Arizona republican., 1914-08-01
Complex Machinery of the Securities Market of the World Comes to a Halt When Wall Street Quits Business
OTHER AMERICAN
 CHANGES FOLLOW
Banking Business Was Not Greatly Deranged and Confidence as to the Out look is Not Lost by Busi- ness Houses
ASSOCIATED PRESS pIspATcH1

NEW YORK. July 31.-The com pleX machinery of the securities markets of the world came to a halt today for an indefinite period, an occurrence unprecedented in history With all Europe seemingly on the verge of war, continental exchanges closed several days ago and 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 has virtually done so all week for while the London market was open transactions were only nominal Unloading of stocks here by panic days, and the consequent collapse of prices made Wall street history.
 After a period of hesitation and eX treme nervous tension it was decided ten minutes before the opening of business that the exchange would not be opened, which action closed the last great market in the world.
 All the other American exchanges were quickly closed. Nevertheless there were four assignments, three on the cotton exchange.
 If a general European war should come. one member of the Stock Ex- change board said the exchange may be closed all summer
 Banking business is not greatly de- ranged and there is no loss of con fidence as to the outlook in that direction, but dealings in foreign ex- change are virtually abandoned.
 The events of the morning gave prosaic Wall street one of its rare hours of pure drama. Last night it was assumed everywhere that the exchange would be open today. When word came that the London market had beeen closed, uneasness grew until it was realized that Wall street faced an avalanche of selling orders which would be thrown in from Europe. Brokers had on hand buy ing orders for a large amount, com ing from investors who desired to take advantage of the unusually low prices. The execution of these or ders might hold up the market for some time, it was thought. After that time it was anyone's guess what might happen.
 As late as nine thirty. half an hour before the time for opening, it was generally believed that New York
 
 what the rest of the world chose to thrust on it. The decision. however. was not reached al a meeting of the governing board of the exchange, but in secluded room at the office of U. P. Morgan and company.
 Morgan, following the example set by his father when he did so much to stay the panic in 1907, met there with a group of the mightiest finan- ciers in New York. There was oppo- sition to the suggestion that the ex- change be closed. Many stock eX- change governors. who were in con stant communication with the group of men in Morgans office, secuted the idea.
 Until credit facilities are gone one of them said, we have not the right to close"
 The debate went on behind closed doors while all Wali street, through which word of the meeting spread like wild fire, waited with anxiety for the decision On the floor of the exchange wildly excited brokers rushed back and forth shouting. In almost every brokerage house in the street were crowds of men, some eager for a chance to buy stocks at