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American Match

           Itsverycompetitiontendedtoweakenthevalueofhissurface-linecompanies.Hisholdingsintheseaswellasinelevated-roadshareswereimmense.Ifanythinghappenedtocausethemtofallinpriceimmensenumbersofthesesamestocksheldbyotherswouldbethrownonthemarket,thusstillfurtherdepreciatingtheirvalueandcompellinghimtocomeintothemarketandbuy.Withthemostpainstakingcarehebeganatoncetopileupareserveingovernmentbondsforemergencypurposes,whichhedecidedshouldbenotlessthaneightorninemilliondollars,forhefearedfinancialstormsaswellasfinancialreprisal,andwheresomuchwasatstakehedidnotproposetobecaughtnapping.

           AtthetimethatCowperwoodfirstenteredonelevated-roadconstructiontherewasnoevidencethatanyseveredepressionintheAmericanmoney-marketwasimminent.Butitwasnotlongbeforeanewdifficultybegantoappear.Itwasnowthedayofthetrustinallitswaterymagnificence.Coal,iron,steel,oil,machinery,andascoreofothercommercialnecessitieshadalreadybeen"trustified,"andothers,suchasleather,shoes,cordage,andthelike,were,almosthourly,beingbroughtunderthecontrolofshrewdandruthlessmen.AlreadyinChicagoSchryhart,Hand,Arneel,Merrill,andascoreofotherswereseeingtheirwaytoamazingprofitsbyunderwritingtheseventureswhichrequiredreadycash,andtowhichlessermagnates,contentwithaportionoftheleavingsofDives’stable,weregladtobringtotheirattention.

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