The meeting went on till 2:00 a.m. Harrison was adamant. “The Stock Exchange should stay open at all costs,” he told the gathering. Closing the stock market would not solve the problem, only postpone it and, by preventing transactions, might possibly prolong it and force even more bankruptcies. He proposed instead that the New York banks take over a good portion of brokers’ loans from those trying to pull out of the market. By thus stepping into the breach, they would head off panic selling and a complete meltdown. “I am ready to provide all the reserve funds that may be needed,” he reassured
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