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 cur- 
rency 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 inves- 
tigations, yet in the long run they proved useful in educating 
the public in various Exchange methods and problems. Ulti- 
mately, of course, the stock market, in common with all Ameri- 
can 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 tre- 
mendous wave of liquidation by Europeans of their American 
securities in this market compelled the New York Stock Ex- 
change 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