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

Bliss & Co., relative TO the Northern Pa.
cific Railroad Company involving large
sums of money preventing them from
maintaining reserve ordinarily kept, and
they were therefore. unable to respond TO
| the demands Of their creditors. For this
reason theywere unable To return to the N.
Y, house the advance made them by the
latter, or TO supply them with any collat.
erals available In New York at the pres.
ent time. Owing To this the cash balances
became exhausted and suspension became
inevitable. Fahenstock said that Of course
Il must be expected that individuals will
suffer. for awhile, but there need be no
apprehension OF The general effect. !,
A prominent broker said TO q Herald
reporter that Dick Schell was heavily In
volved with the Kansas, Missouri q Texas
Railway Company, New York Warehouse
& Security Company, and staggering un-
der, a load Of Western Union Telegraph
stock. .-,..,...-...-.. ...-..l
%'The 7tihine accounts the scene in Wall
street early In the day. Rumors, which
form such an important part Of the Wall
street ,operations5 were revived with In.
creased emphasis. The names Of houses
which even the most unscrupulous'
stock jobber had heretofore spared,
passed mercilessly from mouth to mouth.
First Scarne the renewed rimors of
of the endorsements oil New York "
oswego Midland Railroad Company, and
their financial agents George opdyke ~
Company The statements that some iot
the, banking institutions were on the brink
offailure was also made with o fdepres.
sion to the effect the failure of Jay Cooke
q Co. would have on The market. BE,
said the effect in the country will be ielt
q great deal, for these Northern Pacific
bonds have been disposed OF north, SOUTH.
east and west, Country banks will feel the
effect. These rumors are false. as they
made therounds, growing In neyil influence
asthey became more, and more; distorted.
The browning rumorlof the day wasithis
time unfortunately too true; Jay Cooke
& Co, Government fiscal agents, who ohad
stood so high In financial circles through.
out theworld, were impairedby reason Of
their connection with the Northern
Pacific railroad, and would probably
be obliged 10 suspend. This ruinor,
which was in the. air, early in the
morning; spread qlike wild fire. !; But al.
though dealers were disposed 10 believe
almost anything, il was still rather diff
cult 10 convince them that the foremost
American banking house In this s'country
Was not able ID meet its Obligations. OF
course measures were Immediately taken
to tosIyerify the statement, and Eat@noon
it was officially. announced that Jay
Cooke & Co., had suspended. This news
was Immediately flashed over the wires
OF stocks andF gold indicators, around
which groups had been waiting all the
morning, aud the dispatch read to all.
Tho effect was electric and Jay Cooke "
Cos offices were soon crowded with an
anxious thropg. About i Pm whenthe
news became generally known, there as
elsewhere these formed o swaying, aglta-
ted and noisy mass, which It was dihcult
to penetrate. The,crowed stretched over
the sidewalks into the centre Of the
street, and even filled the basement of
the side walks Of Wall, Nassau and
Broad streets were thronged with mix
ed assemblage Of people. Few OF these
had any pec1niary interests involved, but
having nothing else to do concluded they
could as well afford TO spend the time,
coptiguent to the buildings. Not content
with their places they clambored over the
railing, filed the basement, peeped
through the windows, and even invaded
the offices. So intolerable became the nui.
sance that the bankers were obliged TO call
a detachments Of police and detectives, the
former TO disperse the crowd and the
latter to nullify the operations OF the
pickpockets and sneak thieves who were
on hand to avail themselves OF IN oppor-
tunity for plunder. Officers were then
permanently stationed around the en-
frances, with orders to disperse all loung-
crs' and Keep the sidewalks clear.