f a billion dollars. This should make an
adjournment unnecessary. I know that this is a most extraordinary request,
but you are confronted with a most extraordinary situation, the most
remarkable in the history of the Stock Exchange. 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. He agrees to buy to the
limit of his fortune of a billion dollars. I now put Mr. Brownley's
request to a vote. All those in favour of granting it will signify the
same by saying 'Yes.'"

A mighty roof-lifting "Yes" sounded through the room.

"All those opposed, 'No.'"

There was a deathly hush.

"Mr. Brownley will please speak from this platform, and remember, in
thirty minutes to the second, I will sound the gavel for the resumption of
business."

Bob Brownley strode to the place just vacated by the president. The crowd
was growing larger every minute. The ticker was already hissing a tape
biograph of this extraordinary situation in brokerage shops, hotels, and
banks throughout the country, and in a few minutes the news of it would be
in the capitals of Europe. Never before in history