19074. Jay Cooke & Company (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 1, 1873*
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
b7feae9a

Response Measures

None

Description

The articles describe the well‑known failure of Jay Cooke & Co. (1873) and subsequent bankruptcy/receivership proceedings (trustee Edwin M. Lewis), asset sales (Mar 31, 1880) and dividend payments (Sept 30, 1879). No contemporaneous depositor run is described in these clippings; the firm remained in bankruptcy receivership and its estate was being wound up, so this is classified as a suspension leading to permanent closure/receivership.

Events (3)
1. September 1, 1873* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure in the panic of 1873 due to heavy exposures and contraction of money; firm failed and went into liquidation.
Newspaper Excerpt
failure of Jay Cooke & Co., the bankers, was decided yesterday ... growing out of the failure of Jay Cooke & Co.
Source
newspapers
2. September 30, 1879 Receivership
Newspaper Excerpt
ESTATE OF JAY COOKE & Co., IN BANKRUPTCY. EDWIN M. LEWIS, Trustee. PHILADELPHIA, Sept. 30, 1879. The Committee of Creditors of this Estate have this day declared a third cash dividend-TWO AND ONE-HALF PER CENT.-payable on and after November 3, 1879. (Evening Star, 1879-10-16).ASSET DIVIDEND SCRIP issued by me ... sale of the various assets ... will be held ... March 31, 1880. (New-York Tribune, 1880-03-06).Jay Cooke, McCulloch & Co. litigation arising out of the failure in 1873. (Evening Star, 1880-08-07). (combined excerpts).
Source
newspapers
3. March 31, 1880 Other
Newspaper Excerpt
sale of the various assets ... will be held ... on Wednesday, the 31st day of March, 1880, commencing at 11 o'clock a. m., and lasting until 3 o'clock P. m., and be continued from day to day ... EDWIN M. LEWIS, Trustee. (New-York Tribune, 1880-03-06).
Source
newspapers

Newspaper Articles (5)
1. October 16, 1879 Evening Star Washington, DC
Article from Evening Star, October 16, 1879

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Article Text

SPECIAL NOTICES. CERCLE DES PRECIEUSES RIDICULES. Preliminary meeting of honorary and active members, FRIDAY, 8 p.m., Rooms of the Washington Art Club, Corcoran building oct16-2t THE PRESIDENT. SONS OF JONADAB-The quarterly session of the Grand Councit will be held FRI DAY EVENING. the 17th inst., at Mt. Vernon Hall, 7th and K sts. By order Grand Chief. R.S. GRA1t* HAM, G. S. THE WASHINGTON CHARIOT COMPANY having sold its property-real and personal-to the Washington and Georgetown Railroad Company, has this day withdrawn its vehicles from the avenues and streets of this city. Chariot tickets will be redeemed on pre-entation to the undersigned at his place of business. corner 9th and D streets, or by the Treasurer, Gao. H.B. White, at the National Metropolitan Bank. oct14-5t JOHN KEYWORTH, President. OFFICE OF THE NATIONAL FAIR ASSOCIATION, OCTOBER 14, 1879. Bids will be received for the following privileges at the National Fair Grounds during the Fair: For three Candy Manufacturing Stands. For three Mineral Water Stands. For three Fruit, Cake and Confectionery Stands. Fortwo Cigar Stands-Grand Stand and Stewart Hill. For two Refreshment-including Bar-Grand Stand and Stewart Hill. Bids will be opened THURSDAY EVENING, October 16, at 8 o'clock. The committee reserves the right to reject any and all bids. Particulars can be had from W. H. CLAGETT, Col. J. C. McKIBBIN, LEVI WOODBURY, J. W. BOTELER, JOHN R. KELLY, R. F. BAKER, oct14-9t Committee. A MEETING OF THE STOCKHOLDERS of the ANACOSTIA & POTOMAC RIVER K6. R CO. will be beld at the Office of the Company, in Uniontown, FRIDAY, November 7, 1879, at 20'clock p m.; the purpose of such meeting being to confirm the action of the Board of Directors in the issue of bonds to take up the floating indebtedness of the company, By order of the Board. L. W. GUINAND, President. oct8-1m H. A. GRISWOLD, Secretary. DIVIDEND NOTICE - ESTATE OF JAV COOKE & Co., IN BANKRUPTCY. EDWIN M. LEWIS, Trustee. PHILADELPHIA, Sept. 30, 1879. The Committee of Creditors of this Estate have this day declared a third cash dividend-TWO AND ONE-HALF PER CENT.-payable on and after No vember 3, 1879. They have also declared an "Asset Scrip Dividend" of TEN PER CENT., in accordance with the provisions of the "Plan for Closing the Estate," the certificates of which will be delivered to the creditors at the time of payment of the cash dividend aforesaid. Creditors are particularly requested to send to me by postal card their present post office addresses, to enable me to forward to them the proper notices and the catalegues of the assets. oct6-2awtnov1 EDWIN M. LEWIS, Trustee. SPECIAL NOTICE.-A fresh supply of PURE NORWEGIAN COD LIVER OIL at DREW'S Drug Store, Cor. 9th st. and Pennsylvaoct4 nia ave., at 50 cts. per full pint bottle. W. B. MOSES & SON, cor 7th st. and Pa. ave., have reopened their corner store with a large and complete stock of UPHOLSTERY GOODS, LACE OURTAINS. DRAPERIES, &c. sep8-tr GERMAN AMERICAN NATIONAL BANK OCTOBER 1. 1879. Proposals will be received at this office until 12 m. on SATURDAY, November 1. 1879, for the purchase of certain real and personal property belong. in or to this Bank. Schedules descriptive of this property can be had upon application to the uncersigned. oct9 eo2w B. U. KEYSEB, Receiver. MATHEY CAYLUS' CAPSULES, Used for over 25 years with great success by the physicians of Paris, New York and Lendon, and superior to all others for the prompt cure of all cases of diseases, recent or of long standing. Prepared by CLIN & CO., Paris. Sold every. where. oct29,t,th&ssly

2. March 4, 1880 The New Northwest Portland, OR
Article from The New Northwest, March 4, 1880

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# GENERAL NEWS. Cattle can now be imported from Canada. Dr. H. H. Toland, of San Francisco, is dead. Several murderers have been hung during the past week. The public debt was decreased $5,672,019 during February. Surgeon-General Wm. Maxwell Wood, U. S. Navy, is dead. There is a chance that the villainous Utes will escape punishment. The coinage at the Washington mint during February was $5,129,969. Trowbridge has been confirmed a Commissioner of Iudian Affairs. The Chinese are being driven to New York by the California agitation. Pinchback's nomination for naval officer at New Orleans is withdrawn. The Sioux will not permit railroad men to survey across their reservation. John Petty, of Stockton, Cal., was fatally shot on the 28th ult. by Henry Parker. East-bound freights from Chicago have been reduced five cents per 10 pounds. The Pacific Mall has sold its China line to the Union and Central Pacifie Railroads. J. C. Flood has sold his mining interests to Mackay, and will devote himself to banking. Rev. C. E. Walker, a Methodist clergyman at Fall River, Mass., has been "churched." A Washington City girl is suing Senator Hiil of Georgia for $10,000 damages for seduction. The House Ways and Means Committee have decided against revision of the tariff this session. Tilden instigated the printing of Bayard's secession speech. The latter's friend's will retaliate. J. Loyd Haigh, whose forgeries caused the Grocers' Bank of New York to suspend, has been indicted. Bergen, in Genesee county, N. Y., was almost destroyed by an incendiary fire on Monday morning. In a prize fight in Philadelphia, Pa., Ed. Douglass fractured Frank Harris's skull, and he cannot live. Assemblyman Hogan of New York -and his brother have beaten a policeman, Carter, nearly to death. The wages of operatives in Lowell, Mass., have been voluntarily raised by manufacturers and corporations. Braunhart, the California Legislator, has been released from the custody of the Sergeant-at-Arms of the Assembly. A pedestrain named Hoag has died at Whitehall, N. Y., from the effects of morphine given him during a contest. The U. S. Supreme Court has declared illegal the West Virginia law excluding colored citizens from jury duty in that State. The Controller, the City Treasurer and the City Clerk of Elizabeth, N. J., have been indicted for conspiracy to defraud the city. Wm. Bates was killed near Seward, Nebraska, on the 28th ultimo, in a row by citizens over the district school directorship. Denis Kearney has been lobbying at Sacramento, and will be prosecuted, as it is an offense under the famous New Constitution. Jay Cooke & Co's estate is to be sold in Philadelphia, and is thought will pay off the creditors. Tae sale will commence March 31st. In New York municipal elections, the Republicans and Democrats are about evenly divided. In Iowa, the Republicans are successful. The bark Oregon collided with the ship Germania in Puget Sound yesterday. The former would have sunk but for her cargo of lumber. Employes of the Vulcan Steel Works at St. Louis struck when asked to sign a paper agreeing to work for Eastern wages and not form labor unions. Goodly numbers of emigrants are availing themselves of the low overland rates to go East from California. The Chinese also take advantage of the low rates. Dr. Brandreth, of Sing Sing, has left $400,000 to seven daughters, and the remainder of his property to his six sons, providing they pay his widow $1,000 per month for life. A Washington City girl, while going to church, was knocked down, dragged into a park, outraged and robbed on Friday night. Tom Smothers, the assailant, has been arrested. The Brown family of Indiana are shown to have committed more atrocious crimes than the famous Bender family. Brown was recently killed by his wife and her paramour. Quite a number of unemployed men are given work at Golden Gate Park, San Francisco, and are paid by popular subscription, each subscriber having the right to name some needy man. There is war between the Western Union and the American Union Telegraph Companies, and the latter have taken possession of some of the former company's property at different places. The Republicans carried the city elections in Maine on Tuesday. Last year, in Portland, the fusionists had 40 majority in a total vote of 5,844. This year year the Republicans have 1,234 majority in a vote of 5,370. This is regarded as a rebuke to the fusionists. Information comes by telegraph that a school for the promulgation of the principles of socialism has been established in New York, with an attendance of sixty-seven. The children have been recruited principally from the Germans. The Supreme Court of Massachusetts has set aside the verdict of manslaughter in the case of Chas. H. Hartwell, conductor of the freight train which it was alleged caused the Wollaston disaster on the Old Colony road in October, 1878. The Alexandria has brought to New York the crew and passangers of the Hindoo, from New York to Huil, which was abandoned. The Alexandria aleo fell in with the brig Julia, from Port Cabello for Swansea, and took off her crew.

3. March 6, 1880 New-York Tribune New York, NY
Article from New-York Tribune, March 6, 1880

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Legal Notices. TOTICE. ESTATE OF JAY COOKE & CO. IN BANKRUPTCY. PHILADELPHIA, Feb. 25, 1880. The creditors of this estate are hereby notified that the sale of the various assets represented by the "ASSET DIVI. DEND SCRIP," issued by me, will be held by Messrs. M. thomas & SONS. at their Auction Rooms, Nos. 139 and 141 South 4th St., Philadelphia. on Wednesday, the 31st day of March, 1880, commencing at 11 o'clock a. m., and lasting until 3 o'clock P. m., and be continued from day to day. at those hours. until the entire catalogue has been offered. Notice is also given that the Committee reserve the right to change the valuation set out in the catalogues of any of The assets to be offered for sale, under the plan approved September 30. 1879, until the actual sale shall be made. The catalogues are b ing sent out as rapidly as possible; should any creditor not have received a copy on or before the 1st day of March, and will 80 advise me, one will be promptly sent to his address. EDWIN M. LEWIS, Trustee. Copies of the catalogue may be seen at the office of Mr. W. J. BARNEY, Room 123. Boreel Building, 115 Bro dway, New. York. JPREME COURT. -City and County of NewYork. The Leather Manufacturers' National Bank of New-York agt. The Oxford Iron Company, SELDEN T. SCRANTON, WILLIAM H. SCRANTON, JAMES S. SCRANTON, elizabeth W. FULLER, wife of GEORGE A. FULLER, and the said GEORGE A. FULLER and BENJAMIN G. CLARKE as receiver of the Oxford Iron Company, and as assignee of the firm of S. T. Seranton & Company. In pursuance of a judgment and de. cree of this Court, entered in the above entitled action on the 11th day of February, 1880. I, the undersigned, the referee in said Judgment named, will sell at public auotion. in the Exchange Sales Room, No. 111 Broadway, inth City of NewYork, on the 12th day of March. 1880, at 12:30 o'clock in the afternoon of that day, through Adrian H. Muller & Son, auctioneers, the following described properry-that is to say, thirty-five (35) bonds of the Oxford Iron Company 80cured by a first mortgage on the property of the said, the Oxford Iron Company; said bonds are numbered from 576 to 600, both inclusive. and from 706 to 715. both inclusive Each bond is of the par value of one thousand dollars ($1,000). and each of said bonds is dated April 1, 1876. and payable April 1, 1896, with interest at 7 per cont, payab e semi-annually, April 1 and October 1, in each year, and attached to said bonds there are forty interest warrants or coupons on bonds Nos. 576 to 600 inclusive, and thirty-nine 10 bonds Nos. 706 to 715 inclusive. Dated February 18, 1830. F. F. MARBURY, Referee. N. B. SANBORN, plaintiffs' attorney, 3 Broad-st.. Drexel [F19 2taw3wTh&Sat Mch12) Building, New-York.

4. August 7, 1880 Evening Star Washington, DC
Article from Evening Star, August 7, 1880

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Jay Cooke, McCulloch & Co. LITIGATION ARISING OUT OF THE FAILURE IN 1873. A somewhat complicated but important litigation. growing out of the failure of Jay Cooke & Co., the bankers, was decided yesterday by Judge Daniels, of the supreme court. It will be remembered that the New York house of Jay Cooke & Co., had also a branch firm in London known as Jay Cooke, McCulloch & Co. The suit in question is brought by one of the members of that firm, John Henry Puleston, against his associates, Hugh McCulloch and Frank H. Evans, as also Edwin M. Lewis, as trustee of the estate of Jay Cooke & Co., in bankruptcy, and Francis D. French. By the complaint it appeared that subsequent to their failure the London firm borrowed considerable money from Williams, Deacon & Co., bankers, of London, and as security for the same pledged various railroad bonds and other collaterals belonging to the firm of Jay Cooke, McCulloch & Co. From time to time Williams, Deacon & Co., sent certain portions of these collaterals to French, the agent of Jay Cooke & Co. in this country for sale in the market. The London firm of Cooke & Co., went into liquidation, and French represented them for this purpose. No settlement, however, has yet been had, and the plaintiff charges that Evans has commenced suits in England to gain possession of the surplus assets of his late firm. It is stated that, as a rerult of the sales for Williams, Deacon & Co., French has now in his hands proceeds amounting to $200,000, leaving in the hands of Williams, Deacon & Co. securities, together with what French now has, amounting to $100,000 over and above the debt due them. The platatiff asserts that French intends to remit all sums held by him to Williams, Deacon & Co., which, if he is allowed to do, will work irreparable injury to the partners. He accordingly asks for an injunction restraining the withdrawal of this money, petitions for an accounting and asks that the surplus in the hands of French be distributed to the various partners according to their interest. In deciding the case Judge Daniels. after reciting the facts, goes on to say that the motion should be allowed so far to prevall as to continue the injunction in the form in which it had already been issued. He did not think the appointment of a receiver necessary, and therefore denied the motion of Lewis for that purpose.-N. Y. Herald, 6th.

5. December 18, 1896 The Midland Journal Rising Sun, MD
Article from The Midland Journal, December 18, 1896

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had to continue to suffer in consequeuce of his judgment against free coinage. Drexel & Co. were leading stock, bullion, and exchange brokers of Philadelphia. Jay Cooke was a private banker of Washington city, who was prominent in effecting large loans for the government during the war of the rebellion. He was the first very prominent person that failed at the breaking out of the panic of 1873, caused by the heavy contraction of the money circulation, in which work he was one of the principal parties. His failure was said to be for $7,000,000, and his property was turned over to a receiver, who not being able to dispose of it, owing to the great scarcity of money, held it until the panic ceased, when after settling all debts, the receiver turned over in 1881 to Jay Cooke property of the value of $9,000,000. Mr. Cooke is now living in his palatial castle, "Ongontz," near Philadelphia, and, it has been reported, now sees the folly and wreckage of that contraction policy; also, that he is an earnest advocate of the free coinage