Jay Cooke & Company (Philadelphia, PA)

Episode Information

Episode UID
6084228090885
Episode Type
Run → Suspension → Closure
Bank Type
private
Bank ID
608422809 hash
Start Date
September 18, 1873
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
054230c1281b04e7

Response Measures

None

Description

Suspension in Sept. 1873 followed by receivership/bankruptcy proceedings and trustee/receiver appointments through late 1873–early 1874.

Events (3)
1. September 18, 1873 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy advances and exposure to Northern Pacific bonds plus a large drain on deposits amid money-market stringency triggered sudden withdrawals
Measures
Firm announced suspension of payments; clerical staff preparing public statement and planned resumption in a few days
Newspaper Excerpt
the banking-house of the firm was crowded this morning by friends and others in search of information ... a large drain upon their own deposits
Source
newspapers
2. September 18, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension due to heavy advances to sustain their Philadelphia house, large drain on deposits, and exposure to railroad bond problems (Northern Pacific)
Newspaper Excerpt
they were compelled to suspend.
Source
newspapers
3. January 15, 1874 Receivership
Newspaper Excerpt
The Register read the order of the court appointing Edwin M. Lewis receiver and describing his duties, and the answers of individual members of the firm to the receiver ... Edwin M. Lewis is the present receiver of the estate by appointment.
Source
newspapers

Newspaper Articles (24)
1. September 18, 1873 Evening Star Washington, DC
Article from Evening Star, September 18, 1873

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Wall Street To-day. NEW YORK, Sept. 18, 2 p. m.-The day opened in Wall street with a continuance of that depression and uneasiness which has been such a predominant feature in the stock exchange for days past, and very soon the depression took the shape of a panic, in consequence of reports of further failures. First it was reported that the Pennsylvania railroad company was in trouble in consequence of not being able to negotiate some loans on the other side. This was afterwards denied, and a fresh report started that Jay Cooke & Co. were in trouble. For a time the matter was left in doubt, and the feeling of the street fluctuated in sympathy with alternate denials and assertions of the failure. Finally Jay Cooke & Co., in an official letter to the stock exchange, announced that in consequence of heavy advances made to sustain their Philadelphia house, as well as a large drain upon their own deposits, they were compelled to suspend. The banking-house of the firm was crowded this morning by friends and others in search of information in regard to this unlooked-for event, and much sympathy was expressed for the firm in the misfortune which has overtaken them. This suspension had a great effect upon the Stock Exchange, and was the great topic of discussion in financial circles. The stock market opened steady, and an improvement over last night's prices in some cases, but the temper of speculation soon changed, and under heavy pressure to sell broke the entire market. At times prices would shoot upward, but conflicting reports soon made the market weak again, and the decline carried the prices to a lower point than that previously touched. The heaviest business was in Western Union. which declined from 88 1/2 to 781/2, recovered to 84, reacted to 80, and has since ranged from 80 1/4 to 81. Pacific mail fell from 41 1/2 to 37, advanced to 40%, and still later sold at 38 a39%. Rock Island declined from 1021/2 to 100, moved back to 101%, and still later receded to 99. At this hour the excitement continues intense. Money is loaning at 7 per cent. to 1-32 per diem. Foreign exchange is heavy and on the decline with the unsettled market. Gold was active and higher, advancing from 111 to 112%. The advance was based on the suspension of Jay Cooke & Co., who are supposed to be short. The bids for Treasury gold to-day aggregated $2,317,300, at prices ranging from 110 to 111.50. Government bonds are dull and unsettled. Southern state securities quiet; prices are without important change,

2. September 19, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 19, 1873

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A FINANCIAL THUNDERBOLT. SUSPENSION OF JAY COOKE & CO. A CRASH IN STOCKS. STARTLING FINANCIAL DISASTER-FAILURE OF THE GREAT GOVERNMENT BANKERS OF PHILADELPHIA AND THEIR BRANCHES IN THIS CITY AND WASHINGTON-THE NORTHERN PACIFIC RAILROAD TEMPORARILY CRIPPLED-TWO OTHER RAILROADS EMBARRASSED-FAILURE OF RICHARD SCHELL AND A RUN ON THE UNION TRUST COMPANY. New-York, the financial clearing-house of the Republic, was shaken yesterday by the suspension of Jay Cooke & Co., one of the most prominent banking firms in the country, and of Richard Schell and Robinson & Suydam, well-known stock-brokers. The uneasiness which has been increasing in monetary circles during the past ten days culminated in a series of disasters the effects of which are already felt throughout the country. The ramifications of the business operations of Jay Cooke & Co. extend to many of the principal cities of the Union; and, following swiftly upon the closing of their house in this city was the suspension of the same firm doing business in Philadelphia and Washington, and of the First National Bank in the last-named city. Rumors that the Government would lose by this failure prove unfounded, and London dispatches show that the house of Jay Cooke, McCulloch & Co. of that city remain unaffeeted. The Northern Pacific Railroad, the management of whose financial affairs is said to have caused much of the embarrassment of the suspended firm, temporarily suffer by this disaster. The news of the failure of Jay Cooke & Co. spreading through the country, caused much excitement; and dispatches from Chicago, Boston, and other commercial centers note the sensation made by the ill tidings; but the immediate effect, except as above noted, was confined to New-York. The failure of Richard Schell and a run on the Union Trust Company was followed by a break in stocks. some of which fell ten per cent, and an advance in gold and current rates of interest. There was a slight rally, subsequently and it is noted that the only stocks affected in other cities are those known as "fancy." General apprehension in regard to railroad securities spread through the Street ; and the officers of the New-York and Oswego Midland Railroad were placed in the hands of a receiver. Unpleasant rumors of the troubles of the South Side Railroad of Long Island also sped apace. Great excitement and panic prevailed throughout the business portion of the city; and the full reports herewith printed give a fair picture of the character and effects of this great financial storm. -

3. September 19, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 19, 1873

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cashier came and told me personally of what had happened." "Will the failure effect the operations of the Syndicate: will you make different arrangements regarding the sale of the funded bonds?" "The failure can have no possible effect on the Syndicate, and therefore I shall pay DO attention to it. The Department has simply a contract with certain firms known by the name of Syndicate. It is not a question of appointment nor design. It is a subject of contract, and it must be carried out by the parties who have made the agreement. The Department has nothing to do with Jay Cooke & Co., but with the Syndicate as a whole." "The First National Bank 18 a Government depository, is it not " "Tis," answered the Secretary; "but I do not think there was very much money in it belonging to the Government : besides. we have bonds that will more than cover any losses, and we shall be fully protected. You can say with perfect truth that the Government will not loose a dollar." Notwithstanding the Secretary's confidence, it is generally believed here and it is even asserted by Government officers that the Treasury will be a heavy loser. So far as the First National Bank goes, and there is even reason to believe that the Secretary himself, within a few days, furnished about $100,000 to the bank in fractional currency without collateral, which must, of course, be a total loss. "I have saved." said the Secretary, "a million dollars of the Navy fund by stopping the payment of a draft sent by the Navy Department yesterday to Jay Cooke, McCulloch & Co., London. It was sent for the use of the Navy in foreign waters." The deepest sympathy is felt for Henry D. Cooke, the head of the business in this city. There is not a more peculiar man in the city, and he is respected by all classes on account of his large charities and generosity. No appeal by the needy or friendless was ever disregarded by him: he had no intimation of the pending calamity to his house, and was on the street during the forenoon in his usual buoyant spirits and spoke confidently of going to Europe for his family in about a fortnight. He said he needed a vacation. and was glad beyond measure to be relieved of the business of the office of Governor of the District. He spent his entire time during the afternoon in his private office in the rear of his bank. He said he was as much surprised as anybody at the news. "I knew. of course." said he, "that we were weighed down with the Northern Pacific bonds, and we had felt anxious about it, but I had hoped that it was all arranged. I knew nothing of the condition of affairs We have money, and can pay dollar for dollar here, but I don't know the condition of affairs in Philadelphia and New-York. I closed the doors to-day merely as a precautionary measure. I hope the suspension will be but temporary." Are you not embarrassed with District affairs? Does not the District Government owe you largely? Have you not dealt heavily in District paper?" "No, Sir," he answered, we have never dealt in District securities. My position as Governor and President of the Board of Works made it indelicate for me to do so. The Government of the District will not lose a dollar and has been in no way responsible for the suspension. The fact is that the Government is somewhat in our debt. A few days will determine our course. I have no information as to the extent of our liabilities in the Philadelphia house, but all will be known in a few days. So far as I am concerned I intend to discharge my duty to the public. If the worst comes I will sell the coat off my back and begin life anew in a country printing office."

4. 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.

5. September 19, 1873 Wilmington Daily Gazette Wilmington, DE
Article from Wilmington Daily Gazette, September 19, 1873

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JAY COOKE'S FAILURE AN WWUU CHASH ON THIRD STREET, BUT NO CAUSE FOR A PANIC. Suspension of the Great Banking House of Jay Cooke & Co., and its Branches, and of E. W. Clark & Co.-The Causes of the DisastorThe Effectupon the Stock Mark:-Consternation in the Board of Brokers and on the Street -Mr. Cooke Confident of Resumption.

6. 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.

7. 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

8. September 23, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 23, 1873

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The Feeling in London Over the New York Panica-mJay Cooke, McCnllough & Co. LONDON, Sept. 22.-Much anxiety is manifested on all sides to hear further S news from New York. Jay Cooke, Mce Cullough & 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 telegraphed to Secretary Richardson that the business of the Syndicate 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 Rothschilds have $100,000 of the same paper. 5:30 P. M.-A dispatch announcing the closing of the New York Gold Exchange has just been bulletined. This news is accepted as an indication of the gravity of the financial situation. The market for American securities is again depressed. RIOT AT BURY ST. EDMONDS. LONDON, Sept. 23.-A desperate conflict took place in Bury St. Edmonds, yesterday, between a mob of Irishmen and a body of policemen. The officers were compelled to use their clubs vigorously, and did not succed in dispersing the riote.rs until many of them had received severe injuries. There is quite an excitement in town, and a renewal of the disturbances is apprehended. While the riot was in progress several houses were attacked by the mob and wrecked. LONDON, Sept. 22. -Chief Justice Cock burn has fined the editor of the Cheltenham Chronicle $750 for publishing criticisms on the conduct of the trial of the Tichborne claimant, and threatens him with imprisonment if the offence is repeated. Burnett, Conservative, has been returnto Parliament from Dover. The Spanish steamer Murillo, which ran down the emigrant ship Northfleet, having arrived to day at Dover, has been detained there by orders from the Admiralty. DEPARTURE OF POLARIS SURVIVORS, LONDON, Sept. 23-6 A. M.-The members of the Polaris expedition left Dundee yesterday in company with the Amer. ican Vice Consul for Liverpool, to take a steamer for New York. A large crowd witnessed their departure and cheered as they stepped on board the packet. The whole party, haye signed a letter of thanks ot Capt. Adams of the steamer Artic. THE SHIP THAT RAN DOWN THE NORTH FLEET. LOND Sept. 28-6 M-The coast guard officers boarded the Murillo immediately on her arrival in English waters. Her coming here is considered a virtual surrender for the purpose of trying the question of her liability. The Spanish Consul is held responsible for her custody while she remains in the port of Dover. It is expected the vessel will be sent to London, where the case is to be tried. Her present Captain is not the same who commanded at the time of the collision with the North Fleet. There is much excitement at Dover over her presence and detention: She is anchored close to the battery.

9. September 23, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 23, 1873

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action ellegiance cording to the stipulations and interpreta- Exclusion tions of a written constitution. alle of foreign intervention or of foreign giance from the category of those entitled rights are remedies to which a citizen is THE FINANCIAL PANIC IN NEW YORK A financial panic resemble in some first respects a great contagration. The questions suggested by either are as to its cause and its cure, and the first effect of cause men to lose their presence calto mind and commit the very acts best culated to increase the danger. Everybody having money on deposit eagerly secure rushes at the first sign of danger to init. and by pressing their demands embar- for mediate payment. all at one time, the soundest banking institutions. rass There probably never was in the financial for of the United States less cause athistory upon a house than the late tack running upon Jay Cooke & Co., for there firm is to believe that this eminent reason able to pay two dollars for honor every are they owe, and, being men of their and one integrity, will not fail to protect have creditors to the last cent. They in very large banking houses and New four York. London, Philadelphia house, Washington. The Philadelphia it had large demands made upon Pait appears, by the debtors of the Northern York cific Railroad Company. The New such house sent the Philadelphia branch call for, assistance as the case appeared to movement excited distrust, or was to seized upon by the timid or designing withdraw their deposits on inconveniently de short notice. As the unlooked for folmand could not be met, suspension closed lowed. and the Washington house coming its doors in anticipation of the financial storm. This created a fever in all at circles. Everybody wanted money securities. once, and Lobody wanted United Railroad stocks. bank stocks. even they States bonds. were sold for whatever be would bring. by parties who the investment day were eager purchasers for of fore much higher prices. In the midst secreat all the fact transpired that the was . tary : of the Union Trust Company set was . short half a million or so. and a which : made against that great institution , caused it to down. The smaller money : flices were immediately attacked, many it all : of them succembed. and panic had : OWB way. e vi In such a crisis BF now impends over the E New York all eyes are turned The to Secrec United States government. law 8 of the Treasury has authority by legal any use forty-four million dollars into e , in reserve, for conversion 1. to enders, live-twenty bonds, which the leading him to ankers of Wall street are urging n But he coubts the legality of basing of de lo. is official action upon the necessities was New York operators The authority United iven him for the benefit of the callth tates treasury. When a case arises decrease CC for S purchase of bonds to be his at g surplus in the treasury it will arisen, ti e to act. No such case has re M nty nd Mr. Richardson naturally feel. a the T retance to shape Lis policy to suit convenience of private parties ga in The order to buy five-twenties, already will, even by the ordinary process. banks sp sued. loubt relieve the New York in IND . two. as its execution will place legal day the OF market a large amount of an no now oders, which in thatcity are the equivato of specie in banking operations. at If the financial disturbances that much now New York city continue the of fice they will necessarily affect centre let ager hole country. for that great whole pre finance is the heart of the diff. to Item no: long remain in ac. the tion without producing sympathetic which set ity everywhere. New Orleans, of is uni L pendage. financially speaking. the it an street. can not expect to escape por all of the controlling mart much of continent. if they continue of New S is But the national banks not ager. in a strong position each te: oth are determination to stand by believe cov th a and we have every reason to her, crisis will I passed without a necessity elements rea e to: disturbing the between Pin sing. There is no connection re. backs of New York and New Orleans of rel ich necessarily call- for shipments banks 1 eastward As # rule our and the crency the debtors of those in New York, will inupo but the direst necessity So V thing the latter to call for settlements. will cal ce they remain strong interest demands on over suade g as them from making every ! banks at a time when nearly been an liable dollar they can spare has cotton t into the country to more the Sen and Lou p. immediate effect of the existing dealers, The storm will be to make Sens find rehants, ancial money-lenders, speculators cautious, of all kinds more of pubi I operators reduce business to the bounds safe

10. September 23, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 23, 1873

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THE CRISIS ELSEWHERE. ANXIETY IN LONDON-AMERICAN SECURITIES DEPRESSED. LONDON, Sept. 22-5 p. m.-Much anxiety is manifested on all sides to hear further news from NewYork. 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 the leading bankers. A. G: Cattell has telegraphed to Secretary Richardson that the business of the Syndicate is not distorbed by the financial troubles. Among the rumors current in the Stock Exchange is one that the Bank of England holds $800,000 of Jay Cooke & Co.'s acceptances. and that the Rothsschilds have $100,000 of the same paper. 5-30 p. m.-A dispatch announcing the closing of the New-York Gold Exchange has just been bulletined. This news is accepted as an indication of the gravity of the financial situation, and the market for American securities is again depressed. TWO BANK SUSPENSIONS IN PHILADELPHIA. PHILADELPHIA, Sept. 22.-The NN. Citizens' Bauk, a State institution. corner of Second and Racests., suspended payment this morning. On Saturday they passed over the counter $100,000. The Keystone Bank, a State institution. at Nos. 1,826 and 1,328 Chestnut-

11. 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.

12. 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

13. 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.

14. 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.

15. October 6, 1873 The Rutland Daily Globe Rutland, VT
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Jay Cooke & Co. PHILADELPHIA, Oct. 5. Jay Cooke & Co. have completed their detailed statement of assets and liabilities and prepared a form of agreement for settlement to be presented for their creditors consideration. The main features of the proposal are as follows: Members of the firm to surrender all their partnership and individual property to a trustee. Hon. E. A. Rollins, late commissioner of internal revenue, is chosen, with the approval, of the leading creditors, to manage the winding up of the estate. Pro rata dividends be made as sufficient cash is realized from the conversion of the assets. Settlements may be made with individual creditors under restrictions which guard the rights of all. This trustee is to act under the advice and control of a committee of three prominent Philadelphia business men-S. M. Felton, late president of Philadelphia, Wilmington and Baltimore railroad William C. Houston, of Girard bank: and Dell Nobett, jr., president of the Corn Exchange bank. After all the assets are paid in full, the remaining estate is to be reassigned. It is understood that the firm does not propose to call a general meeting of the creditors, as they have been doing business in three different cities, and the creditors are so scattered as to render such a meeting impracticable. They will, however, address notes to such a number of their creditors in the three cities as can be conveniently seen from day to day at each point, and submit papers with aral explanations. Three additional parties in the city have filed papers to have the firm declared bankrupts.

16. 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.

17. 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.]

18. November 8, 1873 The Ottawa Free Trader Ottawa, IL
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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."

19. 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.

20. January 16, 1874 The Wheeling Daily Intelligencer Wheeling, WV
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PHILADELPHIA. 1 TRACK-LAYING RESISTED. PHILADELPHIA, Jan. 15.-The attempt to restore the track of the Southern Railroad that the trains of the said road might run, was resisted by the strikers, who say they are determined to prevent all repairs till they receive their back pay. MEETING OF JAY COOKE & co's CREDITORS. The creditors of Jay Cooke & Co. met in the Assembly Buildings this morning. The Register read the order of the court appointing Edwin M. Lewis receiver and describing his duties, and the answers of individual members of the firm to a question of the receiver touching the transfer of property to relations or friends. Considerable applause was elicited by the announcement of George C. Thomas, one of the partners, that his wife, to whom he had given one hundred shares of valuable stock, had transferred this amount for the benefit of creditors. Receiver Lewis stated that Thomas several years since paid up 8 premium in full for a life insurance policy of $10,000 in favor of his wife. Thomas has now cancelled that policy and paid the proceeds ($2,000) to the receiver. The answers of all the members of the firm were read, the substance of which has already been published. At least a thousand persons were present. The aggregate amount of the settlements made by members of the firm has not yet been footed up. After the Register had read various reports & motion was made to place the estate in the hands of the trustees and a committee of the creditors, under the 45th section of the bankrupt act. No dissent was expressed by any of the creditors to this mode of settlement, as distinguished from a settlement by assignees. The Reg. ister then called for names for trustees and members of the committee. Edwin M. Lewis is the present receiver of the estate by appointment.

21. May 9, 1874 Evening Star Washington, DC
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JAY COOKE & Co. AND THEIR CREDITORS. A Philadelphia dispatch says: It is understood that the trustee and committee of the estate of Jay Cooke & Co, at a meeting held yesterday. declared a dividend of 5 per cent., payable in cash, upon all claims proven before the register, as soon as orders for the dividend are made out and sent to creditors by Register Mason. It will require some two or three weeks for Mason to prepare these orders. It is also learned that the trustee is authorized by the committee to further settle with creditors, on the following terms: Fifty per cent. in Northern Pacific7.3-10 gold bonds, at 70 cents on the dollar; 18 per cent. in Oregon Steam Navigation company's stock, at 40 cents on the dollar; 7 per cent. in first mortgage bonds of the Lake Superior and Mississippi and other railroad companies, at from 70 to 75 cents on the dollar; and 10 per cent. in the 10-per cent. income bonds of the Lake Superior and Mississippi railroad company, at 40 cents on the dollar. It is proposed by the trustee and committee to make a further cash dividend of 10 per cent. as soon as it can be realized from the remaining assets, thus settling with their creditors in full. Upon this being carried out the creditors will receive 15 per cent. in cash and 85 per cent. in securities at the rates iven above. A New York Tribune correspondent says:Jay Cooke, the senior partner, is living in a very modest way, having left his family resi dence a short time after his failure. Mr. Cooke retains all the buoyancy of spirits and sanguine expectation of the future for which he was always noted, and his answer to the questie n this afternoon represents the tenor of his mind. You ask what are the prospects of the Northern Pacific? Oh, that company will come out all right and be the greatest in the country. It will open up fabulous regions of natural wealth to the United States government and her people. You will all see that before many years pass over our heads." Ex-Governor Henry D. Cooke is living in Georgetown, D. C., with his son Harry, and is engaged in settling up his business preparatory to entering another. Messrs. Fahnestock and Harland, of the New York branch of the house, are now engaged as clerks or as subordinates in the First National house Bank in New York. The old banking here has been rented for the same purpose of carrying on a banking and brokers' business. THE TURF-Last Day of the Memphis Races the Memphis (Tenn.) races yesterday, the first race was a hurdle race, mile and a half, over six hurdles. for a purse of $200, $50 for the second horse. Captain Hutchinson and Chief Engineer made the running from the start. Chief Engineer leading for one mile, when Captain Hutchinson came to the front and won by ore length, Limestone coming in second with a rush, and Chris. Doyle third; Chief Enand not gineer, Captain Jack Revenge placed. Time, 2:59. Second race, Chickasaw stakes, for three-year-olds, two miles, $50 entrance, p. p., the club adding $400. Wm. Jennings' Ballankeel beat Pin and Scott's Kingpin, running neck and neck for a mile and three-quarters. Ballankeel then drew away, coming home the winner by two lengths in 3:49. Third race, hancicap, for beaten horses, mile heats, purse $200, won by Emir in three heats. B. F. Carson won the first heat, and Emir the others Time, 1:47 1:47 4, 1:49 X. Racing in England.-At the Newmarket (England) first spring meeting yesterday, Apology won the thousand guinea stake, La Coureuse took the second money, and Blanche Fleur came in third. The betting just previous to the race was three to one against the winner, three to one against La Coureuse, and ten to one against Blanche Fleur.

22. January 6, 1875 Wilmington Daily Commercial Wilmington, DE
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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.

23. September 12, 1878 Bozeman Avant Courier Bozeman, MT
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# Odds and Ends. Banning, the great army reducer, has been ingloriously slaughtered in the house of his friends. The Democratic Congressional Convention, which convened at Cincinnati Saturday, put Banning is his little bed by beating him for renomination. Another striking illustration of the ingratitude of republics. The Nursery publishes a charming little story of an army mule at Fort Ripley which, witched to a cart, was used every day by fatigue parties to haul off rubbish. The mule learned the bugle calls so that whenever the recall sounded, no matter what he was doing or where he was, whether at work or play, hitched to his cart or not, he would make a break for the stable at a full gallop. He knew that his work was then ended and it was time to rest. Our readers will act wisely and sensibly by patronizing only such establishments as advertise and make known to the world what they have. The men who decline to sustain a local paper, that strives earnestly to bring the resources of its section to the favorable notice of capitalists and others, are wholly undeserving of patronage from any source. It costs something for the settlement of a large bankrupt estate. Since Jay Cook & Co., of Philadelphia, assigned the lawyers have made havoc of the estate. Before the creditors can draw their honest dues the following reductions are made: Counsel fees to the amount of about $41,311.37; extra counsel fees about $39.235.10; incidental expenses about $16,654.55; salaries about $54,646.49; compensation of committee about $34,480. Amounting in the aggregate to $4,187,327.51. The Rev. A. C. Roe remarks, in The Christian Union, that though it shakes faith in the biologists, he can make nothing out of Nature's free fight in forest or garden, but "the survival of the unfittest." The principle of selection of work there is mere strength and robustness, without regard to fragrance or beauty, or usefulness to man or beast. This is a hard tact, but intrenched behind cold frames and hot beds, and armed with rake and spade, biology cannot dislodge him. If good things gain the upper hand, though but slowly, or even hold their own, depend upon it, there's a gardener somewhere at work. May it not also be true of the great world-garden about us? Are all the fools dead? No, but they are trying to get out of existence as fast as possible. The record says that a Troy woman took strychnine because her husband wouldn't run in debt to get her a velvet cloak; a Chicago youth swallowed an overdose of morphine because a bad woman locked him out of her miserable heart and house; a sixteen year old Kentucky girl took rat's-bane because an old married man told her he had no business to love her; an Arcola, Ill., man hung himself in the smoke-house because he possessed only ten thousand dollars, and feared he might come to want. These are little bits of samples of what is going on in the busy world, and every day brings a fresh item.

24. October 4, 1883 The Copiah Signal Hazlehurst, MS
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FINANCIAL PANICS. In May, 1837, the New York banks suspended, and the crash, which had threatened for some time, came to the country. This disastrous event was fol. lowed by other failures, many business establishments were forced to close, and even States became bankrupt. Farm products fell greatly in price, credit was n by-word, and the finances of the Government were in such shape that the President of the United States could not always get his salary when it was due. This was about the time when the national debt amounted to only a nominal rum. The panic of 1857 was opened by the failure of the Ohio Life Insurance and Trust Company. Many banks in all the States were obliged to suspend, and certain kinds of paper were abroad, which proved to be worthless. The panic of 1878 was inangurated in September by the failure of Jay Cooke & Co., of Philadelphia. The effects of this last financial hurricane are too well known to need recital here. Various auses have been attributed to these financial caises, almost all writers agreeing, however, that reckless speculation, growing extravagance, and the carelessness with which debts were contracted were among the leading ones.