f stock sold in the
Exchange on July 30th, the delivery of which to the purchasers had
been suspended by the action of the Governing Committee. Obviously a
first great step toward clearing up the situation and preparing the
ground for the ultimate reopening of the market was to get this great
volume of contracts settled, so that if any failures were inevitable
they would be disposed of beforehand.

It being probable that many of the purchasers of stock on July 30th
were in a position to finance their purchases even in the midst of the
crisis the Committee deemed it wise to offer every possible facility
for the immediate settlement of contracts when the purchaser was in
this position. They therefore issued the following notice on August
4th:

"The Special Committee of Five appointed to consider questions
connected with the closing of the Exchange state that the
resolution of the Governing Committee suspending deliveries
until further notice does not mean that settlement may not be
made by mutual consent wherever feasible. The Clearing House of
the Exchange is prepared to advise and assist, and inquiries
should be made in person there."

At the request of the Committee of Five the Committee on Clearing
House at once undertook the task of assisting members of the Exchange
in closing up these contracts and used its clerical force for that
purpose, thus involving much careful and detailed work. They held
daily continuous meetings, giving their personal attention in
assisting members, and using a care that involved both tact and
arduous labor. Through their efforts such extraordinary progress was
made, in this complex and difficult task, that by September 22nd
announcement was made that the delivery of all Clearing House balances
had been completed with the exception of those of the few firms whose
affairs were in the hands of receivers. These were settled shortly
afterwards and at the same time the great volume of Ex-Clearing House
contracts were also completely fulfilled.

This is one of the most extraordinary and gratifying experiences of
the great crisis. In about seven weeks, at a time when money was
unobtainable and the condition of panic was at its height, this huge
volume of unsettled contracts was met and consummated by voluntary
cooperation and without compulsion of any kind. In some few cases
selfishness or indifference delayed action on the part of individuals,
but these we