Already, if what they say
on the floor is correct, over two hundred banks and trust companies
throughout the country have gone under, and new failures are being
announced every minute. Half the members of this and the Boston and
Philadelphia Exchanges are insolvent and have closed their doors, or will
close them before three o'clock, and the shrinkage in values so far
reported runs over fifteen billions. Unless something is done before the
close, there will be a similar panic in every Exchange and Bourse in
Europe to-morrow."
The committee instantly voted to lay the proposition before the full
board. In another minute the president's gavel sounded, and the floor was
still as a tomb. All eyes were fixed on the president. Every man in that
great throng knew that upon the announcement they were about to hear,
might depend, at least temporarily, the welfare, not only of Wall Street,
but of the nation, perhaps even of the civilised world. The president
spoke:
"Members of the New York Stock Exchange:
"The Governing Committee instructs me to say that Mr. Robert Brownley has
asked that operations be suspended for thirty minutes, in order that he be
allowed to address you. Mr. Brownley has agreed, if this request be
granted, he will upon resumption of operations purchase a sufficient
amount of stock to raise the average price of all active shares at least
one-half their total drop--all of it, if possible.
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