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One
can
imagine
what
the
result
was
--
the
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
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
.
Отключить рекламу
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
!
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
.
Отключить рекламу
"
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
: