Flower & Company (New York, NY)

Episode Information

Episode UID
4615989691375
Episode Type
Suspension → Closure
Bank Type
broker
Bank ID
461598969 hash
Start Date
July 31, 1914
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bcb0401c1fdd5117

Response Measures

None

Description

Multiple papers list Flower & Co. among four assignments (failures) when exchanges closed, implying insolvency.

Events (1)
1. July 31, 1914 Receivership
Newspaper Excerpt
As it was, there were four assignments... The firms are Flower & Co., bankers; ...
Source
newspapers

Newspaper Articles (8)
1. August 1, 1914 The Times Dispatch Richmond, VA
Article from The Times Dispatch, August 1, 1914

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MARKETS STANDS STILL New York Declines Longer to Bear Burden Thrust Upon It by Other Nations. STOCK EXCHANGE IS CLOSED Financial Conditions Declared Sound, but to Continue Trying to Absorb Europe's Panic-Stricken Unloading Would Have Invited Danger. New York. July 31.--The vast and complex machinery of the securities markets of the world came to a complate halt to-day for an indefinite period. It was an occurrence unprecedented in history. With ail Europe seemingly on the verge of war. the Continental exchanges closed several days ago. With the London market following suit today. the New York Stock Exchange would have been called upon to bear the weight of the world's financial burdens. It virtually had done so all week: for while the London market was open, transactions were nominal. The unloading of stocks here by panicstricken Europe during the last four days. and the consequent collapse of prices made history in Wall Street. TO CONTINUE LONGER WOULD BE HAZARDOUS To continue longer to bear the burden. in the opinion of the bankers. whose influence determines the course of events in the Street, would have After been hazardous in the extreme. a period of hesitation and some nervous tension, it was decided ten minutes before the hour set for the beginning of business to-day that the That exchange would not be opened. action closed the last great market of the world. All the other American exchanges closed. As it was, there were four assignments. three of them announced on the Cotton Exchange. The firms are Flower & Co., bankers: S. H. P. brok- Pell & Co., stock, cotton and grain ers; Homer, Howe & Co., and F. J. Frederickson & Co., both cotton brokers. With the exception of Flower & Co., the assignments are understood to have been caused by the recent extreme decline in cotton operations Pell & Co. were reported to have been the leading firm on the long side of the cotton market and to have been caught with enormous commitments on their hands when the break came. Flower & Co., who are not members of the Cotton Exchange. are said to have in been embarrassed by the break stocks. No statement of assets and the liabilities was issued by any of firms involved. It was the impression that the worst of the storm to-night secretary had passed. George W. Ely, of the Stock Exchange, said there was no indication of trouble from any other quarter. New York's leading bankers asserted unanimously that the position of the banks was sound. How long the Stock Exchange will be closed de- is a matter of conjecture, the answer abroad. pending upon the course of events CLOSING IS INDEFINITE IF GENERAL WAR COMES "If a general European war should come." said one member of the governing board. "the exchange may be closed all summer. Banking business was not greatly deranged, and there was no loss of con- difidence as to the outlook in that rection. but dealings in foreign exchange were virtually abandoned The events of the morning gave prosale Wall Street one of its rare hours of pure drama. Last night it was 10x- assumed everywhere that the Stock When change would be open to-day. word came that the London market had been closed uneasiness grew Street until it was realized that Wall crisis. was face to face with a read obvious that should the exIt was avatanche of selling change open an from Euorders would be thrown in buying Brokers had on hand in rope. for a large amount from vestors orders desirous of taking advantage of the unusually low prices. of these orders. it was Execution might hold up the market for thought, time. After that, it was any one's guess a what would happen. 9:30 o'clock. half an hour before At time for the opening. it was getthe believed New York would once erally attempt to absorb what the rest more the world chose to thrust on it. of decision, however, was not reached The of the governing board of at at the a exchange, meeting but in a secluded room office of J. P Morgan & Co. the Mr. Morgan, following the example by his father, when he did so much set the panic of 1907. met there to stay of the mightiest financiers in a group York. There was opposition to New (Continued On Second Page.)

2. August 1, 1914 Tulsa Daily World Tulsa, OK
Article from Tulsa Daily World, August 1, 1914

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BUSINESS AT A STANDSTILL NEW YORK BANKERS DECLINED TO TAKE ANY FURTHER CHANCES. FOUR FIRMS ARE BANKRUPT Only the Chicago Board of Trade Was Open for Business Yesterday. NEW YORK, July 31.-The vast and complex machinery of the securities markets of the world came to a complete halt today for an indefinite period 11 was an occurrence unprecedented in history. With all Europe seemingly on the verge of war, the continental exchanges closed several days ago, with the London market following suit today, the New York stock exchange would have been called upon to bear the weight of the world's financial burdens. It virtually had done SO all week, for while the London market was open, transactions were nominal. The unloading of stocks here by panic-stricken Europe during the last four days and the consequent collapse of prices, made history in Wall street. All Exchanges Closed. To continue longer to bear the burden, in the opinion of the bankers whose influence determines the course of events in the street, would have been hazardous in the extreme. After a period of hesitation and extreme nervous tension, It was decided ten minutes before the hour set before the beginning of business today that the exchange would not be opened. The action closed the last great market of the world. All other American exchanges quickly followed suit, Four Firms Failed, As it was, there were four assignments, three of them announced on the cotton exchange. The firms are Flower & Co., bankers: S. H. P. Pell & Co., stock, cotton and grain brokers; Homer, Howe & Co. and F, J. Frederickson & Co., both cotton brokers. With the exception of Flower & Co., the assignments are understood to have been caused by the recent extreme decline in cotton operations. Pell & Co. were reported to have been the leading firm on the long side of the cotton market and to have been

3. August 1, 1914 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, August 1, 1914

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STOCK. EXCHANGES CLOSED BY WAR SITUATION Additional Bank Circulation To Be Provided STOP OUTFLOW OF GOLD Measures Taken to Prevent This Country Being a Dump of Foreign Securities New York, July 31.-The vast and complex machinery of the securities markets of the world came to a complete halt today for an indefinite period. It was an occurrence unprecedented in history. With all Europe seemingly on the verge of war, the continental exchanges closed several days ago and the London market following suit today, the New York stock exchange would have been called upon to bear the weight of the world's financial burdens. It hda virtually done so all the week. for while the London market was open, transactions were only nominal. The unloading of stocks here by panic stricken Europe during the four days and the consequent collapse of price made possible in Wall street. To continue longer to bear the burden in the opinion of the bankers who influence determines the course of events in the street would have been hazardous in the extreme. After a period of extreme nervous tension it was decided 10 minutes before the hour set for the beginning of business today that the exchange would not be opened. That action closed the last great market of the world. All the other American exchanges quickly followed suit. As it was, four assignments were announced one on the stock exchange and three on the cotton exchange. The firms are Flower & Co., bankers, S. H. P. Pell & Co., stock, cotton and grain brokers. Homer, Howe & Co., and F. J. Frederickson & Co., both cotton brokers. With the exception of Flower & Co., the assignments are understood to have been saused by the recent extreme decline in cotton operations. Pell & Co., were reported to have been the leading firm on the long side of the cotton market and to have been caught with enormous commitments on their hands when the break came. Caused by Break in Stocks Flower & Co., who are not members of the cotton exchange, are said to have been embarrassed by the break in stocks. No statement of assets and liabilities was issued by any of the firms involved. It was the impression tonight that the worst of the storm had passed. George E. Ely. secretar yof the stock exchange, said there was no indication of trouble from any other quarter. New York's leading banks asserted unanimously that the position of the banks was sound. The decision to close today, was not reached at a meeting of the governing board of the exchange, but be fore 10 o'clock in a secluded room at the office of J. P. Morgan & Co.

4. August 1, 1914 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, August 1, 1914

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FOUR BIG FIRMS (Continned From First Page.) ments. three of them announced on the Cotton exchange. The firms are Flower and Company, bankers; S. H. P. Pell & Company, stock, cotton and grain brokers; Homer, Howe and Company, and F. J. Frederickson and company, both cotton brokers. With the exception of Flower & Company, the assignments are understood to have been caused by the recent extreme decline in cotton operations. Pell and company were reported to have been the leading firm on the long side of the cotton market and to have been caught with enormous commitments on their hands when the break came. Flower & Company, who are not members of the cotton exchange, are said to have been embarrassed by the break in stocks. No statement of assets and liabilities was issued by any of the firms involved. It 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 tion of trouble from any other quarter New York's leading bankers asserted unanimously that the position of the banks was sound. How long the stock exchange will he closed is a matter of conjecture, the answer depending upon the course of event abroad. "If a general European war should come," said one member of the stock exchange governing board, "the exchange may be closed all summer Banking business was not greatly deranged and there was no loss of confidence as to the outlook in that direction, but dealings in foreign exchange were virtually abandoned. Financiers Meet. As late as 9 30 o'clock half an hour before the time for opening gong. it was generally believed that New York would once more attempt to absorb what the rest of the world chose to thrust on it. The decision, however, was not reached at a meeting of the governing board of the exchange, but dn a secluded room at the office of J. P. Morgan & Company. Mr. Morgan, following the example set by his father. when he did so much to stay the panic of 1907. met there a group of the mightiest financlers in New York There was opposition to the suggestion that the ex change should be closed Many of the stock exchange governors, who were in constant communication with the group of men in Mr. Morgan's of fice, scouted the idea "Until credit facilities are absolutey gone." said one of them. "we have no right to close During the day the foremost men of Wall street kept in close thouch one another. in an effort to bring about an adjustment of the situation as speedily as possible It was said that the present position of the banks was unusually strong: that none of them were in need of assest. ance, and that nothing of an alarming character need be apprehended, whatever the edevolpments in Europe. The cotton exchange was open one hour and ten minutes. in which time the three failures were announced In its brief session the cotton exchange had its worst experience since the historic day in 1904 when Daniel J Sully failed The Pell firm. largest of the three which suspended, did an extensive business and had contracts widely scattered Accountants At Work William Allen Butler, of counsel for the firm. in a statement tonight said It was not possible to give an estimate of assets and liabilities at were at work. The cotton market was extremely excited during its period of trading Fluctuations ranged from 150 to near ly 200 points meaning a change of values of $7 50 to $10 a bale For half an hour the Consolidated Stock Exchange usually known as the "little board' was the only open curities market of the world. The Consolidated opens half an hour be fore the New York Stock Exchange A comparatively small amount of business was done during the first half hour today at prices which show ed only small changes. The Consoll dated closed as soon as word came that the 'big board would not open The coffee exchange the produce ex change and the metal exchange quick ly followed suit Foreign exchange was more demor alized than before. but It did not prevent the engagements of more gold to the extent of about $3,650,000 all for London it was said Bankers took up the matter of gold exports in the course of the several conferences to day and a meeting of foreign ex change bankers will be called shortly to consider the proposition of cancelling or at least postponing the fulfillment of future contracts in exchange.

5. August 1, 1914 The Daily Missoulian Missoula, MT
Article from The Daily Missoulian, August 1, 1914

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AMERICAN MARKETS INDEFINITELY CLOSED PANIC-STRICKEN EUROPE SEEKING TO UNLOAD ON NEW YORK FORCES SHUT DOOR. New York, July 31.-The complex machinery of the securities markets of the world came to a halt today for an indefinite period, an occurrence unprecedented in history. With all Europe seemingly on the verge of war and the continental exchanges closed for several days, with the London market following suit today, the New York stock exchange would have been called on to bear the weight of the world's financial burdens. It had virtually done so all week, for while the London market was open transactions were only nominal. The unloading of stocks here by panic-stricken Europe during the last four days and the consequent collapse of prices made history in Wall street, and after a period of hesitation and extreme nervous tension it was decided ten minutes before the hour set for the beginning of business today that the exchange would not be opened. That action closed the last great market of the world. All other American exchanges quickly followed suit. As it was, there were four assignments, three of them announced on the cotton exchange. The firms are Flower & Co., bankers; S. H. Pell & Co., stock, cotton and grain brokers: Homer, Howe & Co., and F. J. Friederiksen & Co., both cotton brokers, but it was the impression tonight that the worst of the storm had passed. The decision, however, was not reached at a meeting of the verning

6. August 1, 1914 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, August 1, 1914

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WORLD MARKETS FEARING PANIC HALT BUSINESS Occurrence Unprecedented in History; War Situation in Europe Responsible; Wall Street Quits Indefinitely. (BY MORNING JOURNAL SPEC'AL LEASED WIRE) New York, July 31.-The complex machinery of the securities markets of the world came to a halt today for an indefinite period, an occurrence unprecedented in history. With all Europe seemingly on the verge of war and the continental exchanges closed several days ago, with the London market following suit today, the New York stock exchange would have been called on to bear the weight of the world's financial burdens. It had virtually done so all the week, for while the London market was open transactions were only nominal. The unloading of stocks here by panicstricken Europe during the last four days and the consequent collapse of prices made history in Wall street. To continue longer to bear the burden, in the opinion of bankers whose influence determines the course of events would have been hazardous. After a period of hesitation and extreme nervous tension it was decided ten minutes before the hour set for the beginning of business today that the exchange would not be opened. That action closed the last great market of the world. All other American exchanges quickly followed suit. At it was, there were four assignments, three of them announced on the cotton exchange. The firms are Flower & Co., bankers; S. H. P. Pell & Co., stock, cotton and gràin brokers; Homer, Howe & Co., and F. J. / Friéderickson & Co., both cotton brokers. With the exception of Flower & Co., the assignments are understood t ohave been caused by the extreme 8 decline in cotton operations. Pell & Co., were reported to have been the leading firm on the long side of the cotton market and to have been eaught with enormous commitments on their hands when the break came. Flower & Co., who are not members E

7. August 4, 1914 Webster City Freeman Webster City, IA
Article from Webster City Freeman, August 4, 1914

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MARKETS OF WORLD NOW SHUT DOWN New York Stock Exchange Is Last to Suspend Business-Decision Comes Late. FOUR ASSIGNMENTS ARE MADE. Officials Fear Result of Handling Transactions of the World. New York, Aug. 1.-The complex machinery of the securities markets of the world came to a halt yesterday for an indefinite period, an OCcurrence unprecedented in history. With all Europe seemingly on the verge of war and the continental exchanges closed several days ago, with the London market following suit yesterday, the New York stock exchange would have been called on to bear the weight of the world's financial burdens. It had virtually done so all week, for while the London market was open transactions were only nominal. The unloading of stocks here by panic stricken Europe during the last four days and the consequent collapse of prices made history in Wall street. To continue longer to bear the burden, in the opinion of the bankers whose influence determines the course of events in the street, would have been hazardous. After a period of hesitation and excited nervous tension it was decided ten minutes before the hour set for the beginning of business yesterday that the exchange would not be opened. This action closed the last great market of the world. All other American exchanges followed suit. As it was, there were four assignments, three of them announced on the cotton exchange. The firms are Flower & Co., bankers; S. H. P. Pell & Co., stock, cotton and grain brokers; Homer & Howeac and F. J. Friederickson & Co., both cotton brokers. With the exception of Flower & Co., the assignments are understood to have been caused by the recent extreme decline in cotton. Pell & Co. were reported to have been the leading firm on the long side of the cotton market and to have been caught with enormous committments on their hands when the break came. Flower & Co., who are not members of the cotton exchange, are said to have been embarrassed by the break in stocks. No statements of assets and liabilities were issued by any of the firms involved. no It was the impression last night that the worst of the storm had passed. George W. Ely, secretary of the stock exchange, said there was o no indication of trouble from any other quarter. New York's leading bankers asserted unanimously that t the position of the banks was sound. t How long the stock exchange will be closed is a matter of conjecture, f the answer depending upon the course of events abroad. t "If a general European war should b come," one member of the stock exf change governing board said, "the t exchange may be closed all sumt mer." a Banking business was not greatly deranged and there was no loss of confidence as to the outlook in that direction, but dealings in foreign exchange were virtually abandoned.

8. August 7, 1914 The Columbia Herald Columbia, TN
Article from The Columbia Herald, August 7, 1914

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NEW YORK EXCHANGE LAST IN THE WORLD TO CLOSE ITS DOORS SUCCUMBED TO PRESSURE OF CARRYING THE WORLD'S FINANCIAL BURDENS. NO DATE GIVEN TO REOPEN Decision Reached Just before Opening Hour-Four Assignments Announced on the Exchange-Closing Unprecedented in World's History. I NEW YORK, Aug. 1.-The vast and complex machinery of the securities markets of the world came to a complete halt for an indefinite period. It was an occurrence unprecedented in history. With all Europe seemingly on the verge of war, the continental exchanges closed several days ago with the London market following suit today, the New York exchange would have been called upon to bear the weight of the world's financial burdens. It virtually had done so all week, for, while the London market was open, transactions were normal. The unloading of stocks here by panic stricken Europe during the last four days and the consequent collapse of prices made history in Wall street. To continue longer to bear the burden, in the opinion of the bankers whose influence determines the course of events in the street, would have been hazardous in the extreme. S After a period of hesitation and extreme nervous tension, it was decided ten minutes before the hour set for the beginning of business today d that the exchange would not be openla ed. That action closed the last great sa market of the world. All the other h American exchanges followed suit. sa As it was there were four assignments, three of them announced on the cotton exchange. The firms are Flower & Co., bankers; S. H. P. Pell st & Co., stock, cotton and grain brok-