The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-09-15
A WALL STREET SENSATION.
JAY COOKE & co. GOBBLE UP TH1
FIRST NATIONAL BiNK
Interesting Disclosures Concerning the Recent
Changes The Thompsons Go Out, and
the Cookies step ln-The Chase National.

Changes The Thompsons Go Out. and
the Cookies step 1n-The Chase National.
Jay Cooke Il Co. are at work again, and
Wall street is in a Torment because. by n shrewd
and unexpected move. that firm Of Christian
bankers IL practically mnde n membor of
the syndicate. For fifty years the name OF
John Thompson has been known in Wall
io,,i as,,.a..,... ~, - 80 q" w i"on-
ioheu' vonscrNa'iV' heol banking ana amass-
cd an immense fortune. Fourteen years ago
he orpaniz.d the First National p,nt .g,oirs,
i,,,,. ..,., .,. -, D'',N "s'.uos
ove"VicS Whioh t.reu'ehcu 10 rum MN. lhe
Clearing House called a meeting. and resolved
not to rncopnize tho notionol curr,nrvcxcon, "a
" i''' ~ .. -" ~, M .NO'p' 40
discount currency ana IL was not TIL secretary
Chase took hand In the fight. and made tho
Eira, National 4, d.,oai,,ry f.r ,bo c,,,.nr,r,oo.
flrst Na'oha depository lor tne uoVerhmeht
lunds' that safety was assured from that tlmo
on prosperity accompanied tho bank, and
,yentv.throe nor conf n,rnnnum in tho ,yav q,
p.i In " "N,'u'' III ''io way "
ulvluenus a'testcu It's successful management.
When jay Cooke q Co were nt the zenith of
,boir ,rosrcr,,v Nr Jtorri. n rahnoa,,ol ,,os
=, 'ip .'' ~ ~ - ""'
thoir chief Government funds manpulator.
His views were large and his plans compre.
hnne,,o u,s e,,,,ros oi,,,'. ro, i,,,' n,iiiinns
N'u,'o' n's "S US "'""F' "a" ''''o ''''',io"''
Of the concern When the firm was involved In
1ini,,i,r AZ r,brs,,,,u ,,.os ,,ru,lon, o,I g.
tunate. He was also very rich. Turning his
eve toward tho metropols he becamc infatu.
o,.I ,,i,b ,ia Irir., No,i.n.t p.,l o,1 a., 4.
"'ou "l'n 'no ii9' Nu''on"i p"n"' anu ia
short time ho became the Government fund
mammalian there His nssocintr Mr. Thnmn-
- -, - .,.,. -. t..,~ ,,-.,
son. iooAeu on WIN upprehehs'oh, Accustomed
rs he was TO largo. operations. ho confessed
himself staggered by those of his manager,
Fahnestock.
chain Of circumstances led TO Mr.. Thomp.
the stock OF the bank. all OF which was held
either by himself, his son. Col. Thompson, OF
some member OF their domestic circle. and lnst
week u sale WIS effected by which Fahnestoch
and his associates paid the Thompsons sGOO,OOO,
on terms agreed upon. Oi course 1t was no par
OF the fahnestOck plan To tell the public thatJay
Cooke Co were owners oi the First National
Bank. So the stDtk was ifansierred TO Mr Baker.
amounts which were transferred To- Faln,s ,stOck.
j. \. Garland, and another. all three being part.
ncrs of jay Cooke.
How the syndicate may be affected BY this in.
Ihe la-t operation 9l mat body was rnthet
ulsHstr'ur SuNS rlhrrs 10 the popular ioau
wsre required to dIeGo-it two per cent Of t4eil
SUBSCRIPTIONS. IL bring b'll"N"l thhl lfln's
loan was closed, and suDscribcrs having ninety
udys IN Whlrh Ia complete thcr hirsllnS,
turned 70 thr opch market Tor prohtlpc ieallzi.
ton. UnIoHunately. prices dropped. Already
LOOKS As though thcy would lose IL nll. Ihe
addition OF the Jay Cooke name To thc syndi;
cate list cN"n though covered " blinds, VIII
ha'utaily prDuiuee sVne , .nv.I NhW 'hat WIN
The Thompssons have moved to ~ Broadway.
On the ground fl9or. and 2rganze,d IN RESPECT to
bank called the Chase National Bank. with a
capital oi 500 VoV-smali ty aNold rX'sS,iyetaN-
son. President; John Thompson; late Presidont
ot the flrst National Bank. Nlc'-lrc-ldent' ana
llSaac W. White Of Poughkeepsiei Cashier. A
washington telegram says that the bank was