recent
gold movement, and another rumor is that
the tightness in the money market aud the
Inability to dispose of his paper has hurried
the suspension. The firm say they are un-
able to make any further statement save that
they expect to resume business in a short
time.
Jay Cooke & Co. make the following state
ment:
The immediate cause of the suspension Of
Jay Cooke & Co. MAS. the, large drawings
upon them by their Philadelphia honse. and
their own deposifors during the last tort
night. Both houses have suffered large
drain upon their. deposits in. consequence of
an uneasy feeling which has recently pre-
vailed and which has affected more or less
MI houses closely Identified with new rail-
road enterprises. The Philadelphia house
had previously been weakened by large cash
advances to the Northern Pacific Railroad
Company, of which they are the financial
agents. The business of Jay Cooke, McCul-
och & Co., in London, Is entirely unincum-
oered. That house is. perfectly solvent so
hat 1t will meet all its outstanding drafts and
etters Of credit without Inconvenience to
and have u large surplus to apply
o the American house. The FIRM of Jay
Sooke d Co. have large amount Of real es-
tate upon which, however. they cannot Im-
nediately realize. They are confident that
he depositors will be paid in FULL .lsd
Another day of intense excitement has
passed over Wall street. Early this morning
predictions were made that this would be |
lard day, and one that would see the downs
all Of more than one financial house. since
he Chicago fire, it was thought, would occa-
ion a drain upon deposits and tend to a
,anic. Stocks, for the first two or three
lours, fluctuated wonderfully. Western
Union fell ten per cent. without an upward
truggle, but about noon recovered its OPEN
ng figures. s. s4s. .
M. e. CHUCK SoUTH.-We have received a |