Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-19

expect to resume business in short time
A Card.
/ PHILADELPHIA, Sept. 1S.-The follow
ing card has been posted on the Office doc
OF Jay Cooke 81 Co., in this city:
ave regret to be obliged to announc
that, owing to unexpected demands on us
our office has been obliged to suspend pay
meat. In few days we will be able q
present q statement of our affairs TO on
creditors, until which time we must ask 70
their patient consideration. We believ,
our assets to be largely in excess of ou
liabilities. 3e7a JAY COOKE"
| Who Next?
| WASHINGTON, Sept. 18.-The First Ma
tional Bank has suspended.
The London Firm VIII Honor Jsy
| Cookies Paper.
New YORK, Sept. 1S.-The excitement
is intense at the Stock Exchange. Wander
bilt stands by bis Central, and Pacific Mai
is cared for, but Western Union dropped
from SO to 78aa. Money was quiet at 7 to
gold. No other failures are announced
1t is said Jay Cooke, McC ullough & Co., o.
London, are solvent with large surplus
above all liabilities.
A Mutual Surprise.
Jay Cooke d Co. promise statement
this P. N. They say the suspension was as
great surprise to themselves as to the
public. s.as
There is general break IN stocks of from
one to ten per cent under the rush to SELL
and great excitement continues. New York
Central fell from 90l to S74, Wabash from
569 TO 51s, Northwestern fell from 50 to
49s, Preferred fell from 76 to 745, Rock
Island fell from 1929 to 80, Pacific Mail fell
from 42aa to 81. For further details of the
Wall street panic, see our Market Reports. ]
Who Next?
WASHINGTON, D. c., Sept. 1S.-The
banking house of Jay Cooke & Co., in this
city, was closed shortly after noon to-day,
and notice posted that in consequence Of
the suspension of jay Coose & Co. in New
York and Philadelphia, its doors would re-
main closed for the present. There is much
excitement, and large crowd is congre-
gated in front of the banking house.
The First National bank which suspended
occupies the same building.
How the Farmers Move Has Shaken
Confidence i'm New Railroad Ven.
lures.
New YORK, Sept. 18.-Jay Cooke &
Co. make the following statement: The
immediate cause of their suspension was
the large drawings upon them ~ their
Philadelphia house and their own deposit
tors during the last fortnight. Both houses
have suffered large drain upon their de-
posts in consequence of the uneasy feel
ing which has recently prevailed, 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
business Of Jay Cooke, McCulloch 81 Co.,
London, is entirely distinct, and that house
is perfectly solvent, so that it will meet all
its outstanding drafts and letters of credit
without inconvenience to travellers, and
have 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 property upon which,
however, they cannot Immediately realize.
They are confident that depositors will be
paid in full.
Richard Schell and Robinson & Snydall
have suspended.
Who Next.
A Philadelphia dispatch says E. w. Clark
q Co., have suspended.
Hope of Resurrection.
PHILADELPHIA, Sept. 18.-Mr. Cooke
says: believe this house will speedily be
relieved from embarrassment and to this
end if needs be every dollar of the means
possessed by the members of the firm will
be applied. No one who has dollar on de-
post here need lose it. Every liability will
be faithfully discharged"
The temporary suspension of the Ameri-
can house does not sffecs in any way the
London House of Jay Cooke, McCulloch &
Co., from whom the folio wing cable tele-
gram was received this morning creating
the liveliast satisfaction when made known
to the public.
London, Sept. 18.-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 & Co., will be
duly honored.
How the Government is Affected.
WASHINGTON, Sept. 1S.-Secretary
Richardson and Comptroller Knox were
in consultation the evening in reference to
the suspensions here and q receiver will
probably Re appointed to take charge ofthe
First. National Bank. The Secretary of the
Treasury states that the government does
nat lose by the SUSPENSION, the deposits of
Government officers in the First National
being fully secured by deposit of that insti-
tuition in National Treasury. As to syndi-
cate operations the balance is in favor of
the government, they having over paid at
the last settlement. Late this evening
there was something of a run on the
Washington City Savings Bank. All de-
mands so far have been promptly met.
A Review of the SIaushfer-The Syn.
dictate stopped.
NEW YORK, Sept. lit is not thought
that any other firms of prominence will
succumb. Men regarded as the safest and
most jud:cious on the street give it as their
opinion that the great danger is passed.
Robertson, Suydam & Co. expect to resume
in few days. Mr.. Schell was not prepared
to make any statement in re gard to his liza
bIlities. His suspension was occssioned by
The decline in Vanderbilt stocks, in which
he was large dealer. The liabilities of
Jay Cooke d 20. cannot be ascertained.
It will take some time to make statement
of the affairs of the house. The creditors
are mostly banks and bankers, there being
but few gradual depositors In the list. The
suspension will greatly interfere with the
operation of the syndicate and probably
suspend the negotiation OF the per cents.
The bonds of the Northern Pacific have
been of slow sale recently and the failure OF
Kenyon, Cox Il Co., of New York and
Oswego Midland road operated disastrously
against further negotiations of the bonds.
The Secret Out
The Express says: "The war upon
Richards has produced part of this panic,
creating as it has a want of confidence
among large capitalists and small investors
and injured both the credit and progress of
railroad enterprises. When confidence goes
credit falls with it, and q panic takes the