New-York tribune., 1903-07-25
TWO FAILURES ON EXCHANGE
TALBOT j. TAYLOR 6 CO. AND ". L. STOW S co.
SUSPEND-RALLY IN PRICES FOLLOWS
Pacific First Named Firms Trouble and Merian
Central That of Stou Co.
FEELING OF CONFIDENCE.
No Further Failures of Consequence
Looked for-Gains an Price.

Looked fOr-GGlnS an Pr1ce.
the shadow of impending calamity, and when in
the last half hour the failures of two big
brokerage houses were announced on the Ex-
change it felt that the most threatening
factors of the situation had been eliminated, and
sharp and instant rally set in. Other houses
also have been under scrutiny during the last
week. but none of them approach in Importance
the two which failed yesterday, and their col
lapse, which is believed to be unlikely,
would have relatively little disturbing effect on
the market. in the opinion of some of the most
capable and shrewd observers in the Street.
The feeling at the close. although of course not
actively bullish, of measurable con-
fidence and in no sense panicky
It was the consensus of opinion among the
leading bankers and brokers of the Street, after
the two failures had been announced. that the
worst was over. A member of one of the great
est international banking houses in the city
said;
"AIl the banks with which we have been in
communication report that their loans in
as good shape as they ever were. l have no
doubt that number of smaller houses were
in the same boat as Taylor & Co, but they are
circles. After this I think there will be
clearing of the atmosphere. The failure of
firm like that of Taylor & Co is deplorable. but
what must be must be-
Francis L. Hine. vice-president of the First
National City Bank, said: The failures to-day
were speculative episodes, and in wise affect
the business situation, which 1 believe to be
thoroughly sound"
THE WORST OvER."-HOUSMAN.
A. A. Housman, in discussing the trouble in
the market. said at the Waldorf last night:
This is the elimination of the whole thing 1t
has been brewing for weeks This thing to-day
is the result of the debauch that these men in
Wall Street have been having. The worst IS
over now; stocks cannot go much lower There
is no reason why they should fall now. There
is no caIamty-a panic is not coming.
There are thirty million farmers in this
country all prospering and not in the least de-
pendent upon Wall Street speculate These
are enough to insure prosperity. There has been
underselng as we'll overselling. but the mar
ket will be Strengthened out tomorrow. These
firms will. 1 believe. get back on their feet. I
never knew more honest people. The crash is
over now. and things Will go back to their nor
NAL level"
COURSE OF THE MARKET.
The total sales yesterday were 1,31O,913
shares record exceeded this year only by that
of January g. when ], ,;J24, ,922 shares were traded
in The day opened with slightly better prices
in the railroad list among the strong features
being New-York Central Pennsylvania and Erie
first preferred but with the industrials gener
ally under bear pressure.
Prices broke with great violence in the second
hour. and enormous blocks of stocks we're
hurled on the market with apparent disregard
Of what prices they would bring. United States
Steel preferred slumped 2as to 6S1a and the
common fell to 21as both making low record
prices. St. Paul dropped g. and the Pacihcs and
Granger group generally from to 21s. the
latter loss being suffered by Southern Pacific.
Brooklyn Rapid Transit forced down AS
and Amalgamated Copper to new low level
at 3SZ. Notable declines in special stocks were:
Wheeling and Lake Erie, 61s; first preferred.
35a; Hooking Valley and Nashville, Chattanooga
and St Louis each; Sloss- Sheffield IL; Gen
eral Electric. 61A; Colorado Fuel AZ. and Peo-
pies Gas and the iron and steel specialties gen
orally from to g.
Another violent attack prices was made
in the early afternoon, which brought a still
lower level for several stocks, including Copper
and Rock Island common American Smelling
slumped over points. A break of almost %
points in Standard Oil occurred on the curb.
The market became slightly better. but dull. at
the beginning of the last hour.
There was a rush to cover by the shorts the
selling induced by the failures and violent re-
bounds resulted which carried the leading active
stocks among the trunk lines and Pacifcs back
to Thursday nights level Pennsyl-
vania New-York Central. Missouri Pacific and
Canadian Pacific rose point or more over the
preceding night The closing was excited and
strong at about the top level OF the rally.
SOME OF THE DECLINES.
Some of the most significant declines OF the
day
Maximum Net