The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-08-01
WORLD'S MARKETS CLOSED
TO AVOID COMPLETE RUIN
Continued From First page.)

Continued From First Page.)
believed New York would once more
attempt to absorb what the; rest OF the
world chose to thrust ON It,, Tho de-
cision. however, was not reached Mt O
meeting OF the governing board of the
exchange, but In secluded. room at
the office OF j. P. Morgan & Company.
Like Father, Like Son.
Mr.. Morgan, following the example
set by his father. when he did 30 much
to stay the panic of 1907. met there a
group Of the mghtiest financiers in
New York. There was opposition to
the suggestion that the" exchange
should be closed. Many Or the ex-
change governors who were in con-
stant communication with the group
OF men in Mr.. Morgan's Office. secuted
the idea. ,.,,,!5
The debate went on behind closed
doors, while all Wall street, through
which word Of the meeting. rapidly
had spread. waited anxiously for the
decision. On the floor Of the, exchange
wildly excited brokers rushed back
and forth, shouting. In ALMOST every
brokerage house in the street there
were crowds Of men, somec eager for
the chance to buy stocks at. low prices,
others in dread of disaster should tht,
market be opened.
Decided to Close. t,s
Then came the news that Germany
had declared state Of war in the
empire. Even before this news the.
decision had virtually been reached.
Word went forth that the board OF
governors had decided to close the
exchange. -..aii
Mr.. Ely made the announcement. A
few minutes before ten He ndoiinted1
the rostrum in the beard room. The
clamor instantly hushed. The brok-
ers massed in a silent crowd, facing
him. AS the gong changed for tha op-
ening, Dir. Ely made his brief an
nouncement. lNsc
For an instant. while the sfgnifi-
canoe OF his words was sinking, there
was no sound. Then there came a
shout OF relief.
A second conference Of bankers was
held late today In Mr.. Morgan,s office.
hut no further action was decided up
on. During the day the foremost men
OF Wall street kept in close touch
with one another, In an effortyto effect
an adjustment Of the situation as
speedil yas 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-
pretended. whatever the developments
In Europe. u. isd
@Little Boardn Stays Open.
For half an hour the CGhsolidntea
Stock Exchange, ueually known as the
'little board" was the otily OPEN Se-
curities market tof the world. p The
Consolidated opens half an houf 9teA
fore the New York stock exGhahge.sA
comparatively small amount Of. busi..
ness was done 9duRing thevRrst half
hour, today at prices which showed
only small changes, The Consolidated
closed as soon as word came, that the
"big board" would, not Qpep,i The
coffee exchange. the produce exehanF&
and the metal exchange quickly sfoti
low-d suit. &. NJ :;is,,f. = sals sas
The stock exchange took steps early
In the day to discourage In every way
possible the formation or an outside
market for its securities BY venture.
some or irresponsib1e tradarH.t It Ia
sued q notice to members pbihtihg out
that the constitution prohibits deal
ings on any other exchange. I'm. the city
or pTblicly outSide .of the. ,eScfange,
eithEr directly OF indirectly, 1G Eectfi,,
ties, listed or quoted on tha exehange.
Private transactions, III ID stelieved.
win continue in moderate volume aa
long as the exchange refnaine. closed:
Foreign; exchange was more 5deinofS-
allied than ever, before. hut, Il did mot