Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1876-03-24
OUR NEW YORK LETTER.
THE BIG BANK KFAILuRE-Sl00,00 900 HOUSE
THE LABOR NARKET-DREW's FAIL
URE--THE woMEN's CENTENNIAL--THE
NEW HAMPSHIRE ELECTION.
New YORK. March -, 1876.
THE BIG BANK FAILURE.

NEW HAMPSHIRE ELESllON.
New YORK. March 20, 1876.
THE BIG BANK FAILURE.
To the surprise OF every body, the Bank
Of the State Of New York closed its doors
Tuesday. This VAS one of the oldest banks
n the city, and was presumed TO be one of
the soundest, aud the failure created a pro-
found sensation on the street. Stocks went
down irightful,y, other banks shivered in
anticipation OF runs, and for a while il
seemed probable that panic would sweep
over the street But, fortunately. the event
passed without q widespread trouble.
This failure let. in Hood Of light on
New York business and New York busi-
nes, men. WheE this staid, solid Old
banA-this emlnently respectable "tinan-
cial institution" went under. and It's af-
fairs came 10 be investigated, it was found
that none Of its directors, or, for that mat
ter, any of the officers, knew nothing about
its management, that not one OF them had
ever looked into it, there had never been a
regular meeting of the BOARD, and that the
whole management was left in the hands OF
one man, the Vice President, Patrick
As a matter of course Mr.. Patrick had
lent himself S200, 900, no had lent the AT
triton Flour Co." si00, 600 on 5000, 600 Of
lis stock, which stock was worth about
four cents a pound, and equally Ms a mat
ter of course every shyster concern III New
York in which Mr.. Patrick WAS interested
or felt friendly toward. had its money on
just as worthless security. The directors
were all surprised when the failure was
made known 10 them.
The effect of the failure will be bad IN
one sense aud good IN another. 1t will DC
bad because il will unsettle confidence, and
make distrust. Ii will be good because ii
will compel directors 10 look into the man
Agement. and see what 10 being done with
the money with which they are intrusted.
All the banks, with few exceptions, are
in tight place. Their securities are un-
sound. Real estate was their fayorite Sc
curity, and on real estate loans have been
made quite up To its value. But. alas, real
estate has shTunk iu value over half since
these loans were made, and when the banks
come to foreclOse only half can be realized
Business men dread 10 have the condition
of the banks looked into, for tear they will
all be found To be rotten. which would re
suit in such Z snash-up as this city never
saw. They prefer to shut theil eyes and
lei things drift, hoping that something will
turn up 10 let them out. But il has got To
come. New York is not al the bottom of
itE troubles yet.
A 100000 HOUSE.
Do ycu remember the failure efthe "eml-
nrnt' clearinghouse of Duncan, Sherman
* Go. o! course you do; and you re-
member also that they didn't pay scarcely
anything on the dollar, and that their credi-
tors were feariully indignant. II is com
fOrting 20 take up Newport paper and
read that MT. Watt Sherman, one OF the
partners, is building 4 cottage in that "city
by the sea. !" the cost of which is only $780,
0O0 and this for n summer residence only.
Failing is not very bad business, after
all. II a ruined man can afford lO0OOO
house, what ought one to have who sticks
TO his legitimate business, aud goes on reg
ularly? The Vice-Presideut of the big
bank failure Of Tuesday will probably build
himself cottage next year.
THE LABOR HARKET
is in \ fearful condition. One publishing
house las discharged thirty clerks since
Jan. lst, every one Of whom are now out
of employment, and will be till trade re-
wives. The great metal house Of Phelps,
Dodge * Go. notified their employees that
they should be compelled to dismiss one
halt Of them, whereupOn the men held
meeting aud resolved TO work for oue-hall
wages, provided the whole force should be
kept on. To this the house consented, and
the men are doing the best they can until
something turns up. One manufacturer
in the city who never, till iast year, en-
ploved less than 1900 men, has but 400 at
this time. He discharged six hundred last
week. These are but sample cases. The
whole industry of the city is parslyZed,
and distress is not only widespread, but
universal. Those who have work, are do
ing il for the barest and closest possible
subsistence, and they are exceedingly for
tunate Whers one has work, ten haYe
none at all. and what they are living on,
Hea gen only knows can hire ten thou
sand women Tomorrow for 50 week.
women skilled in the labor they do, and
men can be had in dIoves for dollar
week more. When will the good times
come
DREw'S FAILURE.
The failure of Daniel Drew, once the
King of Wall street, produced no sensation
for the old fellow nearly failed year ago.
He has been uniformly unfortunate for
some wears, and 1.-THE boys as ne was
wont TO term the younger members of the
board, have squeezed him numerically.
And finally they got him down, and every
body is glad Of it. In his day, when he
had power, he showed DO mercy. He never
asked or gave it, aud now that his enemies
have him, they mete out to him his own
medicine. Drew's career was strange
one. He commenced life as drOver, aud
having accumulated some little money,
went into Wall street. As he was totally
upscrupulous, very bold and daring in bis