Финансист

Chapter LVIII

           Cookeundertookitwiththeideaofbeingabletoputthemeritsofthepropositionbeforethepeopledirectnotthroughtheagencyofanygreatfinancialcorporationandofsellingtothebutcher,thebaker,andthecandlestick-makerthestockorsharesthathewishedtodisposeof.

           Itwasabrilliantchance.HisgeniushadworkedoutthesaleofgreatgovernmentloansduringtheCivilWartothepeopledirectinthisfashion.WhynotNorthernPacificcertificates?Forseveralyearsheconductedapyrotechniccampaign,surveyingtheterritoryinquestion,organizinggreatrailway-constructioncorps,buildinghundredsofmilesoftrackundermosttryingconditions,andsellinggreatblocksofhisstock,onwhichinterestofacertainpercentagewasguaranteed.Ifithadnotbeenthatheknewlittleofrailroad-building,personally,andthattheprojectwassovastthatitcouldnotwellbeencompassedbyoneman,evensogreatamanitmighthaveprovedsuccessful,asundersubsequentmanagementitdid.However,hardtimes,thewarbetweenFranceandGermany,whichtiedupEuropeancapitalforthetimebeingandmadeitindifferenttoAmericanprojects,envy,calumny,acertainpercentageofmismanagement,allconspiredtowreckit.OnSeptember18,1873,attwelve-fifteennoon,JayCooke&Co.failedforapproximatelyeightmilliondollarsandtheNorthernPacificforallthathadbeeninvestedinitsomefiftymilliondollarsmore.

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