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EAST. The well known firm of Jay Cooke & Co., bankers, New York, suspended payment on Thursday, Sept. 18, causing a panic in Wall street second only to that of the memorable "Black Friday." The most exaggerated rumors gained circulation, and stocks of all kinds fluctuated wildly. The house of Jay Cooke & Co. had branches in Philadelphia, Washington, and London, and their failure will affect many interests both in this country and in Europe. The First National Bank of Washington, of which Henry D. Cooke is President, and which was closely allied to the banking interests of the firm, also suspended. It is stated by the firm that the suspension was brought about by advances made to the Northern Pacific Railroad Company, of which this house was financial agent. The only other failures announced were those of Richard Schell and Robertson, Suydam & Co. The New York and Oswego Midland Railroad Company have suspended payment. The financial shock caused by the failure of the well-known firm of Jay Cooke & Co., was followed on the succeeding day (Friday) by the suspension of the following additional New York houses: Fisk & Hatch. Beers & Edwards, Eugene Jackson, Hay & Warner, Day & Morse, A. M. Kidder, George B. Alley, Greenleaf, Norris Co., W. H. Warren, Thomas Reed & Co., William Conner, Whittemore & Allison and E. D. Randolph & Co., the latter said to be Tom Scott's New York house, of which his son-in-law is the head. The cause assigned for the failure of the principal houses enumerated. is the fact that they have advanced funds largely to certain railroads in course of construction. while the great decline in stocks which followed the first break, brought down the smaller and weaker houses. On Friday the depositors in a number of the savings institutions in New York, Philadelphia and Washington became alarmed and made a run upon the banks, but their demands were promptly met, and the day closed withincreased confidence in their stability. There were also a number of failures in Philadelphia, the only prominent firm being that of Gilbourgh, Bond & Co. Most of the Freedmen's savings institutions throughout the Southern States had their deposits in the Washington house of Cooke & Co. It is stated that the London house of Jay Cooke, McCulloch & Co. is paying all demands. The third day of the financial panie (Saturday) was an intensely exciting one in Wall street-so much so that it was found necessary to close the Stock Exchange and to pass a rule forbidding the members