, 1873-09-19
THE JAY COOKE FAILURE.

THE JAY COOKE FAILURE.
Great oxoitoment prevailed in all tie CONNER
cial centres Of tho country yesterday upon tho
announcement OF tho faiuro Of Jay Cooke l.
Co., BankorH, Of Now York, Philadelphia and
Washington, Financial Agents Of tho Northern
Pacific Railway, heat~controB Of tic eynlioatos
for tho sale Of Government bonds, promoters of
1ife insurance companies Issuors OF foreign
lctters Of credit, etc., oto., etc. tremendous
panic ensuod in Wall street, and stocks foil from
to 10 pos cont.
Prudent businoBs mon have predicted for
years that Jay Cooke & Co. would fail. Their
enterprises wore 30 daring, thoir eorupulousness
so doubtful thoir liabilities 60 largo their e1tc-
ror so glittoring, that among tho really hoary
mon Of the country thoro haB long been boliof
that Hoonor or later tho firm would 60 to oyor-
lasting smash Neverth Gloss, their actual sus-
pension whom announced yesterday WIS sur-
prise. They had stood 80 long undor the North
orn Pacific load TINT oven those who predicted
their failure fanciod that thoy would somehow
pull through. Whom thoir collapse wnH an-
nounccd, there wero probably thousands Of buB-
ncss men In all parts Of tho United statea and
ca,oda WIN orolainod simultaneously. at to,1
you ao."
All tint Ia known concerning tho afrairs Of tho
| firm and +bo canao anil a1tnnt ~ thu dia.ator
will bo found in our telegraph columns. That
tho failure is bud QUO is very evident and tho
| o,oation oy tbo r,o,,ont ia how far othor oHtab-
rsbmonta NAV In ;nvo1vcd In Tho r,in. and how
far il will atroot tho general businosa Of tho
cour+rv This ran ,n1v bo anawerad hv tho ox-
noronce ~ t,,o no1t few davs. II in mt nrob.
ab1a that many of thu Nationa, Banks had hal
nncea with oooka. Thu firm haa ham Looked
nnon with auan,oIon avor s;ncc il embnrkoa in
thu Northor, Pacific ventnro and hanco dill mt
eecuro a 1arpo linn of counsrv b.,ancos. Wa ,o-
,1;ove tbat none of tho National D,nls of tbis
/ o;t, lon+ .,.or,ta ,r;,b +hom rbo;r ,oonta
boro for thu s,,o - Northor, Pacific bonaa-
| hyooar. pr.s.on Ka,, no.-o,n,,,co that
tho;r ha,onco with t,,o firm v,s lam than e5 nm
Tn +ho ahaonco ,t anoc;so information ,a tn
tho c.rao ~ ,h,a f.;1nro tia cor,trv ,r,, natnr.
s,v .tt-;hrto n :, TIN ,ttornt h, +hs bou.o ~
| hri1a t,a Northorn Pacific RAILROAD thronch
r,,dsrnoaa and n nav ;ntor,at m = r,r,;,1v-;n.
| cro.s,r, honaa1 dobt xrtbont anv ,rcorc fron
+,a mad w1,,t,ror n,7 h.uo hoo, +,,, o,;o;n,,
ornoo,atlons Of Inv coo1to concorninp tho North.
orn pooioo. he has failo1 tn obtoin nnv subadv
from III, aovor,msnt other than thu ,ana.orant
o7 a,v ho1n from Enrono croant norha,a IN tba
u,v ~ ,oana m thu ,vnotb,cst,on y, honaa Thu
eeloB Of land 1aye beon thu only sourca of revc.
mia with wbio1, Ia naoet thu iotoroat. and II ia
,ro,.h,o .h.+ .ho FIR, Inn ,oon .,4o,,,,t,,,,
tn carrv tho rnao,d honas and to l,oo, t,,om
at mar in or1cr IN m m with .he rri1a,no ~ tha
ro,a. This ~ ,ts,1f w,a .rt,,c,art tn aran,n
a,v a,rc,o firm, ,,,tho't ,a .aa,t,on,, ,o;o,,+ -,
,oatn1 u,oc,,st,on !, c,,5 xh;o, ;. ,,,+oa a. t.,
tbo d,snstchoa
r,o firm ~ 1ov ooo1o l. ~ or;,,n.tod IN c,-
,,,nh,s oh;o r. ro,,;voa 10 ,ona.o,,.,oo T.,
thu ear,v vsora NJ tim w.r ~ ,,o,t NJ TIM aov.
ernment nDdor sec7ota7v obaae for tbo aa1o ot
prh,Ic aoonrit,oa 1rnaor saorot,,,ea nrof,,,,oc,,
and Boutwal1. tbia oonadanoo VIVA continual, s1r