Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-09-19
Heavy Run on the Freedmen's and the
Washing ton city Savings Banks.
The Other Ranks all Right.

The New York house of Jay Cooke & Co:
makes the following statement: "The immedi-
ate cause of the suspension of Jay Cooke & Co
was the large drawings upon them by their
Philadelphia house and their own depositors
during the last fortnight. Both houses have
suffered large drain upon their deposits in con-
sequence of the uneasy feeling which has re-
Gently walled, and which has affected more
or less all houses closely identified with new
railroad 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 LONDON HOUSE.
The business of Jay Cooke, McCulloch &
Co., London, is entirely distinct, and that house
is perfectly solvent, so that 1t will meet all its
outstap ding drafts and letters of credit without
inconvenience to travellers, and have a large
cash surplus to apply to the American house.
The firm of Jay Cooke q Co., and its members,
have large amount of real and personal prop
erty, upon which, however, they cannot imme-
diately realize. They are confident that de-
posit0rs will be paid in full"
JAY COOKIES STATEMENT.
The head of the firms, Mr.. Jay Cooke, says:
"Please state that 1 believe this house will
speedily be relieved from embarrassment, AMI
that to this end, if needs be, every dollar of the
means possessed by members of the firm will be
applied. No one who has dollar on deposit
will lose it; every liability will be faithfully
discharged. / can say no more now"
THE NORTH PACIFIC RAILROAD BONDS.
In connection with the suspension OF jaw
Cooke & Co., many holders of Northern Pacific
railroad bonds throughout the country vii
naturally feel concerned about their invest
nents. Inquiry has been made, developing the
fact that the Northern Pacific is largely in
debted to its fiscal agents, and therefore can
lose nothing pecuniarily by their suspension.
The railroad company will have to make their
financial arrangements before pushing forward
its line. 1t has its completed road and govern
ment land grant, which are both mprtgaged TO
secure its bonds, and these are deemed suifi-
cient.
MORE HEAVY WALL STREET FAILURES.
Richard Schell and Robinson 81 Suydam, of
New York city, have suspended. Both names
have been read out in the New York Stock Ex-
change.
EXCITEMENT IN BOSTON AND CHICAGO.
The suspension of Jay Cooke & Co. created
no marked sensation on State street, Boston,
beyond the fall of few of the more speculative
stocks. Considerable excitement was caused in
banking and commercial circles in Chicago by
the reception of the news of the failure of Jay
Cooke & Co.
SYMPATHY FOR MR.. COOKE.
dispatch from Philadelphia last night says
There are no new developments in the financial
troubles tonight Mr.. Cooke will not be able
to prese mt a statement Of his affairs for day or
two yet. While there is excitement in the bust
ness community over the suspension, great
sympathy is expressed for Mr.. Cooke, and the
hope Is entertained that he will eventually
weather the storm.
SEIZURE OF THE FIRST NATIONAL BANK.
About O'Clock yesterday afternoon Deputy
Marshal Phillips of the District of Columbia,
accompanied by Mr.. Columbus Alexander, APP
peared in 18th street. Marshal Phillips carried
in his hand an attachment against the effects OF
the First National Bank, issued by the Supreme
Court of the District, at the instance of Column
bus and Walter o. Alexander, who were depos-
itors in the house, it is said, to the extent OF
s17 600. The usual formal process was served,
and then, in accordance with law, the marshal
summoned and swore the following named gen.
tlemen as board of appraisers: 5. ID. Castle
man, j. Q. HeIston, Jas. s. Welch and Alexan-
der Clarke. The board, after a thorough ex-
animation of the premises, appraised it at the
sum of 100000. In appraising the property the
board did not take into account the various Or
namental Improvements of the building.
ONE REJoIcER OVER THE CALAMITY.
Amidst the anxious crowds about town yes
terday, that either through personal interests
or regret at the Gala nifty upon esteemed bust.
ness men like the Cookies, wore sorrowful coun-
John II. Crane, the head Of the little squad Of
malignants who have sought so persistently to
cripple the District finances, and stop District
Ss He be
snapped the joints OF his bony fingers, he ex-
changed delighted mods and becks with his con-
federates Of the New York Sun. He hurried
joyously from Newspaper Row to 18th
street, and from 18th street to Newspaper Row.
Evidently he could, with difficulty, repress the
inclination to throw up his hat and hurrah
Here was what he and his dirty gang had been
praying for, trouble and distress for District
people; and as he fondly hoped an involvement
of the hated District government in the calami-
peared that the District authorities were not
affected by the suspension, and that the disaster
would be stayed within its original limits. To-
day confidence and cheerfulness is restored to
the public and Crane is no longer happy.
The Banks To-Day.
A visit to the different banks and banking
houses by our reporters to-day shows the follow
ing state of affairs:
THE NATIONAL SAVINGS BANK.
This bank, known to be one Of the soundest
savings banks in the country, has very properly
decided in order to avoid the annoyance Of a
needless call upon it to avail itself of the
requirement of thirty days notice frem deposit
tors. The following from its President Mr..
Stckney, sets forth its status:
NATIONAL SAVINGS BANK}
WASHINGTON, ID. G., Sept. 10. 1873.
Several inquiries having been made as to the
effect of the suspension of Jay Cooke 4 Co.,
upon this bank, L have deemed 1t due our
depositors to state through your paper that the
National Savings Bank has no connection what
ever with the First National or with Jay Cooke
x Co.
Nearly all our convertible means, amounting
to 100000, are in U. S. government bonds, the
balance being well invested in real estate in
Washington.
By our charter no money can be loaned on
personal notes or District securities.
AS an abundant protection to depositors, the
corporators, when the bank was organized, filed
bond with the Supreme Court Of the District,
in the sum Of 500, 900.
We have never lost q dollar, and were never
stronger than we are to-day. Respectfully,
WIN. STICKNEY, President.
The financial circle on 18th street, although
the news Of the suspension Of Jay Cookies bank
ana the Fret National has become general,
does not show any signs OF extraordinary excite
ment- Indeed, with the exception OF passing
friends, who by chance meet in the vicinity of
the bank, and discuss the suspension, there are
but few congregated in that vicinity There
seems to be q universal feeling of relief. pro-
duced by the telegraphic announcement from
Philadelphia that Jay Cooke has authori zed
the statement that all depositors shall be paid.
The doors Of both banks are still closed although
the announcements of suspension which were
placarded on the windows yesterday have been
THE FRKKDNAN's SAVINGS BANK
Soon after the doors Of this bank were opened
this morning the paying-tellers' window was