it was reopened authority
naturally returned to its legitimate channels. The Committee therefore
presented the following report to the Governing Committee on December
15th:

"The Special Committee of Five beg leave to report that in as
much as the crisis that existed on July 31st, 1914, has passed,
and financial affairs in this country have resumed a practically
normal condition, the necessity for the Committee's continuance
no longer exists and hence they request to be discharged. Before
being discharged they desire to express their appreciation of the
trust and confidence placed in them by the Governing Committee.
They also wish to express to the members of the Exchange their
appreciation of the manner in which their rulings have been
respected, even though in many cases it involved great
sacrifices.

Resolved, That the report of the Special Committee of Five be
received, and the Committee be discharged."

Thus, like the sudden and unexpected shifting of a dream, the
Committee of Five who so recently had almost despaired of fixing a
date for reopening the Exchange, found the Exchange open and
themselves a memory of the past. The abruptness of their exit was
tempered, however, in the following manner. As above described, the
reopening was accompanied by the restraint of certain arbitrary
minimum prices below which securities could not be sold. It was felt
that, owing to the critical and indecisive state of the war, there was
a continuing possibility of some news that might renew a crisis in the
market. While this possibility lasted the maintenance of minimum
prices furnished an automatic check upon sudden panic which would
avoid raising the question of a second closing of the Exchange. In
order to regulate these minimum prices and so change them from time to
time as to keep in accord with normal supply and demand, it was
necessary to appoint a Committee, and the original Five were continued
in office with this sole regulative power. As bonds were similarly
restricted, the Committee of Three also lingered on the scene for the
same purpose. The two Committees performed this unusual function up to
the first of April, 1915, when the very marked improvement in
conditions led to the abandonment of this last vestige of artificial
restraint.

It is instructive, as showing the workings of some minds, that
although the Committee of Five, in its capacity of re