“I can see no possibility of taking this ship to New York from here with safety. To avoid foreign vessels we should have to keep within the three-mile limit, and to accomplish this the ship would have to be built like a canoe. We have reached an American port in safety and that was more than I dared to hope. We have been in almost constant danger of capture, and we can consider ourselves extremely lucky to have come out so well. “I know I have been criticized for making too great speed under bad weather conditions, but I have not wilfully endangered the lives of the passengers. I would rather have lost the whole whip and cargo than have assumed any such risk. Of course, aside from this consideration, my one aim has been to save my ship and my cargo from capture. “I have not been acting on my own initiative, but under orders from the North German Lloyd in Bremen, and although I am an officer in the German navy my duty has been to the steamship line.” CLOSING THE STOCK MARKETS We have so far dealt with only a few of the results of the war. There were various others of great moment, to some of which a passing allusion has been made. On July 30th, for the first time in history, the stock markets of the world were all closed at the same time. Heretofore when the European markets have been closed those on this side of the ocean remained open. The New York Exchange was the last big stock market to announce temporary suspension of business. The New York Cotton Exchange closed, following the announcement of the failure of several brokerage firms. Stock Exchanges throughout the United States followed the example set by New York. The Stock Exchanges in London and the big provincial cities, as well as those on the Continent, ceased business, owing to the breakdown of the credit system, which was made complete by the postponement of the Paris settlement. Depositors stormed every bank in London for gold, and the runs continued for a couple of days. In order to protect its dwindling gold supply the Bank of England raised its discount rate to 8 per cent. Leading bankers of London requested Premier Asquith to suspend the bank act, and he promised to lay the matter before the Chancellor of the Exchequer. In all the capitals of Europe financial transactions virtually came to a standstill. The slump in the market value of securities within the first week of the war flurry was estimated at $2,000,000,000, and radical measures were necessary to prevent hasty action while the condition of panic prevailed.