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pean capital for the time being and made it indifferent to American projects； envy； calumny； a certain percentage of mismanagement； all conspired to wreck it。 On September 18； 1873； at twelve…fifteen noon； Jay Cooke & Co。 failed for approximately eight million dollars and the Northern Pacific for all that had been invested in itsome fifty million dollars more。
One can imagine what the result wasthe most important financier and the most distinguished railway enterprise collapsing at one and the same time。 〃A financial thunderclap in a clear sky；〃 said the Philadelphia Press。 〃No one could have been more surprised；〃 said the Philadelphia Inquirer； 〃if snow had fallen amid the sunshine of a summer noon。〃 The public； which by Cooke's previous tremendous success had been lulled into believing him invincible； could not understand it。 It was beyond belief。 Jay Cooke fail？ Impossible； or anything connected with him。 Nevertheless； he had failed； and the New York Stock Exchange； after witnessing a number of crashes immediately afterward； closed for eight days。 The Lake Shore Railroad failed to pay a call…loan of one million seven hundred and fifty thousand dollars； and the Union Trust Company； allied to the Vanderbilt interests； closed its doors after withstanding a prolonged run。 The National Trust Company of New York had eight hundred thousand dollars of government securities in its vaults； but not a dollar could be borrowed upon them； and it suspended。 Suspicion was universal； rumor affected every one。
In Philadelphia； when the news reached the stock exchange； it came first in the form of a brief despatch addressed to the stock board from the New York Stock Exchange〃Rumor on street of failure of Jay Cooke & Co。 Answer。〃 It was not believed； and so not replied to。 Nothing was thought of it。 The world of brokers paid scarcely any attention to it。 Cowperwood； who had followed the fortunes of Jay Cooke & Co。 with considerable suspicion of its president's brilliant theory of vending his wares direct to the peoplewas perhaps the only one who had suspicions。 He had once written a brilliant criticism to some inquirer； in which he had said that no enterprise of such magnitude as the Northern Pacific had ever before been entirely dependent upon one house； or rather upon one man； and that he did not like it。 〃I am not sure that the lands through which the road runs are so unparalleled in climate； soil； timber； minerals； etc。； as Mr。 Cooke and his friends would have us believe。 Neither do I think that the road can at present； or for many years to come； earn the interest which its great issues of stock call for。 There is great danger and risk there。〃 So when the notice was posted； he looked at it； wondering what the effect would be if by any chance Jay Cooke & Co。 should fail。
He was not long in wonder。 A second despatch posted on 'change read： 〃New York； September 18th。 Jay Cooke & Co。 have suspended。〃
Cowperwood could not believe it。 He was beside himself with the thought of a great opportunity。 In company with every other broker； he hurried into Third Street and up to Number 114； where the famous old banking house was located； in order to be sure。 Despite his natural dignity and reserve； he did not hesitate to run。 If this were true； a great hour had struck。 There would be wide…spread panic and disaster。 There would be a terrific slump in prices of all stocks。 He must be in the thick of it。 Wingate must be on hand； and his two brothers。 He must tell them how to sell and when and what to buy。 His great hour had come！
Chapter LIX
The banking house of Jay Cooke & Co。； in spite of its tremendous significance as a banking and promoting concern； was a most unpretentious affair； four stories and a half in height of gray stone and red brick。 It had never been deemed a handsome or comfortable banking house。 Cowperwood had been there often。 Wharf…rats as long as the forearm of a man crept up the culverted channels of Dock Street to run through the apartments at will。 Scores of clerks worked under gas…jets； where light and air were not any too abundant； keeping track of the firm's vast accounts。 It was next door to the Girard National Bank； where Cowperwood's friend Davison still flourished； and where the principal financial business of the street converged。 As Cowperwood ran he met his brother Edward； who was coming to the stock exchange with some word for him from Wingate。
〃Run and get Wingate and Joe；〃 he said。 〃There's something big on this afternoon。 Jay Cooke has failed。〃
Edward waited for no other word； but hurried off as directed。
Cowperwood reached Cooke & Co。 among the earliest。 To his utter astonishment； the solid brown…oak doors； with which he was familiar； were shut； and a notice posted on them； which he quickly read； ran：
September 18； 1873。 To the PublicWe regret to be obliged to announce that； owing to unexpected demands on us； our firm has been obliged to suspend payment。 In a few days we will be able to present a statement to our creditors。 Until which time we must ask their patient consideration。 We believe our assets to be largely in excess of our liabilities。 Jay Cooke & Co。
A magnificent gleam of triumph sprang into Cowperwood's eye。 In company with many others he turned and ran back toward the exchange； while a reporter； who had come for information knocked at the massive doors of the banking house； and was told by a porter； who peered out of a diamond…shaped aperture； that Jay Cooke had gone home for the day and was not to be seen。
〃Now；〃 thought Cowperwood； to whom this panic spelled opportunity； not ruin； 〃I'll get my innings。 I'll go short of thisof everything。〃
Before； when the panic following the Chicago fire had occurred； he had been longhad been compelled to stay long of many things in order to protect himself。 To…day he had nothing to speak of perhaps a paltry seventy…five thousand dollars which he had managed to scrape together。 Thank God！ he had only the reputation of Wingate's old house to lose； if he lost； which was nothing。 With it as a trading agency behind himwith it as an excuse for his presence； his right to buy and sellhe had everything to gain。 Where many men were thinking of ruin； he was thinking of success。 He would have Wingate and his two brothers under him to execute his orders exactly。 He could pick up a fourth and a fifth man if necessary。 He would give them orders to selleverythingten； fifteen； twenty； thirty points off； if necessary； in order to trap the unwary； depress the market； frighten the fearsome who would think he was too daring； and then he would buy； buy； buy； below these figures as much as possible； in order to cover his sales and reap a profit。
His instinct told him how widespread and enduring this panic would be。 The Northern Pacific was a hundred…million…dollar venture。 It involved the savings of hundreds of thousands of peoplesmall bankers； tradesmen； preachers； lawyers； doctors； widows； institutions all over the land； and all resting on the faith and security of Jay Cooke。 Once； not unlike the Chicago fire map； Cowperwood had seen a grand prospectus and map of the location of the Northern Pacific land…grant which Cooke had controlled； showing a vast stretch or belt of territory extending from Duluth〃The Zenith City of the Unsalted Seas；〃 as Proctor Knott； speaking in the House of Representatives； had sarcastically called itthrough the Rockies and the headwaters of the Missouri to the Pacific Ocean。 He had seen how Cooke had ostensibly managed to get control of this government grant； containing millions upon millions of acres and extending fourteen hundred miles in length； but it was only a vision of empire。 There might be silver and gold and copper mines there。 The land was usablewould some day be usable。 But what of it now？ It would do to fire the imaginations of fools withnothing more。 It was inaccessible； and would remain so for years to come。 No doubt thousands had subscribed to build this road； but； too； thousands would now fail if it had failed。 Now the crash had come。 The grief and the rage of the public would be intense。 For days and days and weeks and months； normal confidence and courage would be gone。 This was his hour。 This was his great moment。 Like a wolf prowling under glittering； bitter stars in the night； he was looking down into the humble folds of simple men and seeing what their ignorance and their unsophistication would cost them。
He hurried back to the exchange； the very same room in which only two years before he had fought his losing fight； and； finding that his partner and his brother had not yet come； began to sell everything in sight。 Pandemonium had broken loose。 Boys and men were fairly tearing in from all sections with orders from panic…struck brokers to sell； sell； sell； and later with orders to buy； the various trading…posts were reeling； swirling masses of brokers and their agents。 Outside in the street in front of Jay Cooke & Co。； Clark & Co。； the Girard National Bank； and other institutions； immense crowds were beginning to form。 They were hurrying here to lea