Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-09-19
'Ttsc Enii::rc OF Gay Cooke & 30.

(
telegraph that tie banking house q Jay Cooke
& Co. had suspended. The recent failures IN
Now York and the unsettled condition OF tnan
cial affairs prepared The way 'or this crash,
forciug the resources OF tie h2use and its
branches 70 res; which th4y couII 10; bear
The real aud personal assets Of the house, how
ever, are SAID 10 be sutieleat 10 cover al! Habit
ties ait. there sceiua to oe % boub' Expresses
tina; ultimately a.. creditors vii! bc paid 70 full
Tho following i. p4tces vi. DC Ir>l wtti. IL
te rest
NEw YORK, Sept Is. jag Cooke / Go.
make the following statement The iinnle-
date cause ci the suspension Of jay Cooke x
Co. was the large drawings upon them oG their
| PHILADELPHIA house aud their owu Iep@&l:3:S
during the last fortnight Both houses haze
suffered large drain upon ;LeiE Z deposits n
consequence Of lie uneasy feeling Y!ilcb has T2-
Gently prevailed Gnl Wh;c!. has atEec,c;i norc O!
less 81! houses closely Identified with n.w rail-
road enterprises. The Philadelphia. hGt.so bad
previously been weukcrci By large cash ad7an-
ces to the Northern Pacific Railroad Company,
of which they are tue financial agents. The
business Of Jay Cook McCulloch X Go. Lon
don, is entircly distinct, and that D0uso i ;'2g
fectly solvent, 50 that ii Vii meet al IT, cut
standing drafts au letters oi credit SFl!hGut III,
convenience TO travellers aoG have large cash
surplus to apply to he American house.
The frm OF jay Cooke 4 TO. AHA Is mem
bers have large alunuUi u rea ard personal
property, upon which they, however, cannot
immediately realize They are cout;Ien. de-
rositors sill be paid il full.
New YORK, Sept i, :: =, IN. III" Day
opened in Wall street with continuance 81
~. / II orb
formed such predominant feature IN ;hc stock
exchange Tor days past, and very soon this
depression took the shape OF paric u c0use-
ouepce Of reports Of further failures t'irs; II
was reported that the Pennsylvania E;.iir,;ld
Company war i'll trouble il con,Cd;ience 81 nrt
being able TO negotiate some loans III the other
side This was afterwards denied and Il .r"@i!
report started that the banking house II Jay
Cooke l. Co. was in trouble. For time the
matter was left ir doubt AID the eeI:n: in The
street huc,uated il sympathy WIZ alternate
icnials and assertions Of tic GUrr.
Finally Jay Cooke !; %, il. az official lc;f.9
to the Stock EIc,auge, ';@rDuacri lu::: il: con
sequence Of heavy advances 70 s1!ScalC :he:r
Philadelphia house, as we'll a. :. Ia. jga:I!
upo1 thvir own deposits, ti,@y wcrr Compelled
| u suspend.
The banking house q rni= tirui VI. crv;s,i,,l
this morning by ir!chd. aud others 10 search o:
Information IL regard t. his nlio0hc: Tor ycnt
and much sympathy 'gas expressed y! tic Erin
ia the misfortune hirn tlaS 2ycr;aaoT them.
This Suspension has had grea; -hi';! Upon
the Stock Exchange aud vas the ;r,.at :i:lo; o!
discussion in financial circles
The stock market ol':ucd steady ami AZ IN
Improvement over last uight's prices III some
cases, but the temper Of Speculation s1oi: ca1g
ed, and under heavy pressure 10 s9 br3kv thc
entire market. Ut tlGicS the prices ?F0ii! shoot
upward, but conflicting reports socu made the
market weak again. and the de,,:tue carried
the prices to u lower point tran that previously
touched. I nc heaviest bushes. Was Ii u csIcrr
Union, which iccl!uc,l from = 10 80 rrcDv-
cred to 81, reacted t. 81 auI has stree rsi.,:t i
from Sol to 81. Pacific Mail fell ptf ;rouI ! i
to 81, advanced to iv:, and still later sold at
3S4 a 39;. Rock Island d~crcd 'rcu, l0.1 to
100, moved back &c y!t. aai sti!! jaEar Feed
ed to 60
At this hour the eXcitemcn; continues. it
tense Money Is ioanl1g at per Ct. 70 80
per diem. Foreign exchange Is heavy aud Oh Il
decline, with an unsettled market. Tod vas
active aud higher. advancing from III u IL.
The advance was basel: Oh the suspelsiou Of
Jay Cooke & Co. who arr supposed 10 be short,
The bids for treasury gv.! tp-.:ay :tegrcGGfsd
S2,3lT, 300 at prices rau-!lc from ~ to III.
Government bouds are dui! aud unsettled
Southern State securities "rc gu:c; ard prices
are without important ctang",
| NEW YORK, Sept i, :!!..i3 p. III Tina ex-
element 10 Wall street l.: CGpNins more iDtense
every moment, and operators in both stocks
| and gold are Gcrv01s 70 til: g-@ltlS. degree ! :
the hour Of the closing Of the Board approach
ed the announcements OF failures was expected
The first Que reported was that OF Robinson l.
Suydanl, OF Is Broad street. Mex came THAI
of Richard Schcll. The feeling is suci. tia. 30
surprise would DO felt at the failure q gIy
house on the street.
Richard Schell aud Robinson I; Suydam have
suspended Both names have occu reau uut il
the Stock Exchange.
A Philadelphia dispatch gay. i y Clarke <
| Co. have suspended.
PHILADELPHIA Sept. !S.--A=, il, c3nacc-
ton with the suspension Of Jay Cooke !; Co..
many holders Of Northern Pacific railroad bonds
throuphou. the county will naturally feel COP
cerned ABOUT their investments, Inquiry na-
been made developing the Tact shat the North
ern Pacific is largely indebted t. IL fiscal agents,
and therefore can los" noth!ng pccla!ari!y %
| their suspension.
| The railroad COMPANY will have to make
other financial arrangements before pushing
| forward its line. 1t has its completed road aud
the government land grant, whic'. are both
mortgaged to secure It's bonds, AMI are 2ousld.
cred amply sufficient.
PuILaDELpllIA, September l>.-Mr Cooke
says please state that bo!ic"c this house
will speedy be relieved from embarrassment,
and that to this end, if Meet be, ever dollar u
means possessed by members Of the tru, Will
be applied No one who has dollar on de,
post here will lose it. EVER liability viii be
faithfully discharged. | can say 10 more now
There is no truth whatever in the rumor that
the National Life Insurance Company is in any
way affected by the suspension Of Jay Cook" i
Go.
The temporary suspension Of the American
house docs not affect in auy way the London
house of Jay Cooke, McCu!looh Il Co., iror,
whom the following cable telegram vas received
this afternoon, its statement creating The live
hest satisfaction when made knowv 10 the pub
| lie:
LONDON, September Is. London firm Of
| NJ r,,,o roc.,,pds ~ y i. su>I.an.iOp NV .,.: