The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-25
BEARS RUSH TO COVER
STOCKS CLOSE WITH EXCITED BUY
ING ON A RISING SCALE
Day Of Suppressed Apprehension Winds
Up With TWO Sensational Failures, Fol-
lowed by a Violent Observation-Disclosures
Sustain Severe Losses.

NEW YORK, July 24.-The announce
ment today on the stock exchange Of the
failure of Talbot j. Taylor &, Co. and
of w. l.. Stow & Co. followed a day of
suppressed uneasiness and apprehension.
The bears rushed to cover their short con-
tracts on the selling induced by the Itws
of the failures. and violent rebound
followed, so that large part Of the day s
losses were retrieved and the market
closed with excited buying on a rising
scales of prices. Some of the leading
active stocks closed the day with net
gains of a point or more. This com
pared with declines below last night
level at the period of greatest weakness
of to 81 for the active market lead
erS.
|. Among the speeialties there were more
severe losses, due in some cases. as the
event proved, to the special commitments
of the embarrassed firms in those stocks:
An example was the Mexican Central
securities, in which w. L. Stow & Co.
were interested. The failure resulted in
a drop of IA in Mexican Central. from
1874 to II. There were quite large
number of low priced railroad stocks in
which similar downward plungeS although
not so expensive served to arouse frarS
of coming failures.
Money Lenders Cautious.
The situation would be a large commit
ment in some stocks with the stock al
ready acquired figuring largely as col
lateral for loans and with the funds en-
ipulation of the price. Bankers and money
lenders have. been lleeny on the scene Of
such conditions back of the money they
have out on loan and have grown more
and more exacting in regard to collateral
On sucn loans and more solicitous to have
them closed out with the shrinkage in
security values and the undermining CT
confidence.
The failure of Talbot J. Taylor & Co. is
inevitably associated with the name of
James R. Keene, although his name does
not appear in the partnership of the firm.
But family connection and the we'll
known fact that the firm often acts for
him will connect the failure in the public
apprehension with the large stock market
operations which he has conducted. The
market management of the United Sites
Steel stocks during the period OF their
flotatien and the conduct of pool in
Southern Pacific stock will be
looked upon as having an
outcome in the failures The Southern Pa
eific pool was credited with holding at
one time some 100000 shares of Southern
Pacific stock, and its challenge OF the
property and it's attempt to force the
payment of dividends on the stock are
matters of recent notoriety and with the
sequel still pending in the court
These the Only influence.
Aside from the expectation of the fall
ures, the realization of the fears and the
reVulsion of feeling reflected in the rush
out, there were no influences pereeptible
in the market. News of cooler wea Their
in the corn belt counteracted the effect
of yesterdays reports of hot winds, ana
the liquidation in progress In the days
cotton market was viewed with satfs-
faction The weeks movement of currency
indicates cash gain by the local banks
of upwards of $6,0000o0 and news was
received of the shipment of another
81, $50, 900 in gold from Australia to San
Francisco.
The description of the market resolves
itself into list of price changes. Rumors
were numerous all day of financial en-
barrassments, and the field Of these ru-
mors was by no means confined to the
stock exchange Or to New York city, put
ing of Amalgamated Copper was accom-
panied by very specific ruIners OF money
Bonds were weak in sympathy with
stocks Total sales, par value, 81. $3.50, 900.
United States bonds unchanged on call.
Closing List.