The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1912-03-22
New NEWS OF YESTERDAY
When Hartman Stood on the
Brink Of Despair.
During the Great Panic Of 1898 As
Would Have Been Utterly Ruined
y II Clearing House Certificates
Had Not Been Issued.
BY e. ). EDWARDS.

BY e., J. EDWARDS.
One Sunday afternoon in the mid.
die Of the summer Of 1893. the late
Frederick d. Tappan. then president
OF the Gallatin National bank of New
York city. and chairman OF the New
York Clearing House association. re.
ceived at his country place In tho
Berkshire Hills. where he was spend
Ing the weekend. Il telegram from
some OF the prominent New York
bankers associated with the clearing
house urging him to come to New
York with all possible haste.
The great panic which marked the
first year of President C~levcland's
second administration was then at it's
height. The treasury OF the United
States was being drained of gold by
the operation of the so-called endless
chain. Money had. sought cover. and
borrowers We're unable to gel accom-.
rodatfon even when they had gilt.
e'ged collateral TO put up as security.
Everywhere there was a mad passion
'" $piNS|i PitNy'Fi'S Nv :'pI SIi
hoard il. Men with oblieatIons TO
meet in cash were in extremities. and
II had finally come to he believed that
only the issuance Of clearing house
certificates could relieve the strain
and prevent an apna'ling financial
crash. The situation had become
strained to the breaking point when
that message was sent TO Mr.. Tappan.
and he took the late afternoon train
for New York.
IT arrived in New ycrt carly SIN.
day evening and went directly IN my
house" Mr.. Tanpan. said when relat.
ing this incident to me sometime aft.
erwards. 81 had been there only a
few minutes when the door ben rang
As there was no one else in the ho"se
but the housekeeper. I went to the
door myself. I opened It and found
Ed Hartman standing there.
8" was shocked at his appearance.
He looked more dead thar alive. He
was chastity pale. haggard and sunkcn'
eyed. and seemed physically exhaust.
ed. saw in a moment that he was
In a terribly nervous state and that II
was simply nervous excitement that
was keenpg him I'M.
"'Are you going to do something
are You going to issne certificates to
morrow ha exclaimed In n breath.
without anv preliminaries OF greeting.
IT O dcn't. I am a ruined man. !
have heavy OBLIGATIONS 70 meet to.
morrow. and haven't been able to
borrow on any sort of security. II
the clearing house doesn't act. every.
thing I have will be wiped out
"'Ed.' ]. said. you look as though
you hadn't had any s1eep.'
"'I haven't he said y haven't had
a wink of sleep for three nights on
account OF this. I cant borrow a dol.
lar. and ~, securities are gilt edged
"'The thing for vou to DO 7 said.
rs to 20 homo ar 20 tc bed
"sWeJ. but w'"' is the clearing
house goi,,e tc do he exclnfns..d des'
perately 'Yc, must do something to.
morrow l;nlcss sou %do--un!ess YOU
issue certificates everything have
will be gone within twenty-fouT hours.
and my prospects will be blasted
shall be absolutely ruined. You will
also have a frightful panic
"T can't say what we shall do. Ed
I said. 4. have Just got here. and
haven't e n n but yon yet. HHt
what is the use Of your wearing yoNr'
self out in this way? No matter what
comes tomorrow. you will be better
off for a good nights sleep. If worse
comes to worst. nevertheless. you can
start e again
"'Perhaps you are right he said
4 do need some sleep I think he
suspected from my name that the
clearing house would issue certificates
In the morning. and he vas comfort.
ed. At any rate he went away iii q
somewhat calmer state Of mind.
AT q o'clock the mex morning II
was announced that the clearing
house would issue certificates. by
means Of which financial, operations
could be carried ON and loans secured
at the banks. Ed Hartman was down
at his ONCE early. and he got through
the day all right. meeting all his OBJ
legations, which were heavy. The next
time l saw him. which vas a week or
two later. he wal as clipper as ever.
and from that time his greater career
began"
Copyright. 1911, by e. =. Edwards. Az
Rights Reservod) j
Il Was Necessary.