Nor had the country at large recognized that the hour was at hand. In the time that it took the short hand of the clock to complete its round four times, our country had completely changed its complexion, and the balance drawn by the press on Tuesday morning after an interval of forty-eight hours, had a perfectly crushing effect. Of course the appearance of the enemy in the West at once produced a financial panic in New York. On Monday morning the Wall Street stock-quotations of the trans-continental railroads fell to the lowest possible figure, rendering the shares about as valuable as the paper upon which they were printed. Apparently enormous numbers of shares had been thrown on the market in the first wild panic, but an hour after the opening of the Stock Exchange, after billions had changed hands in mad haste, a slight rise set in as a result of wholesale purchases by a single individual. Yet even before this fact had been clearly recognized, the railway magnates of the West had bought up all the floating stock without exception. They could afford to wait for the millions they would pocket until the American army had driven the enemy from the country. At the same time selling orders came pouring in from the other side by way of London. The Old World lost no time in trying to get rid of its American stocks, and the United States were made to realize that in the hour of a political catastrophe every nation has to stand on its own feet, and that all the diplomatic notes and the harmless sentimentalities of foreign states will avail nothing. So it was after the terrible night of Port Arthur and so it was now.