The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-07-31
Stock Exchanges in Principal
Cities Are Closed.
Similar Action Taken i'm United
States and England.
EUROPEAN SITUATION CAUSE
Important Settlement Days
Have Been Postponed.

New York. July 31.-The New York
stock exchange was closed today ow-
ing to the European situation. The
consolidated exchange and the New
York curb market also ceased busi-
ness. This was followed by announce
ments OF the closing of exchanges In
the other chief cities throughout the
country. This official announcement
was made by the secretary of the
stock exchange:
''The governing committee decided
that the exchange be closed until fur
ther notice, and that all deliveries be
suspended until further notice"
With the suspension Of business here
transactions in securities the world
over came v--tually to a halt. New
York for the last few days had been
the only great market of the world to
carry on business as usual. The de-,
cisiOn to close came suddenly.
It is learned that a majority of the
men whose advice was sought decided
that as a precautionary measure the
action should be taken.
William c. Van Antwerp, a gov
ernor OF the exchange. said that 1t
was the first time since 1873 that busi-
ness had been suspended for a full
day. At that time a large stock ex-
change house failed and there were
threats Of dangerous European COM
plications.
The only other occasion in the bis
tory Of the stock exchange when SIM
liar action ad been taken was In
1869, on the famous "Black Friday"
The movement of gold to Europe,
which has reached unprecedented pro-
portions the last few days, was con-
tinued. Two engagements were made
amounting to $2,5O0,OO0. The steam
ship st. Louis, which sailed for Eu-
rope 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 $11, ,025,-
900. The total on this movement of
gold in five days aggregates $45. 1885,
900.
The amount of the outflow OF the
metal since January is $123, 1875, 900.
The New York coffee exchange fol-
lowed the lead Of the stock exchanges
and suspended business. The cotton
and produce exchanges were open.
Members Of the board of governors
of the stock exchange said that the
board would probably ask the banks
not to call any loans due today, or at
any time while the stock exchange re-
manned closed. The banks, 1t was be-
lieved, would agree to such an ar
rangement. The board OF governors Is
in favor of restricting all outside or
privates purchases or sales of secure
ties by any of the members OF the ex-
change on the ground that such trans
actions would be detrimental not only
to the interests OF the exchange but to
the financial community as a whole.
Baltimore Follows Suit.
Baltimore, July 31.-The Baltimore
stock exchange was closed today. and
UNEXPECTEDLY, q short time before the
usual hour for opening.
Up to that time, although the street
was in q state OF great excitement, the
general impression was that the ex-
= <sHzk
ing of bankers at the offices of J. p.
Morgan & Co. that the decision was
reached. The meeting was attended
by Mr.. Morgan and H. p. Dawson. his
partner: Frank A. Vanderlip, presi-
dent of the National City bank: A. B.
Hepburn, chairman of the Chase Ma
tional bank, and Francis L. Hine.
president of the First National bank.
These men were in close communica-
ton with the governors of the stock
exchange, and after a long discussion
it was decided the strain on securities
might reach a dangerous degree II the
exchanges were open.
San Francisco, July 31.@The stock
and bond exchange here was closed
today.
New Orleans. July 31.-The New
Orleans cotton exchange closed today
until further notice.
This was the first time in history the
eXC0anke was CAOScQ u0I1u6 dSSOCAdllOA
Violent Quotations shook the market
from the outset. There was a range
120 to 100 points, and when trading
ceased prices were 69 to 20 POINTS down.
Indianapolis. July 31.-The local stock
exchange was closed today. It was an
nounced that business would not be re-
sumed until the New York stock ex-
change was reopened.
McAloo VIII Help.
III, v~y Nc.
! Adoo issued u statement today saying
! the treasury department will help al
far an 1T legitimately may" in New
| York or elsewhere during the present
| situation.
Secretary McAdoo said: I'VE are
keeping in close touch with the stu.
alton. The treasury department will
New York. or in any other part Of
the country where it becomes appar'
ent that assistance is needed.
THE Aldrich-Vreeland act a,
amended by the federal reserve act 1,
still in force and the terms upol
that act are now SO favorable that re
sort may be had quickly and effective
" to meet any emergency. 1t mus
be remembered that there Il In thu
treasury, printed and ready for issue
$500. 100000 of currency which TIN
banks can get upon application unoel
that law. This Is in addition to thu
resources of the treasury"
| President Wilson also turned his at
Itention to the financial situation. L
/! was announced at the White Hous,
that every effort would be made fol
organizing the federal reserve boart
and putting the new reserve system II
operation.
Relief measures contemplated In
clude deDOsftfng funds In banka II
Chicago, New York. Philadelphia ant
other cities.
(Continued on Page 9.l