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At the news of his death panic went through the markets like a hurricane; for it came at a luckless time. Prices tottered and crashed like towers in an earthquake. For two days Wall Street was a clamorous inferno of pale despair. All over the United States, wherever speculation had its devotees, went a waft of ruin, a plague of suicide. In Europe also not a few took with their own hands lives that had become pitiably linked to the destiny of a financier whom most of them had never seen. In Paris a well-known banker walked quietly out of the Bourse and fell dead upon the broad steps among the raving crowd of Jews, a phial crushed in his hand. In Frankfort one leapt from the Cathedral top, leaving a redder stain where he struck the red tower. Men stabbed and shot and strangled themselves, drank death or breathed it as the air, because in a lonely corner of England the life had departed from one cold heart vowed to the service of greed.

The blow could not have fallen at a more disastrous moment. It came when Wall Street was in a condition of suppressed 'scare'-suppressed, because for a week past the great interests known to act with or to be actually controlled by the Colossus had been desperately combating the effects of the sudden arrest of Lucas Hahn, and the exposure of his plundering of the Hahn banks. This bombshell, in its turn, had fallen at a time when the market had been 'boosted' beyond its real strength. In the language of the place, a slump was due. Reports from the corn-lands had not been good, and there had been two or three railway statements which had been expected to be much better than they were. But at whatever point in the vast area of speculation the shudder of the threatened break had been felt, 'the Manderson crowd' had stepped in and held the market up. All through the week the speculator's mind, as shallow as it is quick- witted, as sentimental as greedy, had seen in this the hand of the giant stretched out in protection from afar. Manderson, said the newspapers in chorus, was in hourly communication with his lieutenants in the Street. One journal was able to give in round figures the sum spent on cabling between New York and Marlstone in the past twenty-four hours; it told how a small staff of expert operators had been sent down by the Post Office authorities to Marlstone to deal with the flood of messages. Another revealed that Manderson, on the first news of the Hahn crash, had arranged to abandon his holiday and return home by the Lusitania; but that he soon had the situation so well in hand that he had determined to remain where he was.

All this was falsehood, more or less consciously elaborated by the 'finance editors', consciously initiated and encouraged by the shrewd business men of the Manderson group, who knew that nothing could better help their plans than this illusion of hero-worship--knew also that no word had come from Manderson in answer to their messages, and that Howard B. Jeffrey, of Steel and Iron fame, was the true organizer of victory. So they fought down apprehension through four feverish days, and minds grew calmer. On Saturday, though the ground beneath the feet of Mr. Jeffrey yet rumbled now and then with Etna-mutterings of disquiet, he deemed his task almost done. The market was firm, and slowly advancing. Wall Street turned to its sleep of Sunday, worn out but thankfully at peace.

In the first trading hour of Monday a hideous rumour flew round the sixty acres of the financial district. It came into being as the lightning comes--a blink that seems to begin nowhere; though it is to be suspected that it was first whispered over the telephone--together with an urgent selling order by some employee in the cable service. A sharp spasm convulsed the convalescent share- list. In five minutes the dull noise of the kerbstone market in Broad Street had leapt to a high note of frantic interrogation. From within the hive of the Exchange itself could be heard a droning