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Ings for business purposes and residences in which Chicago

“Ho! Extra! Extra! All about the big Chicago fire!” was already rivaling every city on the continent. Transporta-

“Ho! Extra! Extra! Chicago burning down! Extra! Extra!” tion was disturbed, and the keen scent of Wall Street, and The cries were long-drawn-out, ominous, pathetic. In the Third Street in Philadelphia, and State Street in Boston, in-dusk of the dreary Sunday afternoon, when the city had ap-stantly perceived in the early reports the gravity of the situa-parently retired to Sabbath meditation and prayer, with that tion. Nothing could be done on Saturday or Sunday after tinge of the dying year in the foliage and in the air, one caught the exchange closed, for the opening reports came too late.

a sense of something grim and gloomy.

On Monday, however, the facts were pouring in thick and

“Hey, boy,” called Cowperwood, listening, seeing a shab-fast; and the owners of railroad securities, government secu-bily clothed misfit of a boy with a bundle of papers under rities, street-car securities, and, indeed, all other forms of his arm turning a corner. “What’s that? Chicago burning!” stocks and bonds, began to throw them on the market in He looked at his father and the other men in a significant order to raise cash. The banks naturally were calling their way as he reached for the paper, and then, glancing at the loans, and the result was a stock stampede which equaled headlines, realized the worst.

the Black Friday of Wall Street of two years before.

Cowperwood and his father were out of town at the time the fire began. They had gone with several friends—bankers—to look at a proposed route of extension of a local steam-railroad, on which a loan was desired. In buggies they had driven over a good portion of the route, and were returning to Philadelphia late Sunday evening when the cries of news-158

Dreiser

ALL CHICAGO BURNING

“That looks rather serious,” he said, calmly, to his companions, a cold, commanding force coming into his eyes and FIRE RAGES UNCHECKED IN

Voice. To his father he said a little later, “It’s panic, unless the majority of the banks and brokerage firms stand together.” commercial section since

He was thinking quickly, brilliantly, resourcefully of his own outstanding obligations. His father’s bank was carrying YESTERDAY EVENING. BANKS,

one hundred thousand dollars’ worth of his street-railway securities at sixty, and fifty thousand dollars’ worth of city COMMERCIAL HOUSES, PUBLIC

loan at seventy. His father had “up with him” over forty thousand dollars in cash covering market manipulations in these BUILDINGS IN RUINS. DIRECT

stocks. The banking house of Drexel & Co. was on his books as a creditor for one hundred thousand, and that loan would TELEGRAPHIC COMMUNICATION

be called unless they were especially merciful, which was not likely. Jay Cooke & Co. were his creditors for another one SUSPENDED SINCE THREE O’CLOCK TO-DAY. hundred and fifty thousand. They would want their money.

At four smaller banks and three brokerage companies he was NO END TO

debtor for sums ranging from fifty thousand dollars down.

The city treasurer was involved with him to the extent of PROGRESS OF DISASTER IN SIGHT.

nearly five hundred thousand dollars, and exposure of that would create a scandal; the State treasurer for two hundred thousand. There were small accounts, hundreds of them, 159

The Financier

ranging from one hundred dollars up to five and ten thou-the bank might have to make for one hundred and fifty thousand. A panic would mean not only a withdrawal of deposits sand dollars, the onus and scandal of the situation would be and a calling of loans, but a heavy depression of securities.

on him.

How could he realize on his securities? —that was the ques-On the other hand, his son was meditating on the tangled tion—how without selling so many points off that his for-relation in which he now found himself in connection with tune would be swept away and he would be ruined?

the city treasurer and the fact that it was not possible for him He figured briskly the while he waved adieu to his friends, to support the market alone. Those who should have been who hurried away, struck with their own predicament.

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