The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-19
TIE SHOCK I'M PHILADELPHIA.

PHILADELPHIA, Sept. 18, 1873.
was in the banking house Of Jay Cooke & Co.
about eleven O'Clock this morning, and at that
time neither myself the public had the slight
est suspicion OF any unusual perplexities In the
affairs Of the firm; but hour afterwards, how
ever, the great iron doors were closed, with o
brief card announcing the fact Of suspen-
SION, which moment after spread over the
city like widfre. Half hour more elapsed
and Third street was blockaded with people.
They completely filed the thoroughfare from side
walk to sidewalk, and their excitement evinced
itself in many different forms. A squad OF police
men guarded the doors and precluded all inter-
course between the firm within and the creditors
without. The crowd was not solely composed OF
men, but OF women as well; and some OF the
circumstances attend liant upon the gathering
OF the multitude were exceedingly sad
There were ladies there, down whose faces
the tears streaming, who had placed
their all the hands OF the firm, and in their
ETY. could look none but the darkest side OF the
suspension. They approached the officers with
vehemence and expOstuaton, and in some in
stances impcratively demanded entrance. The
crowd increased rapidly every hour, and 1t was
with the greatest difficulty that forced my way
through it and finally reached the door, l sent in
my card, explaining my business, but the answer
was presently returned that
Mr.. COOKE WAS NOT IN;
that the other members OF the house had nothing
whatever to say, and nothing would be said Tor two
or three days
The house OF Z. W. Clark, upon the opposite side
OF the way, went under at the same time, aad
and excited thrOng.
Tonight rumor is out that De Haven Co.
have also suspended, and IL is thought that before
midnight other failures will be announced At
eight O'Clock tonight the street Is as ful as 1t was
at noon, and rumors or all kinds find easy Gre
dence at every corner.
ASSISTANCE OFFERED.
1t Is known, however, that many OF the leading
capt. aStS OF this city have offered Jay Cooke the
most liberal loans and 1t Is saia that meeting Of
BANKING men vas held immediately after the sus-
pension was announced, and that a peculiar sig
nihcance Is attached TO the same.
Every one seems to have the utmost confidence
that the firm will soon resume payment, ana bets
are offered that the resumption win be made
III less than thirty days. The rumor hat the Phila
depoa house closed first is untrue, for upon his
ar iva 1T his Office upon Third street, this morn
IN M Cooke was in tile best of spirits and had
ide. .. the fearful calamity destined to close his
are the following dispatches received from New
York this A. NJ. by the head Of the nrm:-
mo- k Il York, Sept. 49, 1873
'N' Nhw YORK Sept. 49, 1873
Nrw YORK. Sept 49, 1873
the that every dollar Of the naividnai
fortunes its members will be sacrificed TO all It's
The personal intrigrty of Mr.. Cooke is not for
one moment doubted, for his immense amount
OF real estate IS entirely unencumDered and
for the misfortune which has suddenly fallen
upon him every one seems TO lee sincere
sorrow If, however, the failure Is final
the result Of it will De terrible indeed because al
most every one | meet among my acquaintance
had all his savings entrusted to the hands OF the
firm and In the presence OF that great crowd IN
Third street, composed Tor the most part OF men
and women who were yesterday In easy circum-
Stances but who, unless their claims paid, ara
ruined, no one can help hoping that the good and
honorable old house may yet have strength 10
raise itself and meet all It's many obligations.