Business & Finance: Shadow of Panic

In 1880 Prince & Whitely, Manhattan brokers, opened a branch office in the old Hotel Willard, Washington, D. C., engaged the first private wire from the Capitol to Manhattan. On July 2, 1881, this wire was used to flash word of President James A. Garfield's assassination, giving Prince & Whitely clients an advantageous time margin in the market shock which followed. At that time the firm was three years old. Since then it has survived many a severe depression including at least six actual stockmarket panics. Last...

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