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For on Tuesday afternoon at two-thirty he issued a call for a meeting of his creditors, and at five-
thirty he decided to go into the hands of a receiver. And yet, as he stood before his principal
creditors--a group of thirty men--in his office, he did not feel that his life was ruined. He was
temporarily embarrassed. Certainly things looked very black. The city-treasurership deal would
make a great fuss. Those hypothecated city loan certificates, to the extent of sixty thousand,
would make another, if Stener chose. Still, he did not feel that he was utterly destroyed.
"Gentlemen," he said, in closing his address of explanation at the meeting, quite as erect,
secure, defiant, convincing as he had ever been, "you see how things are. These securities are
worth just as much as they ever were. There is nothing the matter with the properties behind
them. If you will give me fifteen days or twenty, I am satisfied that I can straighten the whole
matter out. I am almost the only one who can, for I know all about it. The market is bound to
recover. Business is going to be better than ever. It's time I want. Time is the only significant
factor in this situation. I want to know if you won't give me fifteen or twenty days--a month, if you
can. That is all I want."
He stepped aside and out of the general room, where the blinds were drawn, into his private
office, in order to give his creditors an opportunity to confer privately in regard to his situation.
He had friends in the meeting who were for him. He waited one, two, nearly three hours while
they talked. Finally Walter Leigh, Judge Kitchen, Avery Stone, of Jay Cooke & Co., and several
others came in. They were a committee appointed to gather further information.
"Nothing more can be done to-day, Frank," Walter Leigh informed him, quietly. "The majority
want the privilege of examining the books. There is some uncertainty about this entanglement
with the city treasurer which you say exists. They feel that you'd better announce a temporary
suspension, anyhow; and if they want to let you resume later they can do so."
"I'm sorry for that, gentlemen," replied Cowperwood, the least bit depressed. "I would rather do
anything than suspend for one hour, if I could help it, for I know just what it means. You will find
assets here far exceeding the liabilities if you will take the stocks at their normal market value;
but that won't help any if I close my doors. The public won't believe in me. I ought to keep
open."
"Sorry, Frank, old boy," observed Leigh, pressing his hand affectionately. "If it were left to me
personally, you could have all the time you want. There's a crowd of old fogies out there that
won't listen to reason. They're panic-struck. I guess they're pretty hard hit themselves. You can
scarcely blame them. You'll come out all right, though I wish you didn't have to shut up shop.
We can't do anything with them, however. Why, damn it, man, I don't see how you can fail,
really. In ten days these stocks will be all right."
Judge Kitchen commiserated with him also; but what good did that do? He was being compelled
to suspend. An expert accountant would have to come in and go over his books. Butler might
spread the news of this city-treasury connection. Stener might complain of this last city-loan
transaction. A half-dozen of his helpful friends stayed with him until four o'clock in the morning;
but he had to suspend just the same. And when he did that, he knew he was seriously crippled
if not ultimately defeated in his race for wealth and fame.
When he was really and finally quite alone in his private bedroom he stared at himself in the
mirror. His face was pale and tired, he thought, but strong and effective. "Pshaw!" he said to
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