Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1873-09-27
FINANCIAL CRISIS.

Offices III w dSiiih Soeoh "i' A'>
suspended payment on Thursday last
The announcement caused intense eX-
element in financial circles, which was
speedily followed by the failure OF quite
a number of firms in New YORK anu
other places. There area good many
explanations afloat as to the ca"seoi u .he
suspension, and many Opinions Us u '"'
consequence. NJ
CAM FROM JAY Cooke & Co..NEw
YORK, Sept. 1S.-Jay Cooke " ,.,rn w.,
naLe the following statement lne
immediate cause of the SUSPENSION on U'
law Cooke & Co. was the large 9 ,,;,
mos upon them by their IhiiaoeiPii"
hoEse and their own depositors during
the last fortnight. Both houses nave
suffered a large drain upon their dePoS.
its in consequence of the uneasy ieeiinS
which has recently prevailed ana "i'o''
has affected more or less all houses close
" identified with new r'ilFo',' "
csts. The Philadelphia house "ao pre-
yiously been weakened by large Gas,'
aI,.",.,os 70 the Northern Pacific Rail
r"ad COMPANY, of which they are the
fnonci3l agents. The business OF Jay
Cooke McCullock Il Co., London, Is
entirely distinct. aud that house Is per-
fectlv solvent, 50 that it will meet all ITS
outstanding drafts and letters OF credit
without inconvenience to travellers ana
have a large cash surplus to Apply to the
American house.
rrl No,,, Work SIM SAWS {:
sgThe chief cause of Jay Cookies fail
ure is the attempt to buildthe Northern
Pacific Railroad. That enormous and
i)l-considcrcd undertaking was sufficient
10 exhaust the strongest resources. It's
downfall. we fear,will involve thousands
of widows, orphans and confding people
of limited means in lasting poverty and
embarrassment.
TIE FAILURE OF FISK Il HATCH.
New York, September l9.--Thc IL
nancial panic continues, and more fail
ures are reported to-day, Among the
announcements is the failure OF FISK ~
Hatch. extensive brokers.
Fish and Hatch state that the suSpen-
sion can only be temporary, and was
caused by loans called in on government
securities. which could not be realized
upon at the present crisis. They say
the securities on which they have made
advances are on two railroads, the ones
apc,ke an,i Ohio and Central Pacific,
both of which are completed. They
avnert to be able to resume business
aoain as soon as the panic ceases
Wall street has never experienced
snch a storm. aud the panic on Black
Friday in 1869 is by far exceeded 10y 1t.
an the stock market as the first failure
MAS announced the entire list dropped
recovering a little in the interim but
fallipr lower as each successive failure
was announced
Mr.. Hatch, of Fisk Is Hatch, safes
that owing to Yesterdays future great
demands came so suddenly and uneX-
nectad,y on their house that they could
not b readily met. There was no time
left in which to obtain money on assets
of the firm. or to collect money due the
firm The house made heavy advances
10 the Central Pacific, which, however
is not the cause of their suspenslon.their
advances to the Chesapeake and Ohlo
having brought them down,
HENRY cLEws & co.
New York, September 13.-ln re-
gard to the suspension OF Henry oleWS
& Co.. the firm states that during inc
past four DAYS they have paid out one
and half millions III money. Ihey
,r,d. the utmost efforts to day To ralSc
money ON securities, but finding 1t I'M
nossi6le 10 do 50 were compelled TO
suspend. They regard thcirsuSpension
rs only temporary, and have no further
statement to make save that they
deemed suspension advisable, :,
The cashier of the Fourth NauohaI
Rank which threw out Clews ~ Go, S
checks to the amount of s2Oo,OOO says
the bank did so simply because their
account was not good. There was no
over draft but would have been had the
bank allowed it. The firm pad un'n
no greenbacks remained on hand lana as
they could negotiate 70 securities, VI
(which they had large amount, nothlnS
,cm,ined but suspension. Clews ~ Co
saw that had SSOO,O00 in securities IN
the Fourth National Bank, against
which checks to the amount OF S30o,OoO
only had been drawn. The firm pad
out 81, 25O,oo0 in legal tenders to de,
positors during the past few days, ana
it was the genera. impression that they
would pull through.
There was made known also detal-
cation in the Union Trust Company,the
dcfaulter being c. Carlton, son of the
Rev. DIR. Carlton of the Methodist
Book Concern, and secretary of the
Union Trust Company, which caused
GREAT surprise. lie had been secretary
If the Union Trust Company since
1850 and the concern had grown to bc
on immense financial institution under
his management. The additional sus-
nnns;nns are rs follows: The Union
trust Company, the Bank of the Com
monwealth, the National Trust Compa-
NV tho Mechanics Banking Association,
= ~ c. C. White & Co., Z. &. Broadhead
g. Co. Ketchum q Belknap, brown
Wadsworth 81 Co., Taussig " Fisher,
~ NJ, Myers & Co, Miller Is Walsh
Iaurens, Joseph, Fearing " DeiIinser'
Williams d Bostwick, e. Haight "
Co., Saxton & Rogers, w. q; Moore
-