s in bonds listed on the
Exchange will be permitted on the floor of the Exchange between
the hours of ten and three o'clock each day except Saturday, when
dealings shall cease at twelve o'clock noon. Such dealings to be
under the supervision and regulation of the Committee, and to be
for 'cash' or 'regular way' only and not below the minimum prices
as authorized by the Committee from time to time. Transactions at
prices other than those allowed by the Committee, or in evasion
of the Committee's rules, are prohibited. All rules of the
Exchange governing delivery and default on contracts covered by
this resolution shall be in force on and after Saturday, November
28th, 1914, but the closing of contracts 'under the rule' shall
be subject to the foregoing provisions."

Thus on Saturday, November 28th, the doors of the Stock Exchange were
once more thrown open and a restricted market in listed bonds was
established on the floor under the watchful eye of the Committee of
Three. There was some hesitancy at first as to whether these bond
transactions should be quoted on the ticker in the accustomed way, but
before the day of opening came it was decided to report them as usual.
By requiring that all trades should be for "cash" or "regular way"
and, in a subsequent ruling, by instructing all purchasers of bonds to
report to the Committee when such bonds were not delivered by 2.15
P.M. on the day following the purchase, it was hoped to impede any
sudden or violent liquidation of foreign securities.

* * * * *

The restoration of the bond market to the floor was a complete
success, and at about the same time a general revival of public
confidence showed itself in a rise in prices first in the street
market and then in the Stock Exchange Clearing House itself.
Encouraged by these symptoms the Committee of Five at once formulated
a plan for carrying the reopening a step farther. A list of stocks
which were not international in character was made out and submitted
to the Bank Clearing House Committee, and with their concurrence it
was decided to place these upon the floor of the Exchange to be traded
in at or above certain prescribed minimum prices.

At a meeting of the Governing Committee on December 7th the following
resolution was adopted: "That the Committee of Five is hereby
empowered to permit dealings on the floor of the Exchange in s