Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-10-23
FAILURE OF A WASHINGTON FIRM.
II. d. COOKE & co. SUSPEND.

H. d. COOKE & co. SUSPEND.
The Suspension Described as an Hon-
Orable One - Unsecured Liabilities
$4,000, and Nominal Assets S Les, 900
"A Relief that all the Liabilities
Will be Promptly Met-No Other
Banks Affected, Etc.
The door Of II. ID. Cooke & Co.'s bank, 1929 r
street, was closed this morning and the following
notice, written on letter sheet, was posted upon
one Of the glass panels:
"wAsHINGroN, Oct %, 1884.
owing 70 Inability to meet pressing demands we
deem 1t eXpedient and for the best Interests OF all
concerned TO suspend temporarily.
H. d. COOKE & Co."
The news of the suspension was rapidly spread
through the city and there were many inquirers
soon gathered about the banking house. The men,
bers of the firm are Mr. Henry D. Cooke and MI Allen
G. Campbell Mr.. Campbell is now In Utah. Mr.
Cooke remained at his brothers house this
morning and was represented to be In great dis
JresS over the occurrence. The condition OF the
affairs OF the bank, as stated In round figures this
morning. were that the liabilities were $40 OOO of
which s30,OOO representing paper held by banks in
the city, are secured, the remaining $4,000 repre-
sentiRg deposits. The assets were stated nominaly
at $685. 900, including telephone stock and Florida
canal stock. There is also held by the bank, it is
stated, $9i 900 OF W. O. w. railroad stock which is
said to be the individual property OF Mr.. Campbell
THE CAUSE OF THE FAILURE.
The closing Of the bank was decided upon this
morning before banking hours after conference
between Mr.. Henry ID. Cooke and a number OF
gentlemen prominent In banking circles Aid was
rendered the firm to quite a large amount, but
they deemed 1t prudent TO suspend rather than
jecpardize the money OF friends.
One OF the gentlemen who was present at this
conference stated to STAR reporter: ''T'he failure
is entirely honorable. The firm goes down having
the sympathy OF the entire banking and business
community. The deposits have run down from
nearly half million to $4,000. The firm has
braveiy weathered the storm up to date, but
finally, the assets having been exhausted, has been
compelled 10 Succomb The firm dealt largely
with SPECTATORS: and in some instances has loet
by spectators not coming forward to put up mar
gins. The heavy shrinkage OF securities continued
until the firm had no assets to meet current de-
mands MI Cookies partner, MI. Allen G. Camp
bell, is president OF the German bank of Leaven-
worth, Kan He Is One-third owner OF the WASH
ington and Ohio railroad, and has other large in
terests his income from the Horn silver mine alone
being over $4,000 per annum. There is hardly any
doubt that the depostors viii be fully paid and at
an early date"
produce no perceptible effect in business circles
here, because it had really been anticipated for
some time "In fact" sad one of these gentlemen,
"all the banks here have now on hand a much
larger amount OF currency than Is required by the
demands of business or pruient banking because
it has been feared that political events OF this fan
would disturb monetary matters"
STATEMENT BY Mr.. COOKE TO A STAR REPORTER.
Nh. Cooke stated to reporter that he preferred
not to discuss the matter Of the suspension until
he had seen his partner, Mr.. Campbell, who is alb
sent in the west, and whom he had been endeavor-
ing to reach by telegraph and been unable to do.
"The cause or the failure,' Mr. Cooke said, ''iS
attributable to shrinkage OF values and the gen.
eral distrust which prevails regarding everything
and everybody, and the consequent inability TO
collect debts due the firm and the carrying out OF
contracts in their favor My partner, Mr.. Camp
bell is absent in the west and Is uninformed as TO
the action that have assumed the responsibility OF
taking Our actual liabilities of every sort what
ever, after deductng Offsets books, Is about
$4,000. have no doubt that the assetsof the
deducl!ng every questionable debt due US, are more
| than ample 60 pay of every liability"
WHAT Mr. CoRSON, CONFIDENTIAL CLERK OF THE
FIRM, SAYS
From Major Join W. Corson, who is confidential
clerk Of the house, it is learned that the total
Indebtedness OF the firm is S17O OO of which amount
$50 600 is fully secured The Liabilities are nearly
all due to Washington creditors, there being only
few thousand dollars due 70 creditors In Baltimore
New York and Chicago The Indebtedness to all
Washington bankers is abundantly secured. Major
Corson says there is every reason to believe that
the tirrn will be abie with the aid OF some indul-
The assets are not great, but he says they are
probably sufficient to meet all liabilities Aside
ts ohIe tn moor an the ehrS M the nr, He iS Nm,
in Utah, but has been telegraphed for and will
probably return to the city at once The depositors
MT M. zoe CoLson Ihlnks. nave no reason 10 De anxious
nc salu Ine seaeeiene tnaue aooVe, 70 the eHtcV
.nat M iaSt january Inc uaOuiueS OF tne Dank were
$4OUUoU, was ABOUT correct. ana tnaC MT Cooke mad
Succeeueu in Ie0ucng them 10 $l!O.0n The state
~ s' 70, .n a. ~ - ole ci.s nau 70 luiuisn
believed was true. As To the canSs os the Tainr,s
he said It was for want OF money on hand, but
beyond that ne would give no reason, saving, how
o'ei' 'n' MI Soohe hau ac'eo periecuy honorable.
Ii Is ALSO LEARNED AT THE BANK
that the suspension results from unfortunate In
vestmentS, dating back number OF years The
firms unsecured liabilities Amounted tn ahout
Goo noo Lot Ian,,,r, ga tho,' - 80.
I ~, I'm tn. 1hoe t au ti T1 @ nav o svoauy @ ueta
pay ~ .n M oSn 1 I'LL as S .,1, ul.n M SneJ ar noH teuuceu
p S,U": ,r ane M ~ mm @ nas aS ,asa feacneu poine
,Is s nH S aso.Ss plose W os
can be realized upoD only by good management and
waiting for suitable opportunities. The nrm had
no lnterest Ia the washington ana Ohl0 railroad,
1hir ~ r. for son saa n0 a 1na sao QUE
wear or two ago ' "
,rsrup nm, ,,r,s r,s,,,,,,,,
. INs.A 'N, nA"iA hISnpsNCh'
A STAR reporter thiS morning called at the resi-
dence OF Mr.. Lester Bartlett, who was formerly
connected with the firm. but found that he 1vas IN
M, Wi 1J,s ,othar so,a .h, ~, -. -,
MY MY 1 nh. Nc ms ..htn 81 ,hu h % sS MI. Pa.e.t nau
sou out ms ms inseresC @ II tne business aoout year
dSU IoT SluJ.UUU, anu Asiu Ho COnucCtlOn Win IL.