BANKERS AND MERCHANTS 359 



May 1st. In anticipation of the announcement 

 some of the new interests sold Western Union 

 short to an extent that on April 29th broke the 

 price of that stock to 61 from a much higher quo- 

 tation. Either because of these sales or simply 

 coincidental with them the general market gave 

 way and the failure of Keene on the following 

 day gave an air of panic to the situation. The 

 closing of the syndicate deal went over until the 

 skies should be clear. On the 6th of May the 

 failure of Grant and Ward wrecked the Marine 

 Bank and the panic was on, good and plenty. 

 The office of Grant and Ward at 2 Wall Street 

 adjoined my own and the association was not 

 pleasant. 



The days that followed were distressing. 

 Day by day old loans were called while the 

 sources of supply for new ones contracted with 

 each hour. There were a few thousand shares of 

 our stock that I did not own and most of these 

 found their way to my office through sales by 

 brokers for cash when they found themselves in 

 need. Sometimes as three o'clock approached 



