ing 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 stand or fall together. As these
certificates were to run till the 1st of November, and to be used
as the equivalent of legal tenders in making the exchanges among
themselves, the importance, as well as the advisability, of the
measure, under the circumstances, was apparent, although the
limitation as to amount looked like the application of a standard
of measurement t