The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1876-03-24
OUR NEW YORK LETTER.
THE BIG BANK FAILURES 500, 600 HOUSE
THE LABOR MARKET-DREw'S FAIL
URE-THE woMEN's sCENTENNIAL- THE
NEW HAMPSHIRE ELECTION.
NEW YORK, Mar. %, 1876.
THE BIG BANK FAILURE.


To the surprise of everybody, the
Bank of the State of New York closed
its doors Tuesday This was one of the
Oldest banks in the city, and was pre-
sumed TO be one of the soundest, and
the failure created profound sensation
on the street Stocks went down fright
fully, other banks sl,ivered in anticipa-
tion of ruin. and for IL while il seemed
probable that pani,: would sweep over
the street. But, fortunately, the event
passed without a wide spread trouble.
This failure lets in flood of light on
New York business and New York busi-
ness men. When this staid, solid old
bank-this emi.Iently respectable ''finan-
cial institution" went under, and its
affairs came TO be investigated. it was
found that none of the directors, or, for
that matter, any of the officers, knew
anything about its management; that
not one of them had ever looked into it :;
there never had been a regular meeting
of the board, and that the whole man.
agement was left in the hands of one
man, the Vice-President, Patrick As
a matter of course Mr.. Patrick had lent
himself $500, 900, he had lent the "Attri-
ton Flour Co." S4O0, 600 on 5000, 900 of
its stock, which stock was worth about
four cents pound, and equally as a
matter of course every shyster concern
in 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 to them.
The effect of the failure will be bad in
one sense and good in another. 1t will
be bad, because it will unsettle conf
dence, and make distrust. 1t will be
good because it will compel directors to
look into the management, and see what
is being done with the money with which
they are entrusted. All the banks, with
a few exceptions, are in a tight place.
Their securities are unsound. Real es
real estate loans have been made quite
up TO its value. But, alas, real estate
has shrunk in value over half since
these loans were made, and when the
banks come to foreclose only half can
be realized. Business men dread to
have the condition of the banks looked
into, for fear that they will 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 its troubles yet.
A $4,000 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
anything on the dollar, and that
their creditors We're feaRfIlly indignant.
It is comforting to take up a Newport
paper and read that Mr. Watt Sherman,
one of the partners, is building a cottage
IN that ''city by the sea-" the cost of
which is only 800, 600. and this for a
summer residence only. Failing-is not
l very bad business, after all. If
ruined man can afford S1C0, 900 house,
what ought ono to have who sticks to
MS legitimate business, and goes on reg
llarly? The Yice-President of the big
,ank failure OF Tuesday will probably |
,uild himself a cottage neKt year.
THE LABOR MARKET
s in fearful condition. One publish |
ng house has discharged thirty clerks |
ince Jan. 1st, every one of whom are
low out Of employment, and will be till
rade revives. The great metal house
# Phelps, Dodge & Go. notified their
employees that they should be compelled |
o dismiss one-half of them, whereHpon
he men held meeting and resolved to
york for one-halt wages, provided the
Whole force should be kept on. To this
he house consented, and the men are
oing the best they can until something
urns up. One manufacturer in the city
'ho never, till last year, employed less
han 1900 men, has but 400 at this time.
Ie discharged 600 last week. These are
ut sample cases. The whole industry
f the city is paralyzed, and distress is
ot only wide spread, but universal.
hose who have work, are doing it for
he barest and closest possible subsist-
nee, and they are exceedingly fortunate.
Where one has work, ten have none at
ii, and what they are living on, Heaven
My knows. l can hire ten thousand
'omen tomorrow for IS week, women
killed in the labor they do, and men
IN be had in droves for dollar week
lore. When gill the good times come?
DREw'S FAILURE
The failure of Daniel Drew, once the
ing of Wall street, produced no sensa-
on, for the old fellow nearly failed a
ear ago. He has been uniformly un-
tor some years, ana .the
Oys," as he was wont TO term the young
. members of the board, have squeezed
i'm numerically. And finally they got
i'm do ~, and everybody is glad OF it.
1 his day, when he had power, he
lowed no mercy. He never asked or
i've it, and now that his enemies have
I'M, they mete out to him his own med
inc. Drew's career was a strange one.
e commenced life as drover, and hav
g accumulated some little money,
ent into Wall street. As he was totally
very bold and daring in
s operations, and very shrewd as well.
amassed an immense fortune. At one
ne he was worth not less than fifteen
illions, and he was meyer quoted at
IS than ten. He was probably the
ost ignorant man that ever did bust
ss. His ignorance of the English Ian
lage was one of the standing jokes on
e staeet, and "Drew's last" was as
mmon as lying. de approached a
oker one morning with the remark, /
Don't you b'leeve that the skrimmage
Nor'western hez about calumnidtedr'
was as good a word for