The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-09-19
Mhccsmg ge9lster.
THE JAY COOKE FAILURE.

- II
The bankers and merchants of the
city were agitated yesterday afternoon
and evening by intelligence of the sus'
pension of the famous firm OF JAY
COOKE and Company of New York,
Telegraphic bulletins announced thst
the liabilities of the firm reached the
enormous sum of Nineteen Millions OF
Dollars in excess OF their assets, and
every body was on the gun vive to learn
the cause OF the suspension and the
effect it would have upon the general
trade Of the country. In the ae-
sence OF positive Information IN
relation to the matter 1t
was generally conceded that
the Northern Pacific Railroad, in the
sale of whose bonds JAY Cooke and
Company were largely interested, was
in some mysterious way the cause OF
the suspension, though no intelligent
man deemed it possible that the insOl-
veucy of the firm could be nearly so
great as the rumor asserted.
At present writing we have no au-
thoritative explanation of the mystery.
1t is certaia that the banking houses OF
JAY Cooke and Company in New York
aud Philadelphia have closed and
that the First National Bank OF Wash
ington has also suspended payment.
Beyond this but little ia known.
There have been vague rumors to the
discredit OF the COOKIES in commercial
circles for some time past. The Wall
street monarchs never relished the
prominence Of the Ohio firm that made
its fortune entirely from the favoritism
Of Secretary CHASE. The Cooke family
and Mr.. CHASE were old friends, aud
the monopoly given to JAY Cooks IN
the negotiation Of the national bonds
laid the foundation OF fortune that
was popularity thought to be beyond the
reach Of adversely. Bat still the men
who had risen by sheer force OF tinau-
cial sagacity and had not been indebted
10 any adventitious aids, looked with
some unfriendliness upon the monetary
pretensions of the Cooke family, and
thought little OF their ability 10 perform
the role they had assumed.
In the present crash there Will be
but little sympathy felt for the CooECs
themselves, bat much for those who
are their companions in misfortu"e.
Who these are it is as yetimpossible to
say. The ram;fcslous Of such COM
nercial disaster as this are so wide and
so subtitle as to be beyond immediate
comprehension. 1t nay a!cc; us al
through some channel oi which We are
still unaware. We were told yesterday
evening that none Of cur local banks or
bankers are at all inyc,Ycl in the
failure. Mtss7s. CEANGLE and DALzELL,
OF the City Bank, were agents OF JAY
COOKE for the sale Of Northern Pacific
railroad bonds, but We are assured
that they have made no advances and
are not losers by reason Of the disaster
that has oveEtaken Mr.. COOKE. We
are also informed thai none OF our
Wheeling banks had any considerable
deposit with the ;nsoiycnt firm.
1t may so hard with European tour
ists who are travelling upon letters Of
credit drawn upon the firm OF CocNE,
McCoLLcUcu and company, O. Liver
pool, bu: our dispatches seem 10 indi-
cate that the European house Will be
able to weather the storm AID meet all
its liabilities.
From all the Information yet avail
able, it is believed tina: when tie frs:
flush of aDx.ety is pas; it viii BE- found
that there is 10 occ9sioa for 8 financial
panic and 10 necessity 'oy general
crash. 1t was rumorc! Yesterday that
AUGUSTUS ScHELL, SNYDAM and Compa'
ny, and THoMts A. SCoTT were involved
in the ruin OF JAY Cooks, bUt we have
SIS vet no confirmation Of the report.
The financial news ct the mex. few
days will be watched with in
tense anxiety. but We think there is 8
good reason to hope that the appyehen,
s.ons OF yesterday msy fad 10 Tc,'.z1'
ion.
Odd FeIIowsbtptn the Emitted S:asos
Grand Secretary R!dgely reports
j,V4j lodges OF Odd Fellows in the jur-
isiiction. During the past year jQ,25O
49,, -, ,r--o ;,;,'gt.l - OOO vrers