Article Text
responds to our Wall, every banking house forblock after block seemed to be the scene of the most excited demonstration. report this morning that the house of George Opdyke & Co. had failed created remarkable turor, and no sooner had this been contradicted than there came another, by the Associated Press, of the suspension of Fisk & Hatch, and upon receiving this news it really seemed as if security lodged nowhere. JAY COOKE & CO.'S CARD. The house of Jay Cooke & Co. was aglow with light until after twelve o'clock last night, and all the employés were as busy as ants. The firm assure their creditors that every penny of their obligations will be paid, and this morning a card like the following was issued to all doing business with the firm:To OUR DEPOSITORS:Some little time is required to ad mst our accounts and to hear from our different offices. when a statement will be prepared showing the condition of our affairs, which will be forwarded to you through the Post Office. Until then we beg your kind indulgence, assuring you that every effort will be made to liquidate our entire indebtedness with the least possible delay. JAY COOKE & CO. A member of the firm announces that the CAUSE OF THE SUSPENSION was owing to the Northern Pacific Railway. Ireproduce his own language:Our firm are the financial agents of the Northern Pa. cific Railroad Company. We placed millions of its bonds the market, which met with a rapid sale. It often occurred, however. that the sale of the bonds would in some months materially fall off, and in order to avoid any delay in the prosecution of this great terprise-for it is unquestionably a great one, that to much for the development of the resources of the Northwest-our firm made aavances to continue the work, anticipating, what had so often been realized, that In a week or so the sales of the bonds would be more rapid, and we would be reimbursed. He also says that it is impossible to give the extent of their advances until the accounts of the house are all made up, and that the work of making up the statement must belong and tedious because the books are in three houses, located in New York, Philadelphia and Washington. He denies that the firm of Jay Cooke & Co. ever engaged in either gold or stock speculation, and that the house neither can nor will violate the confidence of the people, but that every penny of its liabilities will be surely paid. THE GENERAL EFFECT. It is right to say that none of the failures in this city have to any dangerous extent affected the banks; borrowers with proper securities find no difficulty in securing all the cash they wish; but, on the other hand, all stock and money brokers are exceedingly reluctant to make any advances upon draits, which at any other time would meet with ready discount. While the great fall in Pennsylvania Railway stock forms no minor topic of popular conversation, SYMPATHY FOR THE GREAT FINANCIER. The public sympathy which is extended towards the uniortunate house is very marked, and a late edition of an evening journal became simply the monthpiece of all business men when it says:"When we recall how noble Mr. Cooke's charities have been; how he has systematically sought out worthy objects only in order to relieve their distresses; how worthily he has borne himself in prosperity and how well now in adversity; how public spirited he has been; with what unmeasured patriotism he wrought for the country in its dark days : and how honorably he has conducted the affairs of his house, the least the community can do is to give him, as 01 old, its most earnest wishes that he may promptly retrieve his losses and stand again at the head of the financiers of America. His character is what it always has been his reputation as unsullied, his wisdom and energy unimpaired Why, then, should Jay Cooke not retrieve his old place in the monetary world? He deserves success, and it is seldom denied to such men. We believe the hope is general that it will not be denied to him." Business men feel confident that the house will resume before the expiration of a month. Jay Cooke & Co. received a despatch from London this morning, declaring that their London house is solvent, and that the feeling in London towards Jay Cooke, McCulloch & Co. is very friendly. It must be remembered that the liabilities of the London house, unlike those of the American branch, are not all due on demand, but at regular, well known dates, so that they know exactly how much money is needed each week. OTHER FAILURES. Scarcely an hour has passed in this momentous afternoon without the announcement of another failure, and at this hour of the night the wreck is fearful to reflect upon. The announced inability of the most prominent and honorable banking house in the United States to meet its obligations alarmed all depositors concerning the security of less important ones, and, as I stated before, the moment the banking houses opened every broker's office was crowded and overrun with multitudes of excited. vehement and terror-stricken creditors. Hundreds demanded their money, but in too many instances were turned away unsatisfied. After the failure of J. P. & H. E. Yerkes came others, as follows:George H. North, No. 125 South Third street, Charles P. Bayard, No. 228 1/2 Walnut street. John P. Lloyd, Henry H. Douglass, No. 305 Walnut street. H. Heber Bull, No. 131 South Third street. T. C. Knight, No. 136 South Third street. Henry L. Fell & Brother, No. 305 Walnut street; and Gilbough, Bond & Co. The excitement prevailing is exceedingly great; and, in the present turbulent spirit of the people, new runs will doubtless be made upon other houses concerning which there are rumors tonight, and it is feared that many must before nightfall to-morrow be lost in the utter wreck of those which have fallen to-day.
