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 to that which could not be measured. The legal-tender notes, when "stocked" preparatory to their equal division, amounted to a fraction less than ten per cent. of the deposits. The pressure of sales of stock was almost entirely for cash. No money could be borrowed, either at the banks or elsewhere, on securities of any kind, and loans--which the borrowers were unable to pay off--were being called in in all directions. As compared with the quotations current on the eve of Kenyon Cox & Co.'s failure, the stock-list showed a decline of from twelve to thirty per cent. At noon the distraction was so great, and the sacrifices being made were so enormous, that universal ruin appeared to be impending; and the seeming impossibility of doing business any longer in such a condition of affairs without bringing about a state of chaos, and involving the banks in the general destruction, made itself manifest to the president and governing committee of the Stock Exchange, who yielded to the solicitations of the banks and closed the Stock Exchange at half-past twelve until further notice. The reeling crowd paused to take breath, and felt a sense of relief in this sudden stoppage of the course of business, although accomplished by a proceeding so unexpected and revolutionary. The usual Saturday bank statement was omitted, and men left Wall street that evening only to gather in a dense crowd at the Fifth Avenue Hotel to discuss the situation.