THE FARMER'S WAR AGAINST MONOPOLIES. 187 



The business of the Exchange began at ten o'clock, 

 with a rapidly-falling market. The bears had it all 

 their own way. Men had begun to lose confidence, 

 and stocks fell with great rapidity. The Exchange 

 was in a whirl of excitement. Towards noon the noise 

 and confusion, which had reached a bewildering state, 

 were suddenly brought to a pause by the sharp raps of 

 the gavel of the presiding officer. He advanced to the 

 front of his platform, and instantly the hall was as still 

 as death. His face indicated that he had evil tidings 

 to communicate, and the most daring operator present 

 awaited in anxious suspense the announcement he had 

 to make. In a few short, crisp words, every one of 

 which struck upon the ears of the listeners like the 

 blows of a sledge-hammer, the President stated that 

 Jay Cooke & Co. had suspended payment, and a little 

 later it was announced that the Philadelphia and 

 Washington houses of this great firm, and the First 

 National Bank of Washington, which was intimately 

 connected with them, had also suspended. 



These announcements completed the demoralization 

 of the market. Stocks fell even lower, and were sacri- 

 ficed with remorseless fury. The Exchange seemed 

 like a bedlam, and outside a panic was rapidly extend- 

 ing through the street. 



Messrs. Jay Cooke & Co. were known throughout the 

 entire country as one of the first, if not the first, bank- 

 ing firms in the Union. They had been identified with 

 the great loans of the General Government during the 

 civil war, and by their judicious and vigorous manage- 

 ment of them had rendered the country a genuine ser- 

 vice, and had earned what may be termed a national 

 reputation. They were popularly regarded as among 



