Evening star., 1914-07-31
LOCAL EXCHANGE
REMAINS CLOSED
Follows Course Taken by
Boards in New York and
Other Cities.
SAID TO BE FIRST TIME
SINCE ITS ORGANIZATION
Saturday Holiday and Sunday Gives
Time for Adjustment-Broker
Eager for Worlds News.

markets throughout the world, by reason
Of the impending conflict in Europe and
in consideration of the almost universal
closing of stock exchanges today. the
Washington Stock Exchange remained
closed.
When the members gathered at 1915
o'clock to hold the daily session, many
were strongly in favor of holding no ses-
sion. On the other hand, there were sew
eral brokers who believed a session
should be held. Accordingly, the exchange
went into executive session and vote
on the question was taken, with the re-
suit that the exchange remained closed.
Tomorrow being Saturday, there will
be no session, the exchange having voted
several weeks ago to observe its usual
custom of remaining closed Saturdays
during July, August and September.
First Time Closed.
AS far as could be ascertained, today
was the first time the Washington stock
exchange has ever remained closed be-
cause Of an unsettled condition of the
market. Several Of the older members
Of the exchange stated they could not re-
member any 3other occasion when there
was no session on the local board for
that reason.
Eager for News.
At the local brokerage offices this
morning large crowds were on hand to
watch the opening of the New York
market at 10 o'clock. About $50 o'clock
messages were received. however. init
mating that no session probably would
be held today. The stock tickers We're
surrounded with spectators few min
utes before 10 o'clock. when the instru-
ments started to tick off the first mes
sage. Scores of eyes were fixed on the
tape. The first message gave an indica-
ton OF those which were to follow. 1t
read:
THE London Stock Exchange has been
closed until further notice."
Then came a message stating:
Van Antwerp of the governing COM
mittee states the exchange will remain
closed today"
There was pause following which
came the definite statement that there
would be no session on the New York
board. The message read:
1.-THE governing committee decided that
the exchange be closed until further no.
tice and that deliveries be suspended un-
til further notice."
1t was signed by George W. Ely, Sec
retary OF the New York Stock Exchange
Decision a Wise One.
THE decision to close is wise move"
remarked one of the prominent brokers
of this city.
If the New York exchange had re-
manned open there would have been fifty
failures before noon. There would have
been a panic that would have surpassed
anything in history"
Immediately following receipt of the
word that there would be no trading on
the New York exchange until further
notice. the spectators in the brokerage
Offices began to inquire: rs this the first
time the New York exchange ever closed
because of unsettled market conditions?"
AS far as could be ascertained from in
formation available at che brokerage
exchange closed was May IL. 1901 The
exchange remained closed on that day to
allow the brokers to rest and firms to
catch up after the famous panic of Sat
urday. May 8. 1901, the day OF the North
ern Pacific corner, when the common
share, was selling $1,000 a share before
noon. and closed at 1870.
This resulted in the collapse of other
stocks and the market was flooded with
were traded In. Call money was quoted
at one time at 90 per cent and later at 6
per cent The following day being Sun
day. no business was transacted and it
was decided that the stock exchange
should remain closed the following day
in order to allow things to adjust them
selves.
Yesterdays Sales.
Yesterdays sales on the New York e3-
change, 1.3O6. $50 shares. were the largest
since october 27. 1911, the day the suit
against the United States Steel Corpora
ton was fled. On that day 1864, $50
shares were traded In.