Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-19

races from Office TO Office, the telegraph
/ was incessant in its operations, and the
| excitement grew intense. Shortly after
noon ii was officially announced that
the suspension bad occurred, the reason
| therefor being advances made to their
Philadelphia house, which rendered
them unable to meet the demands made
upon them by their depositols here As
soon as it became generally known that
Jay Cooke q Co. had suspended, many
rumors touching
OTHER PROMINENT HOUSES
sprang into existence, but all reports
about the suspension of firms, except
ing Jay Cooke & Co., Richard Sehelf &
Small, and the firm Of Robinson, Sny-
dam d Co., upon investigation. proved
10 be entirely without foundation.
When this fact was made known on the
street confidence was again restored,
and at the close of business a stronger
feeling prevailed. 1t is not thought
that any other firms Of prominence will
succumb. Men regarded as among the
safest and most judieiOus on the street
give it as their opinion that
THE GREAT DANGER Is PASSED.
Robinson, Lyndon d Co. expect to
resume business in a few days. MIR.
Sebell was not prepared to make any
statement in regard to his liabilities.
his suspension was occasioned especial
ly by decline in the Vanderbilt stocks,
in which he was a large dealer. The
liabilities Of Jay Cooke d Co. cannot be
ascertained. 1t will take some time to
make statement of the affairs. The
creditors are mostly banks and bankers,
there being but few individual deposit
tors in the list. The suspension will
greatly interfere with the
OPERATIONS OF THE SYNDICATE,
and probably suspend the negotiation Of
the five per cents. The bonds of the
Northern Pacific have been of slow sale
recently, and the failure of Kenyon, Cox
q Co., of New York, and the Oswego
Midland railroad operated disastIously
against further negotiations of bonds.
THE EXPRESS SAYS
the war upon the railroads has pro-
duced part of this panic, creating, as il
has, a want of confidence among large
capitalists and small investors, and in
jured both the credit and progress Of
railroad enterprises. When confidence
goes credit falls with it, and panic takes
the place of both. The suspension Of the
houses of Jay Cooke & Co. and Kenyon,
Cox q Go. is
A PUBLIC CALAMITY,
and are events wholly unlike the failure
of those mushrooms who do business on
borrowed capita, or oftener with no
capital. The sympathy Of the public is
with the unfortunate who try to do q
legitimate business, and who fall while
in the prosecution of it, as in the build
ing of railroads and other public works
designed to enlarge the business of the
country. The duty Of all is, while
emitting no care necessary to the ex-
posure or proper regard for the present
or future, to pour oil upon the troubled
waters and
RESTORE HEALTH AND CONFIDENCE
to the money market and to all honest
corporations and persons engaged in
money transactions.
THE MAIL SAYS
it is understood the houses which are
in trouble are those that have been car
rying heavy burdens in the way of rail
way construction, and that the losses
from their failure viii be widely dis
tributed, and will not be seriously felt
here. 1t is thought that the events of
the past few days are most unfavorable
for the prosecution of unfinished rail-
way enterprises, and is
MISFORTUNE TO THE COUNTRY,
whose resources require for their de-
velopment liberal extension of credit,
but all other branches OF business have
an unusually good promise for the fall
and winter. All crops are bringing
good prices, and the demand for them is
unprecedented. Our merchants have
generally got down to hard par, and are
ready for tremendous business on q
sound basis, and generally the situation
outside the
MAELsTRoM OF WALL STREET,
is full Of Encouragement. The misfor-
tune and terrible affliction of the street
is the peculiar legislation which ties up
the reserves of the banks just at time
when they could safely and profitably to
themselves tide the business of
the country over its present
momentary difficulty Of currency,
and make the way easy for
marketing our immense products. Even
had the secretary of the treasury de-
posted his unstable legal-tenders in the
national banks, and thus released a part
of their reserve, the latter could have
met and passed the present crisis victo-
toriously.
THE STOCK MARKET
closed with a more confident feeling,
after a day of excitement without an
equal since Black Friday. When the
time came for delivering up the stocks
and squaring up the days transactions
there was a wild excitement in
the board, and access into the
visitors gallery was really an impossi-
bility.
THE POST SAYS
the prices of first-class stocks are
now low enough to tempt capital
lists and outside investors to come
in, and while the effect of the
failure of the house so widely known
throughout the country as Jay Cooke &
Co. cannot be measured in a day, there
is reason to believe that prices win not
long be kept below the figures which
represent the investment value of the
dividend-paying stock.
THE STOCK MARKET.
The following shows the number of
shares of stock that changed hands:
Telegraph, las, 600; Pacific Mail, 81, 900;
Lake Shore, 557, 600; New York Central,
80, 700; Ohio, q, 800; Rock Island, q, 800;
Union Pacific, $500. The dealings in
other stocks were all under 20, 900 shares.
THE EFFECT IN PHILADELPHIA.
PHILADELPHIA, September 1S.-As
in connection with the suspension of
Jay Cooke & Co, the money holders of
the Northern Pacific railroad company
bonds throughout the country will nat
urally feel concerned about their worst
merits, inquiry has been made and the
fact developed that the Northern Pacific
railroad is largely indebted to its fiscal
agents, and, therefore, can lose nothing
pecuniarily. By this suspension the
railroad company will have to make
other financial arrangements before
pushing forward its line. 1t has its
completed road and government lsnd
grants both mortgaged 10 secure its
bonds, and the security is considered
amply sufficient. There is no truth
whatever in the rumor that the Nation
al life insurance company is in any way
affected by the suspension Of Jay Cooke
&Co. a Et..- -.
THE STIR IN CHICAGO.
HASsa1df oCpeclnbcI 1o.-OfSdt sell
sation and considerable excitement has
been caused in banking and commercial
circles by the reception of the news of
the failure ofJay Cooke & Co.
THE EFFECT AT ST. LOUIS.
! ST. Louis, September ls.-The
suspension Of Jay Cooke 4 Co. was
the subject of a good deal of COM
ment among business men generally
here this evening, but it had no percep-
tible effect in monetary circles, and il
is not believed that it will hurt anybody
here.
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