The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1873-09-25
The Failure of Jay Cooke & Go.


The Failure Of Jay Cooke s 60.
The item of interes, during the
last week has been the suspension OF
Jay Cooke l. Co., Bankers. They
had three houses, one IN each Of the
cities, of New York, Philadelphia
and Washington, and their operations
we're chiefly in railroad stock and Sc.
curities. They are probably the best
known bankers on the country, owing
to their connection with the sale Of
Government bonds, and large railroad
enterprises. such as the Northern Pa
cihe. Their failure was no doubt the
result Of their efforts to sustain the
credi, Of the Northern Pacific and
other enterprises in which they were
interested They will have the SYM
rath.es of the puzzle in their reverscs.
They were not gold spectators nor pub
&c pluaderers in any sense, but used
thsir large means and devoted their
en-, ,-ies and !abors to the accomplish
mcnt Of grea. public enterprises.
They were supposed to have made
immense ,uns Of money by such
operations, ard they had a riy ht to do
50 They run great risks and accom-
rl;>hed Grand results for the country,
and right minded people were sratlfied
thu, they we're pecHaiarily benefited.
and will deplorc 'hes> failure as a
lr,Jlic calamity.
/; is NJ. probabIs that iinaaclal mat.
Ilr, will DC much affected in this State
lu. the same state of affairs which
brought abou, their failure will afect
further railroad building here. The
st. Paul Pros says.
Our New York dispatches attribute
the @rca, decline in railroad securities
nad the prejudice against new Ameri-
can railroad enterprises which has OF
late been strongly manifested IN Eu-
rope. to the recent demonstrations Of
popular hostility to railroads through
out the West. aud to the imminent
prospect of legislation which will pre-.
iuaice the rights and interests fstock-
holders. No doubt the extravagant
resolves aud declarations in which the
fierce angry antimonopoly sentiment
Of the West finds vent, are calculated
to inspire alarm lest general confisca-
ton Of railroad property is meditated
by Western Legislatures. But at bot
tom the people mean to be just and
fair to the railroads; but they mean to
exact what is just and fair to the 2eo-
Pile. There is, therefore: no occasion
for alan on this scoVe.
From the New York papers:
The Express says the war upon the
railroads has produced part Of the pam
ic, creating as It has want of coufi
dence among large capitalists and small
investors, and injured both the credit
and progress OF railroad enterprises.
When confidence goes, credit fails with
it, aud panic takes the place Of both.
The suspension Of houses like Jay
Cooke e. Co, and Kenyon, Cox & Co.,
are public calamities. and are events
wholly unlike the failure Of those who
on no aafpssa, aapsa,ao!n on borrowed capital often
public is with the unfortunate, wh6
try to do legitimate business, aud
who fail while in the prosecution Of
it, as in the bn,lding of railways aud
and othes public works designed to
enlarge the business of the country.
The duty Of all is, while emitting no
case necessary to exposure, or proper
regard for the present or future, to
pour oil upon the troubled waters and
restore health and confidence to the
money market and to all honest per.
sons engaged 10 moaey transactions.
The Mail says it is understood that
the houses which are in trouble are
in trouble are solely those that have
been Carrying heavy burdens of rail.
road construction, and that the losses
from their failure wi | be widely dis
tributed, and will not be long feltseri-
ously here. 1t is felt that the events
Of the past few days are most unfa-
vorable for the prosecution Of unfinish-
cd railway enterprises, and a misfor-
tune to the country where such resour-
ces are required for their development.
The seventh reunion Of the Army Of
the cumberland, at Pittsburs, Sept. II
and Is, was complete success. They
had one of the "most imposing civil
and military displays ever witnessed
in the country" There were pres.
cnt, President Grant, Generals Sher-
man, sheridan, Hatrauft, Joe Hooker,
Mcdowell, Babcock, Butter6eld and
great many other prominent Officers.
Grant, Sherman, Sheridan, Hooker
and Mcdowell, made speachcs.