The daily morning journal and courier., 1903-07-25
FAILURES IN WALL STREET.
TAYLOR G co. AND STOWE 6 co.
 FORGED TO WALL.
Announcement of Their suSpension Made on the stock Exchange Late Yesterday afternoon--James R. Keene Involved in Taylor S Co.'s Collapse siatemont Issued by the Heuse-Head of Firm Ksene's son-in-iaw-Hiss Son Also in It-cause of the Failure.
Also in It--Cause of fhe FaiIure.

New York. July .24-The announce nent on the stock exchange late to-day of the suspension of the firms of Talbot J. Taylor & Co. and of W. L. Stowe & Co. was the sequel to a period of excit- ed selling of stocks and wide cuts in prices which has not been equalled be- fore since the present movement to licuidate set in. There is nothing in either failure that can be traced to bus mess or industrial conditions outside the exchange. the case lying close to a diagnosis of speculative collapse. Both firms have been largely concerned in speculative stock market pools, formed for the purpose of taking on line of stocks, sustaining their price by SUD- porting orders, real or speculative, and seeking to realize profits by selling out to outsiders at the high prices. Such operations have suffered from increas- ing difficulties with the growth of the stringency of money, the solicitude of bankers over loans employed in such projects and the jaded appetite of the public for securities.
 The operations of the firm of w. l.. Stowe & Co. were on large scale in Mexican Central and the difficulties which have accumulated upon them are understood by the price of Ii touched by Mexican Central under. the forced selling to-day and the high level of SIS last year.
 The failure of Talbot J. Taylor Go. will inevitably be connected with the great market operations of James R. Keene by reason of his family connec- tion with and frequent employment of the firm. MT. Keene's operations in stocks are too numerous to detail, and much mystery usually attaches to them necessarily from their nature. But the market management of the United States Steel stocks on behalf of the syn dicate and the conduct of a Southern Pacific pool are the operations with which his name is most notably con- nected. The accumulation, according to common belief, of 3OO,0O0 shares Of Southern Pacific and. the lifting of it's. price above 80, were based upon the sas- sumption that Southern Pacific bonds were to be issued for that roads work of improvement and the net earnings applied to divineds. Talbot J. Taylor & Co. as representatives of the pool, felt themselves powerful enough to challenge the Union Pacific party's re- fusal to adopt this policy and to carry the quarrel to the courts. The animosi- ties and resentments engendered by that quarrel are supposed to have add ed to the weight of the firms difficulties and to have aided in bringing it down.
 A great deal of interest was manifest in Wall street as to the cause of the suspension of T. J. Taylor & Co, and to what extent, if at all James R. Keene was involved in it.
 Last summer Talbot J. Taylor was re- ported to have had a falling out with his father-in-law, arising out of re- ported purchases of Southern Pacific by Mr. Taylor on his own account inde- pendently of the pool which MT. Keene was running in that stock. According to the story, MT. Keene was angry when he discovered the fact. With the break in the stock market last October South ern Pacific declined severely, and it was asserted in some quarters that MT. Taylor was among the losers. Since that time MT. Keene has not been in the of flee of T. J. Taylor & Co. much, but this was probably due to the fact that he was i'll at his hotel and cold not get down town for number of months.
 It is alleged that MT. Keene stopped giving any orders to the firm of his son. in-law for execution on the stock ex- change, but that he was using the firm of Samuel Boocock for the largest num- Der of his transactions. But many doubted that there was any truth in 3 this story because the veteran operator since his return to Wall street several weeks ago, has continued to make his headquarters in his old office imme- diately adjoining those of T. J. Taylor & Co. and connecting with them.
 MT. Keene is believed to be man of great wealth and Wall street held to the opinion to-day that if he had suf-
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