inuing to do so, and the
press, while giving publicity now and then to the very low figures at
which some leading stocks were quoted, was induced to avoid the
practice of regularly tabulating these prices.

It having become apparent that some members of the Exchange, while
obeying the mandate to do no trading in New Street, were indirectly
helping the practice along by clearing stocks for the parties who
were making the market there, the Committee ruled (August 11th) "that
members of the Exchange are prohibited from furnishing the facilities
of their offices to clear transactions made by non-members while the
Exchange remains closed."

The final outcome was that the New Street market did more good than
harm. It relieved the situation by facilitating some absolutely
necessary liquidation, and never grew to such proportions as to
precipitate disaster, but during the long suspense and uncertainty of
the closing of the Exchange it was a constant and keen source of
anxiety to the Committee of Five.

* * * * *

Toward the end of the first fortnight after the closing of the
Exchange, the communications received by the Committee made it plain
that there were quite a large number of purchasers, attracted by the
low figures reached in the last day's trading, who were ready and
anxious to buy securities at or above the closing prices. Obviously
purchases of this kind by investors who happened to be in a position
to take securities out of the market, promised to bring relief to
interests whose position was critical and thus to fortify the general
situation. This facility could not be extended in the form of a
general permission to the members of the Exchange to make transactions
privately at or above closing prices. To have permitted as far
reaching a relaxation of restraint as this in so critical a time would
have entailed too great a risk. If any one of the eleven hundred
members had proved disloyal in the exercise of so dangerous a
privilege and privately negotiated sales at prices below those of the
closing, the whole plan of sustaining values might have been
jeopardized.

After considering the matter very carefully the Committee concluded
that the machinery and clerical force of the Stock Exchange Clearing
House could be advantageously used to supervise and control
transactions of this character, and, on August 12th, they issued the
following ruling:

"Members of the Exchange desiri