THE FARMER'S WAR AGAINST MONOPOLIES. 189 



the wealthiest bankers in the Union. Upon the in- 

 auguration of the Northern Pacific Railroad they had 

 undertaken to dispose of its bonds, and it may be said 

 that all the confidence entertained in that scheme by 

 the public was due to Messrs. Cooke & Co.'s endorse- 

 ment of it. 



The news of the suspension of this great house struck 

 men with terror. They began to ask who was safe if 

 the pressure was so great as to break down the fore- 

 most house in the country. The explanation of the 

 firm that their suspension was due to their having made 

 heavy advances to the Northern Pacific Road for bonds 

 which they had not been able to dispose of, only in- 

 creased the panic. Other houses were known to be 

 deeply interested in the bonds of new railroad enter- 

 prises, and it was by no means sure that Jay Cooke & 

 Co. would be the only sufferers. 



A little later in the day, the failure of another house 

 was announced, and still later it was stated officially 

 that Richard Schell, a well-known capitalist, had failed. 

 Mr. Schell was a director in the Union Trust Company^ 

 a leading banking corporation of the city, and suspicion 

 at once attached itself to the company. The Union 

 Trust Company was also known to be involved to a 

 considerable extent in the affairs of the Lake Shore & 

 Michigan Southern Railroad. The stock of this road 

 had suffered heavily during the panic, and it was feared 

 that the credit of the Trust Company would be impaired 

 by these losses. The result was an immediate run upon 

 the Trust Company, which lasted until the close of the 

 business hours of the afternoon. Large sums were paid 

 out to the alarmed depositors, but many were left un- 

 paid when the hour for closing the doors arrived. 



