THE FARMER'S WAR AGAINST MONOPOLIES. 191 



York, but it now began to involve other cities in its 

 effects. With the exception of the houses of Jay 

 Cooke, no firm outside of New York had suffered ; but 

 on this day the effects of the crisis began to be felt 

 elsewhere. In Philadelphia eleven suspensions were 

 announced. 



The only hopeful sign visible on Friday night was 

 the offer of the United States Government to buy 

 $10,000,000 of its bonds ; but it was feared that this 

 would not prove an effectual remedy. 



Saturday, the 20th, witnessed no improvement in 

 affairs as the day opened. When the hour of ten o'clock 

 A. M. struck, the doors of the Union and National Trust 

 Companies remained closed. Both had suspended pay- 

 ment. 



The Union Trust Company had borne up bravely 

 against the heavy pressure upon it on the previous days, 

 but on Friday afternoon it had become evident to the 

 directors that unless more funds could be had at once, 

 the institution could not resume business on Saturday ; 

 and at the same time it was discovered that the Secre- 

 tary of the company had disappeared with securities of 

 the company in his possession amounting, it was said, 

 to half a million of dollars. This was a terrible blow 

 to the company, but it would not have caused its sus- 

 pension in ordinary times. The chief cause of the 

 trouble was an advance of $1,750,000 to the Lake Shore 



TT 7 / 



Railroad Company, to enable that corporation to pay a 

 dividend of four per cent, in August, 1873. The total 

 sum voted in this instance as a dividend was $2,000,000. 

 It was stated at the time of the suspension that this 

 dividend was unearned, and that the road had but 

 $250,000 of the entire amount in hand, and was forced 



