The daily morning journal and courier., 1903-07-25
FAILURES IN WALL STREET.
Continued from First Page.)

and liabilities has bee nmade but from the president of leading national bank it is learned that the liabilities may be well on to s6.OOO. 1000. .z Estimates of Stow & Co.'S liabilities range from s1,250,0OO to $2,500, 900. s- Francis L. Hine, vice president of the 1 First National bank, said: "The fail- ures were speculative episodes, and in no wise affect the business situation, which believe to be thoroughly sound" ...-. Taylor & Co.'s banks were the City National, Gallatin, Bank of Commerce, and Bank of the City of New York. s | An interesting incident in connection with the failure was the sending of s15,000 to the firm for investment by Sidney J. Perry, whose messenger reached the Broad street offices just two minutes after the brokers troubles | were made public. s- .@..,...~.-..s "A good stroke of luck" remarked the messenger, as he returned with the s15,- 0OO ,s~
 | The appended statement was issued at the office of Taylor & Co, this even- | ing:
 Talbot J. Taylor & Co. have this day executed general assignment for the henefit of creditors to Philip J. Britt, and he has accepted the assignment and has taken charge of the property and assets of the firm. | The assignment of the fir mis due to I their inability to liquidate the stocks (which the banks held for their account. All banks having loans with them are well protected; but the inability to iiq- I lidate the stocks so held has caused the r., spension. which, 1t is hoped, will be 1 temporary, if the banks take the rea- sonable view that by waiting gradual I liquidation can be effected without dis turbance to the stock market. The lar- gest unsecured creditor of the firm is James R. Keene.''
 Efforts to ascertain the amount of the firms indebtedness to MT. Keene were unsuccessful.
 The assignee is prominent Tam many politician and is well known as a close friend of Mir. Keene.
 To-day's failures on the exchange were the first since May of last year. That day three firms. all of them in lyolved in the Webb Meyer syndicate, Iwent under. Two resumed business. It Twas a veritable Black Friday and lalthough the market rallied very decid- ledly at the close and the general situa- ton in the minds of some was much improved, a great many persons having Interests in the ..street" went home in lanything but cheerful frame of mind. I It was freely predicted that trouble leVen more serious was impending. From trustworthy sources it was learn ed that three or more commission Ihouses had been squeezed almost to the bursting point.
 l Contracts made to-day hold over un- til Monday. which may enable embar- I rassed individuals to get their second twind.
 The best information is that the in- isolvent firms had comparatively few Outstanding commitments, and these, it lis believed, were settled privately on 1.-the floor. ..s ss,
 l It is said that a prominent interna- l ticnal banking house with important Irailroad interests in Mexico bought lib- Ierally to-day or Mexican Central.
 Reports say that Taylor & Co. sold Iprivately to large banking interest, (which some time ago antagonized, 40, ,000 shares of Southern Pacific.
 T The Stow failure was announced shortly before 2:30 p. n., and that of J. Taylor & Go. followed within less than lten minutes. The stock exchange was lcrowded, as it had been all day, with brokers, many of whom in recent
 months had been more conspicuous by their absence from the board, but who Iwere regular in their attendance this week because of the gathering financial l storm.
 The board room was the scene of wild excitement all day. A tip that some
 thing would "drop" before the close of | the market had gone around. The hush ithat fell as the official announcements iwere made was broken only by the iil- suppressed buzz of brokers who gather led in groups and listened intently to the lwords of the chairman perched in his little white. marble balcony.
 Then followed another wild scramble laIl over the room. A thousand tele- Iphone bells rang and almost as many uniformed messenger boys seemed tc Heap out on the floor and seurry in al directions. The excitement subsided Ionly with the clang of the huge gong (which marked the closing of the mar.
 ket While many a sigh of relief Went lup, there was also dread of tomorrow To those who were in the t'know" the Stow failure caused little surprise, but the Taylor embarrassment was really unexpected Much had been said about
 that firms affairs in the last few years
 and it's operations in Southern Pacific Metropolitan Street Railway and eer. lt tain other stocks are still fresh in the minds of those who follow the market lThe Street. and many visitors under Istoed the Taylor-Keene connections Talbot J. Taylor is James R. Keene''
 son. -in-law. His brother, James B. Tay llor, and Foxhall P. Keene, son of Jame! R., constitute the firm. Young Keene Iwho is an international sportsman, is { special partner in the sum, it Is said, O i$25o,0O0.
 Taylor & Co. have been the principa
 "Keene" brokers for the last thre, syears, that famous operator making tn lTaylor office his headquarters.
 Foxhall Keene is now abroad. Hi father was at the Taylor office to-day but denied himself to all save fev
 close friends.
 The effect of the Taylor failure upol Names R. Keene's personal fortune i Largely matter of conjecture. Accord '