The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-08-01
-
MANY PRoMINENl "! Wal! AL. 81; ss1T.
BROKERS ARE foRcED TO-
TEIEsvvAlI. s
---.-:-,s ----4 J y, 4 ,.l.. $
BLACK FRIDAY" ..ss. +.
ON THE. FIX CHANGE
- -:.44--s l4,,s sl-ls!' i 4 8: s.
New York Market Witnesses do
Greatest Panic Il Its History -, y
Cotton Deelinsd $1,000 s,ss'
Psr3 Hill Isl #
(By Associatedl 'snfaAIh,.. !, /,

(By Associated .ateAB. .ssS
New York, July Tue vast and
markets of the world ic6fi, q Ia COM
plete halt today .f6t ,anl Indefinite mr.
iod. II was an Occurrence tinprecas
dented. In history. 4 IS b "a;
With all Rur0te ssensnely on tie
verge of war, 4. the 4. Eontihetital ax-
chenges closed seyerai days iago with
the London market following suit to-
day, the New York stStk ! exchariGS,
would have beHhfssailsd upon 10 bear
the weight Of the world III fifiancial hnr.
dens. 1t virtla1lY SH dome 40 ali
week, for white9fthe its6hd ION market 1
was open. trapsAet ttons, we're nominal.
The unloading OF st1eka here by pnntt
stricken Europe Il inn@f The. last foiir I
days and chs censsd duefsf Scni niinp6s Gf 2
prices made history ID Wall street i II
To cnntinra longer f,z zI,ass. tE :;
den. III the opinion soy 5 the bankarE., !,
whose influence deteftninesi the course
Of events in the street. would heyu
been hazardous 1.-THE Iextreme. After
a period Of hesitations and extreme !
nervous tension 1t waB decided sstan !.
minutes before the hour set for the bea
gining of business today that the az. = I
change would not tbes opened. y That
action closed the last great market Of
the world. Ail the other American i
exchanges also closed. u. Il - -
Immense Failures. 81 81 !, e
AS Il was, there were four assIen.;
ments, three of them announced on 3
the cotton exchange. The firms are
Flower & Company, bankers s.. H. i
p. Pe|l & Company, stock. cotton ana 1
grain brokers: Homer, Howe E Cons /,
pany and F. j, Fredef erickson & COM &
pany. both cotton brok ksfs. With the 1
exception OF Flower q Company the i
assignments are nnlaf6tood .jshaYa
been caused by the fscent extreme de
cline In cotton. 0petA tipnsl ts M ,Pell "a !, !
Company were reppFtea ito have been
the leading flrn on The long ESide ot tha
cotton market and q, have been
caught with ariormogB scotnmi mitmenta
on their hands VIXEN tile break camA.
Flower e Company /, who are not nem,
bors of the cotton Exchange, are said
to have been erhbaeraaEea s. BY the !
break IL stocks. tslz1sAnt {. - +
sets and iiabilitiess we're issued by.
any OF the firms involved s. e
It was the imprsSsioti tonight that
the worst of the storm 9had passed.
exchange, said there was Ano indicas
tion OF trouble from any ether quar-:
ter. New Yorks leading bRHkerss as-
serted unanimously thnt the positiota$
OF the banks were sound. z How long 4
the stock exchanges Will be closed fB q
matter OF conjecture It'd. answer de-.
pending upon the course lof events
Closed Indefinitely. 81
III general European war shop1a Z
como, ;" said one rIianahers az the govs
erning board, "the xetsange may be
closed all summer. ~ /; d n
Banking business was not ! greatly &
deranged and there ,sW9sS nd slnsa o7
confidence as to .thef 1ntl ook in thas !.
direction, but dealings! Id foreign ge2s
change were virtually abandoned. ~ 4
\ The events OF the morning rave PRO.
sale Wall street one St itnsrare hours ]
OF pure drama. IaatsnighE it WAS ass
kumed everywhere that eSstock exI
change would be. open today. WheM
word came that the L0ndQny market
had been closed dneaalneas grow utiS Z
tiI II was realized thhG s1Nall street wat:
face to face with asreAt Srtsis. 1t wen
obvious that, should the s exchanges
open. an avalanche OF telling ordera
would be thrown. ms from d Eutopo.S
Brokers had on hand buying sordera. i;
for d large amount fy'nin tn stors des.
sirous of. taking adtA .tags Of tho Nris
usually low prices. 3 - ssss s fS
Execution OF these ardsrS, II was
thought might hold ap tiie market
for O time, After that IT. sas anyt
onaisS sEeBs what etill hnpp s
AT: :a;so o'cloe y. halt 4 az .hpprs sbsfers