The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-07-25
GLOOM ON 'CHANGE
,,,o FIRMS, HARD HIT, WENT TO
THE WALL.
uMEs R. KEENE SQUEEZED.
...rr,NT OF THE VETERANS
Losses is NOT KNOWN.

- NethermOst Limit-StOck Mar
"a. Pools Caused Talbot }. Taylor
and w. I. stowe q Co. 10
s..nend-Great Excitement Fol-
I'D the AnnOuncem ent-BankS
-iou. About Their Loans.
~-ou York. July 24.-The announce
..ar+ m the Stock Exchange late to-
sav Of the suspension of the firms of
rn.,,o+ 7 Taylor & Co. and of w. L.
s.awe & Co. was the sequel to period
- oxcited selling of stocks and wide
.,.s in prices, which has not been
eoualled before or since the present
movement to liquidate set In
rrnore Is nothing in either failure that
49,, ha traced to business or industrial
oord,tions. outside the exchange. the
.,sa living close to diagnosis of spec
,,,o+iva collapse. Both firms have been
,.urolv concerned in speculative stock
.,orkat pools, formed for the purpose
- taking on a line of stocks and sus-
toiring their price by supporting or
doris real or manipulative, and seek
.ry 70 realize profits by selling out to
o,,+siders at the high prices. Such OPP
orations have suffered from increas-
mo ANTIQUITIES with the growth in the
stringency of money, the solicitude of
bankers over loans employed in such
nroiects and the added appetite of the
4 nublic for securities.
The operations of the firm Of w. L.
Stowe & Co. were on large scale IN
n MEXICAN Central, and the difficulties
& which have accumulated upon them
are understood to have been caused
nv the price of Ii, touched by Mexican
8 Central under the forced selling to-
dav and the high level at S1A last
4 year. -,,.. 1~
The failure of Talbot ]. Taylor &
& Co. will inevitably be connected with
the great market operations OF James
p Keene by reason of his family con-
nection with and frequent employment
of the firm. Mr. Keenes operations IN
stocks are too numerous to detail, ana
much mystery usually attaches to them
4 necessarily from their nature But
q the market management of the United
Il
syndicate and the conduct of a South
ern Pacific pool are the operations
with which his name is most notably
connected.
The accumulation, according to COM
mon belief. Of 100000 shares of South
ern Pacific and the lifting OF its price
above 80 were based upon the assump-
ton that Southern Pacific bonds were
to be issued for that roads work OF
Improvement, and the net earnings APP
Piled to dividends
Talbot ]. Taylor & Co., as represent
atlves of the pool, felt themselves
powerful enough to challenge the Union
tactic party's refusal to adopt their
policy and carried the quarrel to the
courts Animosities and resentments
engineered by that quarrel are sup
posed to have added to the weight OF
the firms difficulties and to have alu-
ed in bringing it down.
Was IL s'BIaok Friday"
It was veritable BLACK Friday"
and, although the market rallied very
suddenly at the close and the general
situation in the minds of some was
much improved, great many persons
having interests in the street went
home in anything but a cheerful frame
Of mind
IL was freely pISulSlOo NhoS ~
even more serious was impending.
From trustworthy sources it was learn
ed that three or more commission
houses had been squeezed" almost to
the bursting point.
Contracts made to-day hold over un-
til Monday, which may enable embar-
raised individuals to get their second
wind"
The stock exchange was crowded, as
1t had been all day, with brokers, many
of whom in recent months had been
more conspicuous by their absence
from the board, but who were regular
In their attendance because of the
gathering financial storm.
The board room was the scene OF
wild excitement all day. A Tip" that
something would drop" before the
close of the market had gone all
around. The hush that fell, as the Of
hcial announcements were made, was
broken only by the Unsurpassed buzz
OF brokers, who gathered in groups and
listened intently to the words of the
chairman, perched in his little white
marble balcony.
Then Came a Scramble.
Then followed another wild scramble
oil over the room. A thousand tele-
phone bells rang, and almost as many
INFORMED messenger boys seemed to
zap out on the floor and scurry in all
uIecuons The excitement subsidized
OnY with the clang of the huge gong,
tnicn marked the closing of the mar
NJ" While many sigh of relief went
row. '0 VI eau "a INV
r, me erect of the Taylor failure up
4 a" James R. Keene's fortune is largely
so matter of conjecture. According to
M, reports the veteran operator is
aeaNly involved, and according to 9TH
scarcely at all.
,ra 5,''Ilost $4,000 shares of Mexican Cen
4 s,oo, STOCK were dealt in to-day, the
not auu closing at 12A, a net loss of 615
a pT.nts The first income bonds de-
va ,aeu more than points. During last
stoo,I QUIZ movement Mexican Central
TN SOLD as high at 311A.
a. .s appended statement was issued
Co,..ue once of Talbot j. Taylor &
Ooupany this evening:
statement of Assignment.
ds,. abbot J. Taylor & Co. have this
tbS executed a general assignment for
Bri,4D ehent of creditors to Philip J.
mem ana ana he has accepted the assign
crty 81 Gnu mas taken charge of the prop
"rh a'iu the assets Of the firm.
10 tbai. assignment of the firm is due
wbinL inability to liquidate the stocks
COW the banks held for their ac-
then All banks having loans with
abni,,- are well protected: but the in
has 70 liquidate the stocks so held
hopod use SEQ the suspension, which 1t is
take ~ ~ De temporary. if the banks
ing Rrad,,e ei'S SC view that by wait