isdemeanor in this
country to buy, sell, transfer, give, or accept as collateral,
shares of stock or evidences of indebtedness extending over one
year, unless accompanied by a certificate showing that the owner
is a United States citizen, together with such evidence as the
Secretary of the Treasury may require that the securities have
been owned by United States citizens since July 30th, 1914."

In answer to this proposition the Secretary of the Stock Exchange sent
the following reply:

"Answering your letter of August 29th, 1914, I am instructed by
the Special Committee of Five appointed by the Governing
Committee to say that in its opinion such legislation as referred
to would be ruinous to the credit of the United States throughout
the world for many years to come."

In September a letter was received from a Western banker suggesting
that the slogan "Buy a share of stock" if started "would achieve
success, and by so doing would greatly benefit the stock market
situation. This movement would have to be started so as not to create
the impression among the many thousands of people it would reach, that
it was merely a movement for the purpose of benefiting the stock
brokers, but that it would be instrumental in relieving the strain on
every conceivable business. Were such a movement accepted, and should
it meet with results worthy of the plan it would be found out when the
smoke clears away that American people would own American railway and
industrial shares. This could be only for the great benefit of this
country but for Europe as well, for the reason that if Europe knew
that there was a good absorbing power here it necessarily would not
dump its stocks at frightful sacrifices."

In October a junior member of one of the big private banking houses
appeared personally and stated that, in his opinion, both domestic and
foreign security holders should be treated alike; that sales should be
conducted as usual; that on reopening transactions should be
restricted and only sales be published and no bids or offers. His idea
of restriction at the start was that all stock purchased should be
paid for on the basis of 10% cash and the balance in certificates of
deposit for cash, which certificates were to be non-negotiable except
between banks. A Committee could, from time to time, remove the
restrictions from such securities as seemed no longer to require them.
The banks