should be asked to agree not to call any present loans and
to be very sparing in calling for margins.

Close upon the heels of this plan came a letter signed "A Friend of
the People" which said "Let the Stock Exchange be opened strictly for
the sale of American securities held by foreign stock holders. If they
wish to throw their stocks over we can buy them at our own price.
After six or eight days' selling from Europe the Exchange could be
open to the world. By that time the market should be on a rising scale
and safe for all."

This gentleman showed some originality in his view that the foreigner
should be invited to sell at once, instead of being legislated out of
the market as so many other advisers proposed. He seemed to be quite
oblivious of the difficulties, however, that would have been
encountered in inducing American security holders to stand by in
pensive calm while the foreigners unloaded to their heart's content.

Early in November a Philadelphia banker wrote a long and intricate
letter the full details of which we have not space to reproduce, but
it contained the following fragment which is interesting in its way:

"Could not a plan be formulated between the Stock Exchanges,
investment bankers and Federal Reserve Banks, by which the
securities could be valued on their intrinsic and market values
at such prices that would be considered reasonable to be obtained
in the next two or three years; that the lenders be guaranteed
against any losses from recession below the stipulated point at
which the securities might later be liquidated, say sometime
during the year 1917, if it had not been voluntarily liquidated
without loss before. Loans so insured would have to be in force
on securities carried prior to a certain date, probably before
the Exchange opened, if not last July 30th, and that an insurance
premium would be charged which would be considered slightly more
than adequate. Any surplus could be eventually pro-rated to the
policy holders. There would need to be no obligation to take out
such insurance unless the borrowers preferred. The banks might,
however, force them to do so in many cases or pay off loans."

At about this time many letters and suggestions were received
centering round the main idea that the market be opened exclusively
for such stocks as were not much held in Europe. Just as a
correspondent cited above