eleven o'clock
In the first hour of the day of the raid Giddings and the other members of Dumont 's supporting group of financiers were able to keep it fairly steady at about five points below the closing price of the previous day , by buying all that was offered -- the early offerings were large , but not overwhelming . The supporters of other industrials saw that the assault on Woolens was a menace to their stocks -- if a strong industrial weakened , the weaker ones would inevitably suffer disaster in the frightened market that would surely result . They showed a disposition to rally to the support of the Dumont stocks . At eleven o'clock Giddings began to hope that the raid was a failure , if indeed it had been a real raid . At eleven-twenty Herron played his trump card . The National Industrial Bank is the huge barometer to which both speculative and investing Wall Street looks for guidance . Whom that bank protects is as safe as was the medieval fugitive who laid hold of the altar in the sanctuary ; whom that bank frowns upon in the hour of stress is lost indeed if he have so much as a pin 's - point area of heel that is vulnerable .