Volumes might be told of the experiences of whalemen, of their contests with the natives of many an island in the Pacific, of wrecks, of the bravery with which masters have stood by one another in times of need or trouble, of the great benefits whaling has been to commerce, of the discoveries by masters in their searches for new grounds, of the fields opened for the missionaries, of the men rescued from danger and bondage, etc., etc.[4] [4] The world will ever be grateful to whaling for having rescued from penal servitude John Boyle O'Reilly, the gifted Irishman, who has given to the world so many beautiful poems. Up to the time of the war, and perhaps till its close, the history of New Bedford and the whaling industry was identical. But the discovery of petroleum, the scarcity of whales, and at the same time the low price of oil, necessitated an entirely new field for the capital and energy so long devoted to whaling. For a period of ten years or so the city was in a transition state, the conservative element contending for a continuation of the old order of things, while the younger blood demanded the necessary changes to keep abreast of the times. At one time it did look as though the conservatives would succeed; but gradually one industry after another got a foothold. Then the panic of 1872 demonstrated that a man who has money must invest it where he can watch it, instead of trusting to luck in some wild-cat railroad scheme out West. By the concentration and investment at home of some of the money saved from the wreck, the Wamsutta mills have become a corporation with a capital of three million dollars. The Potomska mills have accumulated a capital of fifteen hundred thousand, the Grinnell mill has eight hundred thousand, the Acushnet mill six hundred thousand, the Yarn mills three hundred thousand. In addition to these cotton mills other industries have sprung up, so that the total capital represented by the various corporations is over nine millions of dollars. Banking also proved profitable. Of the five national banks three have a capital of a million dollars each, another has six hundred thousand, and the fifth half a million; making a total capital of four millions, one hundred thousand. Add to this the surplus funds, premiums on the stock, etc., and the amount of money represented by these five national banks falls little short of ten millions of dollars. The Institution for Savings has deposits of over ten millions, and, with over three millions of deposits in the other savings-bank, the seven New Bedford banks represent some twenty-three millions of dollars.