The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-19

WHEELING W. VA. FRIDAY MORNING SEPTEMBER 49, 1873

M, W. VA, FRlDA
.. ~. .. y. =. =. CO., No., -.
The days excitement Is without al
equal since black Friday. When the TINT
came ,ior the delivery Of stocks ant
the squaring up Of to:day's transactions
there was wild excitement in the board
and access to visitors generally an imposi
[bility. The Post says tprices Of first
class stocks are now low enough
to tempt capitalists and outside In
vestors 10 comsSins While the effect o
the failure Of a house'so widely known al
Jay Cooke s. Co., cannot be measured il
a day, there Is reason TO believe that the
prices will not long be kept below th'
figures which represent the investment
value of tho dividend paying stock. Th'
following shows the number Of shares
which changed yhands OF the stock
named: Telegraph $4,000 shares, Pa
cilIc Mail $1,000 shares, Lake Shore 55,
ZOO shares, New York Central S2,70(
shares, Ohio $500 shares, Rock 1slatt
81, 800 shares, and Union Pacific 25,3Ot
shares. The dealingsiin'the other stocks
were all under 30 900 shares. sll A
PHILADELPHIA, Sept. 1S.-As in con
nec,ion with the suspension OF Jay Cooke
s. Co.smany holdersfof Northern Pacific
R. r. R..bonds throughoutthe country will
naturally leel concerned about their In
vestmcnls, inquiry has been made and de-
yeloped the fact that. Northern Pacific is
largely indebted toits financial agents, and
therefore can lose nothing pecnniarily by
their suspension. The railroad company
will have 10 make other financial arrange.
nents before pushing forward its line. 1t
has It's completed road and the Govern.
||iment land grant both moftgagedto secure
lis bonds, and tho security is considered
amply sufficient. There is no truth what
ever ii tho rumor that the National Life
Insurance Company is in any way affected
by the suspension Of Jay Cooke y Go.
WASHINGTON, Sept. ,1S.5-There was .
slight run on the Freedman's Saving
Bank to-day, but all the demands were
promptly met. aits s5H '@ -
New YoRK, Sept. 1ss-A large mum.
Der Of financial men met at the Filth
Avenue Hotel tonight and discussed the
events Of the day, While some predict
further trouble tomorrow the general
feeling seemed to be that the worstisover.
PHILADELPHIA; Sept o18-Theresa arc
no new Developments here. Mr. Cooke
will not be able 70 present a statement 81
his affairs for day or two. Yet while
there Is excitement among the business
community over the suspension, great
sympathy is expressed for Mr.. Cooke, and
hopes arc entertained that he will weather
the storm. The temporary suspension oi
W. Clark & Co, was on accountoi an ad;
vance on securities not now available,
From published statement by them, y
appears that the house will resume bust.
ness at an early days l,s 81 ~ =
WASHINGTON, Sept. 1s.-The Chronicle
of tomorrow, alluding TO the closing Of
jay Cooke & Co., says 1t has the best au.
thority for saying that the sfailure is as
complete q surprise 10 the leading mem
bers OF the firm as to the public. Cover.
nor Cooke returned from Philadelphia
Wednesday, and, although he knew the
firm had been laboring under the pres
sure Of u severe money stringency In their
operations, still he was fully satisfied that
they would avoid the apparent danger
and meet their obligations, and be able to
secure the renewal OF their paper; and the
first information rhu had to the contrary
was dispatch announcing that their
New York house and their Philadelphia
house had closed, which OF course com.
PEELED action. Here tho Chronicle also re.
marks that the firm Is composed OF gen:
tlemen Of large personal wealth, and
they give the most positive as
surance that the individual depositors
shall be protected, and nthat they will
be able In q short time to resume busi-
ness. We are authorizednt TO say that the
firm have been engaged in noTgeneral
speculation in stocks and have met with
no financial disaster further than is here
stated. It was said about the Treasury
Department to-day. that there was yes
,terday passed To- tho London firm Of jay
Cooke Il Go. warrantfor 81 100000 TO
nav the naval officers abroad, but that
the Department has been advised that the
warrant will aibe returned, Comptroller
Knox will appoint a receiver for the First
National Bank tomorrow. n .,}.S S,s; ~
NEW YoRK, Sept. 1s.-A reporter Of
the Tribune called tonight on Samuel
Wilkinson, Secretary Of the Northern Pa
citlc Railroad Company, who said there
was no question that the failure Of Jay
Cooke s. Co. and the suspicion thrown on
all railroad bonds, no matter how good
their securities might be, on account OF
tho failure OF the Canadian Southern and
the New York & 0swego Midland Rail-
roads, would. prevent the sale Of the
Northern Pacific Railroad Company's
bonds and all other railroad bonds for the
present, and probably for considerable
time to come As Is usual with finan.
cial agents, Jay Cooke & Co. had
made large advances to the company, but
he did not think this had impaired their
credit or crippled them. Their failure
was due to q sudden-ruu 10 consequence
Of the money market. ~, m 9.
The Tribune says late this evening the
following reasons were given by Mr..
Fahnstock, one Of the firm Of jay
Choke & Co, for the failure of the
house: For several weeks the uneasy
feeling which prevailed in connection
with tho railroad schemes caused
q heavy drain upon the deposits, both Of
their Philadelphia and New York houses.
The deposits In both, cities sutferedya con;
tinual diminution until at the beginning
lof the present month, whentheir. deposits
were lower than,at any time during last
fall and this spring. q The drain upon the
L = 3 al r..