 Although calm was largely restored in New York by Saturday , November 2 , yet another crisis loomed . One of the exchange 's largest brokerage firms , Moore & Schley , was heavily in debt and in danger of collapse . The firm had borrowed heavily , using shares of the Tennessee Coal , Iron and Railroad Company ( TC & I ) as collateral . With the value of the thinly traded stock under pressure , many banks would likely call the loans of Moore & Schley on Monday and force an en masse liquidation of the firm 's stock . If that occurred it would send TC & I shares plummeting , devastating Moore and Schley and triggering further panic in the market . 
