eleven o'clock
In each case the hypothecated stocks were to be sent to him . Then , having seen to the perfecting of this little programme , and that the banks to be drawn upon in this connection understood perfectly that the checks in question were guaranteed by him or others , he sat down to await the arrival of his henchmen and the turning of the stock into his private safe . Panic On August 4 , 1896 , the city of Chicago , and for that matter the entire financial world , was startled and amazed by the collapse of American Match , one of the strongest of market securities , and the coincident failure of Messrs. Hull and Stackpole , its ostensible promoters , for twenty millions . As early as eleven o'clock of the preceding day the banking and brokerage world of Chicago , trading in this stock , was fully aware that something untoward was on foot in connection with it . Owing to the high price at which the stock was `` protected , '' and the need of money to liquidate , blocks of this stock from all parts of the country were being rushed to the market with the hope of realizing before the ultimate break . About the stock-exchange , which frowned like a gray fortress at the foot of La Salle Street , all was excitement -- as though a giant anthill had been ruthlessly disturbed . Clerks and messengers hurried to and fro in confused and apparently aimless directions .