The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-07-31

Besides 8. H. p. Pell. Charles Kittle
and Rowland Haggerty Pell are part
ners.
Colonel Robert M. Thompson. 4
special member Of the stock OK.
change was connected with the COM
pany.
Pell and company were heavy
dealers In cotton and were severely
affected by tho terrific slump OF yes.
terday.
Baltimore Closed.
BALTIMORE, Nd, July S1.-The
Baltimore stock exchange closed to-
day until further notice.
Increase Of Rate.
BERLIN, July 31-The Berlin reich.
bank today announced increase Of its
discount rates from to 8 per cent
Took no Chances.
NEW YORK, July 31.-Faoing the
enormous task of absorbing all Of the
worlds stock business, the New York
stock exchange today decided to
close. The board OF governors hold
that unloading OF securities might TO
suit In depressing prices to pam
icky figure.
The board of governors felt that It
was 1nadvisable to subject the mar
ket here, which despite the food OF
selling orders has maintained rela-
lively strong position, to the veritable
avalanche of selling orders from all
over the world.
All are Closed.
NEW YORK. July 31.-Au of the
worlds important stock exchanges
were closed today. New York. the
last to suspend. closed when 1t was
apparent that all of the worlds ava
lanche of selling would concentrate
here. Bourses In every foreign city
were closed.
All over the United States the ex.
changes in smaller cities Followed suit
when the New York exchanges action
was announced. The unparalleled
situation whereby there was no for
NAL market for securities anywhere
In the world was reached.
Governors Of the New York ex.
change announced that all deliveries
of stock would be suspended until
further notice"
Representatives Of ]. P. Morgan and
company took an active part IN the
conference which was followed by the
announcement Of the closing Of the
exchange. One member Of the arm
said that no decision had yet been
reached as to whether Morgan and
company would issue a statement.
Wheat Takes . Drop.
CHICAGO, July 31.-In the face Of
sensational war rumors, wheat took
an unexpected slump Of from two to
four cents at the opening Of the mar
ket today. Traders suddenly changed
front on the theory that blockade
of European ports would prevent the
importation Of American grain.
The sudden change in sentiment fol
lowed statement by President
Candy of the board Of trade that in
his opinion a general European war
would result in a blockade that would
prevent importation Of American grain
and act as q weakening, instead OF a
STRENGTHENING influence on the mar
ket. The drop In wheat prices caused
fresh panic today. This time the
bulls who ran the price Of wheat up
twenty cents in the past few weeks,
rushed to sell and the scramble to
unload wheat was as frantic today
as were the efforts to buy yesterday.
The panic was accentuated by dis,
patches from Winnipeg that told OF
seven cent slump in wheat there
In the first hour prices declined
steadily.
The Bank Of England.
LONDON, July 31.-At $3.50 this
afternoon more than 200 persons were
in line at the Bank of England. The
heavy Withdrawals and applications
for loans amounted to almost q run
They were partially due however to
the fact that Monday is bank holt
day. There was no panic. Heavy
demands were followed by the raising
of the bank rate to eight per cent.
The minimum discount rate of the
Bank of England was raised to etgh,
per cent today. A charge Of ten pei
cent is being made for weekly loans
and 101s per cent for bills.
Another Closed.
INDIANAPOLIS, Ind, July 31.-The
indianapolis stock exchange closed to
day until further notice.
Rate 10 Raised.
LONDON, July 31.-Lloyds today