The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1873-10-03

n stock panic broke out in New York. and
within twenty-four hours after the collapse of
| Cooke & Co. nineteen failures were announced
Amdng failwny operators in that city Only
one of them. that of Fisk & Hatch. is reallt
important, and it is said their SUSPENSION Is
only temporary. Their failure is attributed to
large advances to the Chesapeake and Ohio
railroad. There were nine failures in Phla-
I delphia on the day following the suspension of
| Cooke. The excitement In that city was even
greater than i'll New York. and there was
great run on the savings banks, all Of which
stood firm
| Gen. Grant returned to Washington,
| and after conference with Secretary Rich
ardson. at once determined that the Secretary
of the Treasury should come to the rescue of
| the New York market. Accordingly. at mid
night of Friday the 18th. the Secretary sent
message to tho Sub-Ireasurer at New York
directing him to purchase SI0,0O0000 imme-
diately. BY this action over $40, 0G0, 900 was
| thrown upon the market. which. il is thought.
will give relief and avert a general financial
crash. The press, as general thing, take
hopeful view of the situation, which has gone
i long way i'll allaying the public excitement
I
! York Express Of the 18th SAYS:
The day closes on the whole with fewer
killed and wounded than might be expected,
all things considered. No trust company has
suspended no bank has refused payment
/ all the great railway corporations are appar-
ently Az firm as rock. Rumor however, il not
vet satisfied and warns everybody to beware
of i1imor. stock yalties have shrunh cnor-
mously. blit when the bottom is fairly touched.
q rebound, a. usual, is inevitable. Business i'll
nearly all branches Of produce is at a stand
still. aud in fact almost bordering on general
Generalization
Among the New York failures was T.. =.
Randolph. a son-in-law and the New York
banker of Tom Scott, the railroad king.
1t il stated that the National Life Insurance
Company will not be affected by the failure of
jay Cooke.
Washington dispatch says: The head of
one OF the most important Bureaus III the
Treasury says the Government viii not likely
lose ANY ;hinE directly by the failure. or finan
ciai panic. but may suffer to some extent i'll
consequence of the diminutiou of revenue
that VIII doubtless follow.
T.. c. S;esdman, the poet, and for several
years 1 = nj! street operator. takes an Interest,"
ing view Of the panic. The following state
lnent of his yiewl on the financial situation
is telegraphed from New York: The present
trouble dates back 10 the ti;ne rhen Secretary
Boutwell, Tried to itud lis loan from q per
cent. to per cent, which was IN 1871. Pru-
dent Ileu said il could not be successfully
done and they were right. Boutwell, kept
money easy FOR five or Fix months. i'll order to
ge, people to take his loan bu; instead of
Finding his own loan 10 ant e&teut, lie enabled
small houses To float private loans, ard enabled
large houses to expand We should have been
back to specie payments bu: for these railroad
bond spectators. There has been great
Western railway expansion. and the bubble has
finally burst, as it was bound to do sooner or
later. We have known that the ,ra7li was i'm
poiiding. but did not expect it thi. fan. There
IL no reason why tile trouble should extend to
the mercantile world: il can do - only
through Il sympathetic process. The losses
will fall chiefly on speCulating firms. who have
for years been doing everything to rctard re-
sumption. The Government will ait stiil and
let them fall. then we shall be a long way adj
vanced toward specie payment The breah
has not surprised anyone who knew how bust
ness was transacted. Brokers have been able
to buy bonds OF new roads at cr ~ per cent.
le-s than the advertised rates St which they
We're furnished To private persons purchasing
for investment. Thi, was the case with DAY
Cooke a. regards the bonds of the Northern
Pacific, the Oswcgo and Midland, and r,ost of
the other railway loans. II was not 20 with
Fish Il IIatch's roads. Their bonds were
good, snh they believed III them. This panic
is peculiar. -. 1t is different from any
that has occurred since that of 1857. That
was caused by undue mercantile expansion,
and this by railroad eXpansion. One thing Is
ceItain--it has currl the disease. There viii
be no more lending of large amounts on large
railway enterprises. When the work is
cleared away. there viii be 4 healthier c'ndi-
tiOn Of thing- than there has been"