The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-08-28
CAPSULE NO. AZ.

CAPSULE No. AZ.
TvHE FAILURE OF 's descended upon Newark industries Ike the proverbia
wolf OF the fold. Conditions here's so fr az history makes recordo of then.
had nothing whatever to do with the prolonged visit If the marauder excepting
in a vague general way. With the return of prosperity, Immediately afer the
Civil War; there al noted on every and a lavhhe expenditure of public ana
private Moneys. It had been so long a time since there had been opportunity
offered to spend money tat when it came suddenly it developed apparently .
mani for expenditure. There were man students of h time. later to b o
garded as u prophets. who denored openly and in private this national
tendency They characterized 1t as ssteful and exravaeant, ana foret0ld that
day Of financial wrath which they declared wa at hand. They urged rerench.
ment all alongt the line, but apparently were to remain without honor in their
own country, as is the tabled fate of prophets Until what hey announced was
o come to passh had arrived. Just low much thisd disbursement N so prodigai
a scale contributed to he coming panic is lot known. as panios while they
"a a broad trail, d 10 not beave a clear n which nay be followed to their I
hhs wheresr ire concealed the secrets OF their why's and where"res.
This panic of 1s so far Is Newark vas concerned locally, was preceded by
the failure of scores of banking firms in Few York. Immediately all panic ION
dnons were in evidence, of greater intensity and in greater profuson than they
had ever bee beforeh here. Factories n mills were closed down because credit
had been destroyed. Thousands of orkmen were.t thrown u ofe employment.
That period which had preceded the panic with its loose financial standards
and it, free expenditure. hat inspired few of slender means to prepare for that
rainy day of which there wa n slightest intimatiOn. And when it m It
turned out to be a vertable rainy season. AS had been the easel that earlier
time of distress in 81 worknen we're finally compelled to assemble in mas
meetings and petition authorities for work lest they and their children starve.
The suffering as greater in that it vas seneaL n a victim of the times
turned to his neghbor for aid only to find him in like plight But as everyone
who has lived through me of those periods which are labeled "panic' times
even outside of thee campaign literature knows. they are somehow endured. al
though it isn't always possible aterwsrd to explain just how.
To the sorryr record of dishonor which was made throughout h country
during these times of Stress Newark, to Its credit contributed title or nothing.
il is said that through TIN panic period u me public omeil did anything rep
rehensible and only me failure in the city vas due to anything other than mis-
management Such a record might be more appreciated IL thu frequency with
which public officials were strsying rom the path Of duty and banking inshtu-
tons were succumbing because of the dishonest officers in other parts of the
country, was known
It was that sam boise and conservatism which had marked the city since
the beginning of its career, which saved it from touching h bottom of the
abyss of hard tmes And these sam traits enabled the city institutions to
weather man a lesser financial storm when others were wrecked by scores.
Also it enabled Newark industries to gets started back along the pathway to E.
newed success and prosperity considerably yin advance of the crest Of the coun-
try The succeeding years we're a repetition OF that's story in Newark of mar
vaous rebounds from he valleys of misfortune to the peaks of fortune. It
reached its climax when Newark shoe anufacturer were competing fol Ger
man markets with German manufacturers nd makers of cutlery we're Tight
ing the famed factories of Manchester and Sheffield for markets on the aters'
own sacred English soil.