Show T I 1 r M I 1 E am L E G R AP 1 AMERICAN BROOKLYN 18 A recent search 1 ing investigation into the affairs of the trust co revealed the fact that the defalcation of albert mills was greater than supposed and that ho he made away with funds tunas to the amount of half a million for which the trust co is responsible A private investigation by a few of the directors themselves lias has been the cause of this discovery it is said that the credit of the company is fatally impaired and that the total loss joss of its officers will reach itis it is also claimed that large amounts of railroad bonds belonging to the trust co were stolen by mills and confederates and deposits were used for speculation in wall street over in bonds were thus taken some of these have since been traced into spragues hands it is now generally understood that mills to avoid exposure which was inevitable several weeks back it was found that about of the stolen railroad bonds had been dishonestly pawned in wall street streel the dir directors actors are still counting the losses kate stoddard accused of the murder of goodrich refuses to eat and says she sho intends to starve herself she has hag hardis hardly eaten since monday washington IS 18 the T banking house of jay cooke co of this eil cil city t was Is closed shortly after noon to today day a Y an and d a notice was posted tha that t in con consequence s sequence of the suspension of jay cooke aco co in new york and philadelphia the doors would rema remain closed for the pro present there is much excitement and a large largo crowd is in front of the banking house the first national bank which suspended also occupied the same building jay cooke co make mahe the following statement the immediate cause of the suspension of jay cooke co was waa a large drawing upon them by their own depositors during the last fortnight both houses suffered a large drain on their deposits in consequence of the uneasy feeling recently credited which affected more or less all houses closely identified with new railroad enterprises the philadelphia house had previously been weakened by large cash advances to the North forth northern brn pacina B R IL co of which they are the financial agents the business of ja jay cooke lough co kofl of london y adon is entirely y disencumbered encumbered dis that house is perfectly solvent so that it will meet its outstanding drafts and letters of credit without inconvenience to travelers and have a large cash surplus dus to apply to an american house the firm of jay cooke co and its members have a large amount of real and personal property upon which however they cannot immediately realize but they are confident that their depositors will be paid in full richard bichard schell and robinson suydam have suspended A philadelphia despatch says that E W clark dark co have suspended CHICAGO 39 19 the failure of jay cook co causes considerable excitement cit ement here and at other cities in the west some merchants think this failure is but the forerunner of others to come producing a general panic although it seems to he be the general impression here and elsewhere throughout the west that thal though the effect might be to shake the confidence of business men for a time no seri serl senious serious us or long iong on continued trouble in the money markets is to be feared the th e failure occurred at a most fortunate time for the west as we have on hand the products of the prairies which the world must have and must send their money to get washington BC DC 19 the secretary cretaro of the navy received a telegram from co ansul announcing noun cing that the polaris party was at dundee and all well NEW YORK 19 sami wilkin eon tod secretary of the northern pacific IL R co speaking of thesus pension af ja jay cooke co said be lie had no doubt of the future of the road load it would bo be constructed there were those supporting supporting porting it who would not allow the lie lle I 1 W work ork to be abandoned the board of directors of the line represent a million and the company has not a dollar of unpaid paper and up to tile the present not ft a note of theirs was ever seen in wail st nota not a bond was hypothecated ted by the company and the interest on their thein bonds is not due until the dirst first of ia January nuary and it would then be met that por tion of the road already built was alsing absing aising more than was anticipated that chat portion abortion running to the tife ned eed river liver country had already develop ed d a fine carrying trade he be deved ildved the road would bo be hindered more by sioux indians than by financial revolution two members of f the firm were directors of the northern pacific B R R co and the result will bo be that the work of true truc tion will be somewhat retard d congress will be asked to grant in extension of two years to the beyond that already granted to sa say that this has beena fri X ht ully fully destructive day in wall wali a day of excitement of numberless small panics of hurry ng to and fro a day of sacrifice and antl stoppages is to tell but the simple truth 1 the record of failures and wild fluctuations in stock alone tells tolls the story of the hour the spectacle on the street from noon till after 3 was something awful for about six bl blocks oclis notwithstanding the rain min which pi plo pio ailed were pretty well co covered with rith detached crowds of people and nd the greatest excitement pre ailed brokers were at the board early in the morning waiting for the developments of the tiie day aul aud and many bore tile the appearance of havy hav y ing passed pass ed a sleepless night they immediately set to work work to get the vie best possible prices for whatever they had to sell after the opening figures the prices fluctuated by the one per cent instead of by one eighth per cent soon boon after tho the opening of the stock exchange ther tho announcement inno was made that white chite lefe ritas A 4 rathbone Rath Bath bono had us then came the announcement lo no of eugene jacksons suspension lately of raus craus jackson and then came fisk fisl hatch the noise in the exchange was now stifled for with blanched faces one looked at another as if to ask when this thing would end gold moved up by eight eighths ils lis after having sold at and in le less les s thas fifteen minute sold at and the course was still upward transactions under the rule were the order older of the day and then came the slaughter of values prices running down so rapidly y that they could only be traced with difficulty then came other failures thomas need beed co W fl warren Ss co greenleaf nonis co geo goo bailey balley co A M jobber co breez fc edwards indeed the business of the exchange was constantly interrupted by tilo the gave gavel of the presiding officer calling to order to announce failures the rule of the brokers during tile the scenes of today to day resembled those of the worst days of 1857 tile the crowd in the galleries of the stock ex change was so 60 great that about noon orders were werm given to exclude visitors and consequently the street in front of the exchange became blocked with people at 11 am the scene in inthe ahe gold exchange defied all description the members acted as if th they thes y were demented As each new failure was announced the tho shouts shout and cries of the tile brokers were deafening towards noon a run commenced on the ath national rational bank but all the tilo calls were promptly met the bank kept certification of all checks cheeks which led to great confusion at the banks bauks bu ks and long lines of clerks exten emten tenal ding Dg to the iho tho side walks gave tho the impression of a run on ori the tho institution and in this way dangerous reports were circulated all stocks sold for cash and with very few yew exceptions no one pretended tomake tomako to make eake any money the sales on money securities were examined with the utmost care loans were made only on wide margins this day lla ila has proved rov even worse than black erida friday for then houses stood firm that now have gone under A run wa salso made maae ola on the union trust co and afan atan at an early carly hour lio iio ur the building was filled with excited depositors depp work commenced commended at once and alid continued till the close of bar bat bank k hours the bank meers officers off omm state that th it they have funds io weather the tile storm and have no nears fears of fal fai failure lure A s anticipated the majori maj ori orl ty of the depositors calling for money were persons of small means neatis I 1 it is thought that inore more of the bank banks swill will suffer by failures today to day at half past ithe eb airman chairman of tb the tho a stock exchange announced the tho failure uro bro ofa of W C conner and shortly afterwards the suspension of E I 1 D Randol randolph pit co this news ran 1211 like wild fire through the tho crowd and when notice of the failure of J little littie ewas was given the board became when ih the suspension of F fisk isk H halcli atch became generally known mad mau many of tb the fiends friends of both partners visited theoffice tha office and extended tile the warmest ii blest sympathy hatch says thel thol rouble roubie was brought about by a lack lick of confidence in railroad enter alises and the extreme stringency of it the money market produced by the late failure the general distrust caused by the failure of jay cooke co coa caused great demands upon t tile t 0 firm which came so suddenly den an and unexpected that they could not readily be met there was vas notime notice left in which to obtain money from the assets of the firm or or to get funds from any other house the embarrassment has not been becil caused by loaning money on hazardous enterprise enterprises the house has ims not speculated nor met with losses ile ho could not endeavor to give any developments as is yet af e the firms liabilities jay cooke co aro are engage in aking making iru tru a statement of their affairs their suspension was kvas entirely due ito advances made to the northern Taci R R into which it is said ithe the firm was led by jay cooke aa against g calust the protest of every other member of the house the advances to this enterprise it was understood stood were not to exceed but jay cooke coolie during the absence of the leading members of the N V T house in europe increased these advances to sa 2 and subsequently to still larger amounts and these commitments mad made e tl through birou it tile the philadelphia house causa caused a depression of deposits which necessitated suspension we the firm hope that they will bo be in a condition to make an official statement early next week i A dispatch from flom paris to jno monroe co from the tile senior partner orders j mat eliat flim arm to protect all ail drawings of jay cooke coolie co upon them and offering to discount the bills of or cooke coolie at fit bank bankc ates rates v the following isa is a complete list of the f allures today to day viska fisk hatch geo B alley caw co cow W H warren aco thos bead read co grenleaf Gr morris co whitemore anderson burss bursa edwards engine jackson co rathbone A dyl kidder co smith le leaver aver aco co L burdell co warner day morse morgan hay fitch co W C conner jacob little co and randolph C co 9 x making a list of nineteen failures washington 19 secretary Mi richardson chardson says that tile the government will not lose a dollar even if tiie tile the failure is ls complete jay cooke has not a dollar of government money in liis ills possession he may have bonds but lie he had to buy them andray and pay fortham for them the syndicate have havo been selling of oot bonds fronds they open subscriptions and when they sell bonds or have a market for them they come to the tile treasury and pay the money for them no bonds are given to the syndicate until their equivalent in money has las been delivered to tile the tre treasury abury NEW YORK 20 it is said this a in that the person who finally stained sustained 94 tho the market yesterday and kept it from breaking to a point where half of the street would have been inevitably ruined was jay giuld who bou bought olt mit during the low prices several hundred th thousand shares of railroad stock and thus put a cheek check to the ruinous decline when the became known late lato in the pm that there had a issue of greenbacks green backs there was a sudden waking walking M up of prices and an advance of from nive rive to six percent per pen cent took place in as many minutes not last owing to the tiie strength 0 of the bear clique tho the numerous failures gave rise to many false rumors of other failures among those it was reported that the first national bank here her had suspended this was untrue but ne nevertheless verthel m it had the tho effect of creating intense ex cit elt ement and confusion around that institution commercial circles presented no features of special interest yesterday the effect of the wall street failures was apparent only by par partial lai suspension of business eprat operations I 1 s at it all the tire prominent centres bentres cen tres doubt was widely c expressed xeres sedas as to the ability of the banks binks to weather the local storm A special from dundee scotland to the tribune gives the story of the tile buddington party who were ies les cued by the whaler arctic they say the tile polaris llad had been leaking le badly before the lath of october octoba 1873 1872 and the tiie situation was one ot of great peril and it was resolved to akmion abandon her this determination w was wag reached on tile the lath of octo ber her somo some of odthe tho the craw crow remained aboard while 4 lauded landed on tile the ice band and bein began to get out the stores tun tell and twelve oclo ocio clr cli at nbc night 0 a severe gale galo sprung up and sn snow ow fell heavily with strong variable winds operations however were continued when suddenly the hawsers hawkers by which the ship was made fast to the ice gave way about midnight tile the anchor starting in tim 0 tore off a large ico ice floe with thre three e men on it 1 ta and the polaris drove past them they cried what are we to do captain buddington shouted that he could do nothing notting for them they had boats and provisions and must do the best they could for themselves ina lna in a few minutes those on board the polaris sawa saw a boat launched and manned b by y the three men making for the place where their comrades were stationed but the storm and darkness afterwards hid them from sight and the ship drifted away finally bringing up at lifeboat cove the prospect was now gloom gloomy enough the polaris still leaks leaked badly and arld buddington had no hopes of getting feriter further south it was therefore determined to beach her which was finally done the provisions were placed on the ice the coal timbers and everything were removed A plank house was built and there they passed the lung long winter towards the close of winter it was proposed to build two boats which was done by using tiie the timbers and iron work of tho the polaris in these boats they made for hakluyt island where they encountered a terrific gale at last art aft after e r great exertion exertions they succeeded in reaching cape perry and made an encampment at rock a few miles below the cape they again sailed eda and on the of june reached cape york in safety on the they were descried by a whaler a few miles off and the whole party were wild with excitement the vessel proved to bo be the f dundee captain alleno allenow All xii enof wens vens craigh took them on board and treated them kindly kindis and in a most generous manner and afterwards transferred them to tha the arctic in order that ills his whaling operations might not be interrupted As boonas soon as the tho latter vessel had completed her seasons work she |