davidaulloa/AmericanStories huggingface dataset:
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

Though our reporters have made In.
quirles at the various establishments,
we are unable to ascertain or even APP
proximate the number of men In this CITY
now out Of work. The fact Il, however,
that the number is very large, and in the
absence Of positive aud definite lnforma'
ton, report psts the number larger,
probably, than 1t Is. We have heard II
varlously estimated at from twelve
hundred to three thousand, and
our impression is that the true number Is
somewhere between these extremes. In
any event, 1t is large enough TO make II
probable that there will be no small
amount of suffering and trouble this
winter, and the situation is worthy the
most earnest consideration. The men
thrown out are able and willing to work,
and 80 far as we have heard them say,
would he glad to work for low wages II
work could be found which would afford
them bare subsistence through the
winter. Can not some plan be devised
whereby they can obtain some kind Of
employment
One of the indirect effects Of the idle
ness of so many will be the curtailmcut
OF our city's retail trade, and merchants
are trimming their sales accordingly, hut
of course a very considerable trade will
still be done as the year has been mod
erately good one for the farmers, and In
many branches Of manufacture the full
numbcr of hands is still employed. The
winter will be dull one but not such a
suffering and gloomy one as has been
known. Still, as we have said, the situa-
ton is one demanding the gravest con-
sideration, not merely by those philan-
thropicaly inclined, hut from those who
who merely regard the matter from the
standpoint of our ciiy's interests; for
Wimlngton's prosperity is doubtless
largely due TO the reputation it has
amongst working men, ms a place where
men may obtain good living and steady
employ mcnt, though at wages somewhat
less than are obtaisahle il places
where rents and all other charges for
living are much higher.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
NEW YORK BANKING.
The System Of ccrtihcatiop-Ove
the Rule and Not the Exception.

tFrom the New York Tribune.l
From the comments made upon the
cases which the panic has brought 10
light of brokers' over drafls," il is evil
dent that the public knows verv little of
The system under which Wall street
houses transact business, and tfiecl daily
clearances" Of an enormous volume OF
stocks. The Press Is united In just repre-
heusion OF such banks as have einbar-
rassed themselves by certifying checks for
customers, which the latter have failed
TO make good by adequate deposits but
these banks are not exceptional. They
are no more blameworthy than their
more fortunate neighbors, whose Gus
toners have been strong enough and
honorable enough to prove that the comb
dence extended 10 them was not
misplaced.
1t is the whole system Of Wall street
certiflcations " that is at fault. 80 re-
markabe IA the working Of this system
that business men are astOnished when
l4tormed with respect tn II for the first
time. A brief explanation of its nature
would seem to be In order during the
Present crisis.
Temporary overdrafts" are the rule,
and not the exception, with most Of the
banks in the vicinity of the Stock Ex-
change No other way has yet been de-
ylsed through which "a brokers' " clear
ances " can be effected. Most houses
with an "average deposit" of from
$4,000 to $4,000 in bank have to receive
aud deliver from hundred thousand to
half IA million dollars worth Of stocks or
gold per diem; larger houses, proportion
ately larger values. Purchases are fire.
queutly made In costly lots, requiring
checks for sums running from $50 600
upward, and even as high as ten times
that amount. Almost every banker or
broker Ia good credit has an arrangement,
definite or implied, with His bank, by
which he Is allowed to largely overdraw
his balance-in payment for blocks Of
stock-with the understanding that be-
fore 3 p m. of the same day he shall
deposit the certified checks Of other peo-
pie, In amount sufficient for the iedeMp-
lion of his own ch, cks aud the mainte
nance Of respectable "halance." On
the latter the bank makes its profit.
Large houses often open accounts of this
sort with several banks At ouce.
Not only the suspended Bank Of the
Commonwealth aud the Bank Of North
America have been in this practice for
years, but, unless We are misinfurmed,
almost every Institution in their vicinity
DESTROYS of brokers' accounts. Among
those who cerIliy'-tD use the street
phrase-are the Fourth National, the
Mechanics Banking Association, the
Bank Of New York, the Bank Of America,
tina Bank Of the State of New York, the
Bank Of the Republic, the Corn Exchange
Bank, the Continental, aud various
others. All are more or less in one cate
cory. Each relies upon the honor Of its
customers to make the mornings over
drafts good and, truth to say, in many
years this reliance has not been without
foundation. Instances are few aud far
between where disbouorahie advantage
has been taken Of bank favors, aud each
case has been visited with >cverer penalty
and disgrace than any form of CONNER.
clal default.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
The Suspension of John McLear a

No Incident Of the late financial panic
has produced feeling Of such sincere
sadness and regret In this city az the sus-
pension Of John McLear & Son, bankers,
caused by a run upon them by their de-
positors. There was no reason for the
panic taking this direction except that
this house had been The agents here for
Jay Cooke Il Company, and for the sale
of Northern Pacific bonds, and people
without stopping to inquire or even think
about the matter, hastily jumped to the
conclusion that the house must be in
volved in some way in the downfall OF
Jay Cooke & Co., and so commenced de-
manding their deposits, and the fact that
some were doing this alarmed others and
the demand increased until suspension
was inevitable. They stood the run ali
day Friday and Saturday, and opened
their doors on Monday but they had
paid out ali they had, could not convert
securities into cash, and there was moth
ing for them to do hut suspend.
A card from the firm elsewhere, calls
meeting OF their creditors TO be held at
their banking house on Tuesday, Oct.
7th. at o'clock, to examine into thelI
affairs, AZ which Will be submitted full
statement of their assets and liabilities
MIR. John 2. McLear informs us, and au'
thorzes us to say, that it Is their hope
and desire that every obligation Of the
firm will be met In full. We should have
said this much, however, without author
iiy, for the firm enjoys such a wcll-deser7.
ed reputation for honor and integrity, that
no one who knows them, can believe they
would incur obligations ia any doubt OF
their eutire ability to meet them, or fail to
pay 10 the uitcrmost every dollar of theil
indebtedness If il impoverished them to dc
so.They have been broken through no fault
of theirs, and while We cannot condemn
IN bitter terms the panic Of fear which
caused dciositors, who felt that their all
was at stake, to make the rush which
caused this disaster, yet we cannot fai
to express our regret aud sorrow thai
it was made, and We doubt moi
many Of those who did II viii
share that regret with Us. The
suspension cannot but cause the firm
great lass, and whoever else may or may
not lose, there is none who will suilei
a.. f. D.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
a Gale on the Lakes.

A severe gale from the west prevailed
Thursday on the upper lakes. The
schooner Whiting went ashore on We'd
nesday night near Grand Haven, Mich,
and was exposed after daylight to ter
rifle surf. In the morning the Captnin
and one of the mtn jumped overheard
and succeeded in reaching the shore.
soon after life-oOat put of to rescue
the remainder Of the crew, but was cap
sized, and one Of the men was drowned.
A tug then went ont and succeeded In
getting another boat alongside the
schooner. -Four of the crew dropped
from the rigging into the boat, which
rolled over, aud second man perished
After two more efforts the tug managed
TO get near the schooner and rescue three
men. The bodies Of the drowned were
not recovered.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27


IL has been quite common Of late for
newspapers to denounce with bitterness
the frightened depositors who have
made runs upon banking institutions.
While we recognize rs fully as any one
the folly and disastrous consequences Of
such a course, we cannot bin in bitterly
condemnng the panic-siricken people
Who prcclpitate II. A person whose
whole savings are deposited in an institu-
ton, concerning the safety Of which there
is even whisper Of suspicion, cannot be
expected to sit down and consider plilos-
ophically the evil effects of panics or Of
any other matter, while he suspects that
the Whole fruit Of years Of toll ana pinch
ing economy are In danger Of los, and
might by some possibility hc saved. II
is easy for those who have nothing at
stake, or for those whose deposits are but
small proportion Of their means, To con-
lcnu the 'cowarily fear" rs they call
It, which urcciptatcs panics and brings
about the very disaster II seeks 10 avert,
but Jet them put themselves Ia the D. ice
Of those tlud deposioi- whose all Is at
stake, aud they will ina reason to Judge
them witl less hurshuess. The less and
suffering many of them experience,as the
result Of their frightened rushts, is suii
cient punishment, without the addition
Of denunciatiou and bitter condemnation
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

During the financial excitement that
prevailed on Friday and Saturday last a
run was made upon the banking house of
Mr.. j. VI. Alhcrison, Of Norrislown. No
one, in ordinary times, would question
Friend Albeftson's ability to pay all his
dep0sitors, but ~ one scared animal will
sometimes startle whole herd, so il
proved IN this instance with few timid
hcpOsitors. While the rush was at its
height, and the greeuhacks were being
paid out rs rapidly as busy hands could
handle them, Henry S. llitner, Esq, Of
Whltcmarsh, entered the building, aud
after taking a cursory glance at the scene
before him, took up piece of paper and
wrote thereon. " agree to be RESPONSIBLE.
10 the dtpOsitOrs in the banking house Of
j. Morton AlberlsOn to the extent of one
Hauired Thousand D0NarS," signed his
name, dated the paper and fastened It up
Against the entrance door where every
one entering could see II A few minutes
thereafter his brother, Daniel o. llitner,
Esq, came in, and, noticing the paper,
took II down aud wrote, " / concur In the
above, aud will be responsible to the ex-
tent of one Hundred thousand Dollars
More" signed his name with date, and
replaced the paper in its former position.
These two gentlemen were known to be
ahundauty able to make their words
gOOd-Dauiel o. Hitner being by far the
wealthiest man in Montgomery county.
Our Informant says the scare was over in
a twinklmg, and no one would have sup
posed there was man in the crowd that
had come there with the slightest inten-
tion Of drawing his money. We con
graduate MIR Albertsou upon having such
substantial friends, but We know also he
is in all respects WORTHY of them. go WeSt
chester I'M riran RsDNblicaji.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27


During the election for Vice Presidents
OF the Assembly, an honorary position
hardly equivalent IN Importance TO he
chalrmanship Of an Amt rican copgres.
slonal committee, one deputy, hearing
That his tavorite candidate Is elected
PUSHES forward and kisses him several
times on both checks, which is uHfortu-
nate, as II turns out when the votes are
counted that his candidate is defeated.
rauey the elect If some of his friends
wore 10 clasp Mr.. Blaine in his aims,
with Elusive oscillation. on hearing tb,i
Mr.. Is. had been elected Speaker Of tbe
House. 1t is hardly a mind conjecture 10
suppose, under such circumstances. thai
one OF those grim laconic members from
the lar West, would move for the imme-
dlate expulsion Of the man so oflendlnp.
ana vote OF sympathy for the victim IN
the person Of the unfortunate Speaker.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

We uo NNl NhiN 10 iAA'i'i WI" t'N
Gazette ever the sheriil's printing. 1t
admits that the defendant had the power
to designate both the papers In which the
advertisement should appear, ar 4 that is
sufficient to sustain our statement thai he
had the powert 10 unduly prevent publicity
Of the fact that sale was to lie made.
Whether lac ever did SO, does not affect
'"' qi's','n 40 ~ 'uo l'Oi, ,r VI - s".''
'''O'' 'us u''' 49,, ,''e l - ''e ,n',
S,' ',' -. H.. ,.c.n1an,s
Ns,..,,. .,..'....,.
'"' i'Pe' >" " - -. -,
" ~ II 80 .an..ai
-" vS - -, '..,..,.
','VN'' WY '"o"'" ""' ''''' f''"v Guy
."'"- Wv van '',' i'0'''
KNOW III tue ""@'"e
The Gazette mtimates that EVERY
EVENING lobbied a bill through the last
legislature. We have merely to say IN
response to this that the bill in question
was not passed tor this county alone as
some seem o imagine, and to adj that
inc Argls azure ava no. "'Sil'N any '''n'
auec'ioh Tor this paper having ~ " Pe'l
spirit oil persecution ul'Nch 'nc only
representative TINS paper h'u 'h,Ie III
any 'al"clly' from 'he moor OF lne house
the day before thal same House un"nl'
monsiy passed the NH amending the law
in la N.tk Of Isl
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
Building Railroads on borrowed

Money
Mr.. E. G. steadman, poet and broker,
in an interview with Tribune reporter,
speaking of the recent failures saidi
"There has been "great Western rail-
"way expansion, and the bubble has
finally exploded, as it was bound to do
d" sooner or later" and he says further
" One thing is certain it has cured the
"disease. There will be no more lending
"of large amounts Oh new railroad en-
"terprses, and when this wreck lie
cleared away there will be healthier
81 for years past" This is a view of the
matter we have already urged and we
are glad to find one who is said to be as
excellent ilnancier as he is poet, taking
80 cheerful a view Of the future. SpecHla-
tive railway building, has been the mad
ness of the past few years, and has like
every financial bubble which ever yet
was blown, drawn money from useful
and legitimate uses to be put where Il
will do no good. Nothing hut the bitter
experiences OF loss and disappointment
will ever cure the foolish trust which
fosters such schemes, and therefore losses
md disappointments are not unmixei
evils even to those who suffer them.
We have long entertained an idea that
there was something rotten in the system
of building railroads whether they are of
use or not. Why ought the original
stock of most new railroads to be sunk
and the road to pass into the hands OF
the bond holders There is 10 other
business into which men enter with
full belief that it will soon pass out of
their control into the hands of their
creditors, and this is because there is no
other business in which the amour. of
money borrowed bears 50 great a
proportion to the capital, or in which
men borrow money 40 such sacrifices and
with such little hope or expectation Of
repayment. Under such system as is
now common, the tendency is 10 put all
roads into the hands Of capitalists not
Otherwise interested in the country
through which the road runs ard there
fore caring no more for its interests
than wise regard for their
own interests compels them to-.
The apparent remedy for this is larger
paid up stock subscriptions and smaller
bonded debts. A road ought to be pro.
hibited in its charter, from borrowing
more than an amount pr)portioned TO its
actual paid up capital. Roads would not
be built so rapidly under such a system,
probably, but they VIC uld bs more Likely
after they were built. TO be owned and
controlled by men sharing to some extent,
and at least ameuable to the pablo aenti-
meut aud eonversant with the interests Of
the country through which toey run.
NOT would the country suder In natural
and healthy groHth. if railroad building
were little less rapid.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

q f..s....... "a q.
- '0''' moiyrs w ,lrrtiit.
"Tbe granger movrmnnt ,''
Commodore. .s Vim, lb,. 'Ir,I'.- Do
"The farmers mov.m.uf ..t De-
responded the Hrali NAM
" W,l. I DOM lnow nwiN.n-
il. Uny,u't min anv attention.. =
"ltisa me,ri,,,li ar,i,,.t .ib.... b
conventions lntrmnInr.' ,uI 4 e..
think ,ou would knnw ,Ii ',bo1f 4.
B1l dnnit / n.v,r I'm. 81
their article. INV ar. s.on a
railroads ar. tbcv5,5 ~
1T seems so. They e1mraio .
uy " s,,a iLn "sH , uA',c''ns j."
,,,"n ~ IA, iuS Hla''u',' "nS %
for rurnos'1 ~ .,''ort'n', nps..
from tha f,rm.r- -
esThrv III ',l,y1 s.tJu.r,pn.
knocking the ashes FROM h-
" We'll, AS To sirciai LEGISLATION J
with them. II they are m fayurui
ing only general railrond laNs' J.
willing to back 'cm. Further tb'
/ don care what the ID iLtl "'
NVn'i"l can huid It's own
-, sulln,e GU Will uo an't :.
o oi.'S a.. 'nu i, ,,e',.' even II ~" ''
~ q. + III Isl '''i Vhulr u, liahu7 n-
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

NEWTON, sept GA fire this morn
ing caused the loss Of elghty-hve th,m-
sana dollars. Insurance sixty Thousand.
Newtown is the county town of sns-
sex county and had "a population in 1870
OF s,4O5. It is situated on the sussex
railroad and on the Pauliuskill Creek.
o. miles north of Trenton. -EBs. OF r.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
The kew York RepubIloans.

The New York Republican State Con-
yenlion met at Utica Wednesday. Stewart
L. Woodiord was chosen permanent
President. The following ticket was
nominated Secretary of State, Francis
5. Thayer Comptroller Nelson X. Hon
kinsi Treasurer, Daniel q. Fort; Attor.
ney General, Benjamin d. siiman
Canal Commissioner, Sidney Meade
STATE Engineer, WIN, b. Taylor; Prison
Inspector, NJ. X. Platt Resolutions were
adopted declaring Tor the continuance Of
the work of reform in State affairs, and
that the Republican party, by passing
civil damage aud local option laws, has
shown itself the true friend of temper
ancei demanding the Improvement
Of tue state canals aud their
adoption to steam nav .gation, and that
Congress should take action in in the
matter; denouncing the back pay "grab,"
and approving the administration of
Pre- ident Grant. After appointing the
State Committee, with stephen French at
its head, the Convention Adjourned.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
Work Snsnenrlen-

Owing to the financial crisis the Rog-
ers Locomotive Works, at Paterson, N. j.,
have cancelled their orders for locomo-
tiyts for three months ahead, and
discharged 5s5 workmen Tuetday. It is
feared five hundred more men may be- dis.
charged from the same works, besides
several hundreds from the Daulorth and
Grant Mnrks.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
An InternatinnalIdlnt

The reason George Francis Train was
not awarded the First Grand NJ, dnl OF
Honor at the Vienna Exposition tor heine
he champion International idiot, is he
cause he was not entered. Another in
stance Of the gross acknowledgement of
the American Department -Norristo,on
Herald.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

AMERICAN sEcgRIrIEs FLAT
LoNpoN, Sept "a. -N,rta
heavily declined. 'l' "e
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
The Crisis in ch,caro


NATI,NAL BANKS ,c-rr>uN
CHICAGO, Spt. 2Gth -TN So.
the Maulfac urcs's NN.olmb...
failed,
LATER MORE ,r.rrv-iu>..
CHICAGO. Sept. 26.-Th Coo, d
National Bank has su.pml. T.
other National Banks have at
nenled.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
Spain.

LoNDON, Sept. %. 1t is reported that
the Spanish government has demanded
the release Of the Spanish frigales now
detained at Gibraltar and that the rela-
iIots between the two governments will
b. rupured # Great Britain declines.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

The President has appointed Richard
Harrington, Esq, Secretary of the Dis
lrict Of Coumhia, to succeed +. l.. Stan
ton E.q, who resigned that position on
accepting an appointment as Receiver of
the First National Rank. Mr.. Harrington
has prosrered ".er since he took up his
residence at Washington, and his friends
in this State will rejoice at this new pro
motion.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

l"'hl' say '''''''.' sou, OuO,UuO
These lSurts are very expressive.
This table does rot include State securi.
tics nor any Of the various kind OF Inper
held 10y our people AND sold in the market a.,
which this panic has deprecated. Il
merely shows the eilact Of the crisis upon
railroad stocks aud bonds dealt in Wall
street. The actual shrinkage amounts
to some 500. DOC, 600, - so much of ~ hat
was he ID AS property has sunk out of OK
isicuce in a fortnight y
Thu, tine values were unreal; but SO
long rs they were regarded Hs real the
depreciation is practically equivalent to
destruction of so much property. Aud
that is a loss that cannot be- recovered
from In a Week. -Ncl1 Yyrk Gralhic.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

L0NDoN, Sept. 25ih. The Daily Neans
thinks the panic in New York will lead
to the resumption OF specie payments in
America.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
NEWS by TELEGRAM
Washington.


SUSPENSION or A PRIVATE p,,-
WASHINGTON, Sept. 20 FIN, q
ington " Co., ufokers, have s1. r.
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27

-" Give the Devil his due, Pat. and
where would you be % "Alone, your
Haunr -
Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
IINLnf


Total shiiukHge active stocks. .sgl. $50. 85t
Estimated Sam kage not active. 25,OuO.O 900
Estimated shrinkagc on bonds. 75,OUO. 900
The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1873-06-21
Oldfeld's Excelsior Pump |!

THE undersigned has now on hand about
Il 1900 feet of choice White Oak Pump Stock
which has been in soak in spring water suffi-
cient length of time to free it from sap. ANY
Pump constructed of this stock is guaranteed
not to give an unpleasant taste to the water
His arrangements for preparing Pump Stock in
the above manner are most ample and COM
plete, and he will always be prepared to put UP
THE EXCELSIOR PUMP at short notice.
Always on hand all kinds of Pump Fixtures
of the very best quality, including Leathered
Buckets for old pumps, which can be furnished
on demand.
Common Wooden Pumps made on the prem
Uses where they are to be placed, when desired.
All Pumps constructed by the subscriber are
warranted for one year. After the first year
they will be kept in order by him, for ten years,
for the moderate sum of 81 per year.
@T the Excelsior Pump should not give
satisfaction 1t lviU be removed and the money
refunded.
rs Refers by permission to Robert R. Boar
man, ESQ.,, Towsontown.
@-Orders by mail, or in person, attended
to with promptness, and at moderate prices.
VIM. OLDFIELD, PUMP MAKER,
Fountain Green, Hartford County, Md.
May 10, 1S73.-1y.