Huntington independent. [volume] (Huntington, W. Va.) 1871-1874, 1873-09-25
The Panic a9e its Elects.

~ TE0f-
Our community IL, not unnatural
" al armed and excited by the events
of the last week 10 New YOrk-foT
those events, startling as they are to
the whole cOuntry-ccme hOpst to as.
II is said the suspension Of Jay
Cooke K Co., means the crushing of
many interests, and utter ruin to the
Northern Pacific railroad, and when
the reason fox Fisk L Hatch's sus-
pension was giveu-advsuces to the
Chesapeake h Ohio, and Central Pa
ei6c railroads, sha, INQUIRY With Us is
does il mean like ruin to these
In order that our readers may see
the exact relations Of these different
roads, they should consider the diff
ference between the incomplete and
the finished roads.
The Northern Pacific is borrower,
heavily in asrsars and without rsveD-
ne; it had nothing to rely upon but
its credit, and has lost that; it has
nothing, apparently, before it.. but
bankruptcy.
The Central Psei6e Is not 10 any
extent borrower, has . net revenue
of Five millions agar, and 10 abund-
antly able to meet ell its obligations.
The Chesapea.aa & Ohio 4. r., is also
finished; its bonds have been sold;
its revenue is large and increasing,
and its floating or maturing debt Is
very small. 1t is no longer obliged
to raise the enormous sums that we're
required year ago, aud while its
revenue viii 60 largely towards pay
ing its interest, it has behind it what
has always been its great strength,
strong men, who can at any time
from their private means, relieve 1t
from any embarrassment, aud these
men are so separate in their business
relations, that the same blow cannot
strike them ali Upon the same line
With Mr.. Huntington, stand men
whose interests require that the road
should prosper, AspinWsll, Low,
Stewart, Richard Erwin, WinslOw
and Clark, and behind these are
Whiteright, Anderson and other
we'll known men. 1t is doubtful If
ever a combination so we'll suited to
resist a shock Of credit was found in
this country. The road may be Grip
pied for a time in its extensions, but
this peri,d must be brief, and there
is a cOupensating advantage, in that
it will now have time to bUi d. up Its
local business.
The real sufferers will be its bond
holders who are forced to realize.
The intrinsic value Of its stock and
bonds will be very little impaired
The next source of anxiety relates
to our city, whose interest are so
closely allied to those Of the road,
that they can hardly be severed. In
this case, the Central Land company
is not embarrassed, as il has DO debt,
and cannot be directly affected; its
industries cannot be crippled, but
may be even advanced, as attention is
fora while drawn from extensions to
the building up of LEGAL business.
The merit fact TO- BE considered rs
that Fisk e. Hatch hare not failed,
and are not likely TO. 1t was unfor-
tunAte that the storm came so sud
denly and found them so uDprepared,
but it is probably fortunate that they
refused to sacrifice their securities to
the wolves st the door, but preferred
to SURF ender their high credit, desrer
10 them than all their bonds, rather
than the real interests Of their credi-
tors, and We have no doubtthAE when
their doors are opened again, their
creditors will be paid in full and
will thank than for that resolution
And further, it is very probable
that this alarm about bonds aud
stocks may give a new impulse TO
real estate transactions, and the
money loosend by the sales may seek
a safer investment among our Coal
and Iron lands, and other real prop
critics, and so advance rather than
retard our prosperity.