New Britain herald., 1914-07-31
EUROPEAN SITUATION CAUSES STOCK EXCHANGES TO CLOSE,
All Deliveries Suspended Till Further Notice 1, First Suspension of Business Since 1873;
 Security Transactions Halt
, the outflow of the metal since Jan<
 uary 1, is $123,835,00

. the outflow of the metal since Jan< uary 1, is s123,8S5, 900. ' Hepburn Issues Staten, A. B. Hepburn issued the following statement: With exchanges closed all over the world, there was no course open tol the New York Stock Exchange but toi fellow suit-otherwise we would be keeping open market where all theI world could sell and utilize the rel sulting credit in taking our gold. Fors instance, Canadian Pacific, said to have 67, 900 stockholders and to .-be owned mainly on the continent o6 Europe, has been selling by the reamY here for many days. Although it hast suffered a shrinkage in value, iti nevertheless sells now for good prices,j about 160. There certainly is not reason why the ownership of Cana-j dian Pacific should be transferred fl om the continent of Europe to New York at this time. We cannot fur- nish a market for international se- curities and should not at time like this The closing of the exchanges under the circumstances was wise.' Governors of the New York stock Exchange appointed committee of five members to consider and settle alr questions which might arise as a rel suit of the closing. The committed was headed by President Noble. Measuring Statement Issued. A reassuring statement by thel bankers of New York, through he representatives of the clearing hoisel committee was issued today.
 Ut was the opinion of the commlt- tee.' the statement says. that the business and financial condition ofl New York and the entire country vas sound but that the situation in Eurolje justified extreme prudence and sell control the part of the United States; that the closing of the StoclSl Exchange was a precaution by req son of the disposition of all Europe | to make it the market for whateverl it wished to sell; that in this counbt- there was no occasion for any serious interruption of the regular course ff business, either financial or meroanL tile" .
 Coffee Exchange Closes.
 The New York Coffee Exchange fol-i lowed the lead of the Stock Exchange@ and suspended business. The Cot- ton and Produce Exchanges wereI open.
 special meeting of the Cotton Ex-t change managers was called at eleveni o'clock to determine whether the ex-l change should remain open for thel remainder of today's session. I
 The suspension of the cotton brok-l craze firms of F. J. Frederickson Sx{, Co.,, and Homer Howe & Co., bothl small concerns, was announced Th& market was not affected by the an- nouncement
 Votes to Close.
 The Cotton Exchange after an hour 10 o'clock Tuesday. <
 London Market Closes.
 London, July 31.-The London Stock Exchange has been closed until further notice.
 The decision to close the exchange was taken by the committee at a meeting held this morning.
 The committee also announced that the settlement due August 13 has been postponed until August 27 and that the consols settlement due August has been put over until September. eS
 Stocks which have yet to be de- livered for the account just closed must, however, be paid for. -s
 Credit Broken Down.
 The chief reason for the unpre- cedented action of the London stock Exchange committee was the fact that the system of credit had prac- tically broken down and H was inn possible to carry on business m that ordinary way. This situation did ndt arise through over speculation, but because bankers could not collecr margins which had been rapidly shrinking while at the same time tha;
 (Continued on Eleventh PaDal if