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Chapter LVIII

           

           Onecanimaginewhattheresultwasthemostimportantfinancierandthemostdistinguishedrailwayenterprisecollapsingatoneandthesametime."Afinancialthunderclapinaclearsky,"saidthePhiladelphiaPress."Noonecouldhavebeenmoresurprised,"saidthePhiladelphiaInquirer,"ifsnowhadfallenamidthesunshineofasummernoon."Thepublic,whichbyCooke’sprevioustremendoussuccesshadbeenlulledintobelievinghiminvincible,couldnotunderstandit.Itwasbeyondbelief.JayCookefail?Impossible,oranythingconnectedwithhim.Nevertheless,hehadfailed;andtheNewYorkStockExchange,afterwitnessinganumberofcrashesimmediatelyafterward,closedforeightdays.TheLakeShoreRailroadfailedtopayacall-loanofonemillionsevenhundredandfiftythousanddollars;andtheUnionTrustCompany,alliedtotheVanderbiltinterests,closeditsdoorsafterwithstandingaprolongedrun.TheNationalTrustCompanyofNewYorkhadeighthundredthousanddollarsofgovernmentsecuritiesinitsvaults,butnotadollarcouldbeborroweduponthem;anditsuspended.Suspicionwasuniversal,rumoraffectedeveryone.

           InPhiladelphia,whenthenewsreachedthestockexchange,itcamefirstintheformofabriefdespatchaddressedtothestockboardfromtheNewYorkStockExchange—"RumoronstreetoffailureofJayCooke&Co.Answer."Itwasnotbelieved,andsonotrepliedto.Nothingwasthoughtofit.Theworldofbrokerspaidscarcelyanyattentiontoit.

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