Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1903-08-04
TWO BIG FIRMS FAIL.
CRASH IN WALL STREET CAUSES
SUSPENSIONS.
Talbot ]. Taylor & Co. and ". L. STOW
x Co., Prominent Brokers, Go Down
James r. keene Connected with
Former House-Loses 81, 5oo,OO0.

The decline in the stock market, which
has been going on almost without inter
ruption for the last six months, culmi-
mated Friday in the failure of T. ]. Tay-
Tor a Go. and w. l.. Stow s. Co.. two
or the largest Stock Exchange houses in
New York City. The failure of Talbot
}. Taylor & Co., through which firm
James II. keene does considerable busi-
ness, was due to operations on the long
side of Southern Pacific, Atchison. Ba'
timore and Ohio. Reading, Brooklyn Rap
id Transit and Pennsylvania. Talbot ].
Taylor IS the son-in-law of James r.
keene and Foxhall Keene. a special part
ner, is son of the big operator.
1t is learned that tina Taylor liabili-
ties are likely to reach 100000. 1t is
understood that only six months ago Mr..
keene gave Taylor sum approximating
100000 to tide the firm over difficult
ties it was then said to be in, and since
then other generous contributions have
been made by him. Estimates of Stow
d. Co.'S liabilities range from 81 go. 600
to $2,500,000.
Keene's Loss Is $4,000
James R. Keene puts his personal loss
by the failure of Talbot ]. Taylor & Co.
at $1,50O,000. Mr.. Keene said:
Il am the largest loser by this fail
ure so far as the creditors are concerned.
| reckon l lose about S1.500000. | have
seen some statements in the papers this
afternoon intimating that | am heavily
involved, but that is not so.
Except for the amount of money l
have stated, my personal fortune is not
impaired. l was not connected with the
firm in any way, shape or form. | had
my Office there, it is true, but l was not
interested in the firm outside of the fact
that it did my business, and that the
head of it was my son-in-law. / want
to make it Clear that the fortune Of my
self and of my family is in no way af-
fected
Il am not embarrassed. | am only an
noyed that this should have happened
am annoyed, also, because l think they
have conducted their business in an i'm
provident way. They allowed certain
people to stick them, and they are now
suffering FOR it. / would have seen them
through it, because Mr. Taylor is my
son-inlaw, and l would have liked to see
the firm weather the storm, but the con-
dition of the market was so gloomy and
discouraging that, in justice to myself, |
could not see my way clear to give Them
any further help.
az never saw such a hopeless market
as we have When you can get such
stocks as United States Steel preferred
for 6S, is there any wonder that I re-
fuse to help my son-in-law out any
longerY'
The severest shake-down since the
panic of May was witnessed in stocks
during the day. From the time the mar
ket opened very disquieting rumors were
in circulation and the continued outpour
ing Of large blocks of stocks, with the
selling Of an apparently forced charac-
ter, extending to the best stocks on the
list, was plainly indicative of some pend
ing disaster.
1t was evident that the decline had got
to a point where some big brokers were
In trouble. Efforts to find out where the
trouble was were futile, as the names of
some of the best houses in the street were
mentioned. Up to noon nearly 100000
shares were thrown on the market.