Kissing the Rod: A Novel. (Vol. 3 of 3) — John Shaqi
Kissing the Rod: A Novel. (Vol. 3 of 3)Yates, Edmund
General
Kissing the Rod: A Novel. (Vol. 3 of 3)
Yates, Edmund
England -- Fiction
These events happened late in the afternoon of a bright spring day, so
immediately before the cessation of business, that they were only
known to those actually concerned in the City; and it was not until
the next morning that the general public was apprised of all that had
happened. The news sprawled over the placards of the newspapers in the
biggest typo; the news-boys at the suburban omnibuses and railway
stations were "sold out" at once; people rushed to tell their friends
what had happened; the panic spread to all stock- and shareholders,
and even to the depositors in banks. Then towards noon the City began
to be filled with a set of people to whom its ways were strange, and
who were unfamiliar with its customs. Elderly maiden ladies and rich
widows from prim Peckham paradises; old boys, club bucks and fogies,
from Bury Street or St. Alban's Place lodgings, who had little
annuities on which they lived; artists and actors hurrying down to see
the special stockbrokers in whom they implicitly believed; newspaper
reporters on the look-out for matter from which to concoct a sensation
article; mooners and loungers of every kind, were blocking up Lombard
Street and pouring into Cornhill. The old-established banks never
quivered for an instant; wild customers brandishing cheques rushed up
to the counter, and felt abashed as they were met by the calmest
clerks, who, without a hair of their parting or a fold of their cravat
displaced, asked them in the most mellifluous voices "how they would
have it?" the copper shovels plunged into the drawers, and came out,
as usual, full of sovereigns; the forefinger of the clerks duly
moistened counted off rolls of notes with the accustomed precision.
"Panic?" they seemed to say; "pooh! it must be something more than
panic that can affect us."
But three or four of the smaller houses, which had been battling for
months with the exigencies of the times, found it impossible to hold
on any longer, and succumbed--amongst them the house of Streightley
and Son. No stone had been left unturned, no effort untried; but the
state of the money-market was such that it was found impossible to
realise the securities which they held; and at length, bowed down with
despair, old Mr. Fowler wrote with his own hand the notice, that,
"owing to the crisis in the money-market having caused a run on the
house, and having failed to procure advances on the securities, or
obtain the slightest temporary assistance, we find it necessary to
suspend our payments." The notice went on to say that the step had
been taken with the view to protect as far as possible the interest of
the friends of the firm, whose forbearance was confidently relied on,
and added, that the books had been placed in the hands of Messrs.
Addison and Tottle, and that the early realisation of a satisfactory
dividend was anticipated.
Public-domain text, read in full here on John Shaqi.
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