o dealings on the Exchange will cease to be
dealt in through the Stock Exchange Committee on Clearing House.
Stocks not so admitted will continue to be dealt in through the
Committee on Clearing House until further notice.

"All rules of the Exchange governing delivery and default on
contracts covered by these rules shall be in force on and after
the 12th day of December, 1914, but the closing of contracts
'Under the Rule' shall be subject to the foregoing provisions.

STOCKS LOANED

"The Loan Market for stocks will reopen at ten o'clock, A.M. on
the 12th day of December, 1914, for such stocks _only_ as are
admitted to dealings on the Exchange, from and after which date
all rules of the Exchange governing the borrowing and loaning of
such stocks shall be in force, but the closing of contracts
'Under the Rule' shall be subject to the foregoing provisions.

"The above rule shall apply to stocks borrowed and loaned prior
to and since July 30, 1914.

"Borrowed and loaned stocks will be cleared as before July 30th
last, but only in cases where such stocks are admitted to
dealings on the Exchange.

"Loans of stocks _not_ admitted to dealings on the Exchange will
continue to stand until further notice, unless otherwise agreed
to by both parties to the contract."

On Monday, December 14th, the next business day after the limited list
of stocks had been placed upon the floor of the Exchange, it was
reported to the Committee that the volume of transactions taking place
in the Stock Exchange Clearing House, in the stocks not yet admitted
to the floor, had risen to such proportions as seriously to embarrass
that institution. As this activity was taking place on a rising market
and signs of increasing confidence were constantly multiplying, the
Committee quickly resolved, on the same day, to transfer all stocks to
the floor on the following morning, and notice to that effect was at
once sent out. The unexpected appearance of this notice on the tape
was greeted with cheers of approbation in the Exchange, and on
December 15th the long hoped for reopening of the entire market had
become a reality.

* * * * *

The Committee of Five by this act brought their own rule to a close.
Arbitrary power had been put in their hands to be exercised while the
Exchange remained closed, but now that