In the last week of July 1914, when the U. S. was still as isolated journalistically as it was politically, the threat of war in Europe was not even considered a contributing factor in the stockmarket's desultory decline. Then the unthinkable happened. In swift succession the great European markets closed their doors, and the selling of an entire world, hysterically trying to convert securities into cash, concentrated on the New York Stock Exchange. Bravely the governors announced their determination to keep open, but on the morning of July 31, after one look...
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