Suddenly, as today, even big banks did not trust each other. The breakdown was fundamentally a liquidity crisis, and liquidity was easily restored in several ways: the New York banks issued their own liquidity through a clearing house; one massively powerful financial institution, J.P. Morgan, bought up collapsing shares, and thus reversed a market panic and a scramble for liquidity; and European central banks supplied gold to the American market.
和今天一样，即便是大银行也在一夜之间不再相互信任。从根本上讲，这是一场流动性危机，而流动性通过几个途径得以轻易恢复：纽约各大银行通过一家票据交换机构注入各自的流动资金；一家实力强劲的金融机构J.P. Morgan将暴跌的股票全部买进，从而逆转了市场恐慌和挤兑；还有就是欧洲中央银行向美国市场供应黄金。