Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-09-20
ALEXANDRIA, VA.
SATURDAY, SEPTEMBER 20, 1878.

yesterday most ulstreusiy, anu ioos Ai"' "
failures of prominent firms in New York and
PHILADELPHIA is announced. The list of sus-
pensions, commencing with that of Jay Cooke
& Co. on Thursday, followed by those Of the
First National Bank at Washington, Richard
Schell and Robinson & Suydam of New York,
and Z. W. Clark & Co., of Philadelphia, was
yesterday augmented by the following: New
York-Fisk & Hatch White, Defreets 4
Rathboue Beers & Edwards Eugene Jack
son Thomas Reed s. Co.; w. H. Warren !;
Greeuleaf e. Norris George B. Alley Theo-
dore Bedell A. NJ, Kedder; Day & Morse !;
Hay g. Warner Fitch & Co.; E. d. Randolph
& Co., (baukers of the Pennsylvania Roiroad
Company VIM. H. Conner, Vernon & Hay ;
Jacob Little; and in Philadelphia by the fail
urcs of De Haven 4 Co.; Fl. Fl. Doug lass !;
Bayard J. H. Yerkes; John Lloyd; Gil
borough e. Go. Bond, De Haven & Co.
and Gilborough & Co. are the principal firms
in the Philadelphia houses named !; ali, how
ever, are stock houses.
A prominent subject of discussion has been
the extent OF the liabilities OF Jay Cooke 4 Co..
The firm has given no indication of the amount,
but the most reliable reports place it at ten
millions of dollars, 1t is not thought, however,
that this will swamp the house, and it Is
confidently anticipated that they will settle up
and resume business. 1t is said that capital
lists with ready money have offered seventy
FIVE cents on the dollar for their paper.
Richard Schell is one of the heaviest failures
He owes million of dollas, if not more. He
says he can meet his liabilities if he is given
time to work.
High financial authority gives as the cause of
the panic that during the last four years it has
been undertaken to construct aud equip TWEEN
ty-fve thousand miles of railroads, involving
an outlay of nearly $4,000, 100000, of which
considerable part cannot for years bring in
any return. So long as money owners were
willing to buy bonds and stocks these enter
prises sailed on smooth sea. The expendi-
lures were met by receipts, but when tie up
rising of the farmers of the West, and other
signs of dissatisfaction with the management
of corporations begot little distrust, the re-
ceipts of the more doubtful schemes failed to
come 10 their treasures were depleted, and
their bankers, who have gone outside Of their
Legitimate business to endorse their securities,
have gone by the board.
Telegraphic correspondence has been kept
up between President Grant and Secretary
Richardson ever since the first news of the fail
ure of Jay Cooke & Co. was known, and last
night, at half past eleven clock, the Secretary
sent telegram to the Sub-Treasurer at New
York, directing him to purchase ten million
dollars worth of bonds to-day, course, says
the Washington Republican, which will have
the effect to instantly relieve all apprehensions
of further disturbance in the money market.
1t is observable that, wild as the panic was,
it has as yet had no appreciably influence on
the general course of business. No reason for
general dlstrust exists.
A special dispatch to the Baltimore Ameri-
can gives an account Of the scenes at the New
York Stock and Gold Exchange There was
whirl like m9lstrom all day long at the
Stock Exchange. Desperate earnestness, not
uumixed with slight element ofjoviality, per-
vaded the whole days business. Yesterday it
was like fight among madmen, The mem
bers had all congregated before the hour Of
opening, and the time and hour of business had
began regardless Of the stated hours The
spectators galleries, and the area way for the
eutter-sn:pes were filled from an early hour.
A large number OF women were seated 10 the
spectators gallery, enjoying the spectacle as a
bit of rude fun. Groups were planted about the
room, with hands and voices raised, screaming
into the ears of their neig hbors, and shaking
two, three or four fingers 10 the faces Of their
next friends without cessation, except during
the seconds required to jot sale or an item 10
their books. Above this uproar the President
of the Exchange sat in lmmovable serenity,
rising only occasionally to read the kilograms
autterng in upon him.
''As he hammered on his desk the operators
surged like flock of sheep to his neighbor-
hood and listened to the first few words of the
dispatch, and then impatlently were away again
to the ceaseless squabbe. When the names of
falling firms were read, there was some times a
prolonged whistle and 8 heightened mutter,
and when the names Of Greeulcaf, Norris &
Go. and Jacob Little l. Co. were announced,
there was something like vail, for they we're
I old and we'll beloved firms on Wall street. But
s this ebuhtlon OF feeling was exceedingly trans
/ lent, and the mob were 10 the mnclstraum
again before the vail ceased 'In fact" said
! an operator 10 one of his lucid moments,
there's good deal Of brothery consideration
displayed; We feel charitable about this thing
because it is not like Black Friday; you know
this is square bust. Stocks continued to
jump and tumble, and dealers fought desre-
rately.
1.-The publication of failures continued from
the Presidents desk, telling of brothers failing
10 the strife, but the warfare went on the
same, and even the gong at 8 o'clock failed
to disperse the crowd. A loud hurrah hailed
it, and hats were thrown in the air, and cheers
we're given as the spectators we're glad the day
was over but nevertheless they continued to
make bids and offers until the officials of the Ex
change had gone and few watchmen hurled
them out in the rain. The gold room repre-
Isented to some extent the upper end of the see
saw, but the solid metal fuctuated with
almost the mercurial frivolity of paper stocks.