Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1903-07-30
A BLACK FRIDAY"
Intense Excitement on the New
York Stock Exchange.
TWO IMPORTANT FIRMS SUSPEND.

Ehe Sequel to Period of Excited Selling
Of Stocks and Wide Cuts In Prices Not
Equaled Since the Present Move TO
Liquidate Set In.
II
New York, July 25.-The announce.
ment on the Stock exchange late yes.
terday Of the suspension of the firms
Of Talbot J. Taylor & Co. and Of W.
L. Stow & Co. was the sequel to q
period Of excited selling Of stocks and
vide cuts in prices which has not been
sQualed before since the present move
-f1ent to liquidate set In. There is
nothing In either failure that can be
traced to business or industrial con-
ditions outside the exchange, the case
lying close to diagnosis Of specula-
tive collapse. Both firms have been
largely concerned In speculative stock
market pools formed for the purpose
Of taking on line Of stocks. sustain
lng their price by supporting orders
real or manipulative and seeking to
realize profits by selling out to out
siders at the high prices. Such opera
lions have suffered from increasing
difficulties with the growth In the
stringency Of money, the solicitude Of
bankers over loans employed In such
projects and the faded appetite Of the
public for securities The operations
Of the firm Of W. L. Stow & Co. were
ON large scale In Mexican Central,
and the difficulties which have accu-
mulated upon them are understood by
the price Of II touched by Mexican
Central under the forced selling yes
terday and the high level at BIN last
year.
The failure Of Talbot J. Taylor &
Co. will inevitably be connected with
the great market operations Of James
r. Keene by reason Of Mr.. Keene's
Family connection with the frequent
employment Of the firm. Mr.. Keene's
operations In stocks are too numerous
to detail and much mystery attaches to
them necessarily from their nature.
But the market management Of the
United States steel stocks on behalf Of
the syndicate and the conduct Of a
Southern Pacific pool are the opera
lions with which his name are most
notably connected.
The accumulation. according to COM
mon belief, of 100000 shares Of South
ern Pacific and the lifting Of It's price |
above so were based upon the assump-
4ion that Southern Pacific bonds were
to be issued for that roads work Of
Improvement and the net earnings ap-
piled to dividends. Talbot J. Taylor
G Co., as representatives Of the pool,
felt themselves powerful enough to
the Union Pacific partys re-
fusal to adopt this policy and carry the
quarrel to the courts. The animosities
and resentments engendered by that
quarrel are supposed to have added to
the weight of the firms difficulties and
10 have aided in bringing 1t down.
II was q veritable BLACK Friday"
and, although the market rallied very
decidedly at the close and the general
in the minds of some was
much improved, great many persons
having interests In the street" went
home In anything but cheerful frame
n mind.
II was freely predicted that trouble
sven more serious was impending.
From Trustworthy sources It was
learned that three or more commits
don houses had been squeezed" al
most to the bursting point.
Contracts made yesterday hold out
Ill Monday, which may enable embar-
rassed individuals to get their second
zind."
The board room was the scene of
Wild excitement all day, A Tip" that
something would drop" before the
hose Of the market had gone all
lround. The hush that fell as the on
sial announcements were made was
sroken only by the ill-suppressed buzz
4 brokers who gathered in groups and
istened intently to the words Of the
perched In his little white
marble balcony.
Then followed another wild scramble
n over the room. A thousand tele-
,hone bells rang and almost as many
Uniformed messenger boys seemed TO
cap out on the floor and scurry in all
directions. The excitement subsidized
My with the clang Of the huge gong
Vhich marked the closing Of the mar
let While many a sigh Of relief went
o. there was also dread Of the NOR
0w. !,
The effect Of the Taylor failure upon
ames R. Keene's personal fortune is
argely a matter Of conjecture. Ac-
ording to some reports the veteran
perator is heavily involved and &C Q
ording to others scarcely at all. X
Cnnvon ChautAuqua UroWded. n
Clinton, NO.. July 25.-The crowd at :,
\ I