A City Guide To Ottawa for Earlier in July 1914, European banks shut down, and trading increased in the United States as foreign investors hurried to liquidate. New York banks ended up with a deficit of $17 million. On July 31, the NEW YORK STOCK EXCHANGE shut down for the first time since 1873. On August 3, the secretary of the treasury announced that the government would issue $100 million in emergency funds to the New York banks and to other banks as needed. On August 4, Congress removed the limits on the amount of emergency funds that could be issued. By month’s end, around $208,810,790 in new money had been circulated. The number grew to $381,530,000 by the end of November. A City Guide To Ottawa 2016.