New Britain herald., 1914-07-31
Practical Breakdown of Sys- tenn of Credit Causes Failure of Big
 
 Concerns.

New York, July 31.-The New York account of the European situation. The Consolidated Stock Exchange and the New York curb market also ceased business. This was followed imm ediately by announcements of the closing of exchanges in the other chief cities throughout the country
 This official announcement was made by the secretary of the Stock Exchange:
 ',The governing committee decided that the exchange be closed until fur ther notice, and that all deliveries be suspended until further notice."
 Security. Transactions Halt.
 With the suspension of business here transactions in securities the world over came virtually to a halt. New York for the last few days had been the only great market of the world to carry on business as usual. The decision to close came unexpect- edly a short time before the usual hour for opening. Up to that time, although the street was in state of great excitement. the general impress sion was that the exchange would open.
 It was at a meeting of bankers at the offices of J. P. Morgan & company that the decision was reached. The meeting was attended by MT. Morgan and H. P. Davison, his partner; Frank A. vanderlip, president of the Ma tional City Bank; A. B. Hepburn, chairman of the Chase National Bank, and Francis l.. Hine, president of the First National Bank. These men were in close communication with the governors of the Stock Echange, and after a long discussion it was decided that the strain upon credits might reach the danger point if the ex- changes were open.
 No Definite Period.
 No definite period for the closing of the exchange has been set. Stock exchange houses have notified their offices not to make deliveries or re- ceive stock until further notice.
 Members of the board of governors of the Stock Exchange said that the board would probably ask the banks not to call dIly lOdlS uuC eouos oi "s any time while the Stock Exchange remained closed. The banks, it was believed, would agree to such an ar rangement.
 The board of governors is in favor of restricting all outside or private purchases or sales of securities by any of the members of the exchange on the ground that such transactions
 <oI nvaIx Tn hal interests of the exchange, but to the financial community as whole.
 First Time Since 1873.
 William c. Van Antwerp, gov- ernor of the exchange said that it was the first time since 1873 that business has been suspended for a full day. At that time a large stock exchange house failed and there were threats of dangerous European com 
 The only other occasion in the his- tory of the Stock Exchange when sim liar action has been taken was in 1869, on the famous Black Friday"
 The movement of gold to Europe, which has reached unprecedented during the last few days, was continued. Two engagements were made amounting to $2,500,000. The steamship St. Louis. which sailed for Europe today, carried the larg est amount of gold ever taken from any port of the world a single vessel The total value of the cargo was s11.025,O0O. The total on this movement of gold in five days aggre- gates $45,435.0oo. The amount of