Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-10-03
THE FALLEN HOUSES.
JAY COOKE & co.
EFFORT TO FORCE THE FIRM INTO BANK

EFFORT TO FORCE THE FIRM INTO BANK
A dispatch from I hilada!phia says:
This afternoon the house of Jay
Cooke & Co. was forced into bank
ruptcy on the petition of the Logan
square Building Association, of this
city, which was a derositor with the
firm.
AN ORDER TO SHOW CAUSE.
Judge Cadwallader, of the United
States Court, granted an order to
show cause, returuable October LIST,
and the papers were served upon the
members of the firm this afternoon.
The first action in such C. ses draws
to itself the settlement of all the firm
ings instituted to-day should be
pushed to their bitter end, they will
be carried through in Philadelphia.
WHO SHALL CONTROL THE ASSETS :.
It IS believed, however, by the
members of the firm that they will be
able to submit such a statement to
their creditors as will prove satlsfac-
tory, and that they will be allowed to
superintend and control the manage
ment and disposition of their assets,
they being of course able to reallze
vastly more than would receiver out
side of the State in charge of their
affairs,
AY COOKE WANTS CREDITORS TO IN
vEsTIGATE.
In an interview with Mr.. Cooke, at
which his brother, Henry d. Cooke,
late Governor of the District of Co.
lumbia, and the counsel of the firm,
John G. Bullitt, were present, Mr.: Jay
Cooke said that it would be well for
those of his creditors who were selling
their claims against the firm at sac
rifice to investigate for themselves, and
not rely upon rumOrs current upon the
street. Mr.. Bullitt stated that full
exhibit of assets and liabilities of the
firm would be made to the creditors IN
the early part of next week.
H3'0v' ''0'n nsr4 asD THE %
Ex-Governor Cooke alluded, with
| considerable warmth, to the Geographic
report that he, as the sole executor of
Chief Justice Chase, had entangled
that trust estate in the affairs of the
firm and of the First National Bank of
Washington, styling such reports as
Infamous, and saying that not dollar
had been lost, as the securities were
safely locked up in special deposit IN
the vaults of the Fidelity Trust Com
rany of this city.
| HENRY CLEWS &C.
have issued a circular to their deposi-
tors and correspondents, in which
they announce that they purpose to
continue their business by receiving
special deposits in trust for new &C
counts, pledged only to payments
drawn against such accounts, and that
they will collect and realize such loans,
securities and other assets, as fast as
possible.
KOWES 4 MACY
are adjusting matters as rapidly as
possible, and hope to resume business
in few days. They have notified
their depositOrs that it is their inten-
ton to continue operations as usual,
by receiving special deposits In trust
to new accounts, pledgiDg themselves
to use those deposits only IL payment
of their customers respective checks
against new accounts; and as fast as
the firm can collect and realize from
their loans and securities they will
pay pro rata instalments on their
present Indebtedness to their deposi-
tors until the whole shall be Hquidat-
ed, the same drawing the usual rate OF
interest until paid.
FITCH { HATCH
say that their books are perfectly
kept, and all accounts can be quickly
and readily understood, and as soon
as there IS anything of general in
terest to communicate it will be pre-
scented to the public, and this infor-
nation is promised at an early date,
and may possibly occur simultaneously
with or be preceded by a resumption
of payment. Everything is represent
ed as in good condition, the assets SO
greatly exceeding the liabilities as to
promise a large surplus at the final
settlement.
THE SITUATION IN COLUMBIA.
In Columbia money matters have
become easier. The agreement entered
into by the banks seems to work salts
! factorily. Those who were so fortunate
as to control funds were either deposi-
ting or checking. On Saturday the
| Carolina National Bank received a
| liberal amount Of deposits, while the
! Central had nothing 10 complain of.
The officers of the Bank and Trust
! Company were kept busy during the
day, and found at the close of business
| but slight difference between their
! check and deposit accounts. Messrs.
! Edwin j. Scott & Son did their usual
amount of business. The Citizens
Savings Bank had fair amount of de-
Iosits. The Phoenix thinks that, alto-
! gether, the disposition towards a
panlcky feeling has passed away.
! REsUMING PAYMENT IN AUGUSTA, GA.
/ There was no excitement in Au-
gusta on Saturday, nor was there any
run on the banks. The National
Bank of Augusta, Notwithstanding the
fact that over five thousand dollars
were checked out by the city for the
purpose of paying canal enlargement
contractors, closed at two O'Clock with
| six or seven thousand dollars more
than 1T had a the start in the morn
! ing. The deposits at the Railroad
Bank far exceeded the amount check
ed out. The Commercial Insurance
Bank and tie National Exchange Bal k
also stood firm.
The Merchants and Planters Ma
tional Bank and the Planters Loan
and Savings Bank, which suspended
payment. On Thursday, resumed pay
ment of currency over the counter to
small depositors yesterday. Both
banks expect to resume in full in a few
DAYS Messrs. j. j. Cohen & Son.
bankers, also resumed payment. The
cotton movement, owing to the
scarcity of currency, was blocked, but
some sales were reported. The hands
at the Augusta factory We're promptly
paid off, as We're also the canal labor
ers and the city employees. The
Chronicle and Sentinel thinks that tbe
cricis i'll that city is over, and that all
the suspended banks will resume in a
few days.
IMPORTANT ACTION OF THE GOVERN
MENT PRESIDENT GRANT on THE
CRISIS.
WASHINGTON, Sept. 25.-The follov-
1g Letter was written 10 day:
EXECUTIVE MANSION,
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