For more than a year the vast operations of Smithers & Co. had astonished business circles in London. Formerly they had been considered as an eminently respectable house, and as doing a safe business; but of late all this had been changed in so sudden and wonderful a manner that no one could account for it. Leaving aside their old, cautious policy, they undertook without hesitation the largest enterprises. Foreign railroads, national loans, vast joint-stock companies, these were the things that now occupied Smithers & Co. The Barings themselves were outrivaled, and Smithers & Co. reached the acme of their sudden glory on one occasion, when they took the new Spanish loan out of the grasp of even the Rothschilds themselves. How to account for it became the problem. For, allowing the largest possible success in their former business to Smithers & Co., that business had never been of sufficient dimensions to allow of this. Some said that a rich Indian had become a sleeping partner, others declared that the real Smithers was no more to be seen, and that the business was managed by strangers who had bought them out and retained their name. Others again said that Smithers & Co. had made large amounts in California mining speculations. At length the general belief was, that some individuals who had made millions of money in California had bought out Smithers & Co., and were now doing business under their name. As to their soundness there was no question. Their operations were such as demanded, first of all, ready money in unlimited quantities. This they were always able to command. Between them and the Bank of England there seemed to be the most perfect understanding and the most enviable confidence. The Rothschilds spoke of them with infinite respect. People began to look upon them as the leading house in Europe. The sudden apparition of this tremendous power in the commercial world threw that world into a state of consternation which finally ended in wondering awe.