much you
expect on each steamer. In case any of these have already been
financed please so state in your communication.

"The Committee would also like to have you tabulate in your
reply, so far as you can, the banks, trust companies or bankers
from whom you expect drafts to be presented.

"This communication is confidential and it is requested that you
do not discuss this matter with any one outside your own firm.
Your answer is expected by bearer, in order that the financing of
these drafts may be facilitated."

By three o'clock, the same afternoon, replies had been received from
thirteen houses that they expected securities on the _Olympic_ and
_Mauretania_, and had also received advices of other securities
forwarded but did not know on what steamers; the drafts to be
presented they said would be approximately for four and one half
millions. Replies from twelve other houses stated it as a possibility
but not a certainty that securities might reach them on the steamers
above mentioned to the amount of about four millions; and, finally,
twelve firms sent replies stating that they either expected no
securities or had made the necessary arrangements to finance what was
coming. These facts--so far below the estimate at first presented to
the Committee--came as a great relief, and were at once taken before
the Bank Clearing House Committee. After a careful discussion with
these gentlemen the Committee of Five again met and sent the following
communication to the firms who had reported that securities and drafts
were about to be tendered to them.

"Members of the Exchange to whom foreign drafts are presented for
payment, are requested to confer with the Committee of Five at 9
A.M. to-morrow, Thursday, the 6th inst., in the Secretary's
office, with details of such transactions in hand, when efforts
will be made to facilitate the adjustment."

The next morning the few firms who had drafts to meet on that day were
provided with the necessary loans by two banks and a trust company at
8 per cent. The amount of securities due from Europe was undoubtedly
large, but the great bulk of it had not been shipped and the shipment
of it was postponed for many weeks afterward. The extraordinary
statement that $40,000,000 or $50,000,000 were about to be landed in
New York is interesting as showing the hysterical state of mind to
which many business men had been red