19072. Jay Cooke & Company (Philadelphia, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
September 18, 1873
Location
Philadelphia, Pennsylvania (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
02377297

Response Measures

Full suspension

Other: Bank was a private banking house/firm; later placed in bankruptcy and receiver/trustee appointed.

Description

Contemporary articles report an immediate run/heavy withdrawals (crowds, drafts returned), the firm suspended payments around Sept 18–19, 1873 due to large advances to the Northern Pacific and heavy deposit drains, and later was adjudicated bankrupt with a receiver appointed in late November 1873. Cause classified as bank-specific adverse information (overexposure to Northern Pacific + heavy withdrawals).

Events (3)
1. September 18, 1873 Run
Cause
Bank Specific Adverse Info
Cause Details
Large advances to the Northern Pacific Railroad and consequent strain on liquidity produced heavy withdrawals from deposits; rumors amplified the panic but the firm's overexposure was real.
Measures
Firm prepared statements for depositors, posted notices promising resumption; police and detectives stationed to disperse crowds; clerks prepared condition statements.
Newspaper Excerpt
At about 1 p. m., when the news became generally known ... Jay Cooke & Co.'s offices were soon crowded with an anxious and curious throng ... those who had money on deposit, of course, wished to draw it out and were exceedingly disconsolate when they were informed that the firm had suspended.
Source
newspapers
2. September 18, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to large drawings by their Philadelphia house, heavy advances to the Northern Pacific Railroad, and a heavy drain on deposits during the stringency of the money market.
Newspaper Excerpt
At noon it was officially announced that Jay Cooke & Co. had suspended. ... the suspension was only temporary, being caused by a lack of available funds to meet the heavy withdrawal of deposits.
Source
newspapers
3. November 27, 1873 Receivership
Newspaper Excerpt
Judge Cadwalader ... was granted and J. Gillingham Fell, esq., was appointed receiver. ... Mr. J. Gillingham Fell ... has declined the trust ... Mr. Edwin D. Lewis ... has accepted the position, and will act until the creditors agree upon an assignee.
Source
newspapers

Newspaper Articles (24)
1. September 19, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 19, 1873

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FAILURE OF JAY COOKE & CO. THE BOLT THAT STARTLED WALL-ST.-THE SUSPENSION CAUSED BY THEIR ADVANCES TO THE NORTHERN PACIFIC RAILROAD-THEIR LIABILITIES SAID TO BE BETWEEN THREE AND FIVE MILLIONS. Early in the day, the rumors which form such an important part of Wall-st. operations were revived with increased emphasis. The names of houses which even the most unscrupulous stock jobber had heretofore spared, passed mercilessly from mouth to mouth. First came renewed rumors of the embarrassments of the New-York and Oswego Midland Railway Company, and their financial agents, George Opdyke & Co. Statements that some banking institutions were on the brink of failure were also made with depressing effect. These rumors, false as they were, made the rounds, growing in evil influence as they became more and more distorted. The crowning rumor of the day was this time unfortunately too true. Jay Cooke & Co., the Government fiscal agents, who had stood 80 high in financial circles throughout the world, were impaired by reason of their connection with the Northern Pacific Railroad, and would probably be obliged to suspend. This rumor, which was in the air early in the morning, spread like wildfire, but although dealers were disposed to believe almost anything, it was still rather difficult to convince 'the street" that the foremost American banking-house in this country was not able to meet its obligations. Of course, measures were immediately taken to verify the statement, and at noon it was officially announced that Jay Cooke & Co. had suspended. This news was immediately flashed over the wires of the stock and gold indicators around which groups had been hovering all the forenoon, and the dispatch was read to all who were within hearing. The effect was electric and Jay Cooke & Co.'s offices were soon crowded with an anxious and curious throug. JAY COOKE & CO.'S-WITHOUT. At about 1 p. m., when the news became generally known, the sidewalks on Wall. Nassau, and Broadsts. were thronged with a mixed assemblage of people. Few of these had any pecuniary interests involved; but, having nothing else to do, concluded that they could as well afford to spend their time there as elsewhere. These formed a awaying, agitated, and excited mass which it was difficult to penetrate. The crowd stretched over the sidewalks into the center of the street, and even filled the basements of contiguous buildings. It was a rude, impertinent crowd, for it peered insultingly into the faces of those who had occasion to enter or leave the offices of the unfortunate bankers. Not content with their places, they clambered over the railings, filled the basement, peered through the windows, and even invaded the offices. So intolerable became the nuisance that the bankers were obliged to have a detachment of police and detectives, the former to disperse the crowd. and the latter to nullify the operations of pickpockets and sneak thieves, who were on hand to avail themselves of any opportunity for plunder. The officers were then permanently stationed around the entrances, with orders to disperse all loungers and keep the sidewalks clear. JAY COOKE & CO.'S-WITHIN. Inside the scenes were even more interesting. The interests or sympathies of those who congregated there being more directly affected, there was a better opportunity to study character. Those who had money on deposit, of course, wished to draw it out and were exceedingly disconsolate when they were informed that the firm had suspended payment. A large number of drafts which fell due were returned unpaid to those who presented them, and were then protested. Although somewhat agitated, it was not a clamorous throng. Finding that nothing could be done, all appeared disposed to make a virtue of necessity and to hope for the best. The clerks within were nervous, and very busy in straightening out the details of their departments 80 that a general statement of the condition of the firm could be made. The members of the firm were closeted together early in the day devising means for the relief of the house. They would not see any one. They sent out a statement. however, that the trouble was owing to the demand upon them for money by their Philadelphia house and the withdrawal of deposits from their New-York house. The general bookkeeper stated that the suspension was only temporary, being caused by a lack of available funds to meet the heavy withdrawale of deposite particularly from

2. September 19, 1873 Evening Star Washington, DC
Article from Evening Star, September 19, 1873

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of others, for that institution was more or less complicated by the banking business of Jay Cooke & Co., and the Pacific railroad bonds, with which they are heavily loaded. The other banks of this city invested mostly within this District or in government securities, and are not involved in outside operations. Mr. Davis then stated their deposits to-day had about balanced that of the withdrawals made, and he antictpated no run on their house. Should it come they are abundantly able and ready to meet all demands. He thought depositors would return their money with Mr. Ruff in a few days again, as he could see no cause for alarm. He expressed his belief that the Freedmen's Savings Bank would not suffer much inconvenience, as they had plenty of currency to meet demands. ACTION OF GOV. SHEPHERD. At an early hour to-day Gov. Shepherd, with commendable forethought, anticipating, perhaps, that some of the banks might be run, and cramped for currency. called upon Secretary Richardson and made an arrangement both with him and Treasurer Spinner, to the effect that any bank of the District depositing at the sub-Treasury in New York, and that fact being telegrap hed to Treasurer Spinner, could procure all the currency desired, direct from the Treasury here. This will enable any bank to convert by telegraph any collateral securities they may hold into currency, and furnish abundant means to meet any emergency. AN ADDITIONAL NOTICE. At half-past one o'clock the following was placarded on the doors of the First National bank: Paper maturing this day in the hands of the First National bank may be found at the Metropolitan bank, (next door.") INTERVIEW WITH MR. TENNEY. At two o'clock, THE STAR reporter was admitted to the banking house of Jay Cooke & Co., and was received by Mr. Tenney, when the following conversation ensued: Reporter.-"Mr. Tenney, THE STAR is anxions to inform the public of the latest news concerning the unfortunate suspension of the banks you represent?" Mr. Tenney.-"You may state that all the clerical force of the office is busily engaged in preparing a statement for the public, and that it will be submitted to them as soon as practicable. You may also state that the firm expect in a few days to open their doors and resume business." THE EXCITEMENT OVER. At o'clock 15th street was virtually deserted, and did not present as animated an appearance as usual. There seems to be a growing contidence that all is well, and that the business of the bank will resume at an early period. The run on the Freedmen's Bank, however, continues to some extent, but hourly grows more languid. FIRM AS A ROCK. At half-past two o'clock the reporter of THE STAR called upon Mr. Stickney, of the Freedman's Savings bank. The rush at that hour still continued. He was informed that the bank would keep open until its usual honr-4 p. m.and that up to that hour he (Mr. S.) did not think that thirty thousand dollars would have been drawn. This is owing to the small individual deposits carried by the bank. There 18 a general feeling that the run will subside tomorrow, although the officers are preparing for any contingency. A RECEIVER APPOINTED At half-1 last two o'clock, Edwin L. Stanton, Secretary of the District of Columbia, called upon Controller Knox and accepted the position as receiver of the First National Bank. He will take charge at once.

3. September 20, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1873

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QUIET RESTORED IN PHILADELPHIA. NO FURTHER FEAR OF A PANIC-STATEMENT OF JAY COOKE & CO.-A RUN ON TWO BANKING HOUSES-SUSPENSION OF SEVERAL BROKERSTHE STREET QUIET. PHILADELPHIA, Sept. 19.-All danger of a panic havingpassed, Third-st. 18 comparatively quiet to day. The feeling that the worst is over prevails in moneyed circles, and under its influence stocks have steadied so that the Brokers' Exchange presents no signs of remarkableexcitement Jay Cooke remained at his office last night until after midnight. and in response to all inquiries repeatedly declared that not a depositor should lose a dollar of the money intrusted to the firm. This morning the following card was posted on the door of the office: TO OUR DEPOBITORS. Some little time is required to adjust our accounts, and to hear from our different offices. when a statement will

4. September 20, 1873 The Cecil Whig Elkton, MD
Article from The Cecil Whig, September 20, 1873

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-The banking houses of Jay Cooke & Co., in Philadelphia, New York and Washington, suspended on Thursday. The banking firm of E. W. Clark & Co., in Philadelphia, also suspended. There was great excitement in Third and Wall streets, and a generrl decline in the stock market, but towards the close of the day a stronger feeling prevailed, no further suspension of consequence being expected.

5. September 20, 1873 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, September 20, 1873

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DISTRICT OF COLUMBIA. WASHINGTON, Sept. 19. The First National Bank has suspended. Secretary Richardson and Comptroller Knox were in consultation this afternoon in reference to the suspension here, and a receiver will probablv be appointed to take charge of the First National Bank. The banking house of Jav Cooke & Co., of this city, was closed shortly after nood to-day.

6. September 20, 1873 Pioche Daily Record Pioche, NV
Article from Pioche Daily Record, September 20, 1873

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Failure of Jay Cooke a Co.-Financiai Agitation-Stock Excitement -Government Bonds-A Crash Not Apprehended. NEW YORK, Sept. 18. Jay Cooke & Co. have suspended. They announce that their suspension is in consequence of large advances made to sustain their Philadelphia house, and a heavy drain upon their own deposits. Mail advices, from Paris, of the fifth, confirm the report that cholera prevails in France. PHILADELPHIA, Sept. 18. The firm of Jay Cooke & Co. have suspended. A great crowd has collected around their place of business. WASHINGTON, Sept. 18. The First National Bank has suspended. NEW YORK, Sept. 18. There is great excitement on the street in consequence of the announcement of the failure of Jay Cooke & Co. The question is generally asked, who next? Stocks took a tumble. It is said that Jay Cooke has lost large sums in the recent gold movement. The excitement is intense at the Stock Exchange. Vanderbilt stands by his Central, and Lake Shore and the Pacific Mail are cared for; but Western Union dropped from 88 to 781/2. Money quiet 1 at 7. No failures other than Jay Cooke a Co. are announced. It is said that Jay s Cooke, McCulloch & Co., of London. are solvent, with a large surplus above all e abilities. . Eleven bids for Government bonds to day, aggregated $2,317,300, at from 10 to 111/2. No bids accepted. e Specie shipments to-day amounted to le $105,000, in silver bars. y NEW YORK, Sept. 18. There is a general breaking up of stocks of from one to ten per cent., und f der the rush to sell, and great excitement econtinues. d WASHINGTON, Sept. 18. fiThe banking house of Jay Cooke 1Co., of this city, was closed shortly after S, noon to-day. d NEW YORK, Sept. 18. d 1Jay Cooke & Co. make the following Sing statement: The immediate cause of n the suspension of Jay Cooke & Co. was 1the large drawings upon them by their n Philadelphia house, and their own dege positors, during the last fortnight. The ly Philadelphia house had previously been r, weakened by large advances to the it Northern Pacific Railroad Company, of by d which they are the financial agents. as Robinson & Suydam have suspended a, A Philadelphia dispatch says E. W in Clark & Co. have suspended. le in PITTSBURG, Sept. 18. d The Society of the Army of the Cumnt berland held a session this morning, and eselected Columbus, Ohio, as the place ve of their next meeting. The Society releelected Lieutenant General Sheridan 70 President, and instructed the Committee is on the Thomas Monument to employ as of some artist to make a statue of General 10 Thomas, and then adjourned. ve WASHINGTON, Sept. 18. g th Secretary Richardson and Comptroller ot Knox were in consultation to-day relative to to the suspensions here, and a receiver on will probably be appointed to take charge of the First National Bank. of ve PHILADELPHIA, Sept. 18. nMr. Cooke says "I believe this house nwill speedily be relieved from embarhe rassment, and to this end, if needs be, ne pevery dollar of means possessed by the he members of the firm will be applied. rNEW YORK, Sept. 19. on Arrived, steamship Europe from Glas gow. n. rAnother day of intense excitement has of passed over Wall street. Early this remorning predictions were made that this nwould be a hard day, and one that would to ve see the downfall of more than one finan y, cial house, as the late Chicago fire, as was thought, would occasion a drain as at upon deposits, and tend to a panic ty Stocks for the first two or three hour fluctuated wonderfully, but at noon th ll market strengthened. About noon it was an reported that the house of Jay Cooke at rty Co. had suspended. At first the rumo of was considered an idle one, or, at most at started by some scheming faction. Me ece in and boys ran races from office to office The telegraph was incessant in its opera er.

7. September 20, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 20, 1873

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visible. There were fewer crowds than ou erdinary days on 'Change, and even less vehement talk than is sometimes displayed. Samuel Wilkerson, secretary of the Northern Pacific Railroad Company, says that as usual with financial agents, Jay Cooke & Co. had made largh advances to the company, but he did not think this had impaired their credit or crippled them. Their failure was due to a sudden run in consequence of the stringency of the money market, caused by the manipulations of unscrupulous conspirators. Two of the members of the firm were directors of the Northern Pacific Railroad Company. The result will be that the work of construction will be somewhat retarded. It is more than probable that Congress will be asked to grant an extention of two years to the company beyond that already granted to enable it to complete the road. A reporter of the Philadelphia Press on Thursday had an interview with Mr. J. Edgar Thompson, President of the Pennsylvania Railroad Company. Mr. Thompson states that his company had no financial relations with Messrs. Jay Cooke & Co., and that its monetary conceres were not affected by the financial crash. The present depression of the stock of the coulpany he viewed as werely temporary. At the Philadelphia Stock Exchange, after the great failure was announced, Pennsylvania Railroad shares declined heavily. The Washington Star of last evening says growing confidence is expressed in financial circles there that Jay Cooke & Co. will resume payment very speedily. The attachment in the case of Wm. O. Alexander, of Washington, VS. Jay Cooke & Co., to secure a deposit of some $16,000, was returned into court yesterday morning endorsed "levied upon the banking house, &c., as per schedule.' Mr. Hatch, of Fiske & Hatch, states that owing to yesterday's failures great demands came SO suddenly and unexpectedly on their house that they could not be readily met. There was no time left in which to obtain money on assets of the fi. n or to collect money due the firm. The house made heavy advances to the Central Pacific, which, however, is not the cause of their suspension, their advances to the Chesapeake and Ohio having brought them down. Mr. Fahnstock, one of the firm of Jay Cooke & Co., says that for several weeks the uneasy feeling which prevailed in connection with new railroad schemes, caused a heavy drain upon the deposits both of their Philadelphia and New York houses. The deposits in beth cities suffered a continual diminution, until at the beginning of the present month, their deposits were lower than at any time during the severest stringency of the money market during last fall and this spring. The drain upon the deposits, already so heavy, was still further increased by recent suspensions, and the demand for money was incessant. A letter to the Gazette from Philadelphia, dated yesterday, says: "The stoppage of the Banking House of Messrs. Jay Cooke & Co. yesterday, has caused a commotion that cannot be realized from any attempt at description. So far as I can gather it is thought that it will cause great stringency in money matters for a short period. However, almost every one has a different theory, but think it is safest to keep cool and wait until we 'see what we shall see.

8. September 22, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 22, 1873

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CANADA. The Bankers of Montreal and Tor. ronio Moving Very Causiously. MONTERAL, Sept. 20.-The only effect here of the panic in New York has been to make the bankers more cautions and less willing to let out their funds, which are ample for all legitimate commercial demands. The diecount rates for good bills varies from 7 to 8 per cent., according to the standing of the same. TOKONTO, Sept. 20.-H. J. More & Co., bankers and brokers of this city, have suspended, owing to the failure of Jay Cooke & Co., and other prominent houses in New York

9. September 23, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 23, 1873

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FROM NEW YORK. New York, 22. The Sub-Treasury paid out $22,000 in gold coin on account of interest, and $43,000 for called bonds. The customs receipts to day were $362,000. Jay Cooke, McCuiloch & Co. of London, have appointed Mr. F. O. French their Attorney to represent their interests in this city, pending arrangements of Jay Cook & Co's business. The holders of drafts drawn by Foote & French of Boston against Jay Cooke & Co. since suspension, will be honored by Edward Sweet & Co., and those of A. Abbot Waterbury, Conn., by the Metrapolitan National Bank. Judge Faucher this afternoon granted an attachment against the property of A. D. Williamson & Co., brookers in this city, for $495,548, being the amount of the loan granted on Saturday morning by the bank of North America, on undertaking to pay it the same day, but which on demand was not heard. Another was made in the Supreme Court to-day to dismiss the attachment against $11,000 in the hands of Belmont & Co., bankers, being the balance of $500,000 less 15 per cent. coin, which Richard Perriston won last May, by Havana lottery ticket. The attachment was granted at the suit of E. D. Whitney, who says that Perriston promised him half of his gains if he came up to New York and helped him get the money. Both parties are from Philadelphia. Judge Faucher reserved his decision.

10. September 23, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 23, 1873

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ABROAD. LONDON. Sopt. 22-5 p. m.-Much anxiety is manifested on all sides to hear further news from Now York. Jay Cooke, McCulloch & Co. continue to pay cash in the usual manner over their counter, and the run on their house has ceased. Much sympathy is expressed for the firm by leading bankers. A. G. Cattell has tolegraphed the Secretary Richardson that the business of the Syndicato is not disturbed by the financial troubles, Among the rumors current in the Stock Exchange is one that the Bank of England holds $300,000 of Jay Cooke & Co.'s acceptances, and that the Rothschilde have 8100,000 of the same paper. LONDON, Sopt. 22-5:30 p. m.-The dispatch announcing the closing of the New York Gold Exchange has been bullotined. This nows is accepted as an indication of the gravity of the financial situation, and the market for American securities is again depressed.

11. September 25, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 25, 1873

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WASHINGTON. Special Dispatch to The Chicago Tribune. WARNINGTON, D. O., Sept. 24.-No information other than in the press dispatches had been received up to this evening by the Secretary of the Treasury regarding the report that the Committee of Bank PresIdents in Now York had requested President Grant and Secretary Richardson to anticipate the payment of the January Interest on Government bonds. The Secretary would not be likely to comply with the request if the matter were left entirely to his own judgment, but the President is apt to give orders somewhat contrary to the views of his Financial Minister. A prominent Federal official romarked this afternoon that the Wall street people, including some of thoso Bank Presidents, were LIKE A LOT or CHILDREN, and don't seem to know what they do want. The Government interest is payable in gold, and it does not appear to be gold, but currency, that is wanted to case the money market. The London firm of Clewn, Habicht & Co., which suspended to-day, is indebted to the extent of ABOUT TWO HUNDRED THOUSAND DOLLARS to the Government of the United States. Had their suspension occurred about one wook lator, the amount would have been about $100,000 greater, as the surplus of fees collected by the United States Consuls in 0Xcess of their offices for the quarter ending Sept. 30 would have been deposited with the banking-house referred to. Dispatches will be immediately sent to European Cousule directing them to make their usual quarterly deposits with some other concern. A DISCONCERTED CONSUL. Joseph P. Root, our Minister to Chili, who is now in this country, obtained on the 12th inst. a warrant for between $4,000 and $5,000 due him as salary, and he thereupon deposited with Jay Cooke & Co., the draft upon the State Department for the same, receiving in return a draft upon the Now York house of Cooks & Co. Root was detained here, and, sinco the failure of Jay Cooks & Co., he has been trying to in duce the Federal authorities to give him the money ta which he is entitled. The lattor now have the question under advisoment, and the probability is that Mr Root will have to take his chances with the rest of the depositors with Cooke & Co. Comptroller Knox has not, and will not, give out for publication the names of any depositors in the SUSPENDED FIRST NATIONAL BANK, of this city. Ho says he has no right to do so, and great injury might be done to depositors by giving publicity to their names or the amount of their de posits, thereby indicating the amount of their loss. THE SAVINGS BANKS here have resolved to take advantage of the provision of law requiring notico of sixty days to bo given by depositors of their intention to withdraw deposits. THE BALTIMORE BANKS have followed the example of those in New York of pooling their assets and issuing loan certificates reprosenting 95 per cent of bills payable, or other securities deposited by any bank, with a committeo appointed for the purpose, which certificates shall be used in settlements at the Clearing-House and received by creditor banks. The arrangement is not to extend beyond the 1st of November next, the certificates meantime bearing 6 per cent interest. This action, though not believed to be demanded by any special existing necessity, is deemed wise 18 a procautionary measure, and as strengthening and consolidating their ability to accommodate the wants of business men. Jay Cooke & Co.'s interest in the house of JAY COOKE, M'CULLOCH & do, amounts to one-quarter. [To the Associated Press.] WASHINGTON, Sept. 24.-The Freedman's Savings Bank to-day determined that it will require sixty days notico from depositors of their intention to withdraw money.

12. September 27, 1873 Whig and Tribune Jackson, TN
Article from Whig and Tribune, September 27, 1873

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# THE FINANCIAL CRISIS. The suspension of the great banking house of Jay Cooke & Co., of Philadelphia, which we announced last week, has precipitated a financial crisis upon the country of no ordinary character. The gold and stock speculations of Wall Street some three years ago, which culminated on "black Friday," did not very seriously damage, or retard the commercial interests of the country, but the suspension of such a banking firm as that of Jay Cooke & Co., whose credit was unlimited, and whose business ramified the entire continent, could but be attended with wide spread disaster. Immediately on the announcement of their suspension, a number of banks in New York, Philadelphia and Washington threw up the sponge, followed by other banks in the same cities, and indeed, in most of the large cities in the United States. Confidence was dethroned, and a perfect panic seized upon the public mind. Heavy runs were made upon nearly every bank in the great cities; deposits withdrawn without notice, and commerce almost completely blockaded. So complete was the panic, that banks in one city, with few exceptions, refused to cash checks and drafts upon banks in another city. Hence, almost complete commercial stagnation has been the result, and a feeling of uncertainty and alarm spread throughout the length and breadth of the country. No interest has been more seriously affected by these accumulating disasters than the cotton interest, an interest which seems to be more especially than any other, the sport of every wind of fortune. From the beginning of this great financial crisis, cotton has gone down, until this week there was no market, except at panic figures. Our market held up nobly for several days, but was finally forced to succumb, owing to the impossibility of getting checks and drafts on the East cashed in this city. Our buyers have been powerless, and hence while cotton receipts are heavy, there has been but few sales. However, the worst is over, the government has come to the rescue, confidence is being established in the great trade centres, and with our next issue we hope to announce the resumption of commercial activity throughout the country. With restored confidence in financial centres, cotton will resume the position held in the market prior to the crisis, and the various streams of trade their ordinary channels.

13. September 29, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 29, 1873

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NEW YORK. Special Disvatch to The Chicago Tribune, NEW YORK, Sept 28.-The bright prospects with which the wook closed for Wall street continuo to-day, and there is visible nothing of the intense excitement which characterized last Sunday. The street yesterday, and the hotels today, have been dull in fact, business on tho street le 80 far suspended that the excitement thore, on Saturday, was less than on ordinary days at this time of the year. The prospects for tho week are that BUSINESS WILL RESUME WITHOUT DELAY or much excitement, unless in the Stock Exchango. Tho difficulty in selling foreign exchange Becms to have been overcomo in a large measure, and heavy shipments of allsorts of grain were made yesterday. The demand for freight room WAS unusually heavy at generally advanced rates. The suspended firms are rapidly reorganizing, and promise a resumption of business before the end of the week. Howes & Macy have practically resumed already. Clows & Co. say they will bo ready to begin anow before the statement of their affairs is ready for publication. Fisko & Hatch, more conservativo, declino to begin again until all their past indebtedness is cleared off. Jay Cooke & Co. promise n favorable showing soon, but it is believed they will be kept down by the Northorn Paciflo Railroad. The Union Trust Company will get on italegengain. It is naturally a strong concern, each sharoholder being hold liablo for the amount of his stock; but the Bank of the Commonwoulth is probably a hopeless wreck. The opening of the Stock Exchange on Tuesday, BB resolved on, creates great unoasinoss, both in stock and commercial circles, particularly in the latter, whose members anticipate renowal of excitement, which may again extend to the commoreial exchanges and produce great distross to morcantilo houses. The Produce and Gold Exchanges RESUMED WITHOUT DISARTROUS RESULTA, and this fact encourages the hope that 110 bad effects will follow the roopening of stock gambling. The announcement that business will be resumed at the Stock Exchange implies that the conflicting and confused nocounts of the brokers have boon straightened out and settled. Otherwise, the opening would be only a signal for & renewal of the pauio, and of a fierce light between bulls and boars. Now, it is hold, there is little cause for controversy on the Bourne, and EVERYTHING PROMISES PEACE and quietness, at loast until the futuro shall divido the members into distinct parties again. It in claimod by dealers that business, for some time, at least, will be conducted with more modoration than formerly. Dr. Thomas Carlton. on being asked if he

14. September 30, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 30, 1873

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HOWES & MACY. It is not the intention of this firm to make any public detailed statement of their affairs. They consider it unnecessary in view of the fact that they are adjusting matters as rapidly as possible, with the purpose of continuing business at as early a date as practicable. They are in daily receipt of letters from their customers, acceding to the proposition contained in their circular, and with the many satisfactory assu* rances thus received they are determined to resume operations on the plan proposed, in the hope that the experiment will eventually prove successful. Mr. Macy says the whole financial difficulty assumes a very peculiar phase. If a person has "money any where else than town in his own control he cannot get it. People out of who make collections for his house write that such and such an amount is deposited to their credit in such and such a bank. But that does not do them any good; that is not what they need; all the exchanges are so bad that certified checks are next to useless if one cannot get the money on them. Mr. Macy had been visited by a country correspondent who had come to New-York to draw a large amount of money which had been deposited in his bank in small amounts, and which the country banker had sent to the city for investment. But be could not procure the funds in) available shape, and remarked that unless he could get his deposits in bills of staall denominations, they were of no more use to him than 80 much brown paper. Mr Macy would have been glad if the Government relief had been proffered through another channel, whereby it would have brought money into the country and distributed it among the people. He thought $10,000,000 in the hands of the merchants at this time would do more good than if distributed among the banks. The present outlook was not very clear, yet they were cheerful and hopeful. Biugham Bros. & Brace of Mount Morris, N. Y., and E. B. Hale & Co. of Cleveland, Ohio, deny that they are correspondents of Howes & Macy. HENRY CLEWS & CO. This firm is still engaged in the preparation of its statement, but the time of completion is uncertain. It will be exclusively for the information of the creditors of the house, publicity probably being given to nothing beyond a report of assets and liabilities. Mr. Clews believes the effect of the panic will be felt for years. He says everybody in the street has virtually suspended that is,they cannot pay their loans or meet their obligations, and if they were applied to for the money they would be obliged to suspend, the same as the rest of us." He thought the outlook was horrible-frightful. With 6 per cent for greenbacks as against certified checks, who could stand I" JAY COOKE & CO. These gentlemen believe the prospect is brighter and that the good or iil of the future is dependent largely on the exercise or lack of caution and a spirit of accommo dation on the part of creditors as against their debtors. They are rather afraid, however, of the effect of the reopening of the Stock Exchange this morning. The fact is, they say, our banks are poor. They hold large quantities of stocks as security for loans. If they press their claims for the money upon which these collaterals are held the result will be disastrous, and will be felt all over the country. But if the banks are inclined to be lenient toward their customers the trouble will be tided over, and we may before long discern the tokens of better times. Messrs. Jay Cooke & Co. have presented, in their report of assets and liabilities, all they intend to make public. They will, however, issue a statement of their condition and accounts for the information of their customers, together with a circular containing plan of resumption, which will be submitted to their patrons, and to the propositions in which the latter will be asked to accede or dissent therefrom. FISK & HATCH. The members of this firm, while not shrinking from reasonable publicity, feel that a detailed statement of their accounts is a matter strictly between themselves and their creditors. The public is entitled to understand their general condition and prospects, and to cover this obligation it is stated that Fisk & Hatch have an abundance of assets and a surplus sufficient to pay everybody and resume business with a large margin. They are now working with a definite object in view, of which, if accomplished, the public will DO fully informed.; THE UNION TRUST COMPANY. Mr. Wesley, the receiver of the Union Trust Company, yesterday morning denied the report that Commodore Vanderbilt had returned to the Company their loan to the Lake Shore Railroad. FAILURE OF THE GLENHAM MANUFACTURING COMPANY The Glenham Manufacturing Company, a corporation in existence for more than fifty years, having extensive woolen mills at Glenham, N.Y., and its office at No. 293 Broadway, suspended yesterday morning. The President, Russel Dart, said that to give in detail the causes of the suspension would involve a long statement, which he was not disposed and had not the time to make. In general terms, it was due to the depression of business, and resulted directly from the financial panic, which had prevented merchants from going on as they otherwise would. Previous to the disturbance in Wall-st., the outlook for business was good. He was not prepared to make even an approximate estimate of the assets liabilities, and could not tell whetner the suspension would be final or only temporary before learning the disposition of the creditors. He was also unable to say whether the creditors where chiefly individuals or corporations. as it is impossible at present to tell where the paper of the Company 18 placed. The Company was organized in 1820 by Peter H. Schenck, the grandfather of President Dart. James Dart, a brother of the latter, is Treasurer, and the organization is wholly a family affair. The original capital was $140,000, and it has always been maintained at that figure, but Mr. Dart said that at least $1,000,000 had been expended on the Company's property, which could not be replaced for that sum. The Company owns 200 acres of land at Glenham. with large factories for the manufacture of woolen goods, and dwelling-houses for all of the 500 operatives. Mr. Dart was unable to say whether the suspension would result in throwing all these operatives out of work, as this would largely depend upon the action of the creditors. Up to the present time the Company had never been involved in any difficulty. A dispatch from Philadelphia announces the suspension of Benjamin Bullock's Sons. extensive wool dealers, in consequence of the suspension of the Glenham Company, which Company owes the firm about $600,000. FINANCIAL PECULIARTIES.

15. October 2, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 2, 1873

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THE SITUATION ELSEWHERE. THE LAW CONCERNING NATIONAL BANKS AND THE CERTIFIED CHECK SYSTEM OF PAYMENTS. WASHINGTON, Oct. 1.-The Controller of the Currency has not stated to any one that a national bank can be placed in the hands of a receiver for failure to pay checks of depositors. No case of this kind has been presented to the Controller for decision. Section 53 of the National Currency act provides that if the directors of any association shall knowingly violate or knowingly permit any of the officers, agents, or servants of the association to violate any of the provisions of the act, all the rights, privileges. and franchises of the association shall be forfeited; such violation shall, however, be determined and adjudged by a Circuit, District, or Territorial Court of the United States in a suit brought for that purpose by the Controller of the Currency in his own name before the association shall be declared dissolved. No application has been made to the Controller of the Currency to begin proceedings against any national bank under this section during the late panic, nor is it known what would be the action of the Controller if any application of this kind were made. JAY COOKE & co.'s AFFAIRS. WASHINGTON, Oct. 1.-There have been filed in the office of the Recorder of Deeds several instruments of writing by ex-Gov. Henry D. Cooke, conveying to Jay Cooke, trustee, his real estate in Georgetown, in three pieces, known as the Cooke property. A widow in Georgetown has entered suit against Jay Cooke & Co. on a certificate of deposit for $4,500. No statement of the condition of the banking-house has yet been made public. PHILADELPHIA, Oct. 1.-In the United States District Court. before Judge Cadwallader, an order granted last week, upon the petition of Edward Wilson, against Jay Cooke & Co., to show why they should not be adjudieated bankrupts, which was to have been returned today, was continued for a week at the request of the debtors and by the consent of the petitioner. THE OUTLOOK AT WASHINGTON. WASHINGTON, Oct. 1.-Owing to the reception of favorable financial information from various quarters, money is becoming easier in Washington. The Second National Bank, which is in the certifying check combination, is paying out currency at itscounter. There are five banks and one banking-house in the combination; three of them savings banks, which, before the arrangement was agreed upon, had ceased pay ment. requiring 30 or 60 days' notice to be given by depositors for the withdrawal of money. GOVERNMENT AID TO THE COTTON INTEREST. WASHINGTON, Oct. 1. - The President of the Charleston Chamber of Commerce telegraphed to Washington, Sept. 29, for Government aid in moving the cotton crop similar to that afforded to New-Orleans. Secretary Richardson responded: I am not aware that any special relief has been afforded to New-Orleans. The following explanatory dispatch was then sent: The New Orleans Picayune reports that after Oct. 1 you will maintain on deposit in that city $2,000,000 in currency, at the United States Sub-Treasury, to be paid to banks on checks on New-York. Whether true or not, the Chamber asks such relief to amount to $500,000 for Charleston. Assistant Secretary Sawyer replied to this telegram as follows: Your difficulties are understood. There is no advant age to be gained by the Committee coming here. Charleston will have all the relief afforded to other places. While no special relief, as Secretary Richardson says, has been afforded New-Orleans, it is known here that The Picayune is correct in what it says. The Government was asked to deposit $5,000,000. but the amount was reduced to $2,000,000. This is no new feature, the Government always having currency in New-Orleans for the purpose named. FINANCIAL NOTES. The Louisville Clearing-house Association was dissolved, yesterday, by mutual consent. Thomas Kemp & Co., grocers of Baltimore, suspended, yesterday. Their liabilities are stated to be $80,000, and their assets $60,000. Business in Cincinnati yesterday showed a decided improvement. A noticeable feature was the increase in the amount of money in the street, much of which was placed at decidedly lower rates than yesterday. In Pittsburgh financial circles the prospect is reported brighter, with indications that the worst of the panic is over. Business among manufacturers has not been stopped, and they report no difficulty in obtain ing money to pay employés.

16. October 4, 1873 The Albany Register Albany, OR
Article from The Albany Register, October 4, 1873

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Latest News. The financial outlook at the East is gradually assuming a more reassuring character, and it is believed that business will soon resume its old channels. Immense sums in gold have been withdrawn from the Bank of England for shipment to the United States. A financial crisis is threatened in Germany. From Spain comes the news that the Carlists have suffered a series of defeate in the north, and discontent and disertions are spreading in their ranks. The police had closed all gambling houses in Madrid on the 29th ult. Several serious accidents have occurred on British railroads recently. Benicia, it is reported, is to be made a permanent military depot. $60,000 are being spent in erecting officer's quarters; also, an artesian well is being sunk, it having already reached several hundred feet. Notwithstanding the fact that the revenues have been comparatively light, it is asserted the Treasury Department will show a fair reduction of the puulie debt for September. In Philadelphia wool is quoted at 28 to 35c; coarse, 23 to 39c. The missing schooner, Three Brothers, was picked up and towed into Little River, Newfoundland. on the 22d ult. Seven bodies were found in the cabin-the remainder, fourteen. are supposed to have been washed overboard. They have been experiencing earthquakes in Gautemala. All religious communities have been suppressed and their property dedicated to beneficence and instruction, at San Juan del Norte. At the request, of debtors, and by consent of petitioners, orders requiring Jay Cooke & Co. to show cause why they should not be adjudicated bankrupts, have been continued for one week. The Washington Second National Bank has resumed currency payments. The public debt statement shows a reduction of $901,469 during the month. Northrup & Chick, bankers in Wall street, have suspended. Heavy calls from Western depositors was the cause. They have had no dealings with the Stock Exchange. The Grant Locomotive Works, Paterson, N. J., on account of scarcity of greenbacks, discharged an additional 175 men. The work on the Delaware, Lackawanna and Western Railroad Tunnel, through Bergen Hill, has been suspended. throwing 400 men out of ema (if ployment. The death of Hon. J. B. Baldwin is announced. He died at Stantou, Va., on the 30th ultimo.

17. October 11, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 11, 1873

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When the telegraph first flashed the news that a panic had been inaugurated by the failure of Jay Cooke & Co.'s Philadelphia house, we asked in a head-line "Where are the State Funds of Pennsylvania?" From the Philadelphia Age of the 8th, we see the people are still asking that question. According to the official report of the Radical Treasurer, Mr. Mackey, there is an unexpended balance of over a million dollars somewhere. But the Soldiers' Orphan Fund due Sept. 1, amounting to $125,000, is not yet paid, and the State officials at Harrisburg have been paid only a portion of their salaries for last month. Where then is the State's money? The Lancaster Intelligencer explains that the yearly balances are loaned to various banking institutions in the State, and the interest is divided between the State Treasurer and the Radical "Ring" of Pennsylvania. So the most favorable view of the case, is that the State funds are locked up in some of the semi-suspended banks, and are utterly beyond the control of the Radical Treasurer.

18. November 6, 1873 New-York Tribune New York, NY
Article from New-York Tribune, November 6, 1873

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BUSINESS PROSPECTS. THE LOWELL MILLS TO RUN ON THREE-FOURTHS TIME. BOSTON, Nov. 5.-A meeting of the representatives of the Lowell mills was held in this city yesterday to consider what course is best to pursue in view of the present depression. All the corporationsthe Merrimac, Hamilton, Appleton, Lowell, Middlesex, Tremont, Suffolk, Lawrence, Boott, and Massachusettswere represented. These mills employ about 12,000 hands, and operate 500,000 spindles and about 13,000 looms. Up to the present they have run full time. It was voted, after careful consideration, to begin at once to run on three-fourths time, and continue so to run until the condition of affairs shall change. WORKINGMEN'S TROUBLES IN LOUISVILLE. LOUISVILLE, Nov. 5.-The lower rolling-mills at New-Albany closed to-day, the workmen demanding an advance of wages. to which the proprietors would not accede. All bands were discharged. Four hundred men are thus thrown out of employment. The cement mills around the Falls will shut down to. morrow, having large stocks accumulated and light sales. The iron molders belonging to the Unions have refused to accede to the reduction of wages, and Lithgow & Co.swill discharge 100 men, and close their foundery in a day or two. The Louisville Rolling Mills have stopped work. Many establishments are running at reduced wages, and others will close when present contracts are completed. There will be a large number of operatives thrown out of employment. THE BANKRUPTCY PROCEEDINGS AGAINST JAY COOKE & CO. PHILADELPIIA, Nov. 5.-In the United States District Court, upon motion of John M. Campbell and William L. Hirst, representing Frank N. Steer, Judge Cadwalader this morning granted an order upon Jay Cooke & Co. to show cause why they should not be adjudicated bankrupts, returnable next Wednesday. A HEAVY FAILURE IN ST. LOUIS. ST. LOUIS, Nov. 5.-The heavy commissionhouse of Sterling, Price & Co., in this city, has made an assignment. and its affairs will be wound up by George J. Davis, the general assignee, by appointment of the United States Court for this district. BUSINESS NOTES. On and after Monday next the Eastern Railroad will reduce the hours of labor-20 per cent, and make a corresponding reduction in the pay at their car shops, in Boston. The employés at several of the large coal mines at Youngstown, Ohio, received notice yesterday of a reduction of wages. The Welsh and Scotch miners propose to strike. The German miners generally accepted the reduction. The Pittsburgh, Fort Wayne and Chicago Railway Company have reduced the hours of labor in their shops to eight. and the wages of the men employed there ten per cent. Orders have been received to stop work on all new locomotives. [For other neise of The State of Business see Second Page.]

19. November 8, 1873 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, November 8, 1873

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THE PANIC. While the west seems to bear up manfully against the panic, and the Chicago and St. Louis banks have not only fully resumed, but the former, at least, are able to extend pretty liberal accommodations to their customers and assist in moving our enormous crops, the outlook at the east continues gloomy and discouraging. In New York the shrinkage of values continues, and on Thursday gold went down to 614, the lowest point it has reached since 1862. The slight buoyancy that had shown itself at the close of last week was rudely dashed by the announcement that the great manufacturing firm of A. & W. Sprague, of Rhode Island, had suspended. The firm has for three generations occupied a leading position among the manufacturers of the east, and of late years the business has been extended vastly, SO that at the present time the Sprague influence permeates almost every branch of trade and finance in Rhode Island, as well as extending into Maine and other contiguous states. They control not only all the cotton manufacturies of the state, the national and savings banks, run several immense dry goods and general supply stores, but may, in fact, be said to run the entire state of Rhode Island, commercially, socially and politically. The assets of the firm are estimated at from sixteen to twenty-five millions, and their debts at $8,000,000. Their complete suspension would involve the discharge of 10,000 factory operatives. Negotiations are on foot to put their affairs in such a shape as not to close the factories, On the heels of the Sprague suspension followed on Tuesday another disaster-no less than the suspension of Tom Scott, the great Pennsylvania railroad king. His case is very much like that of Jay Cooke. He was carrying the Texas Pacific as Cooke was the North ern Pacific railroad. Scott had gone to Europe and negotiated a loan of $10,000,000 to continue work on his road, meantime endorsing vast amounts of the road's paper in anticipation of receiving the $10,000,000 loan. But just as the loan was being consummated, the news of the Jay Cooke explosion reached Europe, and the Scott loan collapsed. As a consequence, his Texas Pacific paper has gone to protest, and Tom Scott is floored The greatest fear is, that the Pennsylvania Central will, in consequence, fail to pay its usual semi-annual dividend of five per cent., which would greatly add to the embarrass. ment of things. To add still further to the gloom, a rumor was current on the 4th that the great mercantile house of H. Claflin & Co. was about to suspend, but this proved groundless. The firm not only show that they are abundantly solvent, but even refused to accept assistance tendered them by the New York banks. As a bit of sunshine amid the gloom, the announcement is made of the speedy resumption of the Philadelphia house of Jay Cooke & Co. A member of the firm is reported as saying, on Tuesday: "The agreements are rapidly being signed by our creditors, and are coming in with gratifying promptitude. We have every reason to be encouraged. We have merely asked forbearance of our creditors and we shall avoid bankruptcy with perfect certainty. The house will be able to resume within a few weeks, at any rate just as soon as the confidence of a great majority of our creditors is assured to us."

20. November 18, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, November 18, 1873

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NEW YORK CITY. NEW YORK, Nov. 17.-The recruiting of seamen and marines for the United States Navy Yards is in progress at the usual offices. The fine Spanish iron clad Arapeles still occupies the dry dock, with a red and yellow flag floating at her peak. The work on this vessel has not been suspended, as reported. Admiral Rowan contradicts the published report that orders have been given to confine the crew of the Arapeles to the limits of the Navy Yard. John E. Fox & Co., of Philadelphia, have begun involuntary proceedings in bankruptcy in the U.S. District Court in this city, against Jay Cooke & Co., and the defendants have been enjoined from parting with any of their assets until the question of adjudication from involuntary bankrupts has been passed upon Lewis Posenthine, one of the negroes who murdered Abraham Beahm, near Middletown, Friday night, was arrested here this morning. Hugh McCulloch, of Jay Cooke, McCulloch & Co., of London, sailed for England Saturday. The firm will be dissolved at the end of the present year, when McCulloch and his English juniors will continue business under new and strong combinations. Judge Larremore has decided that the new Police Justice act is Constitutional. Mrs. Templeton, who was shot by her husband, Saturday, was still alive this morning. The physicians say they have little or no hope of her recovery. At the navy yard to-day the same activity was manifested as for the past few days, and 250 men were added to the force. The Juniata is now ready for RPA, and will anchor off the Battery to await orders. It is stated by employes of the navy yard that work upon the Spanish iron clad Arpeles was suspended this afternoon. The steamship Cleopatra, which arrived to-day brought the newspaper mails she took on her outward bound trip to Havana. The Spanish authorities refused to allow them to be landed.

21. November 26, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 26, 1873

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Jay Cooke & Co. PHILADELPHIA, Nov. 26.-Iu the United States District Court this morning, Judge Cadwallader, the petition of sundry parties asking for adjudication in bankruptcy in the case of Jay Cooke & Co., was granted and J. Gillingham Fell, esq., was appointed receiver. The judge intimated that future proceeuings under the adjudicant should be had under the 3rd section of the bankrupt act, which authorizes the appointment of a trustee and committee by the creditors.

22. November 28, 1873 The New York Herald New York, NY
Article from The New York Herald, November 28, 1873

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JAY COOKE & CO.'S RECEIVER PHILADELPHIA, Pa., Nov. 27, 1873. Mr. J. Gillingham Fell, who was named by United States District Judge Cadwalader as receiver of the estate of Jay Cooke & Co., in bankruptcy, has declined the trust on account of fll-health. Mr. Edwin D. Lewis, President of the Farmers' and Mechanics' Bank, having been subsequently appointed, has accepted the position, and will act until the creditors agree upon an assignee.

23. January 17, 1874 The New York Herald New York, NY
Article from The New York Herald, January 17, 1874

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JAY COOKE'S CREDITORS. Second Meeting To-Day-The Business Done-The Voting for Trustee. Philadelphia, Jan. 16, 1874. Many of the creditors of Jay Cooke & Co., disgusted with the boisterous incidents which characterized their meeting yesterday afternoon, were not present at the meeting to-day, and hence the crowd was not by many hundreds so large. In order to prevent the repetition of those disgraceful proceedings this morning the United States Marshal was on hand, who, with his deputies, insisted upon and preserved perfect order. There was but little business of an interesting order transacted during the first hour of the meeting, nor was any excitement whatever evinced until the proposal of the following resolution by Mr. Christie, of Washington:Resolved, That we, the creditors of Jay Cooke & Co., determine that it is for the interest of the general body of the creditors of the said firm of Jay Cooke & Co. that the estate of the said firm, and the estates of the several members thereof as individuals, should be wound up and settled, and distribution made among the creditors by the trustee, under the inspection and direction of a committee of the creditors of said bankrupts. And be it further Resolved, That Edwin M. Lewis be selected as trustee, and he is hereby nominated to the said District Court for confirmation. And be it turther Resolved, That John Clayton, Isaac Norris and Robert Shoemaker, of Philadelphia; Charles B. Helfenstein. of Northumberland county, Pa.; Joseph Brown. of Wilkesbarre, Pa.: J. Hubley Ashton, of Washington, D. C.; B. R. Cowen, of Ohio. and Coulter Watson. of the city of New York, be selected as the Committee of Creditors. As soon as the above was read Mr. Franklin moved that the expenses of the committee should not exceed $100,000. Some one immediately insinuated that were so large an expenditure allowed there would be nothing at all left for the creditors themselves. A motion was then made to drop altogether the question of compensation, which motion, after a little debate, was carried by a majority of 140 votes. The voting upon the various motions and propositions set forth in to-day's Herald was then resumed, and continued until five o'clock this afternoon. Up to the closing or the polls at that hour it was pretty evident that the proposition for a committee of creditors and the appointment of one trustee was likely to be carried, and that this one trustee was likely to be the present receiver, Mr. Edward M. Lewis, President of the Farmers and Mechanics' Bank, of this city, as advised in the resolution above. Seven hundred creditors voted in the above election to-day, but Mr. Mason states that it will be impossible to give the result to-night. The issue will be rendered to the Bankruptcy Court to-morrow. The creditors will hold another meeting on Monday afternoon to hear what the Court decides upon in the matter. Mr. Lewis was the only candidate named for trustee, and is, therefore, doubtless elected. The largest approved claim was that of the First National Bank of Washington, D. C., amounting to $800,000.

24. January 6, 1875 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, January 6, 1875

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The Pacific Mail Investigation, RESUMPTION OF THE INQUIRY AT WASHINGTONHOME RICH REVELATIONS ANTICIPATED-IRWIN HAID TO BE READY TO .. BLOW ON JOHN ROACH. [Special dispatch to the Balto, Sun.] WASHINGTON, January 4.-The sub-committee engaged during the holidays in taking testimony in the Pacific Mail investigation having now rc'urned from New York, the investigation will be continued here by the full committee. Interesting and racy developments are expected, notwithstanding the alleged disappearance of one or two of the chief persons the committee were counting on to have before them. The committee will, among its first acts, now call Mr. Irwin to the stand to ascertain whether he is still afflicted with the nervous prostration which 80 suddenly overtook him when they "began to put leading questions. The belief is that even a continued refusal to answer on the part or Mr. Irwin, and the flight of Mr Schumaker, if he has really gone to Europe as alleged, cannot prevent the committee from getting at the main facts. It is hinted that Mr. Irwin is now ready to "blow" about John Roach getting his $2,000,000 contract on condition that the subsidy passed Congress, and that the present board of directors have ratified the action of the former management, and that he and his friend Stockwell did not spend the most of the $759,000 in stock speculations as has been alleged. Enough has been discovered to indicate, at any rate, that the committee can, by summoning one or two persons, obtain some valuable information. Not a little uneasiness has been evident in certain lobby circles during the progress of this investigation. If Mr. Dawes will throw off a little of his lukewarmness and go thoroughly to work, it is believed he and : is committee will find all about the Pacific Mail corruption fund which is worth knowing. Some of the members of the committee were at the banks to-day engaged in tracing up the checks which were sent to Washington. The Books of Jay Cooke & Co. being in the hands of the receiver in Philadelphia, he has been notified to produce them here before the committee.