sale."

As this statement proceeded visible signs of painful emotions
manifested themselves among the Committee. The Exchange had already
been closed three months, and they were being informed that a plan
requiring a lapse of some six months more must be carried out before
the happy day of resumption would be in sight. The banker having
paused for a few minutes' reflection, resumed: "Then there is France.
Many American securities are held there, and as under their system the
action of individual investors is largely controlled by the financial
institutions, it will be quite feasible to determine the probable
selling of French investors when you have got in intimate touch with
these institutions." Another additional six months' delay loomed to
the vision of the demoralized Committee, and sad words of reproachful
protest were about to burst from some of them when their mentor again
broke the chilly silence of the meeting room. "Now that I think of it
there is Switzerland. The Swiss are a thrifty and saving people and
undoubtedly have much money in our properties. In spite of her
neutrality Switzerland will feel the economic pinch of this war and
her people will have to liquidate many of their foreign holdings. It
will be wise, therefore, for you to extend your inquiries from France
into Switzerland."

Here the reaction came, the heart-sick feeling which had plunged the
respectfully attentive Committee into gloom vanished, and mirthful
emotions so possessed them that it was a hard task to maintain proper
dignity and decorum. The temptation to inquire whether this
contemplated trip around the globe was to include an effort to trace
some American railroad bond into the sacred precincts of Thibet, or a
dash to the South Pole to search the abandoned luggage of some
deceased explorer, was resisted, and the worthy banker whose
imagination had taken such distant flights retired unconscious of the
very mixed emotions he had aroused. In the light of the actual
reopening that took place only six weeks later this interview becomes
a curiosity worth preserving.

* * * * *

Along with other prominent men who consented to meet and consult with
the Committee there came Sir George Paish and Mr. Basil G. Blackett.
These two gentlemen had come over from England to consult our
government and our banking fraternity with regard to the abnormal
exchange situation created by the outbreak of war. Before the
Co