The Opelousas courier., 1884-07-19
houses. and soon after the opening of

houses, and soon after the opening OF
the stock exchange, the announcement
was made that Fisk, Hatch & Co. had
suspended, owing to heavy advances
made by them to the Central Pacific and
the Chesapeake and Ohio railroads. Dur
ing the day sixteen other firms suspended,
and the scene in Wall street was one that
had not been 'equaled since the dark
hours of "Black Friday" Leading
bankers met at the clearing house to dis
cuss plans for the relief of the street, and
a run was made on the Union Trust com
pany. Toward night it was believed
that the worst had passed.
News had come, meantime, of the sus-
pension of six heavy Philadelphia houses,
but it was announced from Washington
that a feeling of greater security pre-
vailed, Notwithstanding the failure OF
two banks on the previous day. Atmid-
night Secretary Richardson announced
that he would afford relief on the NOR
row by buying $40, 900, 900 of bonds.
The following Sunday was anything
but a day of rest. President Grant, with
Secretary Richardson and other high
officials of the government, were in con-
ference at the Fifth Avenue hotel in the
morning, and at noon were ready to hear
suggestions from prominent %tinanciers
who called. Various propositions were
offered by these gentlemen, among them
one that the government should. If nee
essary, place the whole legal reserve OF
$44, 900, 900 in the New York city banks,
Secretary Richardson laconically replied:
"This, gentlemen, is not my funeral"
After a time Commodore Vanderbilt pro-
posed that the government place $780,
600, 900 of the reserve in the New York
banks, to which he agreed to add $780,
600. 600. But neither the President nor
the secretary was disposed to have the
commodore enter into business with the
government, and all the propositions
were declined.
AS the day passed, ugly rumors were
set afoat, but nothing of new and great
importance could be positively learned.
Savings banks prepared for a run, and
decided to require the thirty days notice
previous to payment. Jay Cloud adj
vised the general suspension OF the banks
as the only safety for the mercantile com
munity and the public. News came of a
few suspensions in the West and South,
but they were not of special significance.
Monday was a day of comparative
calmness, and the governing committee
: of the stock exchange decided not to
open on the following day, in order tc
: keep down prices and reduce all stock
I transactions, thus permitting further time
to the banks. The bonds bought UP by
the secretary of the treasury footed uT
: So, 500, 900 for the day, and confidence
: seemed to be greatly improved.
The mex day, Tuesday, the 22d,
a brought a setback. Soon after noon thu
announcement was made that Henr.
Clews & Co. had suspended payment
J having paid out within the few days pre-
/ ceding more than 81, 200, 900. This sus
pension, creating almost as much excite
ment as that of Jay Cooke and Co., wa
e followed by the collapse of several othe
: houses, while news from the other cite
q of the country was far from reassuring
Tn to date. the bonds purchased by tn
secretary amounted to $12, 900. 900. Dur
: ing the next two days rumors of man
'e stupendous frauds in Wall street wer
5e circulated. Howes and Macy, Brow
J. and Watson Brothers, and Several smaile
d houses went under, an extra session Q
7, Congress was urged, steamship comps
q MES and railroads suffered for freight
$, and news came that Western and South
t, ern merchants were seriously affected. ]
l was thought, however, that the fury G
y the storm was passed. and mat the Ne
: York banks would be able to breast II
~ Matters were at a complete standstlll, an
m the government decided to buy no mo
is bonds. the purchase having reached $13
lie 600. 600. The following day saw the r
Id sumption of Henry Clews and Co. an
Howes and Macy, and it was declare
that Fisk, Hatch and Co. would resuE
< within q short time. Rank suspensio
continued in the West and South, an
word came that the Bank of Englan
IL was about to shut down on the QUITO
a of specie by raising its rate, and tt
OF United States government continued
y. decline granting further aid
Is The administration, however, sudde
ut " reversed its decision on the followiI
Sunday, being pressed by appeals fro
u thousands of business men, and decide
-, after d cabinet conference, to furnl
n gold for the relief of the foreign exchani
., market by anticipating the paymer
ey with rebate at the rate, of six per cen
he of the November interest on the fv
OF twenty bonds. The Goth brought res
In surfing news from all quarters, and t
q, assistant treasurer at New York te
graphed to Washington that the wol
was over, while the foreign exchan
market showed steady improvement, al
ra- the export trade promised to go on
m ,,o,,a1 Tho neyt few DAYS saw retuI