mmittee of Five they, of course, dwelt mainly upon the question of
reopening the market. Sir George Paish, being by nature an optimist,
took a very roseate view of the outlook, so much so that some members
of the Committee were at first disposed to fear (his mission being
that of a collector of debts who sought prompt payment) that his
diagnosis of the situation was prompted more by his hopes than by his
convictions. He proceeded to Washington, where he spent a considerable
time negotiating with the national authorities, and on his way home he
again appeared before the Committee, on November 23rd, and stated his
belief that the Exchange could be reopened at once.

In the light of what followed it is plain that Sir George Paish's
views were very nearly correct and not by any means over-optimistic.
The rapidity with which the readjustment of exchange solved the
problem presented to the American market was entirely in harmony with
his predictions and very flattering to his judgment. His companion,
Mr. Basil G. Blackett, was a reticent young man who seldom intruded
himself into the discussion, but it was noticeable that whenever he
was asked for an expression of opinion he showed himself to be
thoroughly informed as to facts and sound in judgment. The Committee
was certainly under an obligation to these gentlemen for the time they
were willing to give to its deliberations. In this connection it is a
pleasure to record that the authorities of the London Stock Exchange
showed a similarly friendly disposition. All through the period of
crisis communications passed between the London and New York Exchanges
and were accompanied by a most friendly spirit of mutual assistance.

* * * * *

While plans for reopening the Exchange were discussed from an early
date, nothing definite took shape up to the end of October, and at
that time the Committee of Five were still in the dark as to how long
business would continue to be suspended. Whether the New Year would
find Wall Street still bound and muzzled was an open question on
November 1st. As the month advanced, however, a very rapid change in
conditions began to manifest itself. On November 10th two significant
steps were taken. Mr. Smithers, Chairman of the Unlisted Stocks
Committee, appeared and stated that his Committee intended making a
report recommending their own discontinuance. He was followed, on the
same day, by Mr. E. R. McCormick, Chairman o