ading in unlisted stocks a possibility, at the
time, similar powers must be granted and similar confidence must be
given to some one. The Unlisted Stock Committee were not
self-appointed because they came into being at the instigation and
suggestion of the Committee of Five, and to disband them after they
had started upon their work, substituting other individuals in their
places, would merely stimulate fresh antagonism that might wreck the
entire project. The fact that these men were dealers in outside
properties especially fitted them to pass upon the reasonableness of
the prices that were to be made, and there was no more reason to
question their integrity of purpose than there would be to doubt that
of any individuals who might take their place.

A firm stand was thus taken in defence of this new Committee, and they
succeeded in carrying on their work successfully up to the time when
the amelioration of conditions enabled them to disband. It must be
regretfully recorded, however, that the petty jealousy and distrust
which had appeared in connection with this episode continued to show
themselves in a desultory way until the end. A few individuals threw
what impediments they could in the path of this Committee, and thereby
furnished the only exception to the wonderful exhibition of loyalty
and self effacement that manifested itself in every other department.

* * * * *

When the Exchange suddenly closed its doors, an immense number of
people, consisting of employees of the Exchange itself and the
clerical forces of all the many brokerage houses, were rendered idle.
As soon as it became evident that the suspension of business was going
to be indefinitely prolonged, the grave question arose as to the
extent to which these people would be thrown out of employment. The
Stock Exchange at once set the generous example of deciding to retain
its entire force without reduction of wages, and this decision was
carried through for the entire four and one half months of suspension.
A more difficult problem, however, confronted the brokerage houses.
Many of these firms had very heavy office rents and fixed charges of
various kinds; their business had been showing meager profits and even
losses for some years and, the length of the period of closing being
impossible to forecast, they did not dare to undertake burdens that
might get them into difficulties. The result was that a few strong
houses, wit