New-York tribune., 1903-07-25

Mr. Keene.
MR.. VIEWERS STATEMENT.
The firm Of w. L. STOW & Co. made it's as
signment TO Daniel De Wolf Viewer, Of the law
firm of Marsh & Viewer. No 120 Broadway. M
Viewer late in the afternoon said:
No statement regarding the affairs OF W. l.
Stow & Co. has yet been prepared. but from in
sonaIly. his cashier and bookkeepers. think
there is little doubt that the assets will realize
more than sufficient TO pay all obligations of the
firm in full
It is understood on good authority that Tai
bot J. Taylor & Co. have for weeks been re-
ducing their commitments. and that their out
standing contracts at the end were comparative
" small in volume. Under the system formerly
in operation on the Stock Exchange the con-
tracts of a suspended firm were closed out by
the chairman, and list of the stocks bought
and sold in this way for account Of the embar-
rassed firm was subsequently available for pub
llcation. Under the new constitution. however.
the custom is for broker having a contract
with the failed firm to go on the floor and quiet
ly buy sell. the may be. conducting
his transaction with another broker and sum-
moning another member to act as witness.
THE SUIT AGAINST THE U. P.
Talbot J. Taylor & Co represented James R.
Keene in the suit brought by the firm In March
to prevent the Union Pacific Railroad from vot-
ing its holdings of Southern Pacific stock at the
annual meeting of the latter company. Mr..
Keene in interview on March Is acknowl
edged this connection. He said:
"The suit begun by T. ]. Taylor & Co. against
the Union Pacific Railroad and it's directors.
in which the right of the Union Pacific
Railroad to vote its Southern Pacific stock is
questioned and in which the management of the
company is attacked and in connection with
which other legal questions are raised. is backed
by me and has been brought by my instruc-
tion. The two hundred thousand shares OF stock
used in the action owned by myself, t j.
Taylor & Co. and other gentlemen, fifty thou
sand shares of which have been owned by me
from a period antedating the purchases of
Southern Pacific stock by the Union Pacific
Railroad"
The pool referred to had been organized about
April 1, 1902, under the belief that the Southern
Pacific Railroad was about to divert part of
its earnings, which 1t was asserted were far in
excess of the operating expenses. into dividends
instead Of expending them entirely on improve
ments. An exhaustive statement OF the condi-
ton of the road was issued by the pool. The
moves OF the pool raised the price from about
60 to more than so, and it was declared that by
the date of the annual meeting. in April. the
stock would reach par. 1t was ultimately
learned JnaC no 0lVlQenO was 10 oe pHlu anu liIs
price fell again.
1t was commonly rumored that large pro-
portion of the holdings Of the pool, estimated
at about four hundred thousand shares. had
been bought at about 20. Late in 1902 the
price of Southern Pacific dropped to about 60
AS the time for the holding of the annual meet
ing, April g. drew near. the feeling between the
members of the pool and the Hartman party
which was in control of the Southern Pacific,
became acute, and the case was begun. The
date for the dissolution of the pool headed by
Mr. Keene was advanced from April to April
10 in order to keep 1t intact until after the an
nUaI meeting.
Judge Lurton. in the United States Court of
Appeals who sailed for Europe yesterday with
his wife two days previous to the date for hold
ing the annual meeting, decided to refuse to
grant the injunction asked for, restraining the
Union Pacific from voting it's holdings of South
ern Pacific stock, and at the annual meeting
Alexander P. Humphrey counsel for the Harri-
man interests in the injunction proceedings, set
d valise on the table which he said contained
proxies representing more than a majority of
the voting stock of the company
In the course of the tight Mr.. Hartman issued
a statement in an affidavit attacking Mr.. Keene.
He declared that Mr.. Keene. through Talbot j.
Taylor and others, had threatened to make
trouble for the Hartman interests if they did
not settle in some way with them. 1t al
legged that Mr.. Keene had offered to sell his own
holdings at 7S and the holdings of the other
members of the pool at 20. This was denied by
Mr. Taylor and by Edward Lauterbach, counsel
for Mr.. Keene. Mr.. Lauterbach declared that
Mr.. Tayor's holdings Of the stock We're not a
part Of the pool. which was considered failure.
Control of the Rubber Goods Manufacturing
Company was obtained by interests represented
by Talbot !. Taylor & Co. in April, 1902, after
an exciting contest with the old mana cement
for proxies. Talbot j. Taylor is now -presi-
dent Of the company, his brother and partner,
Keene brother of James r. Keene, is secretary.
The common and preferred stocks of this COM
pany Yesterday lost, respectively. and points,
both closing at the lowest prices OF the year,
the common at 1874 and the preferred at 10
AT the offices of the Rubber Goods Company,
No. 253 Broadway it was declared yesterday
afternoon that the Taylor failure would have
effect whatever on the company. Mr.. Keene
the secretary, was certain that Talbot J. Taylor
s, Co had no connection with the Rubber Goods
Manufacturing Company. "Of course he ad-
mitted, they may hold some stock-not much
of record. certainly not controlling interest
but business is in good shape"
This declared still more vigorously by
Charles H. Dale. the president Absolutely no
effect us was his dictunl. Our business is
in better condition than IL ever was-no debts.
few people owe US outside of trade circles. no
notes outstanding and business booming. T. J.
Taylor & Co. held little stock. but didn't own
a controlling interest. All Mr.. Taylor wanted
was the proxies on the majority of the stock
KNOWN AS MEXICAN CENTRAL HOUSE.
The firm of w. l. Stow & Co., organized in
1899 has always been known as the Mexican
Central house the Stock Exchange. The
firm is composed of William L. Stow and Henry
Coolidge. Mr.. Stow was OF the favorite