The Montgomery advertiser., 1903-07-25
WALL STREET REVIEW
FAILURES CAUSED A RUSH Tt
 COVER.
At the Close the Days Trading a Violent Rebound Was in Pro- gress, With Prices on Ris-
 ing Scale.

NEW YORK. July 24.-The announcement late today on the Stock Exchange of the fail- nre of Talbot J. Taylor & Co. and of W. L. Stow & Go. followed day of suppressed un- easiness and apprehension The bears rushed to cover their short contracts on the selling induced by the news of the failures and a vio- lent rebound followed. so that large part of the days losses were retrieved and the mar ket closed with excited buying on rising scale of prices. Some of the leading active stocks closed the day with net gains of point pr more This compared with declines below last nights level at the period of greatest weakness of In3h for the active market lead ers Amongst the specialties there were more severe losses in some cases. the events provd. to the special commitments of the em- barrased firms in those stocks. An example was the Mexican Central securities, in which the firm of W. L. Stow & O. interested. The failure resulted in a drop of 7K in Mexi- can Central from isA to li. There were quite large number of low priced railroad stocks in which similar downward .plunges although not so. extensive, served to arouse tears of coming failures. The situation would be large commitment in stocks with the stock already acquired figuring largely collateral for loans and with the funds employed in the market support and manipulation of the price. Bankers and money lenders have been keenly on the scene of such conditions back of the money they have out on loan and haev grown more and more exacting in regard to collat- eral on such loans and more solicltous to have them closed out with the shrinkage In security values and the undermining of confidence. Ine FAifufcs or TatD0t J, Iayior & Go. Is in- evitably associated with the name of James R. Reene. although his name does not appear In the partnership of the firms Hut a family connection and the well known fact that the firm often acts for him will connect the fail u-e in the public apprehension with the large stock morket operations which he has oon- ducfed The market management of the United States Steel stocks during the period of their Notation and the conduct of pool in Southern Pacific stock. will be looked upon having an outcome in the failures. The Southern Pa cific pool was credited with holding, at one time. some 3oo. 900 shares of Southern Pacific stock and it's challenge of the control of the Union Pacific party in the property and it's at itempts to force the payment of dividends on with the sequel still pending in the court. Aside from the expectation of the failures, the reali- xation of the fears and the revulsiofi of feel ing reflected ia the rush of the shorts to cover. with the bad news out. there were no infiu- ences perceptible in the market. News of cnoier weather in the corn belt counteracted the effect of yesterdays reports of hot winds and the liquidation in progress In the days cotton market was viewed with satisfa"tion Thn weeks movement of currency indicates q e-sh grin by the local banks of upwa -ds # & 700. coo and news was received of the rl, '~-,se-t of snother Si.25o no n geld f'tI1 Australia 10 Ss1 F~arcIsco. The de@c'l lptio" uf the r-arkct 'escive~ itssf into list of p-'re t-saa-e- rn"'o,s wee nume~nus ell 6a" "f f.~ -eial er,' ar ssslue~ss sn1 the field pf th s1 i,.-.4 --'es by no mcGns coniaed fa tN st ts: v th-~~r o. to New yofk C.tv, but ian=tel tss --r-t over T'Ne hefvr sei''ng cf A7,tt- ,7r-F'cG ccoper vas necorrrn!sd fbv. v,rg
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