The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-09-20
The effects of doing business
on Ficticious Capital.
Rottenness of the Specu1a'
ting and Stock-Gambling
Glasses.
The Yellow Fever.
Return of some of the Po-
1aris Expedition.

New YORK, Sept. 19.-The following
are the banking institutions and trust com
panies fos which Jay Cooke & Co, are the
financial agents in this city
Freedman's Savings and Trust Com
pany, Huntsville, Ala; Freedman's Saw
ingc and Trust Co, Mobile, Ala; Jay
Cooke & Co, Washington, d. c.; J Cooke
& Co, Philadelphia, Pa; First National
Bank, Washington, d. c.; Freedman's
Savings and Trust Co. jacksonville Fla:
Freedman's Savings and Trust Co, Talla
hasse, Fla Freedman's Savings and
Trust Co, New Orleans; First National
Bank, Duluth; 4. W. Clark 4 Bro, Du-
luth; Jas. p. Brady & Co, Pittsburg
Semple 4 Jones, Pittsburg; Malson's
Bank, Montreal, Canada Jay Cooke, Nc
Cullough & Co, London, England.
Fisk 4 Hatch have failed, while Defer
eitas x Rathbone are announced as sus-
pended.
The Stock Exchange has been the scene
of the widest excitement throughout the
morning, the business having been so large
and fluctuations of such proportions as to
make it well-nigh impossible to keep rec
ord Of the business. At each time when
failure was announced, great rush was
made to sell the stocks, which was al
most regularly followed by some recovery.
The decline ranged from lal3 to per cent.
PHILADELPHIA, Sept l9.-The follow
ing was posted this morning at the door of
Jay Cooke l. Co s: TO our depositors
Some little time is required to adjust our
accounts and to hear from our different
offices. when a statement will be prepared,
showing the condition of our affairs, which
will be forwarded to you through the post
Office until then we beg your kind indul-
gence, assuring you that every effort will
be made to hquidate our entire indebted
ness with the least possible delay,
(Sigued) JAY Cooke &Co.'
This firm received dispatch from Lon
don this morning, declaring that their Lon
don house is solvent, and that the feeling
in London towards Jay Cooke K Co. isvery
| friendly
PHILADELPHIA, Sept. 10. - DeHaven
| Brothers hope TO meet their liabilities,
which are small. The panic has caused a
run on the Fidelity Safe Trust Co, and
there is a long line of depositors drawing
out on checks.
ALA 81 lDilpWlIlH
brokers have suspended H. H. Douglas,
c. NJ. Bayard, ]. H. Yerkis, John Lloyd,
and Gilbough, Bond l. Co All of the
above, excepting Gilbough, Bond & Co, are
small concerns.
New YORK Sept le.-Day& Morse and
Hay Il Warner have suspended.
PHILADELPHIA, Sept. l9-DeHaven &
Brother have failed.
New YORK, Sept l9-E. D. Randolph
4 Co, bankers Of the Pennsylvania Cen
tral railroad and VIM. HConnor announce
the Suspension of Whittemore 4 Allison
s. H. Smith Il Seaver are included in tht
suspensions.
WASHINGTON, Sept IA number o
persons formed in line this A. NJ. at tn,
Washington City Savings bank The,
were nearly if not all small depositors ant
entered the bank in turn to draw thei
money.
New YORK, Sept l9.-The firm of Fitcl
& Co is added to the list of suspensions
and this was soon followed by the an
nouncement that Hay 4 Warner, Day 4
Morse, A. NJ. Kidder, George B. Allen
Greeleaf & Norris, W. H. Warren, Thorn
as Reed 4 Co, and f. l. jackson, ha,
failed The run upon the Union Trus
Company continues, but up to this hour
1880 p. m.-the bank has met all demands
Messrs. Fitch x Hatch are not yet prepar
ed to make any detailed statements, rela
tive to the cause of the suspension. Ow
ing to the excited and general demoraliza
ton, it is impossible to get anything like
satisfactory statement of the condition G
affairs
New YORK, Sept. 19.-The firms c
Beers Il Edwards, and Eugene Jackson
= have also been announced in Stock ES
change, as failed OF this cluster of fai
ures, Fisk d Hatch is the only firm {
magnitude. Their embarrassment ha
been caused, it is said, by having the
money locked upin the Chesapeake & Obi
Railroad bonds, and are thus unable I
respond to the demand of depositors in tn
existing, and SO called, unreasoning pani
Confidence is expressed that every dolla
due by this firm will be paid. The fai
ures have since been announced of Tho
Reed 4 Co., w. H. Warren & Co, Greer
leaf d Norris, and Geo. Bailey. TIL
seems to be another black Friday, and Il
dreary, rainy day contributes to the final
cial gloom. Gold has reached $I.l3, an
| stocks, in some instances, have fallen ]
l per cent.
Munroe & Co., Paris, cable their Ne
York house that they will protect all bill
of Jay Cooke 4 Go. upon them. They c
fered this morning to discount Cooke in
matured bills at bank rates.
=, New YORK, Sept ia sharp reactiC
is reported under the announcements tn
! Vanderbilt's brokers are buying heavil
A publication this morning OF run on Il
Union Trust Company, yesterday, caus'
a real run on the institution this mornin
The failure of Richard Schell is the occ
sion of this run, depositors apparent
fearing he has been mixed up in the afai
Of the Trust Company, from the fact tn
his brother Augustus Schell,i Vice-Prs
4, ident, This last named gentleman e
pressed the utmost faith in the ability
the Union Trust Company to meet the Z
ce mands, however pressing. Fisk q Hat
state that their suspension can only be TEL
porary, and was caused by the loans call
ar 10 on good security, which could not
be realized upon In the present cris
ihey say the securities, on which they ha
made advances, are ON two railroads
Chesapeake d Ohio and Central paci
both completed. They expect to be al
TO resume business as soon as the pa
=. ceases.
) Theo Biddell and A. NJ. Kidder are
latest announced failures.
" WASHINGTON, Sept l9.-Edwin L.St
u ton, son Of the late Secretary of War,
been appointed receiver of the First
n tional Bank in this city.
LONDON, Sept. 1e.-The firm of !.
Cooke, McCulloch Il Co., of this city. III
paid cash over their counter all day, /
N withstanding the run upon the house.