Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1873-09-25
The Great Financial. Crash.
New YORK, September 10.

NEW 0RK, oepteWDer 10.
The banking house of Jay Cooke & Co.
ID closed.
The suspension of the firm, it is said
will be,but temporary. All their foreign
Obligations are provided for, and tits claim
ed that the house holds one million dollars
over and above all liabilities on their side.
Business men attribute the failure te
their operations in the north Pacific Road
It is feared that the National Life Insu'
rance Company will go under with Jay
Cooke. & Co.. It i. said that Jay Cooke
lost largely in gold The members of ths
firm Say. they are unable to make any fur
ther statement, save that they expect t'
resume business in short time.
The scenes in and about Wall ant
Broad streets yesterday, reminded one
forcibly of disastrous Black Friday" ex'
cept that the panic to day was Of short
duration and did not reach the tnancia
proportions of that day. At the opening
Stock Exchange an army of brokers poured
into therotunda every one wild with excite
ment. and the "bears" made united ant
terrible charge on the entire list OF stocks
which gave way with, a fearful crash
Margins became suddenly exhausted anc
thronss of brokers rushed in to save them.
selves. The scene in the Exchange was
Of the widest character and several times
It seemed as if violence would be resortet
10 by the "bulls" who are fairly madden.
ed by their terrific losses. The gold mar;
ket Has neglected and the whole bushes.
conferred upon the stock business, which
was enormous almost every moment
swelling the aggregate Of transactions be,
fore now to an amount equal to the aver
age of many ordinary days.
New YORK, Sept. 20.
The Presidents of the National Banks
held an informal meeting. They resolved
to support each other and disregard re-
st,ictsons in to-day's dealings.
New ORLEANS, Sept. 20.
There is muchanxiety in commercial cir.
aies regarding the failures in New York
but business among the banks IS as quie'
as usual
New YORK, Sept. co.
. Wall street was crowded at an early
hour. There is less sohcitude, however
Resolutions, passed by the banks, asking
to sustain each other and the sale of ter
million bonds BY the treasury, nerves mat.
ters. Two members of the firm Of Jay
Cooke & Co., ore coming on from Russia
who are expected on Monday, when. re.
liable statement of the affairs of the house
Will probably be pressntedto the public.
New YORK, Sept. 20.
z The Stock Exchange. has been closed
subject to the call Of the President, to en-
able the members to settle, "A dsfalcation
IN the Uniep Trust Company is reported
Vanderbilt is closeted with the directors
The quotations Of stocks are impossible to
Be- gotten. President Champman. Of The
Stock Exchange. forbids any outside oper.
ations BIZ the members, upon the penalty
ofeerpythOa.
gs,ia. l WAsn1NeroN, Sept 20.
, The failures to-day are the Union Bank
zine Company, Pbiladelphis Union Trust
Company, New York; a. B. White & Co,
New York; E, E. Broadhead, New York;
Ketehum. q Belknap, New York; Saye 4
Rogers, iSsw York: the National Bank
-ef The Commonwealth, New York .Quas-
saiie & Fnher ;P. M. Meyers; Miller &
Walsh alhaiirens & Josephs; Fearing 4
pilinger; Brown, Wadswoth o 90. ~