Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-07-25
Yesterdays Failures Caused
Grave Concern.
OPENING IRREG ULAR
SOME GOOD BUYING ON SHORT
RALLY.
Marketing of Stocks Of Concerns
Which Failed Had Depress-
ing Effect.

NEW YORK, July 25.-Wall street began
business today with much anxiety. Yes
terday's two failures and fears of more to
come had worked the street up to high
nervous tension. Brokers and their clerks
worked until late last night and in some
Instances all night. issuing calls to their
customers for additional margins. The at
tendance on the floor of the exchange was
unusually large for a midsummer Satur-
day.
Prices for Americans in London were
generally better and helped to 1mpart
steadness to the local market at the open
ing, but gains here were not up TO those
made in London. orders to buy the stan
dard railroad stocks were well distributed,
so-called brokers taking blocks of New
York Central
Almost every commission house had ord
ers to buy at declines. The representative
OF a leading western house was reported to
have purchased moderately of the grangerS
There was also some buying of an invest
,mcnt character The list steadied off by
the end of the first half hour.
Selling by Financial Concerns.
Much of the early selling came from
financial Institutions and doubtless repre-
scented further liquidation of loans for the
account of the firms that failed yesterday.
This was obviously so in the case Of
such stocks as Rubber Goods and Mexican
Central There was 2.tDD-slare sale fol-
lowed by another Of 5000 shares of Rub
Der Goods at 7 points decline. Mexican
Central stocks We're slightly higher at the
opeuiug and first income bonus recovered
points Large blocks of the second in
comes were offered at a decline of 3%s.
There was sale of Rubber Goods pre-
terred a drop of liz. the next trans
action showing ) per cent advance
United States Rubber preferred lost ~
sale. 4 prominent trader bought
! r0 shares of Rubber Goods.
In the Industrial list generally there were
declines of point or more In Colorado
Fuel and several other issues On the other
hand. Steel preferred was stronger. and a
marked recovery was registered by Ana
Conda. while Amalgamated Copper tiuctu-
Htcd ncTVOuSly.
No additional information concerning the
affairs of Talbot J. Taylor IL Co. and w. l..
Stow & Co. were obtainable this morning.
The clerical forces of both firms We're at
work examining the books, assisted by eX
pert accountants Philip ]. Britt. the as
sEnce of Taylor & Co. said that he might
have a statement later in the day. Latest
reports place tie liabilities of Taylor d
Go. at not less than S3OOo,0CD.
James R. Keene at the Office.
James r. keene was at the office Of Tay
Tor & Co all morning. but denied himself
10 all interviewers.
The assignee of Stow & Co sent out word
that he would be unable to file even an APP
prONinate schedule of assets and liabilities
before Monday.
The market became stronger generally in
the last hour on the belief that a favor
able bank statement would be issued The
list sold OFF again just before the publica-
tiOn of the statement.
The increase in loans shown by the bank
statement i'll place Of decided contra action
which had been looked for, a dsap-
pointment which was not offset by the
large cash gains. The market sold Off
became dun and narrow then rallied here
and there and closed irregular and unset
tied at prices generally below the best.
Some further apprehension was excited
10y the weakness of such stocks as Evans
Vile and Terra Haute and pes Mones and
Fort Dodge No definite explanation was
forthcoming
The formal assignments Of Talbot j. Tay-
Tor & co. and W. l.. Stow & Co. the stock
exchange firms which failed yesterday,