The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-10-24
BUSINESS DIFFICULTIES.
Suspension of the Private Banking House O
II. d. Cooke s. Co., Washington.

Suspension of the Private Banking House OF
II. d. Cooke s. Co., Washington.
WASHINGTON, Oct. 23-The private banking
house of H D. Cooke & Co., of this city, displayed
the following notice at the usual opening hour
this morning:
Owing to 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 Washing
ton City, and A G. Campbell, of Kansas and
Utah. The latter is not in the city, and Mr..
Cooke has remained at his residence this morn
ing. From Major John W. Carson, confidential
clerk of the house, it was learned that the total
indebtedness of the firm is $4,000, of which
$50 900 is fully secured The liabilities near
Iy all due to Washington creditors, there being
Cnly few thousand dollars due creditors in Bal
timore, New York and Chicago. The indebted
ness to all Washington banks is abundantly Sc
cured. Major Carson says there is every reason
to believe the firm will be able, with the aid of
some indulgence in time, to pay all liabilities in
full
1t is also learned at the bank that the sus-
pension results from unfortunate Investments
dating back number of years. The firms un-
secured liabilities amounted to about $400 900
last January, and they have steadily been paid
off since that time, until they are now reduced
to $40 00O The firm has at last reached a
point, however, where its remaining assets prove
to be unavailable for immediate use in the
market. and can be realized upon only by good
manage ment and waiting for suitable oppor-
tunities. The firm had no interest in the Wash
ington & Ohio railway although Mr.. Campbell
individually purchased one-third of it for some
$4,000 at receivers sale, year or two ago.
Later in the day Mr. Cooke was seen by rep
resentative of the Associated Press. He said ne
preferred not to discuss the matter of the sus-
pension until he should see his partner Mr..
Campbell, who is absent in the West, and whom
he had been unsuccessfully endeavoring to reach
by telegraph He however, assigned as the
cause of the suspension the general shrlnkage in
values, the prevalent distrust throughout the
country and consequent inability of the firm to
collect debts due and procure the carrying out
Of contracts in their favor my partner, Mr..
Campbell" said Cooke lis uniformed as to the
action have assumed the responsibility of tax
ing. Our actual liabilities of every sort what
ever, after deducting offsets our books are
about $40 900. l have no doubt the assets of
the firm, including railway and land interests,
and deductng every questionable debt due us,
are more than ample to pay off every liability"
The report in Wall street, New York, is that
the failure of H. d. Cooke & Co is due to out
side speculation. They have been promoters
Of the Florida Canal Company and of the Wash
ington q Ohio railway, both of which have been
heavy drawers on their resources. Their LA
bilities are $780, 000 due individuals in Wash
ington. The assets are made up of securities of
indefinite value. They have not done any stock
business for some time. Grospeck & Schley
their New York correspondents, closed their
account some months ago.