public the news to which it was entitled. Placed in such a position
there was a very natural impatience here and there to have the
Exchange reopened, while now and then a tendency became manifested to
publish certain news of the day which, while interesting to the
public, tended to handicap the efforts of those bent only on
reassurance and calm counsel. At times it became somewhat difficult to
prevent the publication of some of these matters, particularly of the
prices made in the so called "gutter" market which sprang up in New
Street. And yet on the whole nothing could have exceeded the fairness
and the spirit of cooperation of these gentlemen in this trying time.
One newspaper even went so far as to cease the publication of a
remunerative page of small advertisements having to do with dealings
in outside securities. This was done at the request of the Committee
without hesitation. Others cooperated in the suppression of
advertising on the part of questionable people, while correspondents
of out of town newspapers, both foreign and domestic, cheerfully
acceded to requests to suppress all disturbing financial reports. In a
word, the financial department of the whole newspaper press accepted
the situation philosophically, bearing their losses without complaint
and supporting without cavil the restrictive measures which it was
necessary to employ.

This loyal conduct of the press and of the auctioneers was one of the
great factors without which the critical days of the suspension of
business could not have been successfully surmounted.

* * * * *

It will be remembered that in the morning of July 31st, the Governing
Committee not only voted to close the Exchange but also declared that
the delivery of securities should be suspended until further notice.
The motive of this latter action was to prevent the possible
insolvencies that were likely to be forced if purchasers were
compelled to pay for their securities in the absence of a call money
market. At the earliest moment that attention could be given to it the
Committee of Five requested the Chairman of the Stock Exchange
Clearing House to place before it the exact figures of the outstanding
contracts. These figures when presented showed that there were stock
balances open on Clearing House order amounting to $38,700,000 and
Ex-Clearing House contracts amounting to about $61,000,000. Roughly
speaking there had been about $100,000,000 o