Evening star., 1914-07-31

they will pay for those securities with
their wheat and other products at high
prices.
TT Is idle to say that America will
not be hurt by a general European war
The wholesale waste of capital involved
In such catastrophe would result m a.,
distribution of losses the world over. but
the loss here would be infinitesimal COM
pared with the losses to the countries
Immediately involved. There ts no douot
that the whole American people Will CO.
operate to restore normal conditions
possible moment
A. B. Hepburn's Statement,
A. B. Hepburn ISSUED the 1o1iow1ns
statement:
with exchanges closed all over the
world, there was no course open to the
New York Stock Exchange but to follow
suit-otherwise we would be keeping
open market where all the world could
sell, and utilize the resulting credit in
taking our gold.
For instance, Canadian Pacific, said
to have $1,000 stockholders. and to be
owned mainly on the continent OF
Europe, has been selling by the ream
here for many days. Although it has
suffered shrinkage in value, 1t never
theless sells now for good prices-about
16O. There certainly is no reason why
should be transferred from the con-
tinent Of Europe to New York at this
time. We cannot furnish a market for
international securities, and should not
at a time like this. The closing of the
exchange under the circumstances was
WISE"
Governors of the New York Stock Ex-
change appointed committee Of five
members headed by President Noble, to
consider and settle all questions which
might arise as a result of the closing
Issue Reassuring Statement.
reassuring statement by the bankers
Of New York through their representa-
tives and the clearing house committee
was issued later. After the meeting of
the clearing house committee an an
nouncement was made. as follows:
There was a meeting of the clearing
house committee this morning in view of
the closing of the New York Stock Ex-
change and its bearing on the general
situation. It was the opinion of the COM
mittee that the business and financial
condition Of New York and the entire
country was sound. but that the situation
in Europe justified extreme prudence and
self-control on the part of the United
States; that the closing Of the stock ex-
change was a precaution by reason Of
the disposition of all Of Europe to make
it the market for whatever it wished to
sell. and that in this country there was
no occasion for any serious interruption
of the regular course Of business, either
financial or mercantile"
Other Exchanges Close.
PHILADELPHIA. July 31.-Following
the decision of the New York Stock Ex-
change not to open for business today the
governors of the Philadelphia exchange
decided also to remain closed.
PITTSBURGH, July 31-The Pittsburgh
Stock Exchange was closed today until
further notice.
CHICAGO, July 31.-The Chicago Stock
Exchange will be closed today.
BOSTON, July 3I.-The governing
board of the local stock exchange decided
not to open the exchange today.
ST. LOUIS, July 31.-The stock board
of the Merchants Exchange of st. Louis
was closed today, but 1t was announced
the grain exchange would be open.
BALTIMORE Md. July 31.-The Balti-
more Stock Exchange was closed today
until further notice.
INDIANAPOLIS, Ind. July 31-The To-
cal stock exchange was closed today 1t
was announced that business would not be
resumed until the New York exchange
was reopened.
COLUMBUS. Ohio. July 31.-Following
the action taken in New York and other
financial centers the Columbus Stock Elk
change did not open today.
DETROIT, Mich, July 31.-The Detroit
Stock Exchange was closed today until
further notice"
CLEVELAND. Ohio, July 31-Notwith-
standing the fact that many other stock
exchanges have closed. officials of the
Cleveland Stock Exchange announced
they would not close today