Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1876-03-25
OUR NEW YORK LETTER.
The Big Bank Fdilnre-$l00,00 900 House
TIE Labor Markef-Dre,0's Failure
The NeD Hampshire Election.

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To the surprise of everybody, til,
Bank of the State of New YOrl
closed its doors Tuesday. This was
one of the oldest banks in the city,
and was presumed to DO one of the
sOundest, and the failure created q
profound sensation on the street
Stocks went down frightfully, Othel
banks shivered in anticipation O
runs, and for q while it seemed prob
able that n panic would sweep over
the street. But, fortunately, the
event passed without widespread
trouble.
+ The failure lets in q food of light
on New York business and New
York business men. When this
staid, solid old bank-this eminent
ly respectable Financial institu
tion," went under, and its affairs
came to be investigated, it was
found that none of the directors,
or, for that matter, any Of the Off
GERS, knew anything about its man.
agement, that not one of them had
ever looked into it, there had never
been 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 S2OO,OOO, he had lent
the "AttritiOn Flour Co." 100000
on $500, 900 Of it's stock, which stock
was worth about four cents pound,
aud equally as matter Of course
every shyster concern in New York
in which Mr.. Patrick was interest.
ed, or felt friendly toward, had its
money on just as worthless securi-
ty. The directors were all surprised
when the failure was made known
to them.
The effect of the failure will be
bad in one sense and good in anotb-
err. 1t will be bad because it will
unsettle confidence, and make dis
trust. 1t will he rood because it
will compel directors to look into
the management, and see what is
being done with the money with
which they are intrusted. All the
banks, with few exceptions, are
in a tight place. Their securities
are unsound. Real estate was their
favorite security, and on real estate
loans have been made quite up to
it's value. But, alas, real estate has
shrunk in value over a half since
these loans were made, and when
the banks come to foreclOse only a
half can be realized. Business men
dread to have the condition of the
banks looked into, for fear that they
will all be found to be rotten, which
would result in such a smash up as
this city never saw. They prefer
to shut their eyes and let things
drift, hoping that something will
turn up to let them out. But it has
got to come. New York is not at
the bottom of her troubles yet.
A 100000 HOUSE.
Do you remember the failure of
the "eminent" banking house of
Duncan, Sherman & Co.. Of course
you do; and you remember also
that they didn't pay scarcely any
thing on the dollar, and that their
creditors were fearfully indignant.
1t is comforting to take up a New
port paper and read that Mr.. Watt
Sherman, one of the partners, is
building cottage in that "city by
the sea-" the cost of which is only
800, 900! and this for a summer
residence only. Failing is not a
very bad business. after all. If Il
ruined man can afford a 100000
house, what ought one to have who
sticks to his legitimate business, and
goes on regularly? The Vice. Pres
ident of the big bank failure of
Tuesday will probably build himself
a cottage next year.
THE LABOR MARKET
Is in a fearful condition. One pub.
fishing house has discharged thirty
clerks since Jan. LIST, every one Of
whom are now out of employment,
and will be till trade revives. The
great metal house of Phelps, Dodge
& Co. notified their employees that
they should be compelled to dismiss
one-half of them, whereupon the
men held meeting and resolved to
work for one-half 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
in the city who never,
till last year, employed less than
1900 men, has but 400 at this time.
he discharged 600 last week. These
are but sample cases. The whole
industry of the city is paralized, and
distress is not only widespread, but
Those who have work
are doing it for the barest and clos
est possible subsistence, and they
are exceedingly fortunate. Where
)ne has work, ten have none at all,
and what they are living on, Hea.
ven only knows. l can hire ten
thousand women tomorrow for S5
! week, women skilled in the labor
hey do, and men can be had in
lroves for a dollar a week more.
When will the good times come?
DREw'S FAILUBE.
The failure of Daniel Drew, once
he king of Wall street, produced
10 sensation, for the ole fellow near
y failed year ago. He has been
unfortunate for some
ears, and "the boys" as he was
Won't to term the younger members
# the board, have squeezed him un.
nercifully. And finally they got
i'm down, and everybody is glad of :
/. In his day, when he had power,
e showed no mercy. He never
sked or gave it, and now that his s
have him, they mete out to ,
i'm hiS ovn ma1ioinn nrou,s M |