Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1873-09-26
The Financial Break.D0wn.


AN Associated Press dispatch from New
York gives the following account of the
failure of Jay Cooke and other firms;
| Another day of intense excitement has
passed over Wall street Early this morn
| ing predictions were made that this would
| be hard day, and one that would see the
downfall of more than one financial house.
| The Chicago fire, it was thought, would
occasion drain upon deposits and tend
to a panic Stocks for the first two or
three hours flucuated wonderfully. West
ern Union fell ten per cent. without an
upward struggle, but about noon recover
ed its opening figure. AT noon the report
was whispered that the house of Jay
| Cooke & Co. mad suspended. AT first The
rumor was considered an idle one, or, at
/ the most, started by some scheming fac
ton. However, it had great effect. Men
and boys ran races from office TO office,
| The telegraph was incessant in its opera
| tions, and the excitement grew intense.
| Shortly after 10 m. it was officially an
nounced that the suspension had
occurred, the reason therefor being
advances made to their Philadel-
phia house, which rendered them
unable to meet the demands made upon
them by their depositors here. AS soon
| Cooke 81 Co. had suspended, many rumOrs
| touching other houses sprang into exist
ence, but all reports about the suspension
of firms excepting Jay Cooke & Co,
Richard Schell, and the small firm of
Robinson, Suydam 81 Co., upon investiga-
| ton, proved to be without foundation.
When this fact was made known on the
street. confidence was again restored, and
| at the close of business stronger feeling
prevailed. 1t is not thought that any other
firms of prominence will succumb. Men
regarded as among the safest and most jul
dicous on the street give it as their opin-
ion that the great danger is past.
Robinson, Suydam & Co. expect to re-
sumo in few days. Mr.. Schell was not
prepared to make any statement in regard
to his liabilities. His suspension was oc-
casioned especially by a decline in Van
derbilt stocks, in which he was a large
dealer. The liabilities of Jay Cooke 81
Co. cannot be ascertained. 1t will take
some time to make statement of the af-
| fairs of the house. The creditors are
mostly banks and bankers, there being but
few individual depositors on the list. The
| suspension will greatly interfere with the
| operations of the Syndicate, and probably
suspend the negotiation Of the five per
cents The bonds of the Northern Pacific
have been o. slow sale recently, and the
| failure of Kenyon, Cox Sc Co., and of the
New York 81 Oswego Midland Road, OPP
Grated disastrously against further nego-
| tiations of the bonds.
The EGpress says: "The war upon the
railways has produced part of this panic,
creating as it has a want of confidence
among large capitalists and small invest
ors, and injured both the credit and pro-
gress of railway enterprises. When con-
fidence goes credit falls with it, and panic
takes the place of both. The suspension of
houses like Jay Cooke 81 Co., and Kenyon,
Cox s. Co., are public calamities, and are
events wholly unlike the failure of those
mushrooms who do business on borrowed
capital, or oftener on no capital The
sympathy of the public is with the unfor-
tunates who try to do a legitimate bus1-
ness, and who fall while in the prosecu-
ton of it, as in the building of railways
and other public works designed to
enlarge the business of the country. The
duty of all is, while emitting no care
necessary to exposure or proper regard
for present or future to pour oil upon the
troubled waters, and restore health and
confidence to the money market, and to
all honest corporations and persons en-
gagged in money transactions"
The Mail says: " 1t is understood that
the houses which are in trouble are solely
those that have been carrying heavy bur-
dens in the way Of railway construction,
and that the losses from their failure will
be widely distributed and will be long
felt seriously here. 1t is felt that the
events of the past few days are most un-
favorable for the prosecution of unfinished
railway enterprises, and so a misfortune
to the country, whose resources require
for their development liberal extension
of credit. But all other branches OF busi-
ness have an unusually good promise for
fall and winter. Our enormous crops are
bringing good prices, and the demand for
them is unprecedented. Our merchants
have generally got down to the hard pan,'
and are ready for tremendous busi-
ness on a sound basis, and general
ly the situation outside the maelstrom
of Wall street is full of encouragement.
The misfortune and terrible affiictiOn of
the street is the peculiar legislation which
ties up the reserves of banks just at time
when they could safely and prof1tably to
themselves tide the business of the cOun-
Try over its present momentary difficulty
Of lack of currency, and make the way
easy for the marketing Of our immense
products. Even had the Secretary of the
Treasury deposited his unstable legal
tenders in the national banks, and thus re-
leased part of their reserve, the latter
could have met and passed the present
crisis VIGOROUSLY"
The stock market closed with more
confident feeling, after day of excite
ment without equal since Black Friday:
When the time came for the delivery OF
stocks and the squaring up of the days
transactions there was wild excitement in
the board, and access to the visitors gal
lery was really an impossibility.
The Post says: "Prices of drst-class
stocks are now low enough to tempt capi-
talists and outside investors to come in,
and while the effect of the failure OF
house so widely known throughout the
country as Jay Cooke & Co. cannot be
measured in day, there is reason to be-
leve that prices will not long be kept be-
low figures which represent the invest
ment value of dividend paying stock"
THE decrease IN the yield of water by
the artesian well in Central Park, Chicago,
has led to an experiment, the result of
which possesses considerable interest. at
the REQUEST of the Park Commissioners,