he Exchange. The firm of S.
H. P. Pell & Co. had suspended, and a house which had been lending
them money wished to be authorized to sell out the collateral. This
was the first of many cases brought before the Committee, during its
long tenure of office, in which individuals sought for a special
privilege to sell securities they were anxious to market while trading
in general was forbidden. In this case the applicants were referred to
that section of the Constitution of the Exchange in which it is
provided that members having contracts with insolvents shall close out
these contracts in the Exchange when the securities involved are
listed. The Exchange being closed, this provision answered the
question without necessitating any independent action on the part of
the Committee.

* * * * *

From the moment of the closing of the Exchange a growing pressure
arose to determine just when and how it should be re-opened. The
desire for information on this point was widespread, and when the
gravity of the situation became clearer to the community, a great
anxiety developed that the re-opening should, above all, not be
premature. Realizing that the fear of sudden and ill considered action
on this question was becoming dangerous to the restoration of
confidence, the Committee of Five, at its meeting of August 3rd
authorized the following statement.

"Announcement is made by the President of the Stock Exchange, in
answer to inquiries as to when the Exchange will open, that ample
notice of such opening will be given."

In spite of this notice fear that the Stock Exchange might act
injudiciously lingered for some time longer until the constant
reiteration by its officers of their intention to act only in
conjunction and in consultation with the banks permanently allayed it.

By Monday, August 3rd, a steady stream of letters had begun to pour in
upon the Committee asking advice and direction upon any number of
questions raised by the closing of the market, and offering every kind
of suggestion and advice. In addition to this it soon became evident
that interviews would have to be held with large numbers of people for
the purpose of securing their cooperation, influencing their conduct,
and obtaining information. The resolution of the Governing Committee
by virtue of which the Committee of Five was brought into being merely
stated that questions such as these should be considered and re