Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1873-09-25
TIE CRASH.

MI. Norris, OF Greenleaf Norris &
Co, said that he could give no informa-
ton in regard to his liabilities, or the
details of the causes which led to his
suspension. Mr.. Alley said that his
suspension was occasioned by the gen
eral decline in stocks, especially in the
Vanderbilt stocks; his liabilities were
not large, and he expected to soon re
sumo business
PHILADELPHIA, Sept. ls-The sus-
pensions Of Jay Cooke & Co., is only
temporary, and no business will be
tranacted to day. It is understood that
all parties will be protected. Recent
state affairs in New York have consid-
erably affected the house. The firm
will come out with an authoritative state
ment this afternoon. There is great
excitement Oh the street concerning the
matter, and i large crowd is gathered
around the office. The failure of the
Midland Railroad is said to have some
thing to do with the suspension, and
the Northern Pacific, it is rumored, has
likewise drained their treasury
pHlLADElPHIA Sept. i8-Jay Cooke
u Co, promise a statement of their al
| fairs this afternoon. They say that the
suspension was as great a surprise to
themselves as to the public at large.
| WAsHINGToN,, Sept. 18.-There is
great excitement here to day in conse-
quence of the announcement of the sus-
pension of Jay Cooke & Co.
The Comptroller of the Currency
this morning closed the First National
Bank, which is owned by the house of
Jay Cooke & Co. Nsi'
The private banking house of Jay
Cooke & Co., of, this city, is also
closed.
There was slight run on the Wash
ington City Savings Bank this after
noon, but it is not expected to amount
to anything serious, as it is considered
that the bank is strong, as in the pre-
vious run upon it, it showed such assets
as to satisfy the public of its solvency.
PHILADELPHIA, September 19.-1he
following suspensions are announced:
Fl. H. Douglass, Bayard, J. H. Yerkes,
John Lloyd, Gilbough & Co., All are
small except Gilbough.
LONDON, September 10 Jay Cooke,
McCullock & Co., of this city, have
paid over their counter all day, not
withstanding the run on the house.
New York, September 19.-The
Union Trust Company paid out until
4 o'clock, one hour later than usual
The Manhattan bank was open till the
same hour to certify the Union Trust
Company's checks.
Prominent bank officers are of the
opinion that the worst of the crash is
over.
The volume of business in the Stock
Exchange is largely over that of YES
terday, while the fluctuations are much
greater
The financial panic caused by the
suspension ofthe Banking firm of Jay
Cooke d Co. eliminated yesterday
most distrous]y, ami long list of fail
ures Of prominent firms in New York
and Philadelphia is announced. The
list Of suspension, commencing with
that Of Jay Cooke & Co. on Thursday.
followed by those of the first National
Bank at Washington, Richard Schell
and Robertson & Snydam, of New
York, and E. W. Clark & Co., of Phil
adelphia, was yesterday augmented by
the following New York-Fisk &
Hatch; White, Defreets q Rathbone
Beers & Edwards; Eugene Jackson;
Thomas Reed & Co., w. H. Warren;
Greenleaf & Norris; George B. Altey;
Theodore Behell; A. M. Kedder, Day
& Morse; Hay & Warner; Fitch & Co;
E. D. Randolph & Co., (bankers of
the Pennsylvania Railroad Company )
VIM. H. Conner: Vernon & Hay; ia
cob Little; and in Philadelphia by the
failures of De Haven & Co., Fl, H.
Douglass; Bayatd j.. H. Yerkes; John
Lloyed; Filboreugh q Co. Bond, De
Haven & Co. and Gilborough & Co.
are the principal firms in the Philadel
phia houses named; all, however, are
stock houses.
A prominent subject of discussion
has been the extent of the liabilities of
Jay Cooke & Go. 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 bust
ness. 1t is said that capitalists with
ready money have offered seventy-ive
cents on the dollar for their paper.
Richard Schell is one of the heaviest
failures. He owes million dollars, 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 il has been undertaken to
construct and equip twenty five thous-
and miles of railroads, involving an
outlay of nearly 100000 of
which a considerable part cannot for
years bring in any return. So long as
money owners were willing to buy
bonds and stocks. these enterprises
sailed on smooth sea. The expendi-
lures were met by receipts, but when
the uprising of the farmers of the West,
and other signs of dissatisfaction with
the management of corporations begot
a little dist,ust, the receipts of the more
doubtful schemes failed to come in
their treasures were depleted, and their
Gankers, who have gone outside Of their
legitimate business to endorse their sec.
urties, have gone by the board.
'ielegraphic correspondence has been
kept up between President Grant and
Secretary Richardson ever since the
first news Of the failure OF Jay Cooke