eman thus
addressed responded with calm determination "and you must not forget
that you are not the other four." This encounter excited much
amusement among the remaining members and was the one and only
occasion where anything resembling a serious difference appeared.

In addition to being blessed with harmony they were very fortunate in
having passed rulings for so long a time without giving forth anything
that had to be recalled. In view of the complexity of the conditions,
fortune must have aided in this as well as judgment. They were, of
course, treated to much wisdom (after the event) by their critics.
They were told that they might have opened the Exchange sooner after
the actual opening had proved a success, and they were informed in
the editorial columns of a prominent journal that their fear of
foreign liquidation had been an "obsession" which lacked
justification. These critics never were heard from while the event was
in doubt, and consequently the Committee did not profit much by their
learned sayings.

It can be stated with confidence that the intelligent resourcefulness
of the Stock Exchange, in conjunction with the splendid public
spirited work of the New York banks and the press, warded off a
calamity the possible magnitude of which it would be difficult to
measure. The success of this undertaking should be a source of pride
and emulation to those future generations of brokers who will have to
solve the problems of the great financial market when in the words of
Tyndall, "you and I, like streaks of morning cloud, shall have melted
into the infinite azure of the past."

THE END

[Illustration]

THE COUNTRY LIFE PRESS GARDEN CITY, N. Y.

[Transcriber's Notes:

The transcriber made these changes to the text to correct obvious
errors:

1. p. 49, from 11 A.M. to 12 M. (note missing "A" or "P"),
left as published
2. p. 54, "We think that if ... (added opening quote)
3. p. 83, rescision --> rescission
4. p. 87, unforseen --> unforeseen

End of Transcriber's Notes]

End of the Project Gutenberg EBook of The New York Stock Exchange in the
Crisis of 1914, by Henry George Stebbins Noble

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