xcitement, and wild rumors of impending failures were again afloat.
The steady but quiet run which had been kept up on the banks now
increased, and they decided upon the issue of another ten millions of
certificates, and a third issue of a like amount, if required.
They also agreed to certify cheques "payable only through the
Clearing-house" until the first of November, the payment of currency
for cheques, for the accommodation of their dealers, to be optional in
the interval with each individual bank. This involved a suspension of
currency payments by all the banks in the association. The failure of
the Dollar Savings Bank and a private banking-house at Richmond,
Va., was reported on the same day, as also that of a banking-firm at
Baltimore, and another at Wilkesbarre, Pa. On the 25th there was no
change in the situation in New York, but the banks of Cincinnati,
Chicago and New Orleans suspended currency payments, as those of
Baltimore had done previously, and two banks at Memphis, Tenn., three
at Augusta, Ga., all those at Danville, Va., and a savings bank at
Selma, Ala., closed their doors. On the 26th six National banks at
Chicago suspended, and a trust company, and two banks at Charleston,
S.C., in addition to a banking-house at Washington; and the last day
of the week, the 27th, opened on anything but an encouraging prospect.
The telegrams from Europe reported an unsettled market for American
securities; gold for a short time rose to 115-1/2; seven of the
Louisville banks suspended, and the Boston and Washington banks voted
to suspend currency payments, and (those of each city) to issue ten
millions of certificates on the New York basis. But toward the close
of the day favorable rumors were circulated regarding settlements
on the street; and a petition for reopening the Stock Exchange was
circulated, while stocks, which had been informally quoted very low,
advanced several per cent.

During all this week there had been a dead-lock in business in Wall
street, although a crowd of persons not belonging to the Exchange
gathered on Broad street daily to buy or sell stocks for cash on
delivery, the sellers forced by their necessities, and the buyers
eager to secure stocks at lower prices than had been known for years.
But there were so few persons provided with "the sinews of war"
that the aggregate of transactions was small. The usual weekly bank
statement was again omitted by the Clearing-house from motives of
policy