190 HISTORY OP THE GRANGE MOVEMENT; OR, 



The morning of the 19th found matters in a most 

 unhappy state. No remedy had yet been found for the 

 trouble. The excitement was intense. The run on the 

 Union Trust Company continued, and during the day 

 immense sums were paid out to the depositors, who had 

 now become alarmed in good earnest. But during the 

 day all demands were met, and the directors of the 

 company entertained the hope of successfully passing 

 through their troubles. 



In Wall street the same feverish anxiety prevailed. 

 There had been such a terrible sacrifice of stocks on the 

 previous day some of the best of these securities hav- 

 ing fallen as much as ten per cent, in value that it was 

 evident that the weaker houses must yield to the pres- 

 sure upon them and close their doors. 



Soon after the opening of the business of the day, the 

 street reeled and staggered once more under as heavy a 

 blow as had yet been struck it. The President of the 

 Stock Exchange announced to the excited throng be- 

 fore him that Messrs. Fisk & Hatch had suspended 

 payment. Now Fisk & Hatch were one of the most 

 trusted and respected firms in the city, and their failure 

 was second only to that of Jay Cooke & Co. It had 

 been brought about by a similar cause heavy advances 

 to a railroad (the Chesapeake & Ohio road in this 

 case) upon bonds which they had been unable to nego- 

 tiate in time to meet their other obligations. The fail- 

 ures of eighteen other firms of greater or less prominence 

 followed in quick succession, and when the closing hour 

 arrived the confidence of the boldest operator had en- 

 tirely departed. Men were bewildered. They knew 

 not whom to trust ; scarcely what to do. 



Until this day the panic had been confined to New 



