an unheard of disaster might overtake
them. It was determined that the Governing Committee should go into
session at once as there was so little time to spare. Just as they
started for their official meeting room a telephone message was
received from a prominent banking house stating that the bankers and
bank presidents were holding a consultation and suggesting that the
Exchange authorities await the conclusion of their deliberations.

There is an employee of the Exchange whose duty it is to ring a gong
upon the floor of the big board room at ten o'clock in the morning.
Until that gong has rung the market is not open and contracts are not
recognized. This employee was instructed not to ring the gong until he
had received personal orders to do so from the President; a permanent
telephone connection was established with the office in which the
bankers were conferring, and amid a horrible suspense the outcome of
their conference was awaited. For twenty minutes this strain
continued. It was a quarter before ten and only fifteen minutes
remained in which to act. Meanwhile the brokers were fast assembling
upon the board room floor, orders were piling in upon them to sell at
panic prices, ten o'clock was approaching, and although all felt that
the opening should not be permitted no one had a word from the
Governing Committee as to what was going to be done.

* * * * *

At a quarter of ten, no word having come from the bankers, the
receiver of the telephone which had been connected with their meeting
place was hung up, and the Governing Committee were called in session
to take action. As they took their seats two messages reached them.
One was brought by a prominent member of their body who had gone to
the office of the President of the bank Clearing House and had been
told by him, after consulting with some of his fellow officers, "We
concur; under no circumstances is it our suggestion, but if the
Exchange desires to close, we concur." The other was sent, through a
member of the Exchange, from one of the leading bank Presidents who
stated that closing would be a grave mistake and that he was opposed
to it.

The roll was called and thirty-six out of the forty-two members
answered to their names. The Chair having announced the purpose of the
meeting, Mr. Ernest Groesbeck moved that the Exchange be closed until
further notice. This motion was carried, not unanimously but by a
large majority.