The New York herald., 1873-09-24
INTERVIEW WITH ER. HUGE
M'CULLOCH.

reporter OF the HERALD had talk with
Mr.. Hugh McOulloch, OF the London firm of Jay
Cooke McCuloch & Co., yesterday. The eX-SeCre-
tary of the Treasury was evidently bewildered by
the state OF affairs that met him lust after his
landing from the steamer, and his Dewilderment
is not yet quite allayed
'Did you learn nothing" asked the reporter, "of
the failure Of Jay Cooke l. co. until you came
ashoreS"
Mr.. MISUNDERSTANDING whatever; nor did
apprehend the crash that has occurred. The
latest papers We received on board the Egypt were
dated the 10th, and contained only the mention OF
the failure OF Kenyon, Cox Co., but there was
nothing to alarm US In that announcement.
could hardly believe my senses when learned OF
what took place.
BEFORE LEAVING ENGLAND
l never for moment dreamed that with the
country so prosperous rs 1t Is, anything OF this
kind could happen. Here Is England waiting for
grain and cotton, &C., and the balance OF trade
incllning in our favor, and to suppose, under the
never prosperous state OF affairs, that panic
like this should happen, Is to suppose any extrava'
| giant notion.
REPoRTER-Would you not attribute the present
condition Of things to over-speculaton In railroad
| enterprises
| Mr. MCCULLOCH-That Is
THE PRIMARY CAUSE,
| no doubt. 1t was impossible at the moment to
| realize upon investments made. Large amounts OF
money were applied where they could only iructly
In time but none OF this money can he said
to be wasted or lost The country loses nothing
We want all the railroads that can be built from
the West to the seaboard. Europe wants our pro-
dnce and we want all the means possible to place
II at her disposal The people OF the west are cry
ing out for cheap freights. The truth Is, our lines
of railroad communication are not sufficient.
More are needed, and with them we shall have
competition, and, consequence. cheaper
freights and more extensive accommodation.
THE NORTHERN PACIFIC
Railroad is no wild speculation Its uses VIII be
appreciated sooner or later II is one OF those en-.
ana, though 1t should prove disastrous to its orig-
nal undertakers, the country will never have oc-
REPoRTER-From what you have learned since
you returned do you suppose that this panic Is
Mr. McCuLLoCH-Up to this afternoon did think
the hurry was over. There might have been few
further failures of small houses, but the worst or
the crisis appeared to be past. This news from
Chicago (Mr. McCulloch had not heard OF the con-
tradiction) makes matters look blue again. 1t
must react more or less on New York. Then the
suspension OF Clews & Co. would argue that we
are not yet quite out OF the wilderness
REPoRTER-Do you suppose the chicago banks
have been advancing incauyiously on the rebuild
ing OF the city
Mr.. MCCULLocH-No. From what know Of
THE CHICAGO BANKS
am not inclined to think they have been doing Ing
any NdZaTuOtS DuSlucSS, uuu, tHciclViC, aiu Iho
more surprised at what has happened
REPoRTER--Does the house OF Jay Cooke Co.
fully know where they now stand ?
Mr.. MCCUIJ.oCH-rhe object OF the private
meeting OF the members Of the firm Is to ascertain
that point. This cannot be accomplished in q
moment. It will tak Q some time. The house has
done vast business, co.extensiye, might sny,
! with the country, and to realize the situation
| thoroughly viii demand time anu patience.
RErORTER-Does the London house in any way
partake OF the influences that have affected the one
at this side OF the water2
MIR. MCCULLoon-By no means. II our house in
| London was in the least peril you would not flnt
4 me here to-day. should have remained in Lon
don. Our business goes on as usual but, OF course
there Is that degree OF relationship between the
| two that makes sympathy natural between them
! have no apprehensiOns Tor the stability OF the
| firm In London.
Saying which Mr. McCuloch plunged into busl-
| ness like veteran and was soon lost In the may
! figures OF finance "a