The War And Wall Street; An Address Delivered Before the City Club At Rochester, N.Y., Nov. 14, 1914

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Its Governors decided to close, not to protect its members, but to protect the Ameri- can public from a frightful assault on collateral values and a destructive drain on all forms of credit. No group of business men in America suffered more from this action than the members of the exchange; their business came to an end while their expenses, always heavy, continued, all this following a long period of dullness and di- minished profits in the security markets. Yet 14 they did their duty as good ...citizens, regardless of the sacrifices involved.
Just as familiarity breeds contempt and indif- ference, so it sometimes happens that facilities and conveniences with which we are most fa- miliar in our great avenues of trade are not ap- preciated until they are interrupted or lost. Those who without study of the Stock Exchange have come to speak of it as a gambling arena cannot fail to have been impressed with the fact that something more than a gambling place disap- peared when its doors were closed.


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