Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-07-25
MARKET REPORTS.
NEW YORK STOCK MARKET.
Feature Of the Days Dealings in All
the Leading Stocks.

New York, July "a
The announcement. late today, on the
r Taylor r. Co, and w. l.. Stow & Co.
followed day of suppressed uneasiness
and apprehension. The bears rushed to
cover their short contracts on the selling
induced by the news of the failures and
a violent rebound followed, so that a large
part of the days losses were retrieved,
and the market closed with excited buy
ing on n rising scale of prices Some OF
the leading active stocks closed the day
with net gains of point or more. This
compared with declines below last night
level at the period OF greatest weakness
of ! to 3i2 for the active market leaders.
Among the specialtieS there were more
severe losses, due in some cases, as the
event proved, to the special commitments
An example was the Mexican Central Sc
cnrities in which the firm of w. L. Stow
e Co.. were Interested. The failure re-
suited in drop of ~ points in Mexican
Cert al. from 1874 to II.
Tho" were quite a large number OF
low pi. ar railroad stocks in which SIM
liar do. ward plunges, although not so
extensive. %ssGh arouse fears r., o. 6 com,
large commitment in some stocks with
the stock already acquired figuring large
~ as collateral for loans and with the
funds employed in the market support
and manipulation Of the price Bankers
and money lenders hav. been keenly on
the scent Of such conditions back OF the
money they have out on loan ana nave
grown more and more eXacting IN regard
to collateral on such loans and more and
more solicitous to have them closed out
with the shrnkage in security values and
the undermining of confidence
The failure of Talbot j. Taylor y Co. IS
inevitably associted with the name of
James r. Keene. although his name does
not appear in the partnership or the iirm
But a family connection and the Well
known fact that the firm often acts for
him will connect the failure in the pubic
apprehension with the large stock mar
ket operations which he has conducted.
The market management OF the CnitcG
States Steel stocks during the perlod Oh
their fuctuation and the conduct of a
pool in Southern Pacific stock will be
looked upon as having an outcome OF
the failure. The Southern Pacific POOL
was credited with holding at one time
stock, and it's challenge of the control
of the Union Pacific party in the property
and it's attempt to force the payment OF
dividends on the stock are matters OF
recently nOtoriety with the sequel sun
pending in the courts.
Aside from the failures the realization
of the fears and the revulsion OF feehhS
reflected in the rush of the shorts to cover
ences perceptible in the market. The
rumors were numerous all day of finan.
cial embaraSsments, and the held OF
these rumors was by no means confined
City, but ruled the country over: The
heavy selling of Amalgamated Copper
was accompanied by very specific rumors
of money troubles which were not sub
Stantiated. - =,
bonds were weak in sympathy with
stocks. Total sales, par value. 81. 92VW'
United States bonds were unchanged on
call =
today for $4,000. The last previous sale
was at $67 900.