But the financial situation throughout the country was such that nothing could stave off the impending panic.

Failures were increasing in number, some large firms broke under the strain, and the final stroke came on the 5th of May when the National Cordage Company went into bankruptcy.

As often happens in the history of panics, the event was trivial in comparison with the consequences.

This company was of a type that is the reproach of American jurisprudence--the marauding corporation.

In the very month in which it failed, it declared a large cash dividend.