Description

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1893. Excerpt: … CHAPTER XXV “HAVE ALL HIS VENTURES FAILED?” The crash had come at last. For some days the uneasiness in financial circles had been growing; the bank rate went up, shares of all descriptions went down, capitalists began to draw in their horns, and everybody seemed to be waiting breathlessly for the impending thunder-storm. At last it broke. At three o’clock one afternoon the Colossal Joint Stock Bank suspended payment, and before five it was a foregone-conclusion that the great house of Varley, Templeton & Co., India and Russia merchants, bill-discounters, and private bankers, would suspend too. One other eminent firm was talked about, and reported to be in difficulties; anxiety as to its chances of weathering the storm ran high, and for some hours its fate was undecided. Meanwhile the two big failures that had taken place–for next morning the stoppage of Varley’s was announced–was bringing down smaller houses one after another. The City was, for the time being, demoralized. The wildest rumors passed from mouth to mouth–some favorable, some sinister. There were scarcely a hundred firms of standing who could feel sure of their own safety. No one knew what to expect; no one knew who might be the next to go, or what disastrous result the next failure might have upon himself. The ruin was already wide-spread enough, and few City men slept comfortably that night; but the trouble was not yet over. During the forenoon of the succeeding day the Capital and Discount Banking Corporation closed its doors, and the agony reached its climax. Poor Mr. Palliser no sooner got wind of what was going on than he rushed up to town third-class, vowing that he was a ruined man and looking unutterable things. Nor did his visit bring him any comfort. The whole City, as he told …

Author: Balfour, Frederic Henry

Topic:
Media: Book
ISBN: 1151019003
Language: English
Pages: 130