The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-19
fJayCooke&Co
Suspension Of their Philadel.
phia, New York and Wash.
.,.,5, ington Houses.
The London House Solvent,
A Day OF Exoitementzin New
York-.-Tumble in Stocks.
Two or Three Other Failures, but nc
Great Alarm.
FIRST REPORTS.

4
FIRST REPORTS. .
NEW YORK, Sept 18.-Jay Cooke! q
Co. have suspended.
New YORK, Sept. 1S.-Jay Cook d
Co. have announced that their suspension
Is in consequence Of large advances made
to sustain their Philadelphia house and
the heavy drain upon their own deposits.
PHILADELPHIA, Sept. 1s.-The firm oi
Jay Cooke & Go. has suspended. A great
crowd is now collected around their place,
New YORK, Sept i1s.-There is great
excitement on the street In consequence Of
the announcement Of the failure oflJay
Cooke s. Go. The question generally
asked is tWho next The stocks took
a tumble generally. caused as much by
apprehensions Of the future as by the
existing condition Of affairs. Prominent
Wall street men attribute the suspension
OF theIflrm not 30 much to the effort to
sustain their, Philadelphia house as to
their operations In Northern Pacific,
'whichSit Is said they sought to carry be-
yond their strength It Is expected that
the Life Insurance Company withiwhich
Jay Cooke & Go. are connected may have
togo under. tt:q
NEW YoRK, Sept. 1s.-It Is also said
that Jay Cooke has lost large sums in
recent gold Investments; and another ru-
NOR is that the tightness' in the money
market and inability to dispose Of his pa
per hurried the supension. Thefrm say
they are unsbleto make any further state
ment, save that they expect to resume
business in a short'time. 4 h.
pHILADELpH1A, Sept 1S.-The follow
Ing card has been posted on the office door
OF Jay Cooke s. Co., in this city:
1--WE regret to be obliged TO announce
that owing to an unexpected demand on
us, our office. has been obliged to suspend
payment. In q few days we will be able
TO present statement Of our affairs TO our
creditors. Until which time we must
ask for their patient consideration. We
believe our assets to be largely in excess
oil, our liabilities. WIZ .
[signed JAY Cooke"
New York, Sept. 1s.-The excitement
Is intense at the Stock Exchange. Van
derbilt stands by his Central, and Lake
Shore and Pacific Mail are cared for, but
Western Union dropped from SS to 7si.
Money was quiet at 2 to 7 per cent gold.
No failures other than Jay Cooke & Co.
are announced. 1t is said Jay Cooke,
McCulloch s. Co., Of London, are solvent
with a large surplus above all liabilities.
There were eleven bids for government
gold to-day aggregating s.. 81, 800 at from
110 to 1ll.15. None Of the bids were &C
cepted. The specie shipments to-day
were $105, 900 In silver bars.
(. Abram 8. Hewett, one Of the trustees oi
The New York q Oswego Midland Rail.
road Company, has been appointed as
signee Of the concern, giving security in
the sum ol 100000. Il, L.
PHILADELPHIA, Sept. i8.-Jay Cooke
& Co. promise q statement this alter
noon. They say the suspension was as
great surprise to themselves as to the
public, ~, ..,,s a.. s-ea. s, g
WASHINGTON, Sept. 1s.-The banking
house of Jay Cooke s. Co., in this city
was closed shortly after noon to-day, and
notice posted that, Id consequence Of
the suspension Of Jay Cooke s. Co., in
New York and Philadelphia, the doors
will be closed for the. present. There Ia
much excitement, and q large crowd d
congregated in front Of the banking
house. Tie First National Bank which
suspended occupies! the same building. a
2 NEW YoRK, Sept ls-Jay Cooke &
Co. make the following statement Of the
immediate cause Of the suspension. II
was the large drawings made.upon them
Iby their Philsdelphis1 house and=their
own depositors. In the last fortnight both
houses have suffered large drain upon
them, in consequence Of the uneasy
feeling which has recently prevailed, and
which:has effected more or less all houses
lclosely identified with the new railroad
enterprise. The Philadelphia,house had
previously been weakened by large cash
advances to the Northern Pacific Rail-
road Company, and otwhich they are the
financial agents. The business Of Jay
Cooke, Mccullough q Co, OF London Is
entirely distincs and that house % perfect
iy solvent so that II wiltmeet allits out.
standing drafts and letters Of credit with
out Inconvenience to travellers and have
large cash surplus to apply to the Ameri-
can. house. The firm Of Jay Cooke 3
Co., and its members have large amoun
Of real aud personal property upon which
however, they cannot Immediately real
ize. They are confident depositors will
be paid In 4tulls aai.q =, .Asa ,ss ia
| New YoRK, Sept, 1s-Richard schel
and Robinson aud snidell have supended
A Philadelphia despatch says 3. w
Clark 100. have suspended s1R
PHn.ApRLrmA, Sept. 1s-Mr. Cook
|says: "'"I believe this house win speedily
be relieved iromIits embarrassment, ant
\ TO this, end, II neads be every dollar O
means possessed BY the members 81 thi
firm'will be applied No one who has
dollar on deposit here will lose Il, ever,
liability will be faithfully. discharged
The temporary snspension Of the Ameri4
can house does not affect In any way thl