ould have to be called; in the early
weeks of September sentiment was still in so critical a state and
every act of the Exchange was so keenly watched that it was feared the
holding of an extraordinary meeting might start rumors and cause
alarm. In view of these considerations the Committee of Five hit upon
the makeshift of inviting three members of the Governing Committee,
who possessed the desired qualifications, to volunteer their services
as an advisory body in the matter of fixing prices for listed bonds.
The three members selected were Messrs. C. M. Newcombe, Vice President
of the Exchange, W. H. Remick, and W. D. Wood.

On the 19th of September these three gentlemen cheerfully undertook
the difficult and onerous task urged upon them, and for three months
they abandoned their own private interests and devoted their entire
time to it. Owing to the intelligent and judicious manner in which
they handled the delicate problem of conducting a liquidation in
listed bonds that should at once be effective and yet not lead to
demoralization, they placed themselves among the foremost of those to
whom the financial community owes a debt of gratitude.

* * * * *

By the latter part of September methods, as described above, had been
found for facilitating a restricted liquidation of listed stocks, and
of listed and unlisted bonds. Nothing, however, had been done to make
an outlet for unlisted stocks. The "Curb" market and certain prominent
unaffiliated houses dealing in these securities had loyally played
their part in suspending dealings, but symptoms began to show
themselves of possible revolt, and the Committee of Five set to work
to find a safety valve for this department also. The device of a
supervisory Committee had proven so efficacious in other directions,
that it was naturally turned to in this instance. The circumstances
differed, however, in one particular. The bond dealers had
spontaneously created for themselves the very efficient Committee of
Seven who took their affairs in hand, but the interests involved in
unlisted stocks did not show the same solidarity, and it was necessary
for the Committee of Five to take a hand in initiating action.

With this end in view they consulted Mr. Herbert B. Smithers, of the
firm of F. S. Smithers & Co., concerning the feasibility of having a
committee formed to pass upon and control a resumption of dealings in
unlisted stocks. Mr. Smithers was