The sun., 1873-09-24
THE HovsE or J4Y COOKE & co.
The Bubble Burst.

The following appeared in the Herdld'S
unusual budget Of telesraphic news. sept. -;
TAEdo d. IT, scpt.ls The exc tgmcnt over the cooke
t1 tratcs eytrs ming. ;.''- '-'''' ~ ''
Fargo is a town on the Northern Pacific Rail-
road. / Is located ON the west blnl. OF the Hed
river. IL is cmphauclliy a company town, and
was started IN opposition 10 Mo1rehc 90, just
opposite ON the eas ern uauN OF the river. The
above telegram says tie news Of the failure Of
jay Cooke lstrate- everything from Duiuih TO
Bismarck, and w. can well understand how this
all that long line besides the hopes OF people
deludcd 10y great ana Erpundl' expectations.
- lon. ~ Cooke aud his associates could nuat
the buu1e 10y selling bonds these hopes ana
eNpectutI IONS became the source 90 "a seeming
prosperity. Railroad operatives aud mecu1I4ys
were paid. Buildings and mill were erected.
Confidence was kept up by large number Of
people To- whom IT. surrender was ruin. hut rn
careful observer VINO visited that country ana
Studied the situation oi di.irs could have failed
To- see that the Northern Pacific road could
never pay cents interest ON It's vast bonded
Obligations without completion t. the Pat.lc
and an enormous through heisht aud passenger
traffic
The situation Of the people along tha, road
must be TO the last degree depurahle No man
can foresee what will become Of tie road itself
crate il. The yictimiled hondhoders must d.
eide the worst case OF railroad bubble and c,l-
ptred pets VIII probably bring u powerful press
ure for the Government to take possession u
the land grant and furnish the money % COME
plete the road. iu, this Will never be. The
Northern Pacific road was NOT tneeded IN this ren-
Grafton.
From Zee F,adsinftl C'Y.iIg We,r.fy.
The Cooke family have a9lrahel famou-ly.
They made money So ca-lly aud became so
rorred with wealth that they naturally thought
10 their -pcculltiIus. They SAID, :" lie lines
have fallen . u, IN pea, tni places = and, u1,
reasonable boundaries. The result Is Osiore the
world.
public notoriety, this huge collapse is not quite
amazing. Nay, IL i, not only not amazing, but
proper relations between tho Cookies ana the
| President. IL is only few months sgo that the
younger Cooke made Governor OF the late Dis
| charged with grave abuses Of his trust. In or
der 10 cover that up an attempt Was made to
7 under Cookies control, the only newspaper pub
! Usher who had dared To- expose Cookies mlscon-
/ duct In improving Washington for his own and
/ his partners advantage at the expense and even
] sp0liation of the oldest residents and property
owners OF hat city. The game failed; Nj Dana
, bad mon who wanted 10 silence A.n BY an afro
/ Ciuus prosecution.
| ago young tuohc' W11 Wa accused OF haNlnt
! filled his pockets WItu tuc plumber of the rcurir
over whom heWis tpl itI tv vple.idt' res ', i
his 1tlcc a. Governor VI washington clb. ~
. answering his letter Of resignation, President
Grant, with his usual profession of praise ot
those who have been -rec4ly su9'erNenl ana
tributary u him, thanked MIR. Cooke for has
official zeal and his iuNdrilHlo courtesy ana gen
6eeI.' of TII ihI. Grant at tie mttcrs earnest .o-
Hcitattlu, replaced Cooke with reputed hudie
and pluudorrr named shepherd, NAo Was an
ruuhlls tue people ut WASHINGTON, uu the pre-
tense of Improving the clN ana the next thlhS
"A recent announcement In tIc public payer.
that the President WAS entertained on Iuy day
Of SIR. Jay Cooke, near his ciIy, where no doaht
there was assembled q most select party OF ,uu-
genial spirits ihe very pnH, oi S hSypn1.. tu
corruption and party soiA In.
W.. are really sorry f1r Jay C}oHe, ana sorry
also for his friends. Grant af1Ah his wines ana
ate his reed birds ou lueauAy iast. h1t "A're
20 ~ '''" F}.mUe J,.u o5se,rty
Two days before the sueu-lou Of the Unioi
/ Trust Company the failure uf jay Cooke a Co
was announced. We have no room for smn.t
words. let the hlunt truth he spoken. Tina
house went down because IL had voluntarily as
sumed To hoat the greatest s"'Ldl' c
this swiudlng Rge-thc Northern iact
Railroad a road running through a wilderness
designed for no public use, but chartered b
Congress and built by speculntors for the sol
purpose Of enriching puhho turupuorlats bu'
Cliques Of stockholders, VINO undertook 10 re-
peat the scandal"u@ exploits ~ the Credit Mo
hilier The discussion now runs high as {
, whether jay Cooke y Co. will hc able TO NEE
their obligations as private bankers. That Is b
Ro means the prime question Nlll they mas
good the losses 10 deflauded Investors who haN
been led 10y their false promises into rishn
ncY Mill they cX plain their announcement mad
! last week that the uusoid balance OF thcs
bonds VIII soon oe ah'othed 10y current sales,
ia currency 20 Whom Jay Cooke co. are Al
ragued on the charge Of false pretences IA
measure of their guilt Will become known.
ftyu,As DsgUer Atl.
Jay Co,he WAS one of those brilliant but zoo
safe uulurltrs which the war brought 20 Ga
, surface ms placing of the hyt-tWenty an
n'i,.r hands Of IN, t,oyrrnn,ent made him v.
: | nous. IL v.t- mot financial ability Whicn accuI.
{ ! pl,hed tnH., hp"-'eri II was a1ccessiu! adv
Using.
+ Jay Coohc & Co. aud ,hr Canadian rac.d