THE FARMER'S WAR AGAINST MONOPOLIES. 193 



mate business to aid the railroad in the matter of its 

 dividends. When its troubles came upon it, it called 

 upon the road to make good its loan ; but the request 

 was unheeded, and the company was forced to close its 

 doors. 



During the day eleven other firms suspended pay- 

 ment ; and the National Bank of the Commonwealth 

 was also compelled to close its doors. 



Up to this time, with the exception of the Trust 

 Companies and the Commonwealth Bank, the panic had 

 been confined to the stock market ; but the suspension 

 of the Union and National Trust Companies and the 

 Bank of the Commonwealth produced a serious fear 

 that the banks of the city might become generally in- 

 volved. This danger was averted, however, by the 

 refusal of the general business community to be fright- 

 ened by the panic ; and with the exception of a slight 

 run upon the Fourth National Bank, none of the banks 

 of the city were subjected to any unusual demands. 

 On Saturday, however, with a view to preparing for the 

 crisis, if it should extend to them, there was a meeting 

 of the Bank Presidents, at which it was resolved to 

 pool the assets of their respective institutions, and to 

 assist each other to the utmost by the issuing of tem- 

 porary loan certificates, which could be used in case of 

 need. This determined action increased the confidence 

 of the public, and did much to avert the danger which 

 at one time seemed imminent. 



At noon on Saturday, so utterly unmanageable had 

 the market become, and so general was the prospect of 

 ruin among the dealers in stocks, that the Governing 

 Committee of the Stock Exchange decided to close the 

 doors of that institution until calmness could be restored 

 13 



