The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-25
TWO FIRMS
ARE FORCED
TOTHE WALL
A Veritable Black Friday
on Wall Street.
MORE HOUSES
HARD SQUEEZED
BOdrd.Room Scene of Wild
Excitement.
STOCKS WERE SOLD AT
UNEQUALLED PRICES
-
Market Rallied Very Decidedly at the
Close, but Great Many Persons
Went Home in Far from
Cheerful Frame Of
Mind-keene
Sufferer.
STOCKS WERE SOLD AT
UNEQUALLED PRICES.
(By Associated Press,)

ment on the Stock Exchange late to-day
OF the suspension Of the firms of Tai
bot ]. Taylor & Company and of w. l.
Stowe s Company was the sequel to a
| period Of excited selling OF stocks at
prices which had not been eaualled be-
/ fore or since the present movement to
| liquidate set in.
There is nothing In either failure that
| can be traced to business or industrial
, conditions outside the Exchange. the case
jlying close to diagnosis OF speculative
collapse. Both firms have been largely
concerned in speculative market pools,
i formed for the purpose of taking on
| line of stocks, sustaining their price by
| supporting orders, real or manipulauve,
| and seeking to realize profits BY selling
| out to outsiders at the high prices. Such
! operations have suffered from increasing
j difficulties with the growth In the strln-
sency of money. the solicitude Of bank
ers' cverloan employed in such projects
land the jaded appetite of the public for
|securities.
| The operations Of the firm of w. T..
| Stowe & Company were on a large scale
In Mexican Central, and the difficulties
which have accumulated upon them arc
4 understood by the price of II. touched
. by Mexican Central under the forced
selling to-day. and tho high level at
81 is last year.
KEENE INTERESTED.
4 The failure OF Talbot j. Taylor & Com
pany will inevitably be connected with
the great market operations of James r.
4! keene, by reason Of his family connec-
ton with and frequent employment of
the firm. NTr. Keene's operations in
l stocks are too numerous to detail, and
l much mystery usually alta ches to them
Z l!rr ri haf fi1ra prf fhn
market management OF the United States
4 Steel stocks on both Of the syndicate
4 and the conduct of Southern Pacific are
the operations with which they are most
/ notably connected
/ The accumulation, according to the
common belief. Of 100000 shares Of
Southern Pacific and the lifting Of Its
price above eighty were based upon
the assumption that Southern Pacific
4 bonds We're to be issued for that roads
work Of Improvement and the net earn
lngs applied to dividends. Talbot j.
! Taylor Company, MS representatives
of the pool. felt themselves powerful
enough to challenge the Union Pacific
party's refusal to adopt their policy and
! to carry the quarrel to the courts. The
an!mosties and resentments engendered
by that quarrel are supposed to have
added to the weight of the FIRMS diff
culties and TO have aided in bringing
| it down.
i BLACK FRIDAY.
although the market rallied very decided
ly at the close and the general situation
In the minds of some was much improved.
i a great many persons having interests In
I the street" went home in anything but
a cheerful frame of mind,
/, 1t was freely predicted that trouble
| even more serious was impending. From
| Trustworthy sources 1t was learned that
\ three or more commission houses had
been squeezed" almost to the bursting
i point.
Contracts. made to-day hold over till
Monday, which may enable embarrassed
individuals to get their Second wind"
The Stock stock Exshange sn WAS crowded, as
of whom In recent months had been
more conspicuous by theiS absence from
the board. but who were regular in their
| attendance this week because of the gath
erng financial storm.
The board room was the scene Of Wild
excitement all day 4 rip" that some.
the market had gone all around. The
hush that fell as the ,offical announce
ments We're made was broken only by the
Unsurpassed buzz Of brokers who gath
the words Of the chairman, perched
in his little white marble balcony.
the room. a thousand telephone bells
rang. and almost as many uniformed
messenger boys seemed TO leap out on ,1ile .ile
aen sesk sussdsd only WEI he cang
of the huge gong, which marked the clos
ing of the market. While many sigh
of relief went up. there was also dread
y 'A' 'MATIER OF CONJECTURE.
! The effect of the Taylor failure upon
| James r. Keene's personal fortune Is
largely a matter of conjecture. Accord
| ing to some reports the veteran opera
tor Is heavily involved. and according to
others, scarSeely q! eel A at all, ,,..,, c.,.o,
dealt II 9aaya il u {ns steos sos aaln selling
at l3 Ia net loss of six and half
points. The first income bonds deelinsd
more than five points. During last
vear's bull movement Mexican Central
stock sold as high as q is,
/ the ONCE Of TAYLOR and Company this
evening:
this day executed general assignment
for the benefit of creditors to Philip ].
. Britt and he has accepted the assignment
and has taken charge OF the property
and assets Of The. The firm, lr ,,a A., :. ,na y
their INABILITY to lIqnidate the stocks