18th of September the former firm suspended simultaneously at its offices in New York, Philadelphia and Washington, dragging down with it the First National Bank of Washington, of which one of the partners, Ex-Governor H.D.  Cooke, was president.  The downfall of this great house was regarded as little less than a national misfortune, and the prevailing distrust was so aggravated by the event that Wall street went wild over the news; and “long” stocks were thrown overboard on the Exchange without regard to price, while the bears were emboldened to put out fresh “shorts” with a recklessness never before witnessed, the question of real values being entirely unheeded in the excitement and demoralization that prevailed.  On the following morning the suspension of Fisk & Hatch—­a house only second in prominence—­sent another thrill of consternation through the street.  Prices on the Stock Exchange continued to fall rapidly, and during the day twenty-one additional failures occurred among stock-houses and private bankers belonging to the Board, nearly all of whom had been of good standing and accustomed to transact a large business.  Early on Saturday, the 20th, the Union Trust Company, an institution with seven millions and a half of deposits, closed its doors, and the National Trust Company, with about five millions of deposits, did likewise; while the National Bank of the Commonwealth failed, apparently with little hope of resumption, mainly in consequence of having certified cheques for a private banking and stock firm to the amount of $225,000 in excess of its balance.  The Bank of North America was temporarily embarrassed from a similar cause, another stock firm having similarly defaulted to no less an amount than $400,000.  Here we have two conspicuous instances of the danger attending the custom of certifying brokers’ cheques for large sums beyond the amount to their credit; and no greater warnings than these should be needed by the banks to decline such risks, which are neither justified by the profits resulting therefrom, nor just to their stockholders and depositors, while they are clearly opposed to the spirit of the National Banking Law.

Following the suspensions last referred to, Wall street grew still wilder than before, and in the rush to sell securities many of the brokers abandoned themselves to a state of frenzy, while rumors of fresh failures passed from lip to lip with startling rapidity.  The fact that during the morning the associated banks, in accordance with the recommendation of a committee of their own officers appointed on the previous day, had agreed to issue to each other seven per cent. certificates of deposit to the amount of ten millions, on the security of government bonds at par and approved bills receivable at seventy-five per cent. of their face value, as well as to equalize the legal-tender notes held by all for their common benefit and security, had no influence in tranquilizing the public mind, although it showed a determination on their part to