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of the banks and brokerage firms stand together."
He was thinking quickly, brilliantly, resourcefully of his own outstanding obligations. His father's
bank was carrying one hundred thousand dollars' worth of his street-railway securities at sixty,
and fifty thousand dollars' worth of city loan at seventy. His father had "up with him" over forty
thousand dollars in cash covering market manipulations in these stocks. The banking house of
Drexel & Co. was on his books as a creditor for one hundred thousand, and that loan would be
called unless they were especially merciful, which was not likely. Jay Cooke & Co. were his
creditors for another one hundred and fifty thousand. They would want their money. At four
smaller banks and three brokerage companies he was debtor for sums ranging from fifty
thousand dollars down. The city treasurer was involved with him to the extent of 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, ranging from one
hundred dollars up to five and ten thousand. A panic would mean not only a withdrawal of
deposits and a calling of loans, but a heavy depression of securities. How could he realize on
his securities? --that was the question--how without selling so many points off that his fortune
would be swept away and he would be ruined?
He figured briskly the while he waved adieu to his friends, who hurried away, struck with their
own predicament.
"You had better go on out to the house, father, and I'll send some telegrams." (The telephone
had not yet been invented.) "I'll be right out and we'll go into this thing together. It looks like
black weather to me. Don't say anything to any one until after we have had our talk; then we can
decide what to do."
Cowperwood, Sr., was already plucking at his side-whiskers in a confused and troubled way. He
was cogitating as to what might happen to him in case his son failed, for he was deeply involved
with him. He was a little gray in his complexion now, frightened, for he had already strained
many points in his affairs to accommodate his son. If Frank should not be able promptly on the
morrow to meet the call which the bank might have to make for one hundred and fifty thousand
dollars, the onus and scandal of the situation would be on him.
On the other hand, his son was meditating on the tangled relation in which he now found
himself in connection with the city treasurer and the fact that it was not possible for him to
support the market alone. Those who should have been in a position to help him were now as
bad off as himself. There were many unfavorable points in the whole situation. Drexel & Co. had
been booming railway stocks-- loaning heavily on them. Jay Cooke & Co. had been backing
Northern Pacific--were practically doing their best to build that immense transcontinental system
alone. Naturally, they were long on that and hence in a ticklish position. At the first word they
would throw over their surest securities--government bonds, and the like --in order to protect
their more speculative holdings. The bears would see the point. They would hammer and
hammer, selling short all along the line. But he did not dare to do that. He would be breaking his
own back quickly, and what he needed was time. If he could only get time--three days, a week,
ten days--this storm would surely blow over.
The thing that was troubling him most was the matter of the half-million invested with him by
Stener. A fall election was drawing near. Stener, although he had served two terms, was slated
for reelection. A scandal in connection with the city treasury would be a very bad thing. It would
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