New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-19

AAAA~AA y <A&AO ~ A~NA0s
I Suspensios ef che first Rational Bank,
! WAsHING1os, September 19.-The First
National Bank, Henry y. Cooke, president,
| has suspended.
! Jay Cooke & Co. have closed.
SuspessiaH Of Jay Cooke & Co.'s fhiPn.
Ilelphia House.
I PHILADELPHIA, September lS.--Jay Cooke
Il CO. have closed. 4 great crowd sur
| rounds their Office.
". +. Clarke 4 C. Suspended,
w. T. Clarke & Co. bankers, have sus-
| pended.
Northern Pacific railroad Not Affected.
As in connection with the suspension of
Jay Cooke & Co., many holders of North
ern Pacific railroad bonds throughout the
country Will naturally feel concerned about
their investments, inquiry shas been made,
developing the fact that the Northern Pa
citic is largely indebted to its fiscal agents,
therefore can lose nothing pecuniarily by
their suspension. The railroad company
will have 60 make other financial arrange.
| ments before pushing forward its line. 1t
has its completed road and government
land grant. which are both mOrtgaged to
secure its bonds and are considered amply
sufficient.
The --latest accounts from Philadelphia.
uls
Mr.. Cooke will not be able to present a
statement of his affairs for a day or two
yet. While there is excitement among the
business community over the suspension,
great sympathy is expressed for Mr.. Cooke,
and the hope is entertained that he will
eventually weather the storm.
The temporary suspension of E. w.
Clarke d Go. was on account OF advances
on securities not now available. From o
published statement by them it appears
that the house will resume business at an
early day. The partners are men of wealth,
and holding large amount of real estate
in this city. and the impression prevails
that the assets will turn out to be largely
in excess of their liabilities Their invest
ments in Northern Pacific were very mod
crate.
Dispatches received from the New York
Stock Board to-day to the effect that
Thomas Scott had failed created some little
excitement, many believing it referred to
the railroad king, as the latter is now
in Switzerland. His finances were
never better. The Scott alluded to in the
dispatches may belong to some other city,
but not to Philadelphia.
There was repor: tonight that che
F'reedman's Savings Bank would be affected
by the suspension of Cooke, but on applica-
ton 20 the cashier he emphatically denied
the story. There was 40 run on the i2sti-
tuition.
su.pensios Of Jay Cooke 3 Co.-s;reat
Excitsments
New ioaH. September lS.AJay Cooke
& Co. have announced their suspension, in
consequences Of the large advances made to
sustain their Philadelphia house, and
heavy drain upon their own deposits.
1heTel is great excitement consequent upon
Jay Cooke & Co.'S failure. The question is,
who vii! be the next. Business men attrib-
U.e the tailure 20 their operation in North
e:r Pacific stock.
IL is feared the National Life insurance
Company will 90 under.
The members of the firm of Jay Cooke &
Co. say they are unable to make any fur
the, statement than that they expect 10 Sc
sUine "ui!aess in a short time.
statement.
Jay Cooke l. Co. make ths following
statement:
"Our suspension was due TO tho large
drawings upon Us By our Philadelphia
house and our own depcsitor.. During the
last fortnight both bouses have suffered a
large drain upon fhei, deposits, in conse-
gUence OF the uneasy feeling which has re-
Gently prevailed. and which has affected
More or less all houses closely identified
with new railroad enterprises.
1.-THE Philadelphia house had previously
been weak.red ~ a large cash advance to
the Northern Pacific Railroad Company. of
which We are the financial agents The
business Of jay Cooke. McCulloch & Co.,
London. is entirely distinct, and that house
perfectly solvent. so it will meet all its out
standing drafts and letters of credit with
out inconvenience TO the travelling public,
ANA will have large surplus to apply to
the American house,
The firm Of Jay Cooke & CO., and the
me1Hbers have large amount of real estate
and personal property. upon which, how
ever. they can not Immediately realize
They are confident tha: theig depositors
will be paid in full.
Additional.
All the reports about the suspension
OF firms, excepting Jay Cooke e. Co.. Rich
ard ScheN and the small firm of Robin
son, Suydam & Co., upon investiga-
tion proved to bo without foundation.
When this fact was made known on the
street confidence was again restored, and
at the close of business stronger feeling
prevailed. It ia not thought that any other
firm of prominence will succumb.
The London House All Right.
LONDON, September I8.-The London
spond to the suspension of the American
houses By stating that all drafts and letters
of credit on them issued by Jay Cooke g.
Co. will be duly honored.
Excitement Mt Chicago.
CHICAGO, September lS.-A great sensa-
ton and considerable excitement ia caused
in banking and commercial circles by the
reception of the news of the failure of jay
Cooke g. Co.
Opinion Of Secretary Richardson.
WASHINGTON. September 2S.-The Secre-
tary OF the Treasury states, in response to
many inquiries as to how the government
Is affected by the suspension of Jay Cooke
e. Co., that it suffers no loss whatever. The
affairs Of the syndicate are in position
perfectly favorable to the treasury, and 80