Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-09-18
SUSPENSION OF JAY COOKE a. 60.
The SupensiOn Temporary.

lSfeeldt DispdteheS 10 Tao EreAiHg Sdr.
Jay Cooke & Co. suspended payment to-day
at noon. Doors of their banking house, on Sd
street, now closed and guarded by police. Large
crowd congregated on Sd street in front banking
house. Cause of suspension not known. Jay
Cooke, who is here, SAYS it began in their New
YORK house. News As it spreads through the
city creates intense excitement. Nj.
[SecoBd Dispatch.l
PHILADELPHIA, Sept. IS, I:I0 n. m.-,Jay
Cooke & Co. have just issued the fello wing card:
"We regretIto be obliged to, announce that owing
TO unexpected demands on US, our firm has been
obliged to suspend payment. In a 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 OF our iabili-
ties" Nj.
fBY ASSOCIATED PRESS.l
NEW YORK, Sept. 1S.-Jay Cooke & Co. have
announced their suspension, in consequence Of
large advances made to sustain their Pbiladel-
phia house and large drain upon their own de-
posits. IL is hoped the suspension will be only
temporary.
Second Dispatch.l
2:15 p. M.-The excitement in Wall street
is growing more intense every moment
and operators in both stocks and gold are
nervous to the greatest degree as the hour of
closing the board approaches. The announce
ported was that of Robinson & Sudan, OF 13
Broad street; next came that of Richard Schell
Inc 1eelng is such that no surprise would be
felt at the failure of any house on the street.
PHILADELPHIA, Sept. 1s.-The firm of Jay
Cooke & Co. have suspended. A great crowd
Is now collected around their places.
Second Dispatch.l
PHILADELPHIA, Sept. 1S.-The suspension of
Jay Cooke & Co. is only temporary, and no
business will be transacted to-day. 1t is under
stood that all parties will be protected. The
CT of nf fatr I'm
erably affected the house. The firm will come
out with an authoritative statement this after
noon. There is great excitement on the street
concerning the matter, and a large crowd il
gathered around the office. The failure of the
Midland railroad is said to have something to
90 with the suspension, and the Northern Pa
cihc, II Is rumored, has likewise drained their
treasury.
Third Dispatch.l
PHILADELPHIA, Sept. 1S.-Jay Cooke & Co
promise a statement of their affairs this after
noon. They say that the suspension was as
great surprise to themselves as to the public
at large.
Fourth Dispatch
NEW YORK, Sept. 1S.-There is great excite
ment on the street in consequence of the an
nouncement of the failure of DAY Cooke & Co.,
and the question generally asked is, "Who
neXt?' Stocks took a tumble, generally caused
as much by apprehensions of the future as by
the exciting condition of affairs. Prominent
Wall street men attribute the suspension OF
the firm not so much to the efforts to
sustain the Philadelphia house as to operations
in Northern Pacific, which it is said they sought
to carry beyond their strengh. 1t is expected
that the life insurance with which Jaw
Cooke * Co. are connected may have to 90
under. 1t is said that Jay Cooke has lost
large sums in the recent gold movement. An
other rumop is that tightness in the money mar
ket and inability to dispose of his paper, hur-
ried, II 1t did not actually cause the suspension.
Fifth Dispatch.l
PHILADELPHIA, Sept, 18-Jay Cooke a. Co
deny emphaticaliy the truth of scores ofrumors
as to the cause of their failure, and say it has
been caused more than any thing else by in
dividual advances to the Northern Pacific rail-
road company. They deny positively L. at they
nave anything to do with the gold mii.ing
operations. They make this statement in CON
York.