Evening star., 1914-07-31
NEW YORK STOCK
EXCHANGE HALTS
WORLDS BUSINESS
Suspension for First Full Day
Since 1873 Ends Trans
actions in Securities.
MEASURE OF PRECAUTION,
EXPLANATION OF BANKERS
All Deliveries Suspended Until Fur
ther Notice on Account Of
European Situation.
OUTFLOW OF GOLD CONTINUES
Shipments Abroad in Five Days Ag-
gregate $45, ,435, 0Oo-stock Ex-
changes Of Other o. 8. Cities
Also Closed Indefinitely.

Also Closed Indefinitely.
NEW YORK, July 31.-The New York
Stock Exchange was closed today on ac-
count Of the European situation. The
Consolidated Stock Exchange and the New
York curb market also ceased business.
This was followed Immediately by an
nouncements 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 further no.
tice. and that all deliveries be suspended
until further notice."
With the suspension Of business here
transactions in securities the world over
came virtually 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.
An Unexpected Decision.
The decision to close came suddenly
and unexpectedly a shost tune before the
although the street was in a state Of
great excitement. the general impression
was that the exchange would open.
1t was at a meeting of bankers at the
offices Of J. P. Morgan & Co. that the
attended by Mr.. Morgan and Fl. P.
Dawson. his partner. Frank A. Wander
lip. president of the National City Bank;
A. B. Hepburn, chairman Of the Chase
National Bank. and Francis L. Hine,
president of the First National Bank
These men were in close communication
with the governors Of the stock exchange,
and after long discussion it was de-
cided that the strain upon credits might
reach a dangerous degree II the ex-
changes were open.
Although it Is understood that there
was some opposition to the closing of
the exchange, it is learned that a ma
jority Of the men whose advice was
sought decided that as precautionary
measure the action should be taken.
the exchange has been set. Stock ex-
change houses have notified their offices
not to make deliveries for received STOCK
until further notice.
First Suspension Since 1878.
William C. Van Antwerp, governor of
the exchange. said that it was the first
time since 1873 that business had been
suspended for full day. At that time
there were threats of dangerous European
complications. The only other occasion
In the history of the stock exchange when
similar action has been taken was in
1859 the famous black Friday"
The movement of gold to Europe, which
has reached unprecedented proportions
during the last few days. was continued
Two engagements were made amounting
to $2,JOO,OOO. The steamship st. Louis.
which sailed for Europe today, carried
from any port of the world on a single
vessel The total value of the cargo was
S11, ,G25 600. The total on this movement
Of gold in five days aggregates $45,435,-
GOO. The amount of the outflow of the
metal since January 1 is s123. $4,000.
Banks Asked Not to Call Loans.
Members Of the board Of governors Of
the stock exchange said that the board
any loans due today or at any time
while the stock exchange remained
closed. The banks. it was believed
would agree to such an arrangement.
restricting all outside or private pur-
chases or sales of securities by any Of
the members of the exchange on the
ground that such transactions would be
detrimental not only to the interests Of
the exchange, but to the financial COM
munity as whole.
J. P. Morgan Is Hopeful.
]. r. Morgan today issued the follow
Ing statement:
alarming as the news is from Eu-
rope we are still hoping that there will
not be a general war. While the grav-
ity or the present situation can hardly
be exaggerated there is still the Op-
portunity for the sober second thought
of the people Of Europe to prevail over
their first impulses. If the delicate
situation can be held in allegiance for
tide of protest from the people who are
to pay for war with their blood and
their property.
THE situation of the American Sc
curity market during the past few days
has been a splendid Illustration of the
inherent soundness of financial condi-
tions In this country. While we all
Stock Exchange might be kept open,
the situation is fraught with so much
uncertainty that 1t seemed necessary
in the interest of the whole country to
close the exchange.
ut Is essentially q time for the owners
Of American securities to keep their
heads. Bear in mind that the actual
properties represented by American se-
curities will not suffer greatly by Euro
pean war.
Buying at Low Prices.
During the past few days the Ameri-
can people have been buying back Ameri-
can securities at low prices. Presumably