f the Board of
Representatives of the Curb Market Association, who urged that the
time for a formal reopening of the Curb was at hand. On the following
day the Committee on Unlisted Stocks, having submitted a proposed
circular which they wished to issue in announcement of their
dissolution, the Committee of Five adopted the following rule:

"The Special Committee of Five being of the opinion that the
market for unlisted stocks has arrived at a condition that makes
supervision of dealings no longer necessary, hereby approve the
act of the Committee on Unlisted Stocks in dissolving their
organization.

"Ruling No. 23, dated September 24, 1914, is hereby rescinded."

It is needless to say that this action, together with its ratification
by the Committee of Five, was first submitted to and approved by the
Clearing House banks. Unlisted stocks comprised a group of properties
which were practically not held abroad, and the reason for holding
them under close restraint at first was the danger of the sentimental
effect on a panicky situation in case their prices should undergo a
violent decline. It having been demonstrated that such a decline was
not to be feared, the Committee in charge were only too glad to
relinquish the difficult duty of supervising the trading and open a
free market. It was further decided that the restraint upon free
quotation and publication of prices be simultaneously removed from the
unlisted dealings.

As a natural sequence to the above action, on November 12th, the Curb
Association issued the following notice:

"To the Members of the New York Curb Market Association:

"GENTLEMEN:

"It has been decided that the improvement in the general
financial situation has removed the necessity for restrictions
over trading in unlisted stocks, therefore you are hereby
notified that the New York Curb Market will officially resume
business on Monday, November 16th, 1914, at 10 o'clock A.M.

"This action on the part of the Chairman of the New York Curb
Market Association has received the approval and sanction of the
Committee of Five of the New York Stock Exchange.

"E. R. MCCORMICK,
"_Chairman_."

On November 13th, the Committee of Five ruled that:

"Unrestricted trading in Listed Municipal and State Bonds for
domest