Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1873-10-02

only temporary. Their failure is attributed to
large advances to the Chesapeake and Ohio
railroad. There were nine failures in Phila-
delphia on the day following the suspension of
Cooke. The excitement in that city was even
greater than In New York, and there was 9
great run on the savings banks, all of which
stood firm. 81
Gen. Grant hastened to the capital,
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 a
message to the Sub-Treasurer at New York.
directing him to purchase $40, 100000 imme-
diately. By this action over $40, 600, 900 was
thrown upon the market, which, 1t is thought,
will give relief and avert general financial
crash. The press, as general thing, take a
hopeful view of the situation, which has gone
a long way in allaying the public excitement
and averting a universal panic. The New
York Express of the 10Th saws:
The day closes ON the whole with fewer
killed and wounded than might be expected,
all things con sidered. No trust company hGs
suspended no bank has refused payment; all
the great railway corporations are apparently
rs firm as a rock. Rumor. however, is not yet
satisfied, and warns everybody to beware of
rumor. Stock values have shrunk enormous
", but when the bottom is fairly touched, a
rebound, as usual. is inevitable Business in
nesrly all branches of produce is at stand
STILL and in fact. almost bordering on general
Decentralization"
Among the New York failures was .E. P.
Randolph, a son-in-law and the New York
= NJ IL l.
1t is stated that the National Life Insurance
Company will not be affected by the failure OF
Jay Cooke.
A Washington dispatch says: I" The head OF
one of the most important Bureaus in the
Treasury says the Government will not likely
lose anything directly by the failures, or fnan.
cial panic, but may suffer to some extent III
consequence of the diminution of revenue
that will doubtless follow"
E. G. Steadman, the poet, and for several
years Wall street operator, takes an interest.
ing view of the panic The following state.
ment of his views on the financial situation il
autographed from New York: The present
trouble dates back to the time when Secretary
Boutwell, tried to fund his loan from pei
cent. to 8 per cent. which was in 1871. Pru.
dent men said it could not be successfully
done, and they we're right. Boutwell, KEEP
money easy for five or six months. in order tC
get people to take his loan but instead Of
funding his own loan to any extent he enabled
small houses to float private loans. and enabled
largo houses to expand. We should have beer
back to specie payments but for these railroad
bond spectators. There has been grea
Western railway expansion and the bubble has
finally burst, as it was bound to do sooner or
later. We have known that the crash was i'm
pending, but did not expect it this fall. There
is no true reason why the trouble should ex
tend to the mercantile world; it can do SC
| only through sympathetic process. The
losses will fall chiefly on specializing firms
who have for years been doing everything to
retard resumption. If the Government vii
sit still and let them fall. then We
shall be a long way advanced toward
| specie payment. The break hast not surprised
| anyone who knew how business was transact
| ed. Brokers have been able to buy bonds OF
new roads at or 10 per cent. less than the adj
vertised rates at which they were furnished tC
private PERSONS purchasing for investment
| This was the case with Jay Cooke regards
the bonds of the Northern Pacific, the Os
wego and Midland, and most of other railwa,
| loans. 1t was not with Fisk * Hstch's
roads. Their bonds were good, and they be
| lieved in them. This panic is peculiar. 1t il
different from any that has occurred since
1857. That was caused by undue mercantile
expansion, and this by railroad expansion
One thing is certain, it has cured the disease
| there will be 10 more lending of large amounts
| on large railway enterprises. When the
wreck is cleared away. there will be a healthier
condition of things than there has BEEN