August had predicted a long period of suspension, to
protest against greater freedom in bond dealings. He foresaw terrible
results if this rash act were permitted and claimed to have
information that European holders of bonds were awaiting this chance
to swamp the market. The Committee were not much alarmed by this
gentleman's warnings and were proceeding with their nefarious scheme
when a further warning was addressed to them. There was a certain
member of a Stock Exchange firm who was on friendly terms with some of
the Washington authorities, and who seems to have felt it his duty to
see that the Exchange did nothing to give offense in these high
quarters. When this individual learned what the Committee had in mind
he sent word that it would be prudent for them to let a particular
government officer know their plans before putting them into
execution. Thinking that this warning must be based on some special
information the Committee at once authorized this gentleman to inform
his friend in the Government of their plan. This was on Wednesday,
November 18th, and the intention of the Committee was to place the
bond market upon the floor of the Exchange on the following Monday. On
Thursday this well meaning but somewhat misguided go-between reported
that he had communicated with Washington and that his friend there had
expressed the desire to see some member of the Committee before any
further steps were taken.

This news hit the plans of the Committee somewhat after the manner of
a submarine torpedo. They had everything in readiness for Monday, and
the newspapers, which had also got wind of their intentions, had
already announced to the public unequivocally that a restricted bond
market would be started on that day. With such limited time to act in
there was nothing to resort to but postponement and a notice was
immediately given to the press in the following words:

"The Special Committee of Five states that while the plan
outlined by the newspapers concerning a further extension of the
present method of dealing in bonds was substantially that under
consideration by the Committee, the magnitude of the interests
affected has led to unforeseen difficulties which will
necessitate further consideration. When a decision is reached
ample notice will be given to the public officially."

A letter was at once sent to the Government official notifying him of
the readiness of the Committee to