The Sentinel=record., 1914-08-01

constant communication with the group of men in MT. Morgan's office secuted the idea.
 The debate went on behind closed doors while all Wall Street through which word of the meeting rapidly had spread waited anxiously for tho decision. On the floor of the ex- change wildly excited brokers rushed back and forth shouting. In almost every brokerage house in the street there were crowds of men, some eager for the chance to buy stocks at low prices, others in dread of disas- ter should the market be opened.
 Then came news that Germany had declared state of war in the em- pire. Even before this news the de eision had virtually been requested. The word went forth that the board of governors had decided to close the exchange.
 Mir. Ely made the announcement A few minutes before 10 he mounted the rostrum in the board room The clamor instantly hushed The bro kers massed in a silent crowd facing ] MT. Ely As the gong changed for the opening Mir Ely made his brief an nouncenent.
 For an instant, while the signili- canoe of his words was sinking in, there was no sound Then there came a shout of relief
 A second conference of bankers was held late today in MT Morgan 5 office but no further action was de- cided upon.
 During the day the foremost men of Wall Street kept in close touch with one another in an effort to effect an adjustment of the situation as 1 speedily as possible. It was said that the present position of the banks was unusually strong; that none was in need of assistance and that nothing of an alarming character need be ap- prehended whatever the disturbances in Europe.
 The cotton exchange was open one hour and ten minutes, in which time the three failures were announced The cotton exchange had its worst experience since the historic day of 1904, when Daniel J. Sully failed. The Pell firm, largest of the three which suspended, did an extensive business and had contracts widely scattered.
 Will fam Allen Butler of counsel for the firm, in statement tonight said an estimate of assets and liabilities was not possible now but that ac couatants were at work
 The cotton market was extremely excited. Fluctuations ranged from 150 to nearly 200 points, meaning change of values of $75O to sl0 bale.
 For half an hour the Consolidated Stock Exchange, usually known as the Little Board,' was the only open securities market of the world The Consolidated opens half an hour before the New York Stock Ex- change. A comparatiyely small amour tof business was done during the first half hour today at prices which showed only small changes. The Consolidated closed as soon as word came that the Big Board' would not open. The coffee ex- change, the produce exchange and the metal exchange quickly followed suit.
 The Stock Exchange took steps early in the day to discourage in ev cry possible way the formation of an out side market for it's securities by venturesome or irresponsible traders. It issued notice to members pointing out that the constitution prohibits dealings upon any other exchange in this city, or publicly outside of the exchange either directly or indirectly. in securities listed or quoted on the exchange. Private transactions. it is believed, will continue in moderate volume as long as the exchange re mains closed.
 Forelgn exchange was demoralizea more than before, but it did not pre- vent the engagements of more gold to the extent of about $3,6500OO, all for London, 1t was said.
 Bankers took up the matter of gold exports in several conference today and a meeting of foreign exchange bankers will be called to consider the proposition of canceliag or at least postponing the fulfillment of future contracts in exchange.
 Insurance companies continued 10 ask $1o,000 per million and even re iected some risks, it was declared The whole question of gold exports