The Sentinel=record., 1914-08-01

New York, July 31.--The vast and complex machinery of the securities markets of the world came to a com plete halt today for an indefinite period. It was an occurrence unpre- cedeated in history.
 With all Europe seemingly on the verge of war, the continental eX- changes several days ago, with the London market following suit today. the New York Stock Exchange would have been called upon to bear the weight of the worlds financial bur dens. It virtually had done so all week, for while the London market was open. transactions were nominal.
 The unloading of stocks here by panic-stricken Europe during the last four days and the consequent col lapse of prices made history in Wall Street.
 To continue longer to pear the bur den, in the opinion of the bankers whose influence deems the course of events in the Street, would have been hazardous in the extreme After a period of hesitation and extreme ner- vous tension, it was decided ten min. utes before the hour set before the beginning of business today that the exchange would not be opened. The action closed the last great market of the world All other American exchanges quickly followed suit.
 As it was there were four assign ! ments, three of them announced on the cotton exchange. The firms are Co, stock cotton and grain brokers Homer, Howe X Co, and F. J. Fred erickson & Co., both cotton brokers. With the exception of Flower 6s. Co.,, the assignments are understood to have been caused by the recent extreme decline in cotton operations. Pell x Co. were reported to have been the leading firm on the long side of the cotton market and to have been caught with enormous commit ments on their hands when the break came. Flower x Co.,, who are not members of the cotton exchange, are said to have been embarrassed by the break in stocks. No statement of assets and liabilities was issued by any of the firms involved.
 1t was the impression tonight that the worst of the storm had passed George w. Ely secretary of the stock exchange. said there was no iadica- ton of trouble from any other quar- ter. New York's leading bankers as- serted unanimously that the position of the banks was sound
 How long the Stock Exchange will be closed is a matter of conjecture, the answer depending upon the course of events abroad.
 eff a general European war should come" said one member of the gov erning board the exchange may be closed all sumner"
 Banking business was not greatly deranged and there was no loss of confidence as to the outlook in that direction, but dealings in foreign ex- change were virtually abandoned.
 The events of the morning gave prosaic Wall Street one of it's rare hours of pure drama. Last nigAt f was assumed everywhere that the Stock Exchange would be open today When word came that the London market had been closed uneasiness grew until it was realized that Wall Street was face to face with a req crisis. It was obvious that, should the exchange open aa avalanche of selling orders would be thrown in from Europe. Brokers had on hand buying orders for a large amount from investors desirous of taking ad- vantage of the unusually low prices Execution of these orders, it was thought might hold up the market for time. After that it was any ones guess what would happen.
 At 9:30 o'clock half an hour before the time for the opening, it was gen era'ly believed New York would once more attempt to absorb what the rest of the world chose to thrust on it. The decision, however, was not reached at meeting of the goveri, ing board of the exchange but in a secluded room at the office of J. P. Morgan & Go.
 MT. Morgan, following the example set by his father when he did so much to stay the panic of 1907. met there group of the mighties tfinan- ciers in New York. There was op position to the suggestion that the exchange should be closed. Many of the exchange governors who were in