Issue

When applied to negotiable instruments the term | i ue means the first delivery of the instrument complete in form to a person who takes it as a holder; when applied to securities the term means the outstanding stock or bonds of a company. | Jay Cooke panic. So-called; Jay Cooke & Co., a large banking house in New York, failed September 18, 1873. A panic followed. The Union Trust Company stopped busine temporarily (partly as a result of a defalcation of $500,000 by its secretary); the Bank of the Commonwealth closed its doors and never reopened them and numerous other financial concerns and stock brokers went down in the crash. At 11 o’clock on Saturday, September 20, the governing committee of the New York Stock Exchange ordered the exchange to be closed and it was not reopened until September 30. The failure of Jay Cooke & Co. was brought about by the collapse of their effort to finance the Northern Pacific Railroad, which was then in course of construction. The so-called Jay Cooke panic is also generally known as the panic of 1873. Jeweler’s bar. A name given to a bar or ingot of fine (pure) gold of a size convenient for use in the fine arts. Jeweler’s bars are of different sizes, containing from $100 to $600 worth ' of gold. A large size containing $5,000 werth is also made. Also see Export bar. 279