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had reliable information to the effect that the enemy in large force was marching upon Philadelphia. Other men of influence desired him to give the general in command authority to declare martial law. Business stopped. Merchants, iron manufacturers, proprietors of machine shops and coal operators held meetings, and offered inducements to their workmen to enlist for the defence of the State. The members of the Corn Exchange furnished five companies. A meeting of the soldiers of the War of 1812 and another of clergymen were held to offer their services for home defence. It was said that bankers and merchants were making preparations to remove specie and other valuables from the city. Receipts and shipments on the Pennsylvania Railroad were suspended. Notwithstanding the acute apprehension and general derangement of affairs, there was nothing resembling panic. The excitement was at its height from June 27 to July 1. On July 1 the sale of government five-twenties for the day amounted to $1,700,000. Few trains were running on the eastern division of the Pennsylvania Railroad and it was expected that the track would in many places be destroyed, yet the shares of this company sold in Philadelphia at 61.75 on June 27 and at 60 on July 1 on a par basis of 50—a record as noteworthy as Livy’s story that the ground on which Hannibal was encamped three miles from Rome, happening at that very time to be sold, brought a price none the lower on account of its occupation by the invader. Although gold advanced in New York there was no panic in the stock market. 7 While the alarm at the invasion of Pennsylvania was at its height, when the Northerner took up his morning newspaper with dread in his heart or watched with grave misgivings the periodical bulletins of the day, the intelligence came that there had been a change in commanders

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