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September
18
,
1873
.
To
the
Public
--
We
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.
.
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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
this
--
of
everything
.
"
Before
,
when
the
panic
following
the
Chicago
fire
had
occurred
,
he
had
been
long
--
had
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
him
--
with
it
as
an
excuse
for
his
presence
,
his
right
to
buy
and
sell
--
he
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
sell
--
everything
--
ten
,
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
.
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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
people
--
small
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
it
--
through
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
usable
--
would
some
day
be
usable
.
But
what
of
it
now
?
It
would
do
to
fire
the
imaginations
of
fools
with
--
nothing
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
learn
the
trouble
,
to
withdraw
their
deposits
,
to
protect
their
interests
generally
.
A
policeman
arrested
a
boy
for
calling
out
the
failure
of
Jay
Cooke
&
Co.
,
but
nevertheless
the
news
of
the
great
disaster
was
spreading
like
wild-fire
.