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WORLD'S HIT.E UViiTS
STILLED FOR SEASON j
In Face of Wir, Financial I entrcs i
Shut Down Pending Better Conditions?New
New York. July 31.?The vast and
complex machinery of the securities
marKets it tne worm came to a com-;
plete 'halt today for an indefinite pe- I
riod. It was an occurrence unprece- j
dented in history.
With all Europe seemingly on the
nerge of war, the continental exchanges
closed several days ago, and,
with the London market following suit
today, the New York stock exchange
wiuld have been called upon to bear
the weight o: the world's financial
burdens. It virtually had done so all
week, for while the London market!
was open transactions were nominal. I
The unloading of stocks here by panicstricken
Europe during the last four .
days and the consequent collapse o?f j
prices made hist-ry in Wall street. To i
continue longer to bear the burden,;
in the opinion oif the bankers whose j
influence detemines t:e course of j
events in the street, would have been :
hazardous in the extreme. Alter a pe-,
riod of hesitati:n and extreme nerI
vous tension, it was decided, 10 min- !
utes before the hour set for the beginning
of business today, that the
exchange would not be opened. Tliis
action closed the last great market of ;
the world. All of the other American !
exchanges quickly f:llowed suit.
Four to the tVall.
As it was, there were four assign-1
? ments three of them announced -on :
the cotton exchange* The firms are: |
Flower ? Co., bankers; S. H. Peil &j
Co.. stock, cotton and grain brokers,!
and Homer, Howe & Co., and F. J. j
Fredericks:n & Co., both cotton'
brokers. With the exception of Flower I
& Co.,-the assignments are understood
to have been caused by the recent ex-1
treme decline in cotton operations. |
Pell & Co., was reported to shave been
the leading firm on the long side of j:
the c:tton market and to have been j
caught wi^h enormoas commitments j
on th^ir hands when t^e break came.
Flower & Co., which is not a member
of the cotton exchange, are said to
have been embarrassed by the break- J j
in stocks. No statement of assets and j _
liabilities was issued by any o: the ]
firms involved. i >
/ T . . . . . . I
It was tne impression tonig.rt t~at t
the w:rst of the storm had passed.
George.W. Ely, secretary of the stock
7 exchange, said there was no indica- ]
tion of trouble from any otier quarter.
New York's leading bankers as-;
serted unanimously that the position
of the banks was sound. How long \
the st:ck exchange will be closed de- ,r;end?;
iiMt". the course r?f ovpnts i
abroad. | ?
JIaj Close All Summer.
"If a general European war should
come," said one member of the gov- \
erning board, "the exchange may be .
closed all summer."
Banking business Vvas net greatly,
deranged but dealing in foreign ex^
- changes were very nearly abandoned. <
There was no less of comidence as to 1
the banking outlook. <
The events of the morning gave
prosaic Wall street one o? its rare
hours of pure drama. Ixist night it s
was assumed everywhere that the *
stc:a exchange would be open today. | <
?'When word came that the London <
exchange had been closed uneasiness 1
grew until it was realized that Wall j
street was fa-ce to 'face with a real i
crisis. It was obvious Chat: should 1
the exchange open, an avalanche or i s
selling orders would be thrown in 1t
from Europe. Brokers had on hand !'
buying orders for a large amount from j <
investors desirous of taking advantage <
of the unusually low prices.
Execution of these orders, it wa3 i
thought, .might hold up the market: i
for a time. After that, it was any <
one's guess what would happen. j s
Haif an hour before tJhe time 'or 3
the openiag, it was generally thought, 1
New York would once more attempt j <
to absorb the world's offerings. The j 1
decision to lose; however, was uot <
reached at a meeting of the govern- 1
ing board of the exchange, but in a
' secluded room at the office of J. P. i
Morgan & *00. ]
Where History Is Made. s
Mr. Morgan following tie example (
set by his father, when he did so muck
to stay the panic of 1907, met there <
a group of the mightest financers in ;
New York. There was apposition to 1
the suggestion that the exchange j s
shonld be closed. Many of th ex- j ;
V* o <rc* orrwarnArs utrhr\ tit&r*Ck in : i
VI UVi O, ?? uv T? V1 iu VVIA J
slant communication with tht group <
of men in Mr. Morgan's office, ;
scouted tie idea.
The debate went on behind closed .
doors, while at Wall street, through i
which word of the meeting rapidly 1
was spread, waited anxiously for the
decision. On the floor of the exchange j:
wildly excited "brokers rushed back (
and forth shouting. In almost every I
brokerage house in the street there ;
-were crowds o? men, some ea?er r- -
North Carolina's ]
V UiVl lliiixu f T \J
Bathing - Music - I
mVK FNFl hi
^ II UL1I1 JLU11S U1
For schedules, rates of fare
I W. J. CRAIG,
Pass. Traf. Mgr.
tv.e chance to buy stock at low prices, J t'i
others in dread of disaster should the i F
market be opened. F
Then came news that Germany had V
declared a state ot war in the em- u
pire. Even before this news the de- A
cision had virtually been reached, ti
Word went forth that t)he board of tl
governors had decided to close the ex- e:
Relief for Everyb. -y.
Mr. Ely made the announcement. A ^
few minutes before 10 o'clock he C1
mounted the rostrum in the board ^
room. The clamor instantly hushed.
the opening gong clanged, Mr. ^
Ely made his brief announcement. For tr
?n Jrtetanf- th<aro wae nn snnnri Thpn
4 il XliOV'V*A*v tMV* V/ *' ** V k/V A ** VM
;here came a shout of relief. 0!
A second conference of bankers was
:eld late today in Mr. Morgan's office, ?
jut no further action was decided on.
The cotton exchange was open one
nr and ten minutes and had its ^
f.'orst experience since t'ae historic day ^
n 1904 when Daniel J. Sully failed, i ^
rhree failures were announced. The ' ^
Pell firm, largest of the three which i ^
suspended^ did an extensive business j
nd had contracts widely scattered. |
William Allen Butler, of counsel for ' q
V* r\ fi*?m ir? r> c+of Anf tAni O'Vif PliM
.lie ill ill, in. a ottticuiV/iu oaiu
an estimate elf assets and liabilities y
was not possible now, but that ac- q
mntants were at work. i
The cotton market was extremely ^
excited. Fluctuations ranged from 150 -y
to nearly 200 points meaning a ^
L'-ange o: value of $7.50 to $10 a bale, q
In Its Glory. 1 91
For half an hour the Consolidated ^
stock exchange, usually known as the ^
'little board," was the only open p
purities market of t-e world. The q
Consolidated opens half an hour be
fore the New York stock exchange. !
\ comparatively small amount of bus- ?
n'oc? Hnnn r^nrina tViO firct
'"too " ao uv/i4%/ uui 1115 niv iti 01.
hour at prices which showed only j'^
small changes. The Consolidated j
closed as soon as A-ord came that the : ^
"big board" would net open. The C;
coffee, produce and metal exchanges j C
juickly followed suit. ! B
Tie stock exchange took steps early ' D
in the day to discourage the forma- B
:ion of an outside market for its se- j F
purities 'by venturesome or irrespon- j D
sible traders. It issued a notice to j M
nembers pointing out ths.t the consti- j C
:uiion prohibits dealing upon any J K
Dther exchange in this city or pub- G
/icity outside of the exchange, either , M
iirectly of indirectly, in securing M
iisted or quoted on the exchange. S
'Foreign exchange was more denoralized
than befrore but it did' not
prevent the engagement cf more I 1'
;old, to the extent of about $3,650-,
)00, all for London, it was said.
?-?- ? j- -'- ? ~ ?n.,. ~-c ^ i
KauKers look, up u-e ui. sum
exports in several conferences today
and a meeting of foreign exchange
bankers will be called shortly to consider
the proposition of canceling or
at least fulfillment of future contracts c<
in exchange. Insurance campanies
continued to ask $10,000 per million
and even then rejected some risks, it
was declared. p
iAjII problems arising from the status
of call loans were solved when it be- e(
came known that leans of that character
made before the closing of the S
stock exchange hold ever automatical- u
ly until operations are resumed.
To Discuss Bill. a:
Announcement was made tonight !
?t WilHam WoPdwafci, president 0:; J
RTH WHILE IN ' - I
- Prizes - Dancing j
ar Season I
in SIIMMFR 11
)ast Line j
d of the Su..th
etc., see ticket agents,
T. C. WHITE, (
Gen. Pass. Agent
DN, N. C.
ae Hanover National bank and i
'rancis L. Hir.e, president of the i *
irst .National bant would leave tor m
Washington late tonight to conifer |
"ith Secretary of the Treasury Mc- .doo,
regarding the practical operaon
o.r the Aldricli-Veerland act aulorizing
the issue of $500,000,000 cf
mergency currency. The two bankt
rs go on a mission from the Xaonal
Currency association of New
ork whose executive committee deided
upon the step at a meeting toay
at the clearing house.
The close contact maintained by
le federal treasury department with
le New York banking situation was
ridenced by the announced presence
' a high treasury official at the meetig
of leading bankers at J. P. Moran
& Co's., offices and at a later
eeting at the Recess club. ^
STATE CAMPAIGN. * <3> n
Following is the campaign itiner- y,
hester?Tuesday, August 4.
ancaster?Wednesdajr, August 5. ?
orkville?Thursday, August 6. 1
affney?Friday, August 7.
partanburg?Saturday, August 8.
nion?Tuesday, August 11. S
ewberry?Wednesday, Augusf 12. "
aurens?Thursday, August 13.
reenwcod?Friday, August 14.
)beville?Saturday, August lo. G
nderson?'Monday, August 17. w
roT/hollo Tnocdav Ano,nc+ 1fi
UTUU'AMi JL UV/k'UUJ y A.-*. U5 UOl/ AV/t
ickens?Wednesday, August 19. ^
reenville?Thursday, August 20.
SENATORIAL CAMPAIGN. ?>; y
i *? N
amden?Tuesday, August 4. fi
hesterfield?Wednesday, August 5. 0
a r? _
euueusviue?rnuaj, aususi i. s
arlington?Saturday, August 8. q
ishopville?Monday, August 10. s;
lorence?Tuesday, August 11. 1<
illon?Wednesday, August 12. n
!arion?Thursday, August 13. 1c
onway?Friday, August 14.
ingstree?^Saturday, Augst 15.
eorgetown?Monday, August 17. Cl
:onck's Corner?(Tuesday, August 18. c
anning?Wednesday, August 19. ^
iirr'tpr??ThiiraHav A no-Mat 9A ?
?85 1914 v
COLLEGE OF CHARLESTON d
South Carolina's Oldest College
130:a Year begins September 25th
i?n:rance examinations at all thf 7
>unty seats on Friday, July 3rd, at n
a. m. s;
Pull four year courses lead to the j a
. A. and B. S. degrees. A two-year! e
re-medical course is given. ti
A free tuition scholarship is assiga* p
I each countty of the State. t)
Spacious buildings and athle:i/j ti
rounds, well equipped laboratories, ti
nexcelled library facilities. t<
Expenses reasonable. For terms s
ud catalogue, address w
what would 3
Have you a nea
BANK? If not
of your salary o
each week or i
sized sum, and
FRIEND in timi
your money wit
$1.00 up gladly
OF ALU HINDS (Z J
TOllir APTICLES.^P |
IX 1VO OTHER
ine is such strict attention demandd
as in the compounding of drugs. In :
rder to avoid the' disastrous result |
ntuiied by carelessness, we employ j
one but he most reliable clerks, i
f we compound your medicines for 1
ou, you can rely upon their accu- ,
i/layes' Drug Store
'hone 133 Newberry, S. C.
For Weakness and Loss of Appetite !
he Old Standard general strengthening tonic, i
ROVE'S TASTELESS chill TONIC, drives out
[al.ria and builds up the system. A true tonic
ad sure Appetizer. For adults and children. 50c.
OTICE OF ilLECTIOX IS Bl'SH
BITER DISTRICT SO 4S.
Whereas, one-third of the resident
lectors and a like proportion of the j
esident freeholders of the age of 21
ears, of Bush River school district
;o. 46, or toe county 01 i>ewerry,
State of South Carolina, have
led a petition with the county board
f education Of Newberry county,
outh Carolina, petitioning and reuesting
that an election be held in
aid school district on the question of^ '
ivying a special annual tax of two
wile to be collected on the property
jcated in the said school district.
Now, therefore, the undersigned,
omposing the counjty beard of eduation
for Newberry county, South
arolina, do hereby order the board
f trustees of the Bush River school i
istrict No. 43, to hold an elecon
on the said question of levying a .
ivro mill tax to be collected on the
roperty located in the said school
istrict which &aid election shall be ,
eld at Bush River school house, in j <
aid school district No. 43, on Satur- j i
ay, August 8, 1914, at which said ]
lection the polls shall he opened at 1
a. m. and closed at 4 p. m. The 1
lembers of the hoard of trustees of 1
aid school district shall act as man- <
gers of said election. Only such
lectors as reside in said school dis- <
:ict and return real or personal ropertv
for taxation, and who exhibit i
leir tax receipts and registration cer- t
.ficates as required in general ele.c- i
ons shall be allowed to vote. Elec-1
)rs favoring the levying of such tax (
hall cast a ballot containing the (
ord "Yes" written or printed there- (
n, and each elector opposed to levy- (
t tax si".till tn t a ballot con- (
YOU were on<
roil do to "ni*ke <
t sum to your credit
start today to reguli
r income. Just a li
month will soon gr
1 will always be
r * 1 1
e or sicKness or aa
h us, where it will w
and interest. Any
Newberry, S. C.
The Contest for the Public
Closed Friday. 1
Newberry High School 599
West End School 591260, ...
Boundary Street School 500
Speer Street School, 485,17
Silver Street School 100,00
Bush River School, 94,330Fair
View School, 61,955..
Prosperity High School, 3]
Zion School 26,935
The above Schools will
to select the Books, offered
Hand the list of books to
1 1 ?I _ i 1.1 1 ?
books uai iney seieci.
BETTER GOODS FC
The House of a 1
taining the word 'T??o" written or j i
printed thereon. 1
Given under our hands and seal on
July 23, 1314. . 1
Geo. D. Brown, ;
S. J. Derrick,
J. S. Wheeler, i
bounty Board of Education for New- -
berry County, S. C.
NOTICE. OF ELECTION IN MONTI- I
CELLO DISTRICT NO. 17. ,
Whereas, one-third of the resident (
victors and a like proportion of the i
resident freeholders of the age of 21 ]
years, .of Monticello school dis- j
:rict No. 17, of the county ot New- i
)erry State of South Carolina, have i
iled a petition with the county Board j
)f Education of Newberry County, ?
South Carolina, petitioning and re- 1
luesting that an election b held in said ;
school district on the question of levy- <
ng a special annual tax of two mills j
o be collected on ihe property located , (
n the said school district.
Now, therefore, the undersigned ?
composing the County 3oard of Education
for Newberry County, South
Carolina, do hereby order the Board
>f trustees of the Monticello school j (
Hstrict No. 17, to hold an elec-1
5 of them, U
ends meet?" j|
in some SAFE I
arly save some I
tttle put aside I
ow into a good t ^
ork for you by
School Library offered by
Result as follows:
,680, gets $40,00 in books
gets $20.00 in books
,000, gets $10.00 in books
'5 gets 35.00 in books ' ,
0 gets $2.50 in books
cflts $150 in hooks
gets $1.50 in books
L,980...gets $1.50 in books
gets $1.50 in books -?
appoint their Committees
I, making the selection.
me and I will get the
)R SAME MONEY
- . . * : .
tion on the said question of levying a
two mill tax to be collected on tha
property located in fciis said school district,
which said election shall be held
at Monticello school house, in
said school district >Jo. 17, on Friday,
July 24, 1914, at wMch s^id
election the polls shall be opened at
7 a. m, and closed at 4 p. m? .The
members of the board or trustees of
3aid school district shall act as mana
-? JJ -1 A. * ?l.
gere 01 saia eiecuun. uuijr auca
electors as reside in said school district
and return real or personal
property for taxation, and who exhibit
their :ax receipts and registration certificates
as required in general elections
shall be allowed to vote. Electors
favoring the levying of such <ttax
shall cast a ball'ot containing the
RTord "Yes" written or printed thereon,
ind each elector opposed to levying
such tax shall cast a ballot containing
the word "No" written or printid
Given under our sands and seal on
My 6th, 1914. ) '
Geo. D. Brown,
S. J. Derrick,
J. S. Wheeler,
bounty Board of Education for Newberry
County, S. C.