The Birmingham age-herald., 1903-07-25
BLACK FRIDAY SENDS
 GLOOM 10 WALL ST
(continued from First Pase)

tral road. The firms manipulation of Mexican securities was frequently mat ter of general gossip
 Almost 76,009 shares of Mexican Cen tral were dealt in today, the stock sell ing down violently from 19 to Il, and closing at 124, a net loss of 61a points, The first income bonds declined more than five points. During last years bull movement Mexican Central stock sold at high as SIS.
 The Mexican Central railroad, limited, of Mexico, was incorporated February 70, 1sS0 under the Massachusetts laws and holds Mexican charter and subsidy It's main line runs from Mexico City to Juarez, q distance of 1924 miles.
 Manipulating Mexican Central.
 In March, 1901, a syndicate headed by H. Clay Pierce of St. Louis acquired majority of the stock the amount of which outstanding at that time was about s4s, GOO, 900. Tn January. 1902, the company issued S100O0,O00 collateral trust five-year 4lb per cent bonds, secured by $l6 6129,OOO consolidated four per cents held In the treasury, the proceeds of which were used for the retirement of $600O,00O notes issued in payment of the Monterey and Mexican railroad. The balance was used, accord ing to report for the extension of the Monterey road.
 The Mexican Central Securities com pany. limited was founded in 1899 to &C., quire the four per cent consols of the Mexican Central railroad central, "and to issue In their place two classes of securi- ties." Several prominent Englishmen, in cluding Lord Hillingdon and Lord Revel- stoke, were among the original trustees of | the securities company.
 The appended statement was issued at the office of Taylor and company this 1 evening:
 Talbot J. Taylor and company this day lsexecuted a general assignment for the | benefit of creditors to Philip J Britt and | he has accepted the assignment and has taken charge of the property and assets 1 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 protected; but the inability to liqui- date the stocks so held has caused the suspension, which, 1t is hoped, will be temporary, if the banks take the reason able view that, by waiting, gradual liqui- dation can be effected without disturb ance to the stock market. The largest un- secured creditor of the firm Is James R. Keene."
 Efforts to ascertain the amount of the firms indebtedness to Mr. Keene were unsuccessful. The assignee IS a promi- nent Tammany politician, and Is well known as close friend of MT. Keene. Today's failures in the exchange were l the first since May 5, 1902. That day three | firms, all of them involved in the Webb Myer syndicate, went under Two re- sumed business.
 No statement of Taylor & Co.'S assets and liabilities has been made. but from the president of leading national bank | 1t Is learned that the liabilities may be we'll on to s6,OoOo0o.
 Estimates of Stow & Co.'S liabilities range from s1,250.po0 to s25o0,0o0.
 Francis l.. Hine, vice president of the | First National Bank, said
 "rrhe failures were speculative episodes and in no wise effect the business situ- ation. which I believe to be thoroughly sound"