sclerotic veins and arteries. For a great many years now he had taken very little exercise, and his digestion had been considerably impaired thereby. He was past seventy, and his time had been reached. They found him there the next morning, his hands folded in his lap, his head on his bosom, quite cold.
He was buried with honors out of St. Timothy’s Church, the funeral attended by a large body of politicians and city officials, who discussed secretly among themselves whether his grief over his daughter had anything to do with his end. All his good deeds were remembered, of course, and Mollenhauer and Simpson sent great floral emblems in remembrance. They were very sorry that he was gone, for they had been a cordial three. But gone he was, and that ended their interest in the matter. He left all of his property to his wife in one of the shortest wills ever recorded locally.
“I give and bequeath to my beloved wife, Norah, all my property of whatsoever kind to be disposed of as she may see fit.”
There was no misconstruing this. A private paper drawn secretly for her sometime before by Butler, explained how the property should be disposed of by her at her death. It was Butler’s real will masquerading as hers, and she would not have changed it for worlds; but he wanted her left in undisturbed possession of everything until she should die. Aileen’s originally assigned portion had never been changed. According to her father’s will, which no power under the sun could have made Mrs. Butler alter, she was left $250,000 to be paid at Mrs. Butler’s death. Neither this fact nor any of the others contained in the paper were communicated by Mrs. Butler, who retained it to be left as her will. Aileen often wondered, but never sought to know, what had been left her. Nothing she fancied–but felt that she could not help this.
Butler’s death led at once to a great change in the temper of the home. After the funeral the family settled down to a seemingly peaceful continuance of the old life; but it was a matter of seeming merely. The situation stood with Callum and Owen manifesting a certain degree of contempt for Aileen, which she, understanding, reciprocated. She was very haughty. Owen had plans of forcing her to leave after Butler’s death, but he finally asked himself what was the use. Mrs. Butler, who did not want to leave the old home, was very fond of Aileen, so therein lay a reason for letting her remain. Besides, any move to force her out would have entailed an explanation to her mother, which was not deemed advisable. Owen himself was interested in Caroline Mollenhauer, whom he hoped some day to marry–as much for her prospective wealth as for any other reason, though he was quite fond of her. In the January following Butler’s death, which occurred in August, Norah was married very quietly, and the following spring Callum embarked on a similar venture.
In the meanwhile, with Butler’s death, the control of the political situation had shifted considerably. A certain Tom Collins, formerly one of Butler’s henchmen, but latterly a power in the First, Second, Third, and Fourth Wards, where he had numerous saloons and control of other forms of vice, appeared as a claimant for political recognition. Mollenhauer and Simpson had to consult him, as he could make very uncertain the disposition of some hundred and fifteen thousand votes, a large number of which were fraudulent, but which fact did not modify their deadly character on occasion. Butler’s sons disappeared as possible political factors, and were compelled to confine themselves to the street-railway and contracting business. The pardon of Cowperwood and Stener, which Butler would have opposed, because by keeping Stener in he kept Cowperwood in, became a much easier matter. The scandal of the treasury defalcation was gradually dying down; the newspapers had ceased to refer to it in any way. Through Steger and Wingate, a large petition signed by all important financiers and brokers had been sent to the Governor pointing out that Cowperwood’s trial and conviction had been most unfair, and asking that he be pardoned. There was no need of any such effort, so far as Stener was concerned; whenever the time seemed ripe the politicians were quite ready to say to the Governor that he ought to let him go. It was only because Butler had opposed Cowperwood’s release that they had hesitated. It was really not possible to let out the one and ignore the other; and this petition, coupled with Butler’s death, cleared the way very nicely.
Nevertheless, nothing was done until the March following Butler’s death, when both Stener and Cowperwood had been incarcerated thirteen months–a length of time which seemed quite sufficient to appease the anger of the public at large. In this period Stener had undergone a considerable change physically and mentally. In spite of the fact that a number of the minor aldermen, who had profited in various ways by his largess, called to see him occasionally, and that he had been given, as it were, almost the liberty of the place, and that his family had not been allowed to suffer, nevertheless he realized that his political and social days were over. Somebody might now occasionally send him a basket of fruit and assure him that he would not be compelled to suffer much longer; but when he did get out, he knew that he had nothing to depend on save his experience as an insurance agent and real-estate dealer. That had been precarious enough in the days when he was trying to get some small political foothold. How would it be when he was known only as the man who had looted the treasury of five hundred thousand dollars and been sent to the penitentiary for five years? Who would lend him the money wherewith to get a little start, even so much as four or five thousand dollars? The people who were calling to pay their respects now and then, and to assure him that he had been badly treated? Never. All of them could honestly claim that they had not so much to spare. If he had good security to offer–yes; but if he had good security he would not need to go to them at all. The man who would have actually helped him if he had only known was Frank A. Cowperwood. Stener could have confessed his mistake, as Cowperwood saw it, and Cowperwood would have given him the money gladly, without any thought of return. But by his poor understanding of human nature, Stener considered that Cowperwood must be an enemy of his, and he would not have had either the courage or the business judgment to approach him.
During his incarceration Cowperwood had been slowly accumulating a little money through Wingate. He had paid Steger considerable sums from time to time, until that worthy finally decided that it would not be fair to take any more.
“If ever you get on your feet, Frank,” he said, “you can remember me if you want to, but I don’t think you’ll want to. It’s been nothing but lose, lose, lose for you through me. I’ll undertake this matter of getting that appeal to the Governor without any charge on my part. Anything I can do for you from now on is free gratis for nothing.”
“Oh, don’t talk nonsense, Harper,” replied Cowperwood. “I don’t know of anybody that could have done better with my case. Certainly there isn’t anybody that I would have trusted as much. I don’t like lawyers you know.”
“Yes–well,” said Steger, “they’ve got nothing on financiers, so we’ll call it even.” And they shook hands.
So when it was finally decided to pardon Stener, which was in the early part of March, 1873–Cowperwood’s pardon was necessarily but gingerly included. A delegation, consisting of Strobik, Harmon, and Winpenny, representing, as it was intended to appear, the unanimous wishes of the council and the city administration, and speaking for Mollenhauer and Simpson, who had given their consent, visited the Governor at Harrisburg and made the necessary formal representations which were intended to impress the public. At the same time, through the agency of Steger, Davison, and Walter Leigh, the appeal in behalf of Cowperwood was made. The Governor, who had had instructions beforehand from sources quite superior to this committee, was very solemn about the whole procedure. He would take the matter under advisement. He would look into the history of the crimes and the records of the two men. He could make no promises–he would see. But in ten days, after allowing the petitions to gather considerable dust in one of his pigeonholes and doing absolutely nothing toward investigating anything, he issued two separate pardons in writing. One, as a matter of courtesy, he gave into the hands of Messrs. Strobik, Harmon, and Winpenny, to bear personally to Mr. Stener, as they desired that he should. The other, on Steger’s request, he gave to him. The two committees which had called to receive them then departed; and the afternoon of that same day saw Strobik, Harmon, and Winpenny arrive in one group, and Steger, Wingate, and Walter Leigh in another, at the prison gate, but at different hours.
Chapter LVIII
This matter of the pardon of Cowperwood, the exact time of it, was kept a secret from him, though the fact that he was to be pardoned soon, or that he had a very excellent chance of being, had not been denied–rather had been made much of from time to time. Wingate had kept him accurately informed as to the progress being made, as had Steger; but when it was actually ascertained, from the Governor’s private secretary, that a certain day would see the pardon handed over to them, Steger, Wingate, and Walter Leigh had agreed between themselves that they would say nothing, taking Cowperwood by surprise. They even went so far–that is, Steger and Wingate did–as to indicate to Cowperwood that there was some hitch to the proceedings and that he might not now get out so soon. Cowperwood was somewhat depressed, but properly stoical; he assured himself that he could wait, and that he would be all right sometime. He was rather surprised therefore, one Friday afternoon, to see Wingate, Steger, and Leigh appear at his cell door, accompanied by Warden Desmas.
The warden was quite pleased to think that Cowperwood should finally be going out–he admired him so much–and decided to come along to the cell, to see how he would take his liberation. On the way Desmas commented on the fact that he had always been a model prisoner. “He kept a little garden out there in that yard of his,” he confided to Walter Leigh. “He had violets and pansies and geraniums out there, and they did very well, too.”
Leigh smiled. It was like Cowperwood to be industrious and tasteful, even in prison. Such a man could not be conquered. “A very remarkable man, that,” he remarked to Desmas.
“Very,” replied the warden. “You can tell that by looking at him.”
The four looked in through the barred door where he was working, without being observed, having come up quite silently.
“Hard at it, Frank?” asked Steger.
Cowperwood glanced over his shoulder and got up. He had been thinking, as always these days, of what he would do when he did get out.
“What is this,” he asked–“a political delegation?” He suspected something on the instant. All four smiled cheeringly, and Bonhag unlocked the door for the warden.
“Nothing very much, Frank,” replied Stager, gleefully, “only you’re a free man. You can gather up your traps and come right along, if you wish.”
Cowperwood surveyed his friends with a level gaze. He had not expected this so soon after what had been told him. He was not one to be very much interested in the practical joke or the surprise, but this pleased him–the sudden realization that he was free. Still, he had anticipated it so long that the charm of it had been discounted to a certain extent. He had been unhappy here, and he had not. The shame and humiliation of it, to begin with, had been much. Latterly, as he had become inured to it all, the sense of narrowness and humiliation had worn off. Only the consciousness of incarceration and delay irked him. Barring his intense desire for certain things–success and vindication, principally–he found that he could live in his narrow cell and be fairly comfortable. He had long since become used to the limy smell (used to defeat a more sickening one), and to the numerous rats which he quite regularly trapped. He had learned to take an interest in chair-caning, having become so proficient that he could seat twenty in a day if he chose, and in working in the little garden in spring, summer, and fall. Every evening he had studied the sky from his narrow yard, which resulted curiously in the gift in later years of a great reflecting telescope to a famous university. He had not looked upon himself as an ordinary prisoner, by any means–had not felt himself to be sufficiently punished if a real crime had been involved. From Bonhag he had learned the history of many criminals here incarcerated, from murderers up and down, and many had been pointed out to him from time to time. He had been escorted into the general yard by Bonhag, had seen the general food of the place being prepared, had heard of Stener’s modified life here, and so forth. It had finally struck him that it was not so bad, only that the delay to an individual like himself was wasteful. He could do so much now if he were out and did not have to fight court proceedings. Courts and jails! He shook his head when he thought of the waste involved in them.
“That’s all right,” he said, looking around him in an uncertain way. “I’m ready.”
He stepped out into the hall, with scarcely a farewell glance, and to Bonhag, who was grieving greatly over the loss of so profitable a customer, he said: “I wish you would see that some of these things are sent over to my house, Walter. You’re welcome to the chair, that clock, this mirror, those pictures–all of these things in fact, except my linen, razors, and so forth.”
The last little act of beneficence soothed Bonhag’s lacerated soul a little. They went out into the receiving overseer’s office, where Cowperwood laid aside his prison suit and the soft shirt with a considerable sense of relief. The clog shoes had long since been replaced by a better pair of his own. He put on the derby hat and gray overcoat he had worn the year before, on entering, and expressed himself as ready. At the entrance of the prison he turned and looked back–one last glance–at the iron door leading into the garden.
“You don’t regret leaving that, do you, Frank?” asked Steger, curiously.
“I do not,” replied Cowperwood. “It wasn’t that I was thinking of. It was just the appearance of it, that’s all.”
In another minute they were at the outer gate, where Cowperwood shook the warden finally by the hand. Then entering a carriage outside the large, impressive, Gothic entrance, the gates were locked behind them and they were driven away.
“Well, there’s an end of that, Frank,” observed Steger, gayly; “that will never bother you any more.”
“Yes,” replied Cowperwood. “It’s worse to see it coming than going.”
“It seems to me we ought to celebrate this occasion in some way,” observed Walter Leigh. “It won’t do just to take Frank home. Why don’t we all go down to Green’s? That’s a good idea.”
“I’d rather not, if you don’t mind,” replied Cowperwood, feelingly. “I’ll get together with you all, later. Just now I’d like to go home and change these clothes.”
He was thinking of Aileen and his children and his mother and father and of his whole future. Life was going to broaden out for him considerably from now on, he was sure of it. He had learned so much about taking care of himself in those thirteen months. He was going to see Aileen, and find how she felt about things in general, and then he was going to resume some such duties as he had had in his own concern, with Wingate & Co. He was going to secure a seat on ‘change again, through his friends; and, to escape the effect of the prejudice of those who might not care to do business with an ex-convict, he was going to act as general outside man, and floor man on ‘charge, for Wingate & Co. His practical control of that could not be publicly proved. Now for some important development in the market–some slump or something. He would show the world whether he was a failure or not.
They let him down in front of his wife’s little cottage, and he entered briskly in the gathering gloom.
On September 18, 1873, at twelve-fifteen of a brilliant autumn day, in the city of Philadelphia, one of the most startling financial tragedies that the world has ever seen had its commencement. The banking house of Jay Cooke & Co., the foremost financial organization of America, doing business at Number 114 South Third Street in Philadelphia, and with branches in New York, Washington, and London, closed its doors. Those who know anything about the financial crises of the United States know well the significance of the panic which followed. It is spoken of in all histories as the panic of 1873, and the widespread ruin and disaster which followed was practically unprecedented in American history.
At this time Cowperwood, once more a broker–ostensibly a broker’s agent–was doing business in South Third Street, and representing Wingate & Co. on ‘change. During the six months which had elapsed since he had emerged from the Eastern Penitentiary he had been quietly resuming financial, if not social, relations with those who had known him before.
Furthermore, Wingate & Co. were prospering, and had been for some time, a fact which redounded to his credit with those who knew. Ostensibly he lived with his wife in a small house on North Twenty-first Street. In reality he occupied a bachelor apartment on North Fifteenth Street, to which Aileen occasionally repaired. The difference between himself and his wife had now become a matter of common knowledge in the family, and, although there were some faint efforts made to smooth the matter over, no good resulted. The difficulties of the past two years had so inured his parents to expect the untoward and exceptional that, astonishing as this was, it did not shock them so much as it would have years before. They were too much frightened by life to quarrel with its weird developments. They could only hope and pray for the best.
The Butler family, on the other hand, what there was of it, had become indifferent to Aileen’s conduct. She was ignored by her brothers and Norah, who now knew all; and her mother was so taken up with religious devotions and brooding contemplation of her loss that she was not as active in her observation of Aileen’s life as she might have been. Besides, Cowperwood and his mistress were more circumspect in their conduct than they had ever been before. Their movements were more carefully guarded, though the result was the same. Cowperwood was thinking of the West–of reaching some slight local standing here in Philadelphia, and then, with perhaps one hundred thousand dollars in capital, removing to the boundless prairies of which he had heard so much–Chicago, Fargo, Duluth, Sioux City, places then heralded in Philadelphia and the East as coming centers of great life–and taking Aileen with him. Although the problem of marriage with her was insoluble unless Mrs. Cowperwood should formally agree to give him up–a possibility which was not manifest at this time, neither he nor Aileen were deterred by that thought. They were going to build a future together–or so they thought, marriage or no marriage. The only thing which Cowperwood could see to do was to take Aileen away with him, and to trust to time and absence to modify his wife’s point of view.
This particular panic, which was destined to mark a notable change in Cowperwood’s career, was one of those peculiar things which spring naturally out of the optimism of the American people and the irrepressible progress of the country. It was the result, to be accurate, of the prestige and ambition of Jay Cooke, whose early training and subsequent success had all been acquired in Philadelphia, and who had since become the foremost financial figure of his day. It would be useless to attempt to trace here the rise of this man to distinction; it need only be said that by suggestions which he made and methods which he devised the Union government, in its darkest hours, was able to raise the money wherewith to continue the struggle against the South. After the Civil War this man, who had built up a tremendous banking business in Philadelphia, with great branches in New York and Washington, was at a loss for some time for some significant thing to do, some constructive work which would be worthy of his genius. The war was over; the only thing which remained was the finances of peace, and the greatest things in American financial enterprise were those related to the construction of transcontinental railway lines. The Union Pacific, authorized in 1860, was already building; the Northern Pacific and the Southern Pacific were already dreams in various pioneer minds. The great thing was to connect the Atlantic and the Pacific by steel, to bind up the territorially perfected and newly solidified Union, or to enter upon some vast project of mining, of which gold and silver were the most important. Actually railway-building was the most significant of all, and railroad stocks were far and away the most valuable and important on every exchange in America. Here in Philadelphia, New York Central, Rock Island, Wabash, Central Pacific, St. Paul, Hannibal & St. Joseph, Union Pacific, and Ohio & Mississippi were freely traded in. There were men who were getting rich and famous out of handling these things; and such towering figures as Cornelius Vanderbilt, Jay Gould, Daniel Drew, James Fish, and others in the East, and Fair, Crocker, W. R. Hearst, and Collis P. Huntington, in the West, were already raising their heads like vast mountains in connection with these enterprises. Among those who dreamed most ardently on this score was Jay Cooke, who without the wolfish cunning of a Gould or the practical knowledge of a Vanderbilt, was ambitious to thread the northern reaches of America with a band of steel which should be a permanent memorial to his name.
The project which fascinated him most was one that related to the development of the territory then lying almost unexplored between the extreme western shore of Lake Superior, where Duluth now stands, and that portion of the Pacific Ocean into which the Columbia River empties–the extreme northern one-third of the United States. Here, if a railroad were built, would spring up great cities and prosperous towns. There were, it was suspected, mines of various metals in the region of the Rockies which this railroad would traverse, and untold wealth to be reaped from the fertile corn and wheat lands. Products brought only so far east as Duluth could then be shipped to the Atlantic, via the Great Lakes and the Erie Canal, at a greatly reduced cost. It was a vision of empire, not unlike the Panama Canal project of the same period, and one that bade fair apparently to be as useful to humanity. It had aroused the interest and enthusiasm of Cooke. Because of the fact that the government had made a grant of vast areas of land on either side of the proposed track to the corporation that should seriously undertake it and complete it within a reasonable number of years, and because of the opportunity it gave him of remaining a distinguished public figure, he had eventually shouldered the project. It was open to many objections and criticisms; but the genius which had been sufficient to finance the Civil War was considered sufficient to finance the Northern Pacific Railroad. Cooke undertook it with the idea of being able to put the merits of the proposition before the people direct–not through the agency of any great financial corporation–and of selling to the butcher, the baker, and the candlestick-maker the stock or shares that he wished to dispose of.
It was a brilliant chance. His genius had worked out the sale of great government loans during the Civil War to the people direct in this fashion. Why not Northern Pacific certificates? For several years he conducted a pyrotechnic campaign, surveying the territory in question, organizing great railway-construction corps, building hundreds of miles of track under most trying conditions, and selling great blocks of his stock, on which interest of a certain percentage was guaranteed. If it had not been that he knew little of railroad-building, personally, and that the project was so vast that it could not well be encompassed by one man, even so great a man it might have proved successful, as under subsequent management it did. However, hard times, the war between France and Germany, which tied up European 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 it–some fifty million dollars more.
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.
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 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.
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.
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.
Among these panic-struck men Cowperwood was perfectly calm, deadly cold, the same Cowperwood who had pegged solemnly at his ten chairs each day in prison, who had baited his traps for rats, and worked in the little garden allotted him in utter silence and loneliness. Now he was vigorous and energetic. He had been just sufficiently about this exchange floor once more to have made his personality impressive and distinguished. He forced his way into the center of swirling crowds of men already shouting themselves hoarse, offering whatever was being offered in quantities which were astonishing, and at prices which allured the few who were anxious to make money out of the tumbling prices to buy. New York Central had been standing at 104 7/8 when the failure was announced; Rhode Island at 108 7/8; Western Union at 92 1/2; Wabash at 70 1/4; Panama at 117 3/8; Central Pacific at 99 5/8; St. Paul at 51; Hannibal & St. Joseph at 48; Northwestern at 63; Union Pacific at 26 3/4; Ohio and Mississippi at 38 3/4. Cowperwood’s house had scarcely any of the stocks on hand. They were not carrying them for any customers, and yet he sold, sold, sold, to whoever would take, at prices which he felt sure would inspire them.
“Five thousand of New York Central at ninety-nine, ninety-eight, ninety-seven, ninety-six, ninety-five, ninety-four, ninety-three, ninety-two, ninety-one, ninety, eighty-nine,” you might have heard him call; and when his sales were not sufficiently brisk he would turn to something else–Rock Island, Panama, Central Pacific, Western Union, Northwestern, Union Pacific. He saw his brother and Wingate hurrying in, and stopped in his work long enough to instruct them. “Sell everything you can,” he cautioned them quietly, “at fifteen points off if you have to–no lower than that now–and buy all you can below it. Ed, you see if you cannot buy up some local street-railways at fifteen off. Joe, you stay near me and buy when I tell you.”
The secretary of the board appeared on his little platform.
“E. W. Clark & Company,” he announced, at one-thirty, “have just closed their doors.”
“Tighe & Company,” he called at one-forty-five, “announce that they are compelled to suspend.”
“The First National Bank of Philadelphia,” he called, at two o’clock, “begs to state that it cannot at present meet its obligations.”
After each announcement, always, as in the past, when the gong had compelled silence, the crowd broke into an ominous “Aw, aw, aw.”
“Tighe & Company,” thought Cowperwood, for a single second, when he heard it. “There’s an end of him.” And then he returned to his task.
When the time for closing came, his coat torn, his collar twisted loose, his necktie ripped, his hat lost, he emerged sane, quiet, steady-mannered.
“Well, Ed,” he inquired, meeting his brother, “how’d you make out?” The latter was equally torn, scratched, exhausted.
“Christ,” he replied, tugging at his sleeves, “I never saw such a place as this. They almost tore my clothes off.”
“Buy any local street-railways?”
“About five thousand shares.”
“We’d better go down to Green’s,” Frank observed, referring to the lobby of the principal hotel. “We’re not through yet. There’ll be more trading there.”
He led the way to find Wingate and his brother Joe, and together they were off, figuring up some of the larger phases of their purchases and sales as they went.
And, as he predicted, the excitement did not end with the coming of the night. The crowd lingered in front of Jay Cooke & Co.’s on Third Street and in front of other institutions, waiting apparently for some development which would be favorable to them. For the initiated the center of debate and agitation was Green’s Hotel, where on the evening of the eighteenth the lobby and corridors were crowded with bankers, brokers, and speculators. The stock exchange had practically adjourned to that hotel en masse. What of the morrow? Who would be the next to fail? From whence would money be forthcoming? These were the topics from each mind and upon each tongue. From New York was coming momentarily more news of disaster. Over there banks and trust companies were falling like trees in a hurricane. Cowperwood in his perambulations, seeing what he could see and hearing what he could hear, reaching understandings which were against the rules of the exchange, but which were nevertheless in accord with what every other person was doing, saw about him men known to him as agents of Mollenhauer and Simpson, and congratulated himself that he would have something to collect from them before the week was over. He might not own a street-railway, but he would have the means to. He learned from hearsay, and information which had been received from New York and elsewhere, that things were as bad as they could be, and that there was no hope for those who expected a speedy return of normal conditions. No thought of retiring for the night entered until the last man was gone. It was then practically morning.
The next day was Friday, and suggested many ominous things. Would it be another Black Friday? Cowperwood was at his office before the street was fairly awake. He figured out his program for the day to a nicety, feeling strangely different from the way he had felt two years before when the conditions were not dissimilar. Yesterday, in spite of the sudden onslaught, he had made one hundred and fifty thousand dollars, and he expected to make as much, if not more, to-day. There was no telling what he could make, he thought, if he could only keep his small organization in perfect trim and get his assistants to follow his orders exactly. Ruin for others began early with the suspension of Fisk & Hatch, Jay Cooke’s faithful lieutenants during the Civil War. They had calls upon them for one million five hundred thousand dollars in the first fifteen minutes after opening the doors, and at once closed them again, the failure being ascribed to Collis P. Huntington’s Central Pacific Railroad and the Chesapeake & Ohio. There was a long-continued run on the Fidelity Trust Company. News of these facts, and of failures in New York posted on ‘change, strengthened the cause Cowperwood was so much interested in; for he was selling as high as he could and buying as low as he could on a constantly sinking scale. By twelve o’clock he figured with his assistants that he had cleared one hundred thousand dollars; and by three o’clock he had two hundred thousand dollars more. That afternoon between three and seven he spent adjusting his trades, and between seven and one in the morning, without anything to eat, in gathering as much additional information as he could and laying his plans for the future. Saturday morning came, and he repeated his performance of the day before, following it up with adjustments on Sunday and heavy trading on Monday. By Monday afternoon at three o’clock he figured that, all losses and uncertainties to one side, he was once more a millionaire, and that now his future lay clear and straight before him.
As he sat at his desk late that afternoon in his office looking out into Third Street, where a hurrying of brokers, messengers, and anxious depositors still maintained, he had the feeling that so far as Philadelphia and the life here was concerned, his day and its day with him was over. He did not care anything about the brokerage business here any more or anywhere. Failures such as this, and disasters such as the Chicago fire, that had overtaken him two years before, had cured him of all love of the stock exchange and all feeling for Philadelphia. He had been very unhappy here in spite of all his previous happiness; and his experience as a convict had made, him, he could see quite plainly, unacceptable to the element with whom he had once hoped to associate. There was nothing else to do, now that he had reestablished himself as a Philadelphia business man and been pardoned for an offense which he hoped to make people believe he had never committed, but to leave Philadelphia to seek a new world.
“If I get out of this safely,” he said to himself, “this is the end. I am going West, and going into some other line of business.” He thought of street-railways, land speculation, some great manufacturing project of some kind, even mining, on a legitimate basis.
“I have had my lesson,” he said to himself, finally getting up and preparing to leave. “I am as rich as I was, and only a little older. They caught me once, but they will not catch me again.” He talked to Wingate about following up the campaign on the lines in which he had started, and he himself intended to follow it up with great energy; but all the while his mind was running with this one rich thought: “I am a millionaire. I am a free man. I am only thirty-six, and my future is all before me.”
It was with this thought that he went to visit Aileen, and to plan for the future.
It was only three months later that a train, speeding through the mountains of Pennsylvania and over the plains of Ohio and Indiana, bore to Chicago and the West the young financial aspirant who, in spite of youth and wealth and a notable vigor of body, was a solemn, conservative speculator as to what his future might be. The West, as he had carefully calculated before leaving, held much. He had studied the receipts of the New York Clearing House recently and the disposition of bank-balances and the shipment of gold, and had seen that vast quantities of the latter metal were going to Chicago. He understood finance accurately. The meaning of gold shipments was clear. Where money was going trade was–a thriving, developing life. He wished to see clearly for himself what this world had to offer.
Two years later, following the meteoric appearance of a young speculator in Duluth, and after Chicago had seen the tentative opening of a grain and commission company labeled Frank A. Cowperwood & Co., which ostensibly dealt in the great wheat crops of the West, a quiet divorce was granted Mrs. Frank A. Cowperwood in Philadelphia, because apparently she wished it. Time had not seemingly dealt badly with her. Her financial affairs, once so bad, were now apparently all straightened out, and she occupied in West Philadelphia, near one of her sisters, a new and interesting home which was fitted with all the comforts of an excellent middle-class residence. She was now quite religious once more. The two children, Frank and Lillian, were in private schools, returning evenings to their mother. “Wash” Sims was once more the negro general factotum. Frequent visitors on Sundays were Mr. and Mrs. Henry Worthington Cowperwood, no longer distressed financially, but subdued and wearied, the wind completely gone from their once much-favored sails. Cowperwood, senior, had sufficient money wherewith to sustain himself, and that without slaving as a petty clerk, but his social joy in life was gone. He was old, disappointed, sad. He could feel that with his quondam honor and financial glory, he was the same–and he was not. His courage and his dreams were gone, and he awaited death.
Here, too, came Anna Adelaide Cowperwood on occasion, a clerk in the city water office, who speculated much as to the strange vicissitudes of life. She had great interest in her brother, who seemed destined by fate to play a conspicuous part in the world; but she could not understand him. Seeing that all those who were near to him in any way seemed to rise or fall with his prosperity, she did not understand how justice and morals were arranged in this world. There seemed to be certain general principles–or people assumed there were–but apparently there were exceptions. Assuredly her brother abided by no known rule, and yet he seemed to be doing fairly well once more. What did this mean? Mrs. Cowperwood, his former wife, condemned his actions, and yet accepted of his prosperity as her due. What were the ethics of that?
Cowperwood’s every action was known to Aileen Butler, his present whereabouts and prospects. Not long after his wife’s divorce, and after many trips to and from this new world in which he was now living, these two left Philadelphia together one afternoon in the winter. Aileen explained to her mother, who was willing to go and live with Norah, that she had fallen in love with the former banker and wished to marry him. The old lady, gathering only a garbled version of it at first, consented.
Thus ended forever for Aileen this long-continued relationship with this older world. Chicago was before her–a much more distinguished career, Frank told her, than ever they could have had in Philadelphia.
“Isn’t it nice to be finally going?” she commented.
“It is advantageous, anyhow,” he said.
Concerning Mycteroperca Bonaci
There is a certain fish, the scientific name of which is Mycteroperca Bonaci, its common name Black Grouper, which is of considerable value as an afterthought in this connection, and which deserves to be better known. It is a healthy creature, growing quite regularly to a weight of two hundred and fifty pounds, and lives a comfortable, lengthy existence because of its very remarkable ability to adapt itself to conditions. That very subtle thing which we call the creative power, and which we endow with the spirit of the beatitudes, is supposed to build this mortal life in such fashion that only honesty and virtue shall prevail. Witness, then, the significant manner in which it has fashioned the black grouper. One might go far afield and gather less forceful indictments–the horrific spider spinning his trap for the unthinking fly; the lovely Drosera (Sundew) using its crimson calyx for a smothering-pit in which to seal and devour the victim of its beauty; the rainbow-colored jellyfish that spreads its prismed tentacles like streamers of great beauty, only to sting and torture all that falls within their radiant folds. Man himself is busy digging the pit and fashioning the snare, but he will not believe it. His feet are in the trap of circumstance; his eyes are on an illusion.
Mycteroperca moving in its dark world of green waters is as fine an illustration of the constructive genius of nature, which is not beatific, as any which the mind of man may discover. Its great superiority lies in an almost unbelievable power of simulation, which relates solely to the pigmentation of its skin. In electrical mechanics we pride ourselves on our ability to make over one brilliant scene into another in the twinkling of an eye, and flash before the gaze of an onlooker picture after picture, which appear and disappear as we look. The directive control of Mycteroperca over its appearance is much more significant. You cannot look at it long without feeling that you are witnessing something spectral and unnatural, so brilliant is its power to deceive. From being black it can become instantly white; from being an earth-colored brown it can fade into a delightful water-colored green. Its markings change as the clouds of the sky. One marvels at the variety and subtlety of its power.
Lying at the bottom of a bay, it can simulate the mud by which it is surrounded. Hidden in the folds of glorious leaves, it is of the same markings. Lurking in a flaw of light, it is like the light itself shining dimly in water. Its power to elude or strike unseen is of the greatest.
What would you say was the intention of the overruling, intelligent, constructive force which gives to Mycteroperca this ability? To fit it to be truthful? To permit it to present an unvarying appearance which all honest life-seeking fish may know? Or would you say that subtlety, chicanery, trickery, were here at work? An implement of illusion one might readily suspect it to be, a living lie, a creature whose business it is to appear what it is not, to simulate that with which it has nothing in common, to get its living by great subtlety, the power of its enemies to forefend against which is little. The indictment is fair.
Would you say, in the face of this, that a beatific, beneficent creative, overruling power never wills that which is either tricky or deceptive? Or would you say that this material seeming in which we dwell is itself an illusion? If not, whence then the Ten Commandments and the illusion of justice? Why were the Beatitudes dreamed of and how do they avail?
The Magic Crystal
If you had been a mystic or a soothsayer or a member of that mysterious world which divines by incantations, dreams, the mystic bowl, or the crystal sphere, you might have looked into their mysterious depths at this time and foreseen a world of happenings which concerned these two, who were now apparently so fortunately placed. In the fumes of the witches’ pot, or the depths of the radiant crystal, might have been revealed cities, cities, cities; a world of mansions, carriages, jewels, beauty; a vast metropolis outraged by the power of one man; a great state seething with indignation over a force it could not control; vast halls of priceless pictures; a palace unrivaled for its magnificence; a whole world reading with wonder, at times, of a given name. And sorrow, sorrow, sorrow.
The three witches that hailed Macbeth upon the blasted heath might in turn have called to Cowperwood, “Hail to you, Frank Cowperwood, master of a great railway system! Hail to you, Frank Cowperwood, builder of a priceless mansion! Hail to you, Frank Cowperwood, patron of arts and possessor of endless riches! You shall be famed hereafter.” But like the Weird Sisters, they would have lied, for in the glory was also the ashes of Dead Sea fruit–an understanding that could neither be inflamed by desire nor satisfied by luxury; a heart that was long since wearied by experience; a soul that was as bereft of illusion as a windless moon. And to Aileen, as to Macduff, they might have spoken a more pathetic promise, one that concerned hope and failure. To have and not to have! All the seeming, and yet the sorrow of not having! Brilliant society that shone in a mirage, yet locked its doors; love that eluded as a will-o’-the-wisp and died in the dark. “Hail to you, Frank Cowperwood, master and no master, prince of a world of dreams whose reality was disillusion!” So might the witches have called, the bowl have danced with figures, the fumes with vision, and it would have been true. What wise man might not read from such a beginning, such an end?