These were guaranteed by the firm which issued them.
Other devices were used to aid the banks and to block the spread of the
panic by limiting cash payments by the banks. The governors of Nevada,
Oregon, and California declared legal holidays continuously for several
weeks, thereby allowing the banks to remain closed. In some places the
size of withdrawals was limited to $10 or $25 daily.
The panic was felt to a great degree on the New York Stock Exchange
because the banks refused to make loans, but this stringency was
relieved by a bankers' pool, headed by J. P. Morgan, which loaned
$25,000,000 at the prevailing rate of interest. With the strengthening