The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-10-24
BUSINESS MATTERS.
Failure of Private Banking Firm
in Washington City.
supposed to BE Another Case OF
Tempting the Wall street Fates
-GOuid's Latest Capture
Railway Notes.

WASHINGTON CITY, Oct 24.-The private
banking house of H. D. Cooke & Co, of this
CITY, displayed the following notice at their
usual opening hour Thursday morning:
Owing to our inability to meet pressing
demands we deem it better for the interests
OF all concerned to suspend temporarily"
The firm consists of H. d. Cooke, of Wash
ington City, and A. G. Campbell of Kansas
and Utah. The latter is not in the city, and
Mr.. Cooke has remained at his residence.
From Maj. John W. Corson, the confidential
clerk OF the house, it was learned that the
total indebtedness of the firm was
$4,000, Of which $4,000 in full
is secured. The liabilities are nearly all
due Washington creditors, there being only a
few thousand dollars due creditors in Balti-
more, New York and Chicago The indebted
ness to all the Washington bankers is abun-
dainty secured. Maj Corson says there ia
every reason to believe the firm will be able,
with the aid of some indulgence in time, to
pay all the liabilities in full.
1t was also learned at the bank that the
suspension results from unfortunate invest
ments dating back number of years The
firms unsecured liabilities amounted to about
S400, 600 last January, and they have steadily
been paid off since that time until they are
now reduced to s14O,0oO The firm had at
last reached point, however, where the re-
naming 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 Washing
ton & Ohio railroad, although Mr. Campbell
individually purchased one-third of it for
some S94, 900 at the receivers sale, year o
tEo ago
Later in the day Mr.. Cooke was seen by q
representative of the Associated press He
said he preferred not to discuss the matter
OF suspension until he could see his partner
Mr.. Campbell, who is absent in the west,
and whom he had been unsucceSSfuliy en-.
deavoring to reach by telegraph. He, how
ever, assigned as a cause of the suspension
general shrinkage in values and the prevalent
distrust throughout the country, and conse
quent inability of the firm to collect debts
due and procure the carrying out of contracts
in their favor MY partner, Mr. Camp
| bell" said Mr. Cooke lis uniformed as tc
the action We have taken Our actual liza
bilities of every sort whatever, after deduct
ing offsets on our books, are about $4,000
| have not a doubt that the assets of the firm
including railroad and land interests, and de
ducting every questionable debt due us, ar,
more than ample to pay off every liability
| New YORK, Oct. 23-The opinion prevail
on Wall street that the failure of H. d
Cooke & Co, bankers, of Washington, wa
due to outside speculation. They have beeI
promoters of the Florida Canal com
pany and Washington & Ohi'
| railroad, both of which hay
been heavy drawers on their resources
Their liabilities are Sl50, 900, due individual
in Washington. The assets are made up o
securities of indefinite value They hav,
not done any stock business for some time
Grosbeck & Schley, their New York CORE
spondents, closed their account some month
ago.
New YORK, Oct 24-A committee, con
sisting of D. B, Halstead, c. E. Opdyke
Grinnel Burt, c. ]. Canda and j. s. Stan
ton, recently appointed by the bondholder
of the Ohio Central Railroad company
have agreed upon a plan of reorganiza
ton which will be formulated and is
sued in few days. The plan Wi
provide for the issue of s., ,000, 900 frs m Drl
gage 5-per-cent. f1fty-year bonds, AM -,
| 80, 600 preferred stock. Three million do
lars of said bonus and $3.50, 900 of said stocl
will be issued to the holders of 81, ,000,00
mainline frst-mortgage bonds on thei
paying 5-per-cent. assessment o
each bond. Three million dollars c
said stock will be issued to til
holders of SO, 0OO, 900 of second mortgage il
come main line bonds, on their paying s
per cent assessment on each second mort
gage bond Six hundred thousand dollar
of such common capital stock will be issue
to the holders of 81, 900, 900 of Ohio Centrt
stock on paying an assessment of l per cen
on each share OF said old stock. There wi
then remain in the treasury of the compan
50. .000, 900 new first mortgages and $3.50, ,0C
common stock and the cash assessment co
lected on the securities representing sue
cash assessment, for the purpose of acquirin
terminals at Toledo and Columbus, nece
sary rolling and making betterment