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