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HEAVY DEFALCATION IN THE PHILADELPHIA BANK. PHILADELPHIA, Aug. 29. A deficit to the amount of from $150,000 to $200,00 has been discovered in the accounts of the Philadelphia Bank, owing to the parties being allowed to overdraw their accounts. The Bank is fully secured. The cashier of the bank, J. B. Trevor, has resigned and B. B. Cormelgys has been elected in his place. A large produce house in this city suspended payment to day.
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Our Philadelphia Correspondenced PHILADELPHIA, Sept. 6, 1851. The Naval Dry Dock at Philadelphia--Its Character --Its F ilure to Prove Useful-How the Contract was Munagel--Sharpers on the Riulto--The Philadelphia Bank-Gov. Johnston-The MayoraltyPolitics, &c. Amid the excitement and din of politics in this city of brotherly love, many subjects of the highest importance-and among them that of the government dry dock-seem to have escaped public attention. It was not until unceasing and unwearied application had been made to Congress, year after at year, for the establishment of a naval dry dock this part. that the request of the citizens of Pailadelphia was complied with; and, now that the dock has been constructed, it appears to have turned out a miserable failure-a perfect abortion. The government contracted with certain persons for the making of a dry dock for the sum of $813, been of which amount $650,000 has already 742, twenty per cent merely, or about $160,000, to paid, retained until the work shall be provision. proved being been completed. A very wise furhave to the facts. The contract requires the of Now of the material and the construction ca- a sectional nishing foating dry dock, basin and railway, of raising a ship of the line of the first vessel class, of pable 5,200 tons displacement, and a steam The 300 of feet long and 70 feet over the guards their contractors having alleged the performance of to the Navy Department recently ordered linecontract, station the North Carolina-ship of the this with the view of testing the work: but the order the almost immediately countermanded, and and was Saranac dispatched firther to be docked smaller frigate The attempt to get even this there scraped. into dock proved a complete failure, two vessel an insufficient depth of water, by some to being and a half feet, and she was, therefore, ordered the matNorfolk for the necessary repairs. Thus howter stands. An improved dredging machine, is in process of construction to be used the in ever, deepening the channel and water line facing but whatever success may attend this expe- than dock; it will be of short duration, for in less riment, months the tides will level the channel, and at three the water to be pre sisely the depth it is cause Then, of course, it follows that the ma- the present must be kept constantly at work, or which deck chine will become useless for the purposes for to it was built, and remain a perpetual eyesore the citizens of Phila delphia. Some queer stories are whispered about in regard obtain bargains and sales having been made to And to high influences to secure the contract. Penncertain of at least one Ex-M C., from the name is mentioned as having been connected small sylvania, the affair. The parties obtained no with for their services, from first to last. contem- A poramount of the ship builders and others here, tion petitioning the next Congress for a thorough into plate searching investigation, by a committee, and whole subject of our dry dock-its construction, been the of failure, how far the cortract has cause complied with, how far violated-by what means, a whose recommendations.or management, and by was built where this is-who were employed of dock certain persons to obtain the contract outside by competition, and the amount paid for success. fair in visitigation will be asked into all these things; of the most astounding specimens of Gal- that and pbinism, one it is anticipated, will be disclosed, the country bas ever yet witnessed. Let me warn strangers and business men, visiting Philadelphia, against the swindlers and land sharks who itfest what is called Barbary Coast, in the of the Exchange place and Bank alley. vieinity Swarms of these insinuating gentry-dealers in tickets and fraudulent paper-negotiaters from lottery bankrupts and willing witnesses, are for till night oscillating from one point Unsus- of morning the coast to another, seeking for victims. freand weak persons, having money, and are "done peeting quently dosed with the finest brandy, for" to the whole amount of their piles. has been a slight run upon the Philadel- of the There Bark, in consequence of the defalcation run will phia to the amount of $189,000. The specucashier, be greater next week, if the luckless Naviprobably of the bank in the stock of a certain No one lation Company shall be made public. sunk in outside gation the bank yet knows how much was Presiunfortunate venture. The card of the at that published two or three days ago, does not of the dent, ratisfy the people, or allay their doubts that all of the institution. We all know Folvency days before the Bank of the United States ex I few ploded, a similar statement, but less guarded, wa th tublished by its officers to the world-that dol bank was sound to the coro, able to pay every , and would do so the moment certain arrange . lar, ments could be made. The fact was, that that stitution was dead broke-hopelessly insolvent ( when the notice in question appeared, and the of