d; 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 people--was 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 stoc