The Superior times. [volume] (Superior, Wis.) 1870-1912, 1891-08-08
DULUTH A KOCDo.
No,na rp.ercSf:u. isa,.inisceu OF Il: g
Earlier Bays IN superior ana pa
IutI,. by Hiram i:obb-Hs.
THE GREAT PANIC OF 1878.

THE GREAT PANIC OF 1878.
Was Out Directly 20 the E"rci:,. OF Dn-
nth Upon IN Unwilling World
by say Cooke.
From The Evening Telegram.
The fo ced development Of Duluth
in the face of natural distractions to
city ng-obstructions that have
1T last caused that city to come to Il
standstill- the direct cause Of the
panic III 1873" The speaker was Hi
ram Robbins, of New \ ork, and the
confidence If his tone caused an Even
ing Telegram man, who was at the
time close beside him in the Euclid
hotel corridor, To press the gentleman
to elucidate. Mr.. Robbins has been an
interested onlooker for the years at
the development of the harbour at the
head Of the Lakes and more than thirty
wears ago was identified with Oh Su-
perior. From his close relations with
many of tie most prominent hnanclelS
who have been concerned III It's owner
ship Mr.. Robbins is accredited with a
c,e.. knowledge Of Unpublished his :
cry of Superior than amy other one in
dlyidual 1t WAS with expectancy
Than wasnot disappointed that the
Telegram man settled down close be-
side Mr.. Robbins then when that
gentleman continued i'll the line Of his
permis;,I hy saying:
after the collapse Of the Old Town
i'll 1901, said Mr.. Robbins, caused by
he !anic and stoppa"e OF work on the
l,nd grant road from Hudson to SUPER
Tor along III the CTS, VI illlam Ban
n!ng, Of St Paul, and lis associates
succeeded III obtaining Il land grant
from the government to the StGIe Of
Minnesota to all i'll building Il railroad
from ST. Paul To the head Of Lake
Superior III Minnesota. This grant
WaS given hy the state of Minnesota
10 the Lake superior * Mis- slSSlprI
Railroad company, now the st. Paul x
Duluth. the first president of which
was William l.. Banning. lie succeed
cd through he late J. Edgar Thomp-
L
Il Il Railroad company, and WHO was Il
house Of Jay Cooke x Co, To become
financial agents for the sale of the
bonds of Ills corporation. " Ork was
commenced about 1865. Before the
railroad was completed, and when
within about thirty miles Of the head
ii this like Mr.. Cooke came through
and III de :; c So Ill observation of the
topography OF the country 1T The head
OF Lake superior, and WAS SO impressed
with tho natural advantages OF super
ior hat lie brought about Il meeting Of
The Large owners tin WA as the "i'ru-
prietuls ~ superior, 1T " aShIug ton,
10 see If he could make some arrange
nent with them To terminate the road
here, stating that he WAS the financial
agent 81 the Lake superior / NSSlSS-
ippi railroad, and that 10 acquire all
then lands under their grant they were
required tn terminate nj Duluth. III
Mime. ota; but as they acquired all
the lands Us last as they bullt twenty
miles Of road, they could stop within
about twenty miles OF DtIluth and dl
vert the road to superior, winch they
would gladly TO, provided the property
owners here W0uli divide the property
With them, letting ITEM III en- the
ground floor; that If 'heN bull their
road here they would loose about 5Hp,
N'o :cres Of valuable pine land but the
4 ,st II building TO Dulath would be So
mitch more than To build here they
would undergo th:t loss, providing
that the lIoprictors Woali accept the
proposition made. All of the Yroprie
tors, apparently, were favorable to the
=. 80
Of Indiana, who seemed To c0ntrule The
interests OF w. ". Corcuran the great
Washington banker, and he succeeded
III preventing any arrangement being
made.
after that, the " Western Land as
:Gcsation, which WAS GWntd and con
trollcd In tbs inside parties OF the Lake
Superior K Mississippi road, tnow tlIt
81 Paul \ Duiuthl acquired 4 lar@,
property III and about Duluth. ant
pushed forward Tire construction o
tie road to that place III an expense
as reported III tie time. from Carlton
tabuut twenty miles oflt4 to Duluth, q
about $1,000 eco, running along the -
Louis River. over several high danger
aG> lrCstle bridges, with Il grade II
several places Of Zoo feet To the mile
Tie most expensive pat ot tie road
namely from Thompson to Eon du i.at
has since been wholly abandoned, whicl
li'N y ~" ~ i'"''i'''"ie ''i!u ''o''h
~, !toJ' s. w.
Aiiei Tue ia3u WAS e"Hilhetea Y
l'G'iIte"l3'lS ~ i>'i.' tiIe Eoa,r o. "a,
'anhr : -, hetIlile i'hailci"i agent
"i 'iit Northern i''til't hliit"aa com
idhI' MN IN aSfeth'eht 'hat i.la
ie"a sno''ia commence az i ioin
'N'htA SNn mites rom i'"Ia,h 'il"N
'"il''t 3li'".'' 81 ''lt '"iIet'9i,,i d!''
'Ntehded N.S' ",1id, anu I'm ",'1l''o'i'
''1iteiae,il 'i.at US load siios.ii ilos 2
,Ntthiea eastward i"i !" Ptisou oi Il
I,''.a, 'siiet years, -. j,
,'Nt s,,Sts"'.iS ~ NI'I..i@ % lh
i..i.i Il 1l".t t'i, =, i t1'iii,,ih,iH
.'di. 'l.'tiSs' II ~, d ~ "ll'l i,','.i
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