American citizen. [volume] (Canton, Miss.) 1864-1890, 1873-09-27
Tho Financial rash.

Inc recent taliillt S ti gay tooh Z
& Co., Fisk & Hatch, Edmund - |
Randolph e Co., and other large .
and influential commercial and
banking houses in New York city.
have produced Il connection III bus
.reS, circles almost without prece-.
dent. New York, Philadelphia,
and, indeed, all the principal cities,
North and West, are agitated from
centre to circumference. The
New York papers are almost entire
~ given up to Investigations of
these failures, and conieetures as to
their probable effects. That our
readers may realize the extent of
the panic created by these suspcn-
sions, we quote as follows from the
New York San:
Mr. George Eroadhead, a prOmi
npnt member and officer of the
Stock Exchange, pronounced the
panic the worst he bad ever witness
ed III lis twenty five years expert
ence as an officer of the board. The
financial distress caused by the
Chicago and Boston fires was, be
said. nothing as compared with this
to-day. They were bad enough,
but the misery which they caused
WAS visible on the surface, while
this was one of those disasters
whose consequences were wide
spreading and could not be foretold.
/ Failures followed each other in rap
i'll succession like the popping Of
/ fire crackers. No one could tell
who would go UP next. The panic
of 81 was not any way near as fear
full as this. That WAS a mere up
heavai Of stock .iobberS: but this is
Il real commercial calamity. and the
/ losses are felt by everybody.
In the panic of 81 the market
was broken down by lot of adven
lurers who had nothing to lose and
everything to make. None Of them
possessed any capital. They offered
stocks which they did not own for
less than the market value, and in
that way they shook the public con
tidence. They hurled themselves
time and time again against the
market with all the energy of
desperation. and were successful at
last in bringing about a collapse
After they had accomplished their
designs they walked ont of Wall
street rich. The whole panic did
not continue sixty days. OF coarse
the banks had to suspend, bat they
soon resumed, in "A better condition
than they were before.
We have got Il much larger list Of
securities now than we had then.
and three times the number OF
specuiatorS. This time men OF
good standing succumb because
they cannot raise the money to
meet their obligations. They have
all made heavy sacrifices in the en-
.leavor to keep themselves from
failure. All their troubles are Que
20 injudicious investments in new
enterprises which cannot be made
profitable for a long time.
The failure Of the banking house
of Edmund ID. Randolph 4 Co, is of
more importance to the South and
West, as il may involve Col. Tom
Scott and influence somewhat his
great railroad projects. OF this
failure the Sun says:
The suspension OF The banking
house of Edmund -. Randolph x
/ To-, of ; Nassau street, was an
nouncpd yesterday to the Stock
exchange at twenty minutes past 2
O'Clock. 1t created nearly as much
eXcitement as the downfall of Jay
Cooke < Co. and Fisk Il Hatch, as
! it was known that Gel. Tom Scott.
| the railroad king Of Pennsylvania,
| kept his private bank account with
the firm. and was largely interest
ed in It's welfare. His nephew, Mr..
! II. w. Buckley, was the partner OF
| Mr.. Randolph. The latter was I'M
willing to make any statement of
| his Liabilities. He infimated that
/ he had foreSeen his failure for sew
eral days, out had held ont against
| it i'll the expectation Of receiving
! relief from his customers. He also
said that he had autographed to the
! Secretary of the Treasury on Thurs
day, Informing him OF the stTingen-
! cy in the money market. and ask
ing him to forward an extra issue
of currency TO this city to tighten
/ the market,
/ 1t is understood that Randolph
* Co. made Il specially OF Texas
and Pacific Railway stock, and that
/ they found it too heavy for them 10
carry. The firm started about FIVE
years ago with Il capitol OF $780,
900.