Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-07-31
STOCK EXCHANGES
ORDERED CLOSED.
|NFEAR OF PANIC
New York Trading Centres Un-
able to Stand Flood of
Worlds Business.
MARKETS OF cOUNTRY'S
CHIEF CITIES FOLLOW SUIT
Transactions in Securities
Practically Halted All Over
the World by War Crisis.

NEW YORK, July S1.-The New
York stock exchange was closed to-
day on account of the European sit
uation. The consolidated stock ex-
change and the New York curb mar
ket also ceased business. This was
followed Immediately by announce
ments Of the closing of exchanges in
the othcr chief cities throughout the
country
The q IN exchange. after an hour
of tradin Aoday, voted to close until
10 o'clock pesday.
New Yo. Is exchanges were the
last of the important centres or the
world 10 announce the closing of it's
doors to trading. When the London
exchange was ordered closed 1t be-
came apparent that New York would
be flooded with the trade of the for
eign bourses, all of which are closed.
4 This official announcement was
made by the secretary of the eX-
change: "The governing committee
decided that the exchange be closed
until further notice and that all de-
liveries be suspended until further
notice."
Deals in Securities Halt.
With the suspension of business
here transactions in securities the
world over came virtually to halt.
New York for the last few days had
been the only great market of the
world to carry on business as usual.
The decision to close came suddenly
and unexpectedly short time before
the usual hour for opening UP to
that time, although the street was in
a. state of great excitement, the gem
efal impression was that the eS-
change would open.
1t was at a meeting of bankers at
the Offices of J. P. Morgan & Co. that
the decision was reached. The meet
ing was attended by Mr.. Morgan and
III. p. Dawson, his partner; Frank A.
Vanderslip, president of the National
CITY Bank; A. p Hepburn, chairman
of the Chase National Bank, and
Francis L. Hine, president of the
AE'irst National Bank. These men were
", close communication with the gov
lN.nors of the Stock Exchange, and
er a long discussion it wassdeciued
R*Nt the strain upon credits might
reach a dangerous degree If the ex-
changes were open. g.
While it is understood that there was
some opposition to the closing of the
exchange it Is learned that a majority
OF the men whose advice was sought
decided that as precautionary meas
IRE The action should be taken. No
definite period for the closing of the
exchanges has been set.
First suspension Since 1873.
Stock exchange houses have notified
their offices not to make deliveries for
received stock until further notice.
William C. Van Antwerp. a governor
of the exchange, said that it was the
first time since 1873 that business had
been suspended for full day. AT
that time large stock exchange
house failed and there were threats OF
dangerous European complications.
The only other occasion in the history
of the exchange when similar action
has been taken was in 1859 on that
famous "Black Friday"
The movement of gold to Europe.
which has reached unprecedented
proportions during the last few days.
was continued Two engagements
were made, amounting to $500, 600.
THE steamship st. Louis. which sailed
for Europe today, carried the largest
amount of gold ever taken from any
port of the world on a single vessel
The total value of the cargo was SILL
OPS OO0 The total on this movement
of gold in five days aggregates s45,-
435.OUU. Inc amount Oi lliS outiOW u
the metal since January 1 is $123, $780,
900.
The New York Coffee Exchange
followed the lead of the Stock Ex-
changed and suspended business. The
Cotton and Produce exchanges were
open.
Committee to Make Rule.
AT a special meeting of the board of
governors of the Stock Exchange
President Noble was authorized to
appoint committee of five govern
ors to make rulings regarding de-
liveries on the curb. Deliveries on
the curb were suspended, unless by
mutual consent between the contract
ing parties.
Members Of the board of governors
said the board would probably ask
the banks not to call any loans due
today or at any time while the Stock
Exchange remained closed. The
banks, 1t was believed, would agree
to such an arrangement.
The board of governors is in favor
of restricting all outside or private
purchases or sales of securities by
CONTINUED on Page 2, Column 81