Nothing was saved from then.

Five were large vessels, and the others light crafts.

The loss was fifty thousand dollars.

Following immediately upon this, was another loss of equal amount arising from the failure of a certain large moneyed institution, in the stock of which the company had invested largely.
In consequence of this serious diminution of the company's funds, the directors found themselves driven to make sacrifices of property, and to diminish all expenses.
"We shall have to reduce your salary Mr.Bancroft," said the president, to him, some weeks after the company had received the shock just mentioned.

"The directors think that five hundred dollars is as large a salary as they now ought to pay.