72 THE WORK OF THE STOCK EXCHANGE
new headquarters for the market was under construction in
1901-3, the Stock Exchange conducted its securities market on
the Produce Exchange nearby.
The twentieth century has seen three real panics on the
Exchange—in 1901, 1907, and 1929, and serious periods of
liquidation in 1903, 1914, and 1920. In 1910 the Exchange
abolished its Unlisted Department, and admitted industrial
securities to its regular stock list.
During the period of 1907-13, the whole banking and currency
 system of the United States was extensively surveyed by
governmental authorities preparatory to the organization of the
Federal Reserve banking system. In line with this movement,
critical investigations of the New York Stock Exchange were
made—in 1908-9 by the so-called “Hughes Commission” for
New York State, and in 1912-13 by the so-called “Money
Trust Committee” in Washington. Few really important
changes in Stock Exchange methods resulted from these investigations,
 yet in the long run they proved useful in educating
the public in various Exchange methods and problems. Ultimately,
 of course, the stock market, in common with all American
 business, greatly benefited by the increased stability of
American credit brought about through the enactment of the
Federal Reserve Act in 1913.

Effects of the World War.—The immediate effect of the
outbreak of war in 1914 upon the New York Stock Exchange
has been related by its contemporary President.’ The tremendous
 wave of liquidation by Europeans of their American
securities in this market compelled the New York Stock Exchange
 on July 31, 1914, to close its doors for the second time
in its history. Not until all the great stock exchanges of
Europe had closed was this step taken. Trading in carefully
restricted securities and with scales of minimum prices began
on the New York Stock Exchange late in the autumn. Gradu- meThe
 New York Stock Exchange in the Crisis of 19147 by H. G. S. Noble