sed by any ordinary anodyne. A run on the Tenth National Bank had
commenced, and all day long a steady line of dealers filed up to the
counter of the paying teller demanding their balances. The courage and
the ability in withstanding the attack which were shown by the president
and his associates deserve something more than praise. The Gold Exchange
Bank witnessed a similar scene, angry brokers assaulting the clerks and
threatening all possible things unless instantaneous settlements were
made. The freedom with which the press had given details of the
explosion had been extremely hurtful to the credit of many of the best
houses. In a crisis like that of Black Friday the sluice-gates of
passion open. Cloaked in the masquerade of genuine distrust, came forth
whispers whose only origin was in ancient enmities, long-treasured
spites, the soundless depths of unquenchable malignities. Firms of
staunchest reputation felt the rapier-stroke of old angers. The
knowledge that certain houses were large holders of particular stocks was
the signal of attacks upon the shares. Despite of outside orders for
vast amounts, these influences had their effect upon securities, and
aided to tighten the loan market. One, one and a half, two, and even
four per cent. were the compulsory terms on which money could alone be
borrowed to carry stocks over Sunday.

"On Monday the 27th the Gold Board met, but only to be informed that the
Clearing-House was not yet ready to complete the work of Friday.
Important accounts had been kept back, and the dealings, swollen in
sum-total to five hundred millions, were beyond the capacity of the
clerical force of the Gold Bank to grapple with. A resolution was
brought forward proposing the resumption of operations Ex-Clearing-House.
The measure took the members by surprise, for a moment quivered between
acceptance and rejection, and then was swiftly tabled. It was an immense
Bear scheme, for no exchange can transact business where its dealers are
under suspicion. All outstanding accounts require immediate fulfilment.
Failure to make good deliveries would have insured the instant selling
out of defaulters 'under the rule.' As the majority of brokers were
inextricably involved in the late difficulty, the only consequence would
have been to throw them into bankruptcy, thus bringing some $60,000,000
under the hammer. The market could not have borne up under such an
avalanche. It was decided that the Ro