New-York tribune., 1903-07-27
CRISIS BELIEVED PAST.
BROKERS MORE HOPEFUL.
Several Smaller Houses May 90 I'm
der. but No Firm of Importance.

Those interested In the course Of the values
of securities in Wall Street had chance TO talk
It all over yesterday. There was much specula-
ton as to the probable trend Of the market to-
day. The general opinion seemed TO be that
the worst was over and that the financial at
mosphere had been greatly CHARMED by the
drastic tactics of Friday and Saturday. and the
failure of the two firms that announced suspen-
sion on Friday It was cited that large blocks
of stocks held by these firms came onto the
market Saturday and were absorbed. 1t was
believed last night that the enforced liquidation
was virtually over, and that more large
blocks of stock would be thrown onto the mar
ket
There were few Wall Street operators in the
city yesterday. A little coterie Of traders gath
cred at the Waldorf-Astoria and discussed the
happenings Of the last week They seemed to
believe that the cloud which had been hanging
over the market for the last two months had
almost disappeared and that public confidence
would soon be restored. One Of these operators
a man who has spent his whole life in Wall
Street. said last night:
THE failure of Talbot ]. Taylor Co. and
the failure Of w L. Stow & Co. carried down
two speciality houses. Taylor was known as
the head of the Southern Pacific pool and the
Rubber Goods pool Stow was the market
leader in Mexican Central. When house be-
integrity rests largely upon that stock The
continued decline in Southern Pacific carried
down Taylor. The Mexican Central depreciation
carried Stow down. There are few houses in
the Street which have q speciality or have their
solYency hang one stock or group OF STOCKS
I take IL that certain interests in the street
which have been antagonistic to James r.
Keene and his associates saw a vulnerable point
and hammered away until they carried Taylor
& Co. down. ] believe this process Of hammer
ing, having accomplished its object. will be
stopped. You cannot hammer down a few
stocks without affecting the whole market. and
So along with the Keene specialties. other
stocks sagged"
The opinion seemed general last night that
there would be no more failures or. at least, no
important ones. It is considered possibility
that q few smaller houses may have to sus-
pend, but It Is understood that no big house is
an trouble. 1t was even said last night that ar
rangements had been made to carry all who
are in trouble. and that they would be uded
over-if there are any still in a condition to need
such aid
twas pointed out last night that the standard
stocks held up remarkably well on Friday and
Saturday. and that the big declines were reg
istered in pool stocks, especially Keene stocks,
so-calIed. North American, which broke so Vio-
lentIy is a stock that Keene has manipulated
in the past. Rubber Goods and Southern Pa
cihc, also Keene specialties, took the brunt Of
the decline. It IS understood that all of these
stocks, which have had to find a market, have
already been sold, and that no more will come
on the market at present. It is believed that
the banks and other creditors will act with the
assignees in carrying the collateral until matters
can be adjusted
It was thought last night that the market
might be feverish for day or so, until it was
clearly demonstrated that all trouble had been
adjusted and that it would then harden and
continue to have a firmer tone. even if not an
upward tendency.