"The New York Stock Exchange in the Crisis of 1914" is the title under which H. G. S. Noble, President of the Exchange, presents in a paper-bound volume of ninety pages a record of the happenings of last fall in which the Stock Exchange played so important a part. The book comprises three chapters, the first dealing with The Closing of the Exchange, the second with The Period of Suspension, and the third with The Reopening of the Exchange. It is noted that while the Exchange is in the second century of its existence, only on two occasions has it been forced to close its doors in that long period. The first occasion was the great panic of 1873-the after-effect of the Civil War-when trading was suspended for ten days. The second came with the outbreak of the World War, in the close of July 1914. Inasmuch as the events of 1914 are the most momentous that have so far constituted the life and history of the Exchange, and some record of and commentary upon the facts incident thereto may be of value to the present members and of interest and profit to its future members, the assembling of the data in a separate volume, apart from the minutes of committees and documents, seems desirable, hence the record prepared by Mr. Noble. In reciting the steps leading to the closing of the Exchange last year, Mr. Noble says: The conditions on the Stock Exchange when the storm burst were in some respects very helpful. Speculation for several years had been at a low ebb so that values were not inflated nor commitments extended.During the week proceeding July 31, in the face of a practical suspension of dealings in the other world markets, the New York market stood its ground wonderfully.On July 30 the evidences of approaching panic showed themselves. An enormous business was done accompanied by very violent declines in prices and although money was still obtainable throughout the day. at the close of business profound uneasiness prevailed.On the afternoon of July 30 the officers of the Stock Exchange met in consultation with a number of prominent bankers and bank presidents, and the question of closing the Exchange was anxiously discussed. While the news from abroad was most critical and the day's decline in prices was alarming, it was also true that no collapse had taken place and no money panic had yet appeared.The bankers' opinion was unanimous that while closing was a step that might become necessary at any time, it was not clear that it would be wise to take it that afternoon and it was agreed to await the events of the following day. Meanwhile several members of the governing committee of the Exchange had become convinced that closing was inevitable and in opposition to the opinion of the bankers urged that immediate steps be taken to bring it about. It may seem strange to people outside of Wall Street that the night before the Exchange closed such apparent indecision and difference of opinion existed. It was however, a perfectly natural outcome of an unprecedented situation. The crisis had developed so suddenly and the conditions were so utterly without historic parallel. that the best-informed men found themselves at a loss for guidance.-The Commercial and Financial Chronicle, Volume 101