Pull the Plug

Have you ever been in an elevator when someone pulled that red emergency knob? I haven’t and I’ve ridden in my fair share of elevators….so why do they show people doing that all the time in movies and tv shows? I mean does it really just stop the elevator mid-flight and then when you push it back in continues right where it was stopped? No alarm? The fire department isn’t called? I want to know the truth, so if anyone knows please fill me in.