under their supervision, these gentlemen could not be trusted to
act fairly in making their rulings. After much preliminary growling
which vented itself in interviews with the Committee of Five, this
antagonistic sentiment crystallized into a written protest.

On October 1st, the following statement was presented to the Committee
of Five.

"GENTLEMEN:

"Owing to a general feeling of dissatisfaction amongst members
and non-members of the New York Stock Exchange resulting from the
formation of a Committee of Five to supervise dealings in
Unlisted Securities, we, the undersigned, desire to suggest the
following recommendations for your consideration:

"_First_: The personnel of the Committee be changed to the effect
that same be composed of parties not identified as dealers.

"_Second_: That in stocks which have an open or active market,
transactions may be made without restriction or necessity of
report to the Committee, when at or above the closing prices of
July 30, 1914.

"_Third_: That where securities have not had an active or open
market the bid prices as published in the _Chronicle_ of August
1st, be accepted as the closing prices.

"_Fourth_: That in the case of securities where the Committee may
deem it possible to trade at prices below those prevailing on
July 30th, they establish minimum prices good for as long a time
as the Committee deems practical, and that a list of these prices
be furnished to those making application for same."

"We think that if the above recommendations are put into force,
it will do away with the criticism which has been made as to the
Committee as at present constituted, and by so doing increase the
efficiency of this Committee on Unlisted Securities, by securing
thorough and hearty cooperation on the part of all brokers and
dealers in these issues."

In reply to this appeal the Committee of Five pointed out that
whenever, in other cases, the action of a Committee had been invoked
to supervise the transaction of business, confidence in the integrity
of that Committee had been general and unquestioned. The Committee of
Seven, the Committee on Clearing House, the Committee of Three, and
the Committee of Five themselves had all been vested with dictatorial
powers over a business in which their members were personally engaged.
In order to render tr