New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-01
Continued from page

exchange was quoted at SC the pound
for cables, with a few transactions at
that figure. Another consignment of
S10,000,O00 in coin came from Phila-
de'phia and S11 100000 left on the liner
st Louis. Local bankers announced
the engagement of $3,650,000 in gold
for export, some of it for Canada,
where bankers were reported to be
calling loans placed in this city.
As 4 precautionary measure against
disturbance later the National Cur
rency Association of New York sent
Francis l.. Hine, chairman of the Clear
ing House Association, and William
Woodward, president of the Hanover
National Bank. to Washington TO ne
gotiate with the government for an
amendment to the existing law to per-
nit part of the $780, 100000 emergency
currency now authorized to come here
if needed. They left on the midnight
train and will confer with President
Wilson and Secretary McAdOo to-day.
At the bankers conference, at which
il was decided to send the ENJOYS, 1t
was admitted that to-day's bank state
ment would show some impairment OF
reserves, but nothing to cause any
worry. as this was TO have been ex-
pected from the large gold shipments
Of the week.
In the face of the closing Of the OK
changes for an indefinite period, the
temper of the financial district was
excellent. Aside from the presence OF
more visitors than usual. more police
and more leather-lunged vendors OF
"wuXtries." there was no greater eN-
element than on an average midsum-
ner day. The Street merely bowed 10
the inevitable-even joked at it, mem
bers Of the exchange described them.
selves as now without visible means OF
support
To "Localize Trouble
Beneath this quiet, even cheerful de-
r,eanor was a stolid determination %
force things to right themselves at the
earliest possible moment and 20 10
rothing that would in any way BRING
further losses upon the community o.
embarrassment 10 the business OF the
country. It was recognized that TINS
was mans task and both the hnanclal
giants and the smaller fellows bent 10
il with a will.
The first work in hand, it was
realized. was to exemplify the ADVICE
of Premier Asquith as applied TO the
Austrian -Servian dispute, "locallze the
trouble" That this would become nee
essarv was manifest long before New
York arose for breakfast. Cables be
gan mourning into the city just after D
o'clock announcing that the London
stock exchange had been closed for an
indefinite period.
More than one Wall Street man who
had gone to bed late, praying that the
dav would not be any worse than lts
predecessor, was aroused by the cable
company. That meant no more sleep,
and long before the Street is usually
astir brokers and sleepy-eyed CLERKS
began to make their appearance.
BANKERS, too, came in early, and be-
fore 9 o'clock call had gone out for
a conference in the Office of j. p. Nor
gan & Co., where the night before 1t
had been agreed that the Stock EX-
change should remain open.
From the executive Offices of the eX-
change call had also gone out for the
governing committee. majority OF
the members had gathered about Pres
dent Noble. many Of them urging the
absolute necessity of closing the eN-
change, when telephone message came
from Mr. Morgan asking the committee
to postpone any action for lew
minutes, pending the results OF the
conference in his Office.
The request was granted, and whhe
members, believing that the exchange
would resume as usual, were gather
ing on the 1ocr, impatient for the gong
10 signal the start, the two conferences
went over the situation.
Just before 10 o'clock the message
came from the Morgan Offices that the
bankers thought il would be wiser for
the exchange TO close, as the majority
Of the committee already were OF that
oninion. A vote was taken and a few
minutes later, as the clock in the face
of the east gallery of the exchange was
reaching 10 o'clock, Mr. Noble, with
Ceorge w. Ely, the veteran secretary
of the exchange. with has inevitable
red carnation, climbed into the ros-
trum.
Announce Closing of Exchange.
"Tbe exchange closes" and Some
body's busted" went sweeping over the
Aoor and the crowded galleries.
Mr.. Ely signalled for quiet ana then
announced the governing commit
tees decision that the exchange should
close for an indefinite period. There
we're few cheers and then the mem
hers set about congratulating one IN
other on the showing that had been
made. thankful that, for the present,
at least, the strain Of standing up IN
der an avalanche of securities was
over
On the Consolidated Exchange a sim
liar scene was enacted, while the bull
letin board of the New York curb, in
Broad ST., bore a typed message an
nouncing that until further orders the
members of the association would re-
frain from transacting any business
in securities whether these were listed
on the Stock Exchange or not. This
ended the idea that the curb would
take ur the work Of the board once the
latter had closed.
Az the beginning of the day on the
Cotton Exchange the big Beaver ST..
building was jsmmed with members
and their clerks. Liverpool already
8