VOObyM

Reminiscences of a Stock Operator
said, "Mr. Thomas, we'll have to go and see Mr. Morgan about this."
The two men, hoping to stave off the most disastrous panic in our financial history, went
together to the office of J. P. Morgan & Co. and saw Mr. Morgan. Mr. Thomas laid the
case before him. The moment he got through speaking Mr. Morgan said, "Go back to the
Exchange and tell them that there will be money for them."
"Where?"
"At the banks!"
So strong was the faith of all men in Mr. Morgan in those critical times that Thomas
didn't wait for further details but rushed back to the floor of the Exchange to announce
the reprieve to his death-sentenced fellow members.
Then, before half past two in the afternoon, J. P. Morgan sent John T. Atterbury, of Van
Emburgh & Atterbury, who was known to have close relations with J. P. Morgan & Co.,
into the money crowd. My friend said that the old broker walked quickly to the Money
Post. He raised his hand like an exhorter at a revival meeting. The crowd, that at first
had been calmed down somewhat by President Thomas' announcement, was beginning
to fear that the relief plans had miscarried and the worst was still to come. But when
they looked at Mr. Atterbury's face and saw him raise his hand they promptly petrified
themselves.
In the dead silence that followed, Mr. Atterbury said, "I am authorized to lend ten
million dollars. Take it easy! There will be enough for everybody!"
Then he began. Instead of giving to each borrower the name of the lender he simply
jotted down the name of the borrower and the amount of the loan and told the borrower,
"You will be told where your money is." He meant the name of the bank from which the
borrower would get the money later.
I heard a day or two later that Mr. Morgan simply sent word to the frightened bankers of
New York that they mnst provide the money the Stock Exchange needed.
"But we haven't got any. We're loaned up to the hilt," the banks protested.
"You've got your reserves," snapped J. P.
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