“That looks rather serious,” he said, calmly, to his companions, a cold, commanding force coming into his eyes and voice.  To his father he said a little later, “It’s panic, unless the majority 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