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In view of the rapid improvement in conditions, and the fact that unlisted bonds had been given an unrestrained market by the dissolution of the Committee of Seven, it was thought that the moment had come for taking this step in advance.
The bond dealers had spontaneously created for themselves the very efficient Committee of Seven who took their affairs in hand, but the interests involved in unlisted stocks did not show the same solidarity, and it was necessary for the Committee of Five to take a hand in initiating action. With this end in view they consulted Mr.
The Stock Exchange Committee could, of course, only control its own members, but it being a fact that a very large part of the unlisted business emanated from Stock Exchange houses, it was probable that their action would determine that of unattached dealers.
All purchasers and sellers of bonds, acting as brokers only, were required to file their orders with the Committee of Seven when dealing in unlisted bonds, and with the Stock Exchange Clearing House when dealing in listed bonds, and these two agencies were empowered to determine minimum prices below which sales could not be made.
The news that the great English syndicate was looking into the C. & W. A. L R. R. was soon around the office, and each habitue had a bright word for the colonel, congratulating him on the favorable turn his affairs had taken. All but old Klutchem, a broker in unlisted securities, who had been trying for weeks to get a Denver land scheme before the same syndicate, and had failed.
The conditions surrounding unlisted stocks seemed on the surface to be identical with those pertaining to unlisted bonds. In both cases a business that was partly in the hands of Stock Exchange members and partly in those of outside concerns was to be presided over by a mixed Committee representing both interests.
The Committee of Seven, the Committee on Clearing House, the Committee of Three, and the Committee of Five themselves had all been vested with dictatorial powers over a business in which their members were personally engaged. In order to render trading in unlisted stocks a possibility, at the time, similar powers must be granted and similar confidence must be given to some one.
This expectation was, in the main, borne out, and business in unlisted stocks began to be carried on actively under the jurisdiction above described.
The galactic agent set eagerly to work, and in the next several hours uncovered two unlisted radiation sources, both of which he promptly investigated. In one case, north of Eugene, he found in the backyard of a metal die company a small atomic pile.
With that I goes around to a little joint I knows of, where they has a board for unlisted stocks, and I sets back and watches the curves Blitzen was makin'. First she'd jump four or five points, and then she'd settle back heavy. The Curb was playin' tag with it; that was all, so far as I could see. Nice lot of Hungry Jakes to feed with int'rest-bearin' securities!
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