The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-08-01
FOUR Big FIR MS
tooHsiHr.s prom rir., P.x.J

menn. three Of them announced on
The Cotton exchange. The firms are
Flower and Company. bankers. 8 "a.
y Pell Company. stock. cotton and
grain brokers, Homer. Howe and Com
pany. and y. J. Frederickson and com
pany. both cotton brokers. With the
exception or Flower A. Company, the
assignments are understood 10 have
been caused by the recent extreme de-
cline In cotton operations. Pell and
company were reported 10 have been
the leading arm on the long side OF
the cotton market and 90 have been
caught with enormous commitments
on their hands when the break came
Flower x Company. who are not mem
bers OF the cotton exchange. are said
20 have been embarrassed by tho
break In stocks. No statement OF as
acts and liabilities was Issued By any
OF the firms involved
II was the impression TONIGHT that
the worst Of the storm had passed
George w. Ely. secretary OF the stock
exchange. said there was no indica.
tlOn OF trouble from any other quarter
New Iork's leading bankers asserted
unanimously that the position OF the
banks was sound
How long the stock exchange WI
ne closed IL a matter OF con lecture.
the answer depending upon The course
OF event abroad.
III general European war should
come. said one member 81 the stock
exchange governing board the eN-
change may be- closed all summer"
Banking business was not greatly
deranged and there was. no loss Of
confidence a. 20 the outlook In that
direction. but dealings In foreign ex-
change were virtually abandoned
Finaneiers Meet
As late a. 9 30 o'clock half an hour
before the time for opening gong. IL
Was generally believed that New York
would once more attempt 90 absorb
what the rest Of the world chose to
thrust on IL. The decision however.
was not reached al meeting OF tho
governing board 81 tho exchange. hut
IN secluded room az the oifice OF J
J.. Morgan 4 Company.
Mr.. Morgan. following the example
set by his father. when ho did so
much TO stay the panic ~ 1907 met
there n group Of the mightlest nnau-
clers Ina New York There was oppo-
sition 20 the suggestion that the *.
change should be- closed Many Of
the stock exchange governors. who
we're la constant communication with
tho group OF men in Mr. MorEau's OF.
nee. secuted the idea
Until credit facilities are abso-
lutey gone" said one Of them Eve
have no right 90 close"
During the day the foremost men
Of Wall street kept Boo close THOUGH
one another. In an effort 90 bring
about an adjustment OF the situation
A. speedily a. possible 70 was said
that the present position OF the
banks was unusually strong. that
none Of them were in need % ASSIST.
ance. and that nothing Of on alarm
Ing character need b. appreheuded.
whatever the developments in Eu-
rope.
hour and ten minutes. In which time
the three failures were announce.
In IT, brief session tho cotton OK
change had its worst experience since
the historic day bon 1900 when Daniel
J Sullv failed The Poll firm. lare-
est Of the three which suspended. did
an extensive business and had con-
tracts widely scattered
Accountants AZ Work
William Allen Butler. uf counsel
for the hrm. in "a statement tonight
estimate of assets and liabilities ~
were a. work
The cotton market vHa extremely
ovCitod durinE Its period of frld.rl
Punctuation ranted from $50 tn near
values OF ST. rD to $40 brf.
For bali au hour fhs Consolidated
Stock INrnHrr. usually known mi. fH.
little board wa. fnU only nurr .s.
curities market 90 mo world Tho
fore the New Nuih stock Exchange
A Comparatively small amount I'd
business was done during OBJ. H-.f
half hour today Hf ur-Dra which show.
81 only small change Tho T.ra.ff.
dated closed 1a soon Hs word como
that the "bir board would NOT uHau
The coffee exchange. rNr produce OK
change and the metal exchange quick
~ followed euif
Foreirn exchange was more demon
allied than before. but if asa not pro.
vent The onrlErmrnfs Of more gold fo
The extent of about ST. r.nnHn a1I f,-
London Do was said Bankers TOOK un
the matter ~ gold exports Orb tho
course 90 the several conference f1.
day and a meeting 4 foreign on
change bankers win hffcaiIfd shorffy
90 consider fhr proposition 20 can
collins or 40 least nrrfuorfDr fhr f-i
tlimcnt ~ future contracts la ~
chanrp