Which U.S. trading venue closed for four months after the 1914 outbreak of World War I?

The New York Stock Exchange closed for four months after the 1914 outbreak of World War I.

The exchange suspended trading on July 31, 1914, as war in Europe created fears of panic selling and large international movements of gold and securities. The closure was an unusual response to an international emergency and lasted until December 12, 1914.

When trading resumed, the market did not simply reopen at the same level. The interruption had been used to reduce disorder and protect financial stability while governments imposed wartime controls. The New York Stock Exchange’s reopening was followed by a strong rise in prices, partly reflecting the importance of wartime orders to U.S. industry.

This episode is sometimes confused with the 1929 crash, but it occurred fifteen years earlier and was caused by the outbreak of a major war. It also shows that a market crisis can involve a trading suspension rather than only a rapid fall in quoted prices.