The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1873-09-25
FAILURE OF JAY COOKE s. CO
PANIC AND FAILURES IN NEW YORK, PHILA
DELPHIA AND WASHINGTON.

Jay Cooke s. Co, one of the most
prominent banking firms in the country,
have failed. On Thursday, the 18th inst
their house in New York suspended
Following swiftly upon the closing of
thei< house in New York, was the suspen'
sion Of the houses Of the same firm doing
business in Phi adelr and Washington
and Of the First National Bank in Wash
ington-Jay Cookies Bank. And soon fol-
lowing these came the suspension of
Richard SchelI and Robinson and Suy-
dam, New York, and W. E. Clarke 81 Co ,
Philadelphia. .... -.
AS soon as the foregoing failures beca me
known In New York panic, became the
order Of the day. This Thursday proba-
bly, fully equaled Black Friday. To the
Stock Exchange the rush was tremendous
and the excitement fearful. Stocks fell
with crash. The rush and scenes at the
Gold Exchange equaled in fury on less
scale those at the Stock Exchange
A large crowd, having 40 business but
curiosity, collected filling the basement
and yards as well as the streets and side
walks in front of the suspended bank. In
Philadelphia the scenes, GA less scale at
the Stock Board, in the streets and at
the suspended bank were much like those
in New York the crash IN stocks being
about the same, and at Washington the
scenes were relatively nearly equally
great and exciting. Nineteen houses In
New York and eleven in Philadelphia
failed.
On Friday the excitement continued
and the day was small or Great Black
Friday. The excitement at the Stock
Exchange New York continued and was
compared to caper among lunatics that
of Thursday being more like fight
among madmen. Stocks continued to
jump and tumble but generally tumbled
rapidly downward. The excitement con
tinued at the Gold Room but was not
equal to that at the Stool Room A run
upon several Trust Banks was great and
large amounts were paid out. The Sec
rotary Of the Treasurer directed the As
sistant Treasurer at New York to pur-
chase 100000 bonds. A committee
was appointed at a meeting of the princi-
pal Bank officers to devise meas ures of
relief.
Saturday opened comparatively quiet
the promised action of TIE Government
having in a measure restored confidence.
But the suspension of the Union and Ma
tional Trust Companies renewed and in
creased the excitement The Stock Ex-
change opened amid excitement and soon
confusion reignned supreme, which was
finally ended by adjourning to meet again
en- the call of the President. This stopped
speculation and business till the Presi-
dent called meeting which he has not
yet done. The Bank .cf,the Commonwealth
suspended and eleven more brokers
making in New York thirty-three houses
which have failed and three banks which
nave suspended.
The PRECEDENT and Secretary Richard
son were besought by Vanderbilt and
others and advised by Reverdy johnson
to loan the banks $3o,OOOOO0 of the $44,-
100000 greepback reserve. This they
wisely declined, having no authority not
do 1t. They will however buy Govern
ment bonds now due to the Gxtcns of
their power thus placing greenbacks IN
circulation. The Clearing House received
United States bonds Certified checks
in settlement of balances, and the
banks received the clearing
checks from each other. Many rumors
aolting as to the safety of the Savings
Banks the officers held a meeting and re-