ABSTRACT
The House was to reopen on 4 January 1915, but would be subject to a number of restrictions intended to protect the market against the forced realisation of securities, to eliminate operations to depress prices and to close the market to the enemy. In short order, the company's capital was reorganised, presumably with a view to issuing shares at some stage, and the controlling interest was then sold to interests led by Gerard Lee Bevan, the senior partner of Ellis & Company, stockbroker. Issues for United Kingdom businesses would only be approved if they were shown to be in the national interest. Austria's ultimatum to Serbia which was communicated on 23 July 1914 and the diplomatic exchanges which followed contributed to growing international tension which was in turn reflected in volatile trading in many European exchanges.
