white-dominated Scalesmen and Packers unions. The Board of Trade refused to sign any contract with the black-dominated Teamsters. The Board of Trade and the city's newspapers also began a campaign designed to create public hysteria. The newspapers ran lurid accounts of "mobs of brutal Negro strikers" rampaging through the streets, of African American unionists "beating up all who attempted to interfere with them," and repeated accounts of crowds of blacks assaulting lone white men and women. The striking workers refused to break ranks along racial lines. Large majorities of the Scalesmen and Packers unions passed resolutions affirming their commitment to stay out until the employers had signed a contract with the Teamsters on the same terms offered to other unions. The Board of Trade's tactics essentially backfired when the Workingmen's Amalgamated Council called for a general strike, involving all of its unions. The city's supply of natural gas failed on November 8, as did the electrical grid, and the city was plunged into darkness. The delivery of food and beverages immediately ceased, generating alarm among city residents. Construction, printing, street cleaning, manufacturing and even fire-fighting services ground to a halt."New Orleans' Big Strike," Washington Post, November 8, 1892. 1893: The Panic of 1893 set off a widespread economic depression in the United States of America that lasts until 1896. One of the first signs of trouble was the bankruptcy of the Philadelphia and Reading Railroad, which had greatly over-extended itself, on February 23, 1893, ten days before Grover Cleveland's second inauguration. Some historians consider this bankruptcy to be the beginning of the Panic. As concern of the state of the economy worsened, people rushed to withdraw their money from banks and caused bank runs. The credit crunch rippled through the economy. A financial panic in the United Kingdom and a drop in trade in Europe caused foreign investors to sell American stocks to obtain American funds backed by gold. People attempted to redeem silver notes for gold; ultimately the statutory limit for the minimum amount of gold in federal reserves was reached and US notes could no longer be successfully redeemed for gold. Investments during the time of the Panic were heavily financed through bond issues with high interest payments. The National Cordage Company (the most actively traded stock at the time) went into receivership as a result of its bankers calling their loans in response to rumors regarding the