The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-07-31
BUSINESS STOPS.
Continued From PAGE Ono,
philadelphia Firm Fails.

CONTINUED From PAGE one.)
Philadelphia Firm Fails.
Philadelphia, July 31.-Announcement
was made by the Philadelphia stock
exchange today that Homer, Howe and
company Of this city had announced
their inability 10 meet their contracts.
Flower q Co. Go Under.
New York. July 3.-Flower and COM
pany. members Of the New York stock
exchange. assigned today. The firm is
one OF the oldest doing business on the
exchange.
The Arm assigned for the benefit Of
its creditors to Charles A. Werner Of
this city. No statement Of assets and
was made.
Two Cotton Firms Fail.
New York. July 31.-The suspen-
sion Of the cotton brokerage firms of
F. J. Fredericton & Co. and Homer
Howe & Co, both small concerns,
was announced. The market was un-
affected by the announcement.
Brokers Firm Suspends.
New York, July 31.-The suspension
or III. 8. p. Pell and company. cotton.
coffee and stock brokers'. was an
nounced on the floor Of the cotton ex-
change today
The British Situation.
London. July 31.-The London stock
exchange has been closed until further
notice. The decision to close the ex-
change was taken by the committee at
a meeting held this morning.
The committee also announced that
the settlement due August 10 has been
until August q and that the
consols settlement due August has
been put over until September.
Stocks which have yet to be deliv-
cred for the account just closed must
be paid for.
The chief reason for the unpre-
exchange committee was the fact that
the system of credit had practically
broken down and it was impossible to
carry on business in the ordinary way.
This situation did not arise through
over speculation but because bankers
been gradually shrinking while at the
same time the continent continued to
pour stocks into London.
Bankers here had been trying for
days past to get their customers to
take up this stock but the inability to
sell the security caused credit busi-
ness automatically to cease and the
closing Of the exchange became nee
essary. The street today was full of
dealers and their clerks discussing the
situation in a more or less mournful
tone.
Liverpool. July 31.-The stock ex-
change here was closed for business
today.
committee of the Manchester stock
exchange ordered the market closed
today. "a
Ocean Traffic Held Up.
New York, July 3f.@The NORTH
German Lloyd steamship line an
nounced today that none OF its steam-
ers would sail from New York until
further notice.
The following statement was given
out by the directors of the HamburgS
American line: TN view of the UNI
certainty Of the present European
situation we have decided to postpone
sailings Of the vaterland from New
gust 1, and Imperator from Hamburg
July 81. Due notice will be given of
the eventual sailing dates"
Pittsburgh, July 31.-Pittsburgh stock
exchange was closed today until further
notice.
Boston, July 31.-The governing board
of the local stock exchange decided not
to open the exchange today.
Chicago, July 31.-The Chicago stock
exchange will be closed today.
Philadelphia July 31.-Following the
of the New York stock ex-
change not to open for business today
the governors of the Philadelphia ex-
New York, July 31.-The coffee ex-
change decided to close until Monday.
st. Louis, July 31.@The stock board
of the Merchants exchange of St. Louis
was closed today but it was announced
the grain exchange would be open.
Chicago Exchange Stays Open.
Chicago. July 31.-In the face OF un-
precedented war possibilities and not
withstanding chance of failure because
OF the diffiC uity Of final settlement OF
July contracts. the Chicago board OF
trade today refused to consider closing
of the exchange.
No suspensions took place, one Of
the largest houses announcing that it
would receive the transfer of any
trades which could not otherwise be
closed. Wheat prices fluctuated in a
lively manner during the opening hour.
comparatively steady closing with
losses of z to 6A net.
Morgan Issues q Statement.
New York, July ST.. P. Morgan
today issued a statement in which he
said:
alarming as is the news from Eu-
rope, we are still hoping that there
will not be q general war. If the deli
cate situation can be held in allegiance
for few days, I should expect a
rising tide Of protest from the people
who are to pay for war with their
blood and their property.
1.-THE situation Of the American Sc
curities market during the past few
days has been q splendid illustration
Of theinherent soundness Of financial
conditions In this country. 2
During the last few days the Ameri-
can people have been buying back
American securities at low prices. Pre-
sumably they will pay for those securf-
ties with their wheat and other products
at high prices.
1T is useless to say that America
will not be hurt by a general European
war. The wholesale waste of capital
involved in such q catastrophe would
result in the distribution of losses the
world over. but the loss here would be
Infinitely small compared with the losses
in the countries immediately involved.