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Excerpt from TIME -- "First, as Europeans began to sell off their American stocks and bonds, he shut down the New York Stock Exchange on July 31, 1914, for nearly four months. 'If he hadn’t done that there might have been much more panic selling,' says Richard E. Sylla, a financial historian and professor emeritus at NYU Stern School of Business. 'That’s what his major accomplishment was — avoiding the potential for a much worse financial panic in 1914. The dollar weakened a lot, but thanks to McAdoo’s policies, it strengthened a lot by November.'"

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