ic account may now be resumed, but that all transactions
for future delivery must be submitted for approval, as
heretofore, to the Sub-Committee of Three on Bonds at the
Clearing House of the New York Stock Exchange."

On November 16th, Mr. Frank W. Thomas, Vice-President of the Chicago
Stock Exchange and also Chairman of their "Trading Committee,"
appeared before the Committee of Five and stated that it was the
intention of the authorities of their Exchange to meet on the coming
Wednesday to discuss the advisability of opening on Monday, November
23rd. He asked for information regarding the attitude of the New York
Stock Exchange in the matter of securities listed on both exchanges.
The Committee requested him not to permit dealings in Chicago, in such
securities, at prices below the minimum prices established in New
York.

Thus one after another came the evidences of a sudden transformation
in the financial conditions and of a consequent movement toward the
resumption of business, all of which rested fundamentally on an
immense increase of our exports and the resulting favorable movement
of foreign exchange.

Encouraged by these happenings the Committee of Five actively took up
numerous plans for letting down the bars. There had been for some time
considerable pressure exerted by those members of the Exchange who
were distinctively bond brokers, to have the bond business transferred
from the Clearing House to the floor of the Exchange. They thought
that this step would make a wider and more satisfactory market for
bonds and that the supervision of the Committee of Three could be
exerted in one locality as well as in the other. In view of the rapid
improvement in conditions, and the fact that unlisted bonds had been
given an unrestrained market by the dissolution of the Committee of
Seven, it was thought that the moment had come for taking this step in
advance. Preparations were at once set on foot to restore the
restricted bond market to the floor and thereby insure that partial
opening of the doors of the Exchange which would be the entering wedge
to ultimate resumption.

* * * * *

Unfortunately the plans of the Committee in this regard were not
sufficiently safeguarded. Through some unforeseen leak the news of
their intentions got abroad, and brought on some awkward consequences.
The first of these was the appearance of a private banker, the same
one who early in