Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-19
A Most Exciting Day In Wash
ingtOn, Philadelphia, New
York, and Other Cities.
Causes Of the Suspension an Unu-
sual Run on the PhiIadel-
phla Banking House.
The News on the Stock and Gold
Board of New YOrk-Gener-
al Distrust Prevails.
Every One on the Qui Vive-WhO
Nextl - CONSERVATION in all
Circles-NO Panic Feared.

FIRST DISPATCH.

& 'b tE=lf
FIRST DISPATCH.
PHILADELPHIA, September 1S.-Tht
firm of Jay Cooke & Co has suspended
A greaterowd is now collected around
their place. Fts
SECOND DISPATCH.
NEW YORK, September lS.--Jay
Cooke & Co. announce their suspension
to sustain their Philadelphia house, anC
the heavy drain upon their deposits.
THIRD DISPATCH.
NEW YORK, September IS.-There i:
great excitement on the street in conse.
quence Of the announcement of the
failure Of Jay Cooke & Co. The ques
ton generally asked, is who next
Stocks took a tumble generally, caused
as much by apprehension of future as
by existing condition of affairs. Promi.
nent Wall street men attribute the sus-
pension of the firm not so much tC
effort 10 sustain the Philadelphia house
as to operations in the Northern Pacific
railroad, which it is said they sought to
carry beyond their strength. II is ex-
pected that the life insurance company
with which jay Cooke d Co. are con-
Dected, may have to go under. 1t il
also said that Jay Cooke has lost large
sums in the recent gold movement, and
another rumOr is that the tightness in
the money market and the inability tC
dispose of his paper hurried the suspen.
sion. The firm say they are unable tO
make any further statement save that
they expect to resume business in 9
short time.
FOURTH DISPATCH.
PHILADELPHIA, September 1S.-The
following card has been posted on the
office-doOr Of Jay Cooke & Co., in this
city: 1--WE regret to be obliged 70 an
nounee that owing to unexpected de-
mands on us, our Office has been obliged
to suspend payment. In few days we
will be able to present a statement OF
our affairs to our creditors, until which
time we must ask for their patient con-
sideration. We believe our assets are
largely in excess Of our liabilities.
(Signed) JAY COOKE
FIFTH DISPATCH.
New YORK, September IS.- The
excitement is intense at the stock
exchange. Vanderbilt stands by his
Central, and Pacific Mail are cared
for, but Western Union dropped from
IS to 7S3. Money quiet at to II.
No failures other than that of Jay
Cooke & Co. are announced. 1t is said
Jay Cooke, and Mccullough & Co., OF
London, are solvent, with large sur
plus above all liabilities
SIXTH DISPATCH.
PHILADELPHIA, September IS.-Jay
Cooke & Co. promise a statement this
evening. They say the suspension was
as great surprise to themselves as to
the public.
SEVENTH DISPATCH
NEW YORK, September 1S.-There is
a general break in stocks of from one to
ten per cent, under the rush to sell, and
great excitement continues. Western
Union fell from SSl to 7S4; New York
Central, from 904 to SIT; Wabash, from
SGT TO sig; Northwestern fell from SO to
to 494; Northwestern preferred fell
from rs to 744; Rock Island fell
1929 to 70; Pacific Mail fell from 424
to 81.
EIGHTH DISPATCH.
WASHINGTON, September l8.-The
banking house Of Jay Cooke & Co., in
this city, was closed shortly after noon
to-day, and a notice posted that in con-
sequence Of tie suspension of Jay Cooke
q Co. in New York and Philadelphia,
their doors would remain closed for the
present. There is much excitement, and
a large crowd is congregated in front OF
the hanking-house. The First national
bank, which has suspended, occupies the
same building.
NINTH DISPATCH.
NEW YORK, September 1S.-Jay
Cooke d Co. have made the following
statement: The immediate cause of the
suspension of Jay Cooke & Co. was the
large drawings upon them by their Phil
adelphia house and their own deposit-
ors during the last fortnight. Both
houses have suffered large drain upon
their deposits in consequence Of the I'M
easy feeling which has recently pre-
vailed, and which has effected, more or
less, all the houses closely identified
with the new railroad enterprise. The
Philadelphia house had previously been
weakened by large cash advances to the
Northern Pacific railroad company, of
dktuNE.
The business of Jay Cooke, Mccullough
d Co., ofLOndon, is entirely distinct and
that house is perfectly solvent so that il
will meet its outstanding drafts and let
tiers OF credit without inconvenience to
travellers, and have large cash surplus
to apply TO the American house. The
firm Of Jay Cooke & Co., and iJs men,
bers, have large amount Of real and
per'onal property, upon which, howev-
er, they cannot Immediately realize.
They are confident that depositors will
be paid in full.
TENTH DISPATCH.
NEW YORK, September lS.-Richard
Shell and Robinson q Suydall have sus-
pended.
ELEVENTH DISPATCH.
WASHINGTON, September lS.-The
First National bank has suspended.
THE EFFECT ON WALL STREET.
NEW YORK, September Is.-The day,
in financial circles, has been one of un-
usual excitement, growing out of the
suspension of Jay Cooke & Co. The
other failures which have recently Oc-
CURED were mere local affairs, and, OF
I course, produced little excitement COM
pared with the one of to-day. The con
nectiop OF Jay Cook & Co. with the
govefnment-mRrketing Of loans during
the war and funding operations since
(! has given the firm national
reputation, which, of course, only
intensified the excitement consequent
upon their suspension. The money
market was Unfavorably affected by the
failures Of the day, and general djstrusl
eDgendered thereby. The early opera
/ tiOns on call were at seven per cent
currency, gold interest, but in the even.
ing the price advanced TO thFee-fouFths
per cent. per diem, which rate has not
| been reached since the exciting times oi
last winter and spring. The final busi.
ness was at seven Per cent, late in the
day.
EVERYBODY SAFE.
PHILADELPHIA, PA, September Is
Mr.. Cooke says: al believe this house
will speedily be relieved from embar-
rassment, and to this end, if needs be,
every dollar of means possessed by
members OF this firm viii be applied.
No one who has q dollar on deposit here
viii lose it. Every liability will be
faithfully discharged. The temporary
suspension Of the American house does
not affect, in way, the London house OF
Jay Cooke, McColloch & Co., from
whom the following cable telegram was
received this afternoon creating the
liyeliest satisfaction when made known
to the public:
LONDON, September iS-The London firm
OF Mr.. Cooke responds TO his suspension by
stating that all drafts and letters OF credit on
faA hxy Ia a .4fr1,-
honored.
THE BANK FAILURE AT WASHINGTON.
WAsHINGToN, September 1S.-Sec-
Ietary Richardson and Comptroller
Knox are in consultation this evening
in reference to the suspension here, and
q receiver win probably be appointed to
take charge Of the First national
bank. The secretary of the treasury
states that the government does not lose
by the suspension, the deposits of the
officers In the First national being fully
secured by the deposit of that institu-
ton 10 the national treasury. AS to the
syndicate operations the balance is in
favor Of the government, they having
overpaid at the last settlement. Late
this evening there was something of 8
run on the Washington City savings
promptly met.
ANorHER REPORT OF AFFAIRS ON WALL
STREET.
NEW YORK, September ls.-Another
day Of intense excitement passed over
Wall street. Early this morning pre-
dictions were made that this would be q
bard day, and one that would see the
downfall Of more than one financial
house. The Chicago fire, it was thought,
would occasion drain upon deposits
and tend TO q panic. Stocks for the first
| tun or three hours fncfnated Wnrlder.