The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-22

ffecdman5 Savings and Trust Company,
located in all the principal cities of the
South, are involved in the failure, all hay
ing been depostors with Jay Cooke & Co.,
of their surplus funds. They had their
dealings chiefly with the Washington house
consequently the amount of their involve.
mcnt Is not yet ascertainab,e. Many of
the bankers above named have large sums
to their credit with the New York house,
deposited to take advantage of the high
rates of interest prevailing of late. 1t was
surmscd that serious embarrassment would
result to them, but the advices received by
the firm yesterday related solely to the dis
position of funds expected to come into
their hands. Many kilograms were re-
ceivcd naming other banking institutions as
depositaries for collection checks and other
paper belonging TO the provincial nstitu-
tions
The firm as yet are unwilling to give any
definite information regarding their liabil-
ties, and say that they shall not be able to
do so until the arrival of Hugh McCullocb,
the chief of the London branch. He sailed
for this country on the 18th inst. AT that
time, they say the collapse was not even
surmiscd, but he is in possession of such an
accurate notion of the resources of the
London branch that he will be able TO ap-
proXimatc the amount of assistance they
are TO expect from that source.
ASKING TIME FOR CONSIDERATION.
The following card from the Philadelphia
house was received by telegraph Friday;
To our Deposit0rs
Some little time is required TO adjust our
accounts and to hear from our different
offices, when statement will be prepared
showing the condition of our affairs, which
will be forwarded TO you through the post
office. Until then we beg your kind in
diligence, assuring you that every effort
will be made to liquidate our entire indcbt-
cdncss with the least possible delay.
JAY Cooke Il Co.
The firm also received despatch Friday
morning declaring that the London house
is solvent and that the feeling toward the
firm is very friendly. The liabilities of
that house, it is said, are not composed of
demand notes, but of paper due at fixed
dates, so that each weeks accruing liabili-
ty is well known, and precisely how much
money is needed to meet it.
INTERESTING To BANKERS CORRESPONDENTS.
The alarm felt throughout the country
at the suspension of Jay Cooke 81 Co., was
made particularly manifest Friday by the
receipt of numerous kilograms at the post
Office from the South and West requesting
the postmaster to withhold the delivery of
letters bearing the stamp of their firm and
addressed to Jay Cooke & Co. Postmaster
: james found that he was powcrless to com
ply with the requests, as section 112 chap
ter o, of the postal regulations, provides
that ''aftcr a letter has passed from the
mailing Office the delivery of it cannot be
prevented or delayed by the alleged
writer"
: The right to dctain letters in transit was
first raised in February last, in a case where
the First National Bank of Buffalo tcle
, graphed for the stoppagc of mail packet
! addressed TO Mills IL Gibbs, 412 Broadway
The Postofiice Department instructed Gen
S Jones, the late postmaster, that after ;
] letter left the mailing office it passed from
i the control of the writer, and must be de
livercd to the person addressed if he coult
+ be found
fIHh - hAitn ANNUUNIr InElE 81 SrhNsIUN
The failure of Fish & Hatch to nee
their obligations, the second of the man,
failures announced Friday created sensa
ton no less profound although of yer,
different character than that of jay Cook,
q Go. Almost every money and stocl
dealer in the street had word of sympath,
for the fallen house, which had been look
ed upon as one of the most conservative
and solid in the land When their sus
pension became fact many of their clients
were in their offices transacting the ord
nary drawing and depositng business
When drawers and depostors were told
that the dealings over their counters had
stopped, they could hardly be brought &c
realize the truth of it. The partners were
sought to obtain an explanation of the won.
der. Mr.. Hatch, when questioned, could
only say that the trouble was the result of
the universal want of confidence in rail.
road enterprises and the extreme stringency
IN the money market produced by the late
failures. When such well-known firm
as Jay Cooke Il Co., had become embar-
rassed he said, unusual demands, amount
ing to nearly S2,000,000, We're made upon
his firm. These came so suddenly and I'M
expcctcdly that they could not he readily
met. There was too little time lett in
which to obtain funds due the house.
The firm was largely interested in Cent
raj Pacific securities as well as those of the
Chesapeake and Ohio road The stress was
particularly vcXatious, inasmuch rs the lat
ter had just been completed and was in a
position to earn money to reimburse some
of the great outlay for its construction. In
| the present chaotic condition of their af-
fairs he thought it unwisc to make any
statement even approyimating their liabili-
ties. That should he the work of calmor
moments, after the firm and their friends
had more fully considered the situation.
| Their money had not been lost, Icsafd, by
loans made in furtherancc of hazardous en-.
| terprises. The firm
| HAD NOT spECULATED
| i'll the stock market, or met with losses
| from that cause. 1t was true that some of
| their customers had been unable to meet
| their obligations, and the suspension was
more due to efforts to protect them than to
inherent incapability. If the firm were al
lowed to wind up their business without
interference he had no doubt that it would
be able to pay every creditor in full