Savannah morning news. [volume] (Savannah) 1868-1887, 1884-10-24
A PRIVATE BANKRU[NED.
COOKE & CO., OF WASHINGTON.
SUCCUMB TO SPECULATION.

The Liabilities Probably About $780,
OOO-COnfidential Clerk Carson Saws
that Payment in Full will Probably be
Made-The Crash not Widespread in
it's Effects.
WASHINGTON, Oct. 23.-The private
banking house of H. ID. Cooke & Co.. in
this city, displayed the following notice
at the usual opening hour this morning;
Owing to our inability to meet pressing de-
mands we deem it best for the interests of all
concerned to suspend temporarily.
The firm consists Of Fl. d. Cooke. of Wash
ington city, and r. g. Campbell, of Kan
sas and Utah. The latter is not in the
dence this morning. From Mai. Jno. w,
Carson, who is the confidential clerk of
the house, it is learned that the total in
debtedness of the firm is $4,000. OF which
amount $4,000 is fully secured. The
liabilities are nearly all due to Washing
ton creditors, there being only a few
thousand dollars due TO creditors in Balti-
more, New York and Chicago. The in
debtedness to all Washington bankers is
abundantly secured. Maj. Carson saws
that there is every reason to believe that
the firm will be able, with the aid of some
indulgence as to time, to pay all their
liabilities IN full.
UNFORTUNATE INVESTMENTS.
It was also learned at the bank that the
suspension results from unfortunate in
yestments dating back number of years.
The firms unsecured liabilities amounted
to about 100000 last January, and they
have steadily been paid off since that
time till they are now reduced TO $40, 900.
The firm has at last reached point, how
ever, where the remaining assets prove
to be unavailable for immediate use in
the market, and can be realized upon only
by good management and waiting for
suitable opportunities. The firm had no
interest in the Washington and Ohio Rail-
road, although Mr.. Campbell in
dividually- purchased one-third of it for
some $4,000 at the receivers sale
year or two ago. Later in the day Mr..
Cooke was.seen by representative of the
Associated Press. He stated that he pre-
ferred not to discuss the matter of the
suspension until he should see his part
ner, Mr.. Campbell, who is absent in the
West, and whom he had been unsuccess-
full in trying to reach by telegraph. He,
however, assigned as the cause of the
suspension the general shrinkage of
values, private distrust throughout the
country and the consequent inability of
the firm to collect debts due them, and to
procure the carrying out of contracts in
their favor. Mr.. Cooke further said:
My partner, Mr.. Campbell, is uninformed
as TO the action. have assumed the respon-
sibility of taking it. Our actual liabilities of
every sort whatever, after deducting the Off
sets on our books, is about $4,000. 1 have no
doubt that the assets of the firm, including
railroad and land interests, and deducting
every questionable debt due us, are more than
ample TO pay off every liability.
NO EXCITEMENT CAUSED.
The suspension caused no excitement
or disturbance in Washington banking
or commercial circles, and no ill effects
are anticipated. Mr.. Campbell, the nom
resident Western partner, is said to be a
man of large wealth and liable, as a gen.
eral partner. for all the debts of the firm.
1t is therefore expected that they will be
fully paid at an early date.
THE NEWS IN WALL STREET.
NEW YORK, Oct. 23.-The report in
Wall street is that the failure of Fl. d.
Cooke Co., bankers, in Washington, is
due to outside speculations. They have
been promoters of the Florida Canal Com
pany and the Washington and Ohio Rail-
road, both of which have been heavy
drawers on their resources. Their liabil-
tiles are $150000 due to individuals In
Washington. The assets are made up of
securities of indefinite value. They have
not cone any stock business for some
time. Grosbeck and Schley, their New
York correspondents, closed their ac-
count some months ago. There are no
creditors in New York,
MALoN RESIGNS.
BRUSSELS, Oct, "a, A. Mn. Malon,