The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-07-28

New York July 24.-The
ment on the stock Exchange today Of
the suspension of the firms of Talbot ].
Taylor and Company, and of W. L.
Stove and Company was the sequel to
a period of excited selling of stocks
and Tide cuts in prices which has not
been equaIIed before or since the pres
ent movement to Iiquidate set it. There
is nothing in either failure that can
be traced 10 business or industrial
conditions outside the exchange. the
case lying close of a diagnosis of spec
UIative collapse. Both firms have been
largely concerned in speculative stock
market pools, formed for the purpose
of taking on a line of stocks. sustain
ing their price by supporting orders
real. m%anipulative and seeking to real
ize profits by selling out TO outsiders
at the nigh prices. Such operations
have suffered from increasing difficult
ties with the growth in the stringency
of money. the SOIicirude of bankers
over loans employed in UGH projects
and the faded appetite Of the public
for securities.
The operations of the firm of w. L.
Stowe and Company were of a large
scale in Mexican Central, and the diff
fiCultieS which have accumulated uD-
on them are understood by the price
OF II touched by Mexican Central I'M
der the forced selling today and the
high level at Il Is last year.
The failure of Talbot j. Taylor and
Company viii inevitably be connected
with the great market operations of
lanes p. kaE0a hv T-n1 son nf his Tlr0i-
" connection with n frequent en-
plOyment of the firm. Mr.. keene's Op-
eratiOns in stocks are too numerous to
detail and much mystery usually at
taCheS TO them necessarily from their
nature. But the market management
of the United States Steel stocks on
behalf OF the syndicate and the con-
Of Il Southern Pacific are the OPP
erdtiUuS with which his name are
most notably connected. The acCumu
iatiOn. according to the common belief.
OF three hundred thousand shares of
Southern Pacific and the lifting of its
price above eighty We're based upon
the assumption that Southern Pacific
bonds We're to be issued for that roads
work OF improvement ard the net earn
ings applied to dividends. Talbot J.
Taylor and Company, as representa-
tiveS of the pool. felt themselves pow
erfUl enough to challenge the Union
Pacific uarty'S refusal to adopt their
DOlltE ana TO carry the NudEEtl 10 the
courts. The animOSlty ami resent
ments engendered by that quarrel are
supposed to nave added TO the weight
of the firms difficulties and to LAY
aided in bringing il down.
. II was a Evritable BLACK Friday
k2ud although the market rallied very
T decidedly at the close and the general
situation in the minds OF some was
much improved. a great many persons
having interests in the street" went
home in anything but a cheerful frame
OF mind.
II was freely predicted that trouble
even more serious was impending.
From trustworthy sources it was learn
ed that three or more commission
houses had been squeezed" almost TO
the bursting pOiEt.
Contracts made today hold over till
Monday. which may enable erDbarrass-
ed individuals TO get their second
wind
The stock exchange was crowded, as
il had been all day. with brokers. many
of whom in recent months mad been
more conspicuous bv their absence
from the board but who We're regu-
TAR in their attendance this week be
cause OF the gathering financial storm.
The board room was the scene q wild
excitement all day. a tip that some
thing would drop" before the close
of the market. had zone all around.
-AH AAAsNIA NAAN~N 49,
nOUucemenTr were made was broken
only by the m-suppressed buzz of brok-
eTS who gathered in groups and Us
tened nteutly to the words OF the
chairman perched in ms little White
marble balcony.
Then followed another wild scramble
all over the room. \ thousand tele-
phone bells rang. and almost as many
uniformed messenger boys seemed TO
leap out or the floor and scurry IN ali
directions. The excitement subsidized
only with the CIang or the huge gong,
which marked the closing OF the mar
kvt. While many a sigh Of relief went
up there was also dread OF the NOR
row.
The effect Of the Taylor failure upon
James =. Neene-s personal fortune :
merely a matter of cOnjectur-- AC
curdiIE 10 some report the veteran
operator Is heavily involved. and ac-
cordinG 10 others. scarcely at all.
Almost 5000 shares of Mexican Cen
trail Were dealt in today. the stock sell
iIG Gown -iolently from 19 to II. and
closing ~ i II a 0at loss OF six ana
a half points. The first income bonds
declined more h fifive points. Dur
ing last years bull MeX-
can Central stock sold as high as
81 is.
The appended statement was ssued
AT the office OF Taylor and Company
this evening:
Talbot j. Taylor and Company have
his day executed a general assignment
for the benefit OF creditors to Philip
]. Britt, and he has accepted the as
signment and has taken charge of the
property and assets of the firm.
The assignment Of the firm is due
to their inability to liQuidate the stocks
which the banks held for their account.
All banks having loans with them are
well pTOtected; but the inability to
liQuidate the stocks so held has caused
the suspension. which it is hoped, will
be temporary. If the banks take the