Chapter XXXI

           ThesuspensionofthebankinghouseofFrankA.Cowperwood&Co.createdagreatstiron‘changeandinPhiladelphiagenerally.Itwassounexpected,andtheamountinvolvedwascomparativelysolarge.Actuallyhefailedforonemilliontwohundredandfiftythousanddollars;andhisassets,underthedepressedconditionofstockvalues,barelytotaledsevenhundredandfiftythousanddollars.Therehadbeenconsiderableworkdoneonthematterofhisbalance-sheetbeforeitwasfinallygiventothepublic;butwhenitwas,stocksdroppedanadditionalthreepointsgenerally,andthepapersthenextdaydevotednotableheadlinestoit.Cowperwoodhadnoideaoffailingpermanently;hemerelywishedtosuspendtemporarily,andlater,ifpossible,topersuadehiscreditorstoallowhimtoresume.Therewereonlytwothingswhichstoodinthewayofthis:thematterofthefivehundredthousanddollarsborrowedfromthecitytreasuryataridiculouslylowrateofinterest,whichshowedplainerthanwordswhathadbeengoingon,andtheother,thematterofthesixty-thousand-dollarcheck.Hisfinancialwithadtoldhimtherewerewaystoassignhisholdingsinfavorofhislargestcreditors,whichwouldtendtohelphimlatertoresume;andhehadbeenswifttoact.Indeed,HarperStegerhaddrawnupdocumentswhichnamedJayCooke&Co.,EdwardClark&Co.,Drexel&Co.,andothersaspreferred.

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