The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-09-20

stock was ordered by customers who
had failed and on parties in the south
west. Customers failing 10 respond,
the firm was compelled to 60 under.
He thinks the liabilities OF the firm are
very small, but, don't think they will
be able, however, to resume
business. Hay d Warner state their
suspension was precautionary, caused
merely BY the failure OF 30 many firms
down towr. The creditors will be paid
in !ull. --..r
White, De Freits & Rathbone say
that they were unable to reach their
customers out of town and suspension
was forced thereby. The firm did
strictly commission business.
Among the lasest rumors on the street
were that Henry. Clews & Co. and
sVermilye & Co. were 10 trouble, but
the heads OF both firms denied that
such was the case. d. ..
Fisk & Hatch have always been es-
teemed as a solid firm, and were sue
cessiul in the sale OF U. S. bonds OF
the five.twenty loan and 9th hers, and were
identified with the success Of the Central
Pacific Railroad and latterly with the
Chesapeake anG Ohio, which they have
carried to successful position. A
statement OF their affairs is being pre-
pared. The partners assert their con-
fdence OF an early resumption. Fisk
& Hatch have negotiated q larger
amount OF railroad securities than any
other house in the country; some sixty
millions OF dollars in all. Jay Cooke
81 Co., are engaged in making up
statement OF their affairs The suspen-
sion was entirely due to advances to
the Northern Pacific Railroad, into
which, it is said, the firm was led by Jay
Cooke against the protests OF nearly
every member OF the firm. Advances
to the enterprise, it was understood,
were not to exceed $500, 900; but Cooke,
pending the absence OF leading mem-
bers OF the New York house is Europe,
increased their advances to $1,000, 600,
ard subsequently to a still larger
smount. These commitments made
through the Philadelphia house caus'
/ q depletion o. deposits, which me-
cossitated the suspension. The firm
Expresses the hope that they will De in
rdition to make an official statement
early next week
4 dispatch from Paris to John Mon
roe & Co, from q senior partner, orders
that firm to protect all drawings OF
Jay Cooke & Co. upon them, and offer
ing 10 discount the unmatured
bills OF Cooke at bank rates.
There were demands on FIsk X Hatch,
between ten and halt-past ten this
morning, for the return OF million and
a half OF call loans.
Late this evening rumOrs were on the
street that the Government was 10 levy
five million dollars worth Of bonds to-
morrow; that the Government would
place slO000,000 of greenbacks in
bank, 40 as to make money easy, and
that Richardson was on his way from
Washington with gold, and was prepar-
ed to sell from three TO five millions in
gold tomorrow.
An informal meeting of presidents OF
Banks vas held at the Clearing House
this evening, to take action for the
protection and relief OF the houses that
are being crowded during the present
excitement. Resolutions were passed
to appoint a committee Of FIVE to sub
nit 10 the Clearing House Association
at its meeting tomorrow, a plan for
measures OF relief. The street, at the
close OF business, presented an intensely
excited appearance, and when the clos
ing gong sounded the members 0! the
Stock Board gave three rousing cheers.
While money at bank to-day was 7 per
cent it could be had. Stock brokers
paid directly as high as u per cent for
one days use, and on turning stocks as
high as 5 per cent per day. In the ex'
citement mercbantile paper was ne
elected.
A dispatch from Washington says:
AT present from the outlook in Wash
ing,on the Chesapeake aud Ohio Rail-
road, is as much in danger OF stoppage
az the Northern Pacific Railroad"
To show how loosely the banking
house OF Jay Cooke transacted busl-
ness, it is said that the con OF Cover
nor Cooke attempted only eight days
AGO to borrow three thousand dollars
on his own note endorsed by his father.
Persons who saw tEis note at once in
ferred that the house was short Of
funds.
The run upon the Union Trust Com
pany has subsided somewhat, and a
better feeling is prevailing IN the street.
Stocks advanced very decidedly on a
rumor originating in the Stock Ex'
change that President Grant had order.
ed Secretary Richardson TO place ten
millions of dollars in the New York
bank, and that on his refusal be was
removed and Secretary DeIauo made
Secretary OF the Treasury.
PHILADELPHIA, September l9.-The
following circular was distributed to
depositors calling at the banking house
OF Jay Cooke & Co., this afternoon
To our Dtpo,itorS:
Some little time is required TO adjust
cur accounts and to hear from our diff
ferent offices, when statement will be
prepared, showing the condition OF our
affairs, which will be furnished to you
through the postoffice. Until then we
beg your kind indulgence, assuring you
that every effort will be made to liqpi-
date our entire Indebtedness with the
least possible delay.
TSigped,7 JAY COOKE ( Co.
This firm received dispatch from
London this morning declaring that
their London house is solvent, and that
,1-orla Tay