visit him at his convenience, and
the following day, Saturday, he very courteously sent them a telegram
explaining that the suggestion of an interview had in no way emanated
from him but that he had misunderstood the intermediary (who had
communicated by telephone) and supposed that the interview was being
sought by the Exchange. So this mighty tempest in a tea pot resulted
from the excessive zeal of an outsider who while trying to pilot the
Committee into safe waters succeeded in running it on a reef of his
own creation.

Immediately on ascertaining the true situation the following notice
was sent out on Saturday:

"The Special Committee of Five announces that having consummated
its plan for bond transactions on the Exchange under certain
specified restrictions, the same will, in accordance with the
Constitution of the Exchange, be submitted to the Governing
Committee at the regular meeting to be held on the 24th inst. If
the recommendations of the Special Committee are adopted by the
Governing Committee the plan will go into operation at an early
date."

Some of the newspapers having announced positively that this new move
with regard to bonds would take place on Monday, the 23rd, they were
very indignant that it should be postponed without supplying them with
a good and sufficient reason. The Committee, on its part, feeling
that it was undesirable to publish the details of an awkward
misunderstanding with a public official, who would not want his name
dragged into a matter that he had in no way concerned himself with,
refused to furnish the reason. This at once let loose upon them those
vials of reportorial wrath which, up to that time, they had been
fortunate in escaping. One journal amicably stated that this incident
merely emphasized a fact which had all along been obvious, namely that
the Committee were, and had been from the start, totally incompetent
to perform the task intrusted to them.

While a gentle shower of epithets fell upon their devoted heads the
Committee proceeded with their work and, having obtained the necessary
authority from the Governing Committee, they sent out the following
ruling on November 24th:

"That so much of rule No. 21 as applies to dealings in listed
bonds through the Clearing House be rescinded, to take effect at
the close of business on Friday, November 27th, 1914. Beginning
on Saturday, November 28, 1914, dealing