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

First National Bank. The Secretary ol
the Treasury states that tho government
does not lose by the suspension, the de-
posits Of government officers in the First
National being fully secured by, the de,
posit OF that institution in the national
treasury! As to syndicate operations the
balance Is ;intayor of the government
theyshaving Soverpaid at stheelasts settle
ment. Late, thls afternoon there was
something Of a run on the Washington
City Savings Bank. I. ALI demandstso far
have been promptly met 90. 90" i
LATER GENERAL REVIEW
NEW YORK, Sept. 1s.---Another day ol
excitement has passed over Wall street.
Early this morning predictions were
made that this would be q hard day and
one that would see the downfall Of more
than, one financial house. The Chicago
fire, 1t, was thought. would occasion a
drain on deposits and tend to q panic.
Stock .sfuctuated wonderfully for the
first two or three hours. Western Union
fell of. 10 per cent without al, upward
struggle, but about noon recovered TO its
opening figure. -, ~ ~ ~ r..
X Atnoon 1t was whispered thatthe house
Of Jay Cooke & Co. had suspended, At
first the rumor was considered an idle one
almost, started by some, schcming faction.
However Il had great effect, men and
boys ran. races from ofiiee, to office; the
telegraph was in operation and the OK;
citement grew intense. shortly alter 10
O'clock, noon, IL was officially announced
that the suspension had occurred the
reason being the advances made to their
Philadelphia house, which, rendered them
unable to meet the demands made. upon
them by their depositers here.g As soon
as It became generally known that this
firm had suspended, rumors OF other
prominent houses. sprang into existence,
but all reports about The suspensions of
firms, except Jay Cooke y Co.. Richard
schell and the small firm Of Suydam y
Co., upon investigation, prove to be with:
out foundation When .thisJ fact was
made known on the street, confidence
was again restored, and at the close Of
business q stronger feeling prevailed. 1t
is not thought that any other firm OF
prominence will succumb. Men, regard
ed as among the safest and most Judi.
cious on the street, give i as their
opinion that the great danger Is past.
Robinson & Co, expect to resume In Q few
days. Mr.. Schell was not prepared to
make any statement in regard to. his liza.
bilifes. His suspension was occasioned
especially by the decline in Vanderbilt
stocks, In which he was q large dealer.
The liabilities Of Jay Cooke & Co. cannot
be ascertained. It will take some time
to make q statement Of the affairs Of the
house. Their creditors are mostly banks
and bankers, ,there.being but few individ.
ual depositors in the list. The suspension
will greatly interfere with the operations
Of the syndicate, and probably suspend
the negotiation Of 8 per cents: The bonds
of the Northern Pacific have been Of slow
sale recently, and the failure of Kenyon,
Cox & Co., and ofthe NewiYork and os'
'wego Midland Road operated disastrously
against further negotiation of bonds. The
Krpress says: "The war upon railroads
has produced a part OF this panic,
creating as 1t hasa want OF conf.
dence among large capitalists and
small investors. 1and injured both credit
and progress Of the .railroad enterprises
When confidence goes credittalls with it
and panic takes the placelof both. The
suspension Of houses like Jay Cooke g.
Co., and KeyonG Cox g. Cora public
calamities, and are events wholly unlik
the failure Of those mushrooms who do
business on borrowed capital, or oitener
on 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
building Of railroads and other public
works designed 70 enlarge the business Of
the country. The duty OF all is, while
emitting no care necessary TO exposure
or proper regard for the present
or future to pour oil upon the troubled
waters and restore health and confidence
to the money markets and to all honest
corporations and persons engaged in
money transactions,p .l..,. -:
The Nail says II Is understood that the
houses which are In trouble are solely
those that have been carrying heavy bur
dens in the way 6frailway construction,
and that the losses from their failure will
bewidely distributed and will notbe long
| felt seriously. Here It Is telt that the
events OF thepast few days are most unta-
vorable for the prosecution Of unfinished
railway enterprises, and 80 . misfortune
to the country whose resources require
for their development o liberal ex-
tension of credit. But all Of the
other branches oIibusinessthaye an unusu.
ally good promise for tall and winter.
Our enormous crops are bringing good
prices aud the demand for them Is unpre'
cedented. Our merchants have generally
got down TO hard pan and ready for atre-
mendous business on q sound basis, and
the general situation outside Of the mael=
strom Of Wall street Is lull ol encourage
ment The misfortune and terrible affllc-
ton OF the street Is the peculiar leg
islation which ties UP the reserves ol
the banks Just at q time when they
could safely and profitably to themselves
| tide the business Of the, country over II.
present momentary difficulty Of currency
and make the way easy for the marketing
OF our immense products. Even had The
Secretary Of the Treasury deposited biz
2 -aN-