f Five. A
remedy proposed by one or two of these banking houses was that the
people from whom they were borrowing stock should be required to take
it back. This simple expedient, while eminently satisfactory from the
standpoint of the borrower of stock, was not very helpful to the
Committee, as it would merely have shifted the problem of financing
the stock from one set of brokers to another, and would have raised
the dangerous question of a general enforcement of contracts in
borrowed securities. It was an interesting illustration, among some
others to be subsequently experienced, of the manner in which certain
minds can become entirely absorbed in that aspect of a question which
deals solely with personal interest. After careful discussion it was
determined that the cooperation of the Clearing House banks should be
sought in solving the difficulty. The Committee of Five thereupon
sent a communication to the Bank Clearing House committee setting
forth all the circumstances connected with the expected consignment of
securities as stated by the delegation of banking houses and requested
an appointment to meet them, or a sub-committee of their members, and
discuss the matter. The appointment was obtained for the following
morning, August 5th, and the Chairman and Mr. H. K. Pomroy were
appointed a sub-committee to confer with the Bankers and directed to
take Mr. Richard Sutro with them as a representative of the houses
doing foreign business.

At the meeting with the Clearing House bankers it was very properly
decided that a solution of the problem could only be reached when an
exact knowledge of the amount of money required to pay for the
incoming securities had been obtained, the figures stated by the
banking houses which were seeking assistance being only estimates. The
representatives of the Stock Exchange agreed to obtain this exact
information at once, and having returned and stated the circumstances
to the Committee of Five, it was directed that the following
communication be sent to a list of members of the Exchange who, it was
understood, were to have foreign drafts presented to them:--

"The Special Committee of Five requests that by three o'clock
to-day they may have in their possession from you information as
to the number and amount of drafts which you expect will be
presented to you from Europe on any steamers arriving to-day or
subsequently. They would particularly like to know how