Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-07-25
Suspension of New York Stock
Exchange Firms Will Not
Unsettle Business
DUE TO RECENT LIQUIDATION
Firms Could Not Withstand Collapse
of the Speculative craze-ouarreI
Also Contributes to the Taylor Fail
ure-stow's Suspension Not Unex-
pected.

New York, July 25.-The announce
ment on the stock exchange late yes
terday of the suspension of the firms
of Talbot j. Taylor & Company, and
w. l.. Stow & Company, was the sequel
to a period OF excited selling of stocks
and wide cuts in prices, which had not
been equalled before since the present
movement to liquidate set in. There
is nothing in either failure that can
be traced to business or industrial con-
ditions outside the exchange. the case
lying close to diagnosis of speculative
collapse. Both firms have been largely
concerned in speculative market pools,
formed for the purpose of taking on
line of stocks, sustaining their price by
supporting orders real or manipulativa,
and seeking to realize profits by selling
out to outsiders at the high prices.
Such operations have suffered from in
creasing difficulties with the growth
in the stringency of money, the solicit
tude of bankers over loans employed
in such projects and the jaded appetite
of the public for securities. The oper-
atoms of the firm of w. l.. Stowe s.
Co, were on large scale OF Mexican
Central, and the difficulties which
have accumulated upon them are I'M
destood by the price Of II touched by
Mexican Central under the forced SELL
ing and the high level at 311s last year.
The failure of Talbot j. Taylor &
Co, will inevitably be connected with
the great market operations OF James
r. 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,
and much mystery usually attaches 20
them necessarily from their nature. But
the market management of the united
States steel stocks on behalf OF the
syndicate. and the conduct of a South
ern Pacific pool. are the operations with
which his name is most concerned.
The accumulation, according to COM
mon belief, of 100000 shares of South
ern Pacific and the lifting of its price
above so, were based upon the assump-
ton that the Southern Pacific ponds
were to be issued for that roads work
of Improvement, and that the net earn
inps he applied to dividends. Talbot }.
Taylor & Co, as representatives OF the
pool. felt themselves powerful enough
70 challenge the Union Pacitic's refusal
10 adopt this policy and to carry the
quarrel to the courts Inc ah!ihosi.ies
and resentments engendered by tnat
quarrel are supposed to nave aoueu -
the weight of the firms dinlculties anu
to have aided in bringing 1t down.
The best information is that 'ne M
solvent firms had comparatively lew
outstanding commitments, ana .hose'
Il believed, were settled priVatetS oi
the floor. .o,;on.l
II is said that private internalioiia,
banking house with important railroau
.interasts in Mexico bought liberaliy Oh
Mex;can Central. Report says that
T,vlor e. Company sold privately 10 q
,orge banking interest which IL Some
1.-TWO ago antagonized, 10000 shares OF
Southern Pacific.
The board room was the scene OF Wlio
excitement all day. A tip that some
thing would drop before the close Oh
the market had gone all around. me
hush that fell as the ofhclal announce
ments were made was broken ohiy ~
the III suppressed buzz of brokers VINO
gathered in groups and listened intent
IL, n the words of the chairman.
Then followed another Wild scramble
all over the room A thousand tele-
nbone bells rang, and almost as many
uniformed messenger boys seemed 10
leap out of the flor and scurry IN an VI
rections. The excitement supsloeo oiiis
with the clang of the huge gong "hlch
marked the closing of the market.
While many a sigh OF rellef Went up
there was also dread OF the morrow.
To those who were in the know
tha Stow failure caused little surprise
hut the Taylor embarrassment was
really unexpected Much had been SAID
aibout that firms affairs in the last few
years, and it's operations in southern
Pacific, Metropolitan Street Halfway
and certain other stocks, are still fresh
in the minds of those who follow the
market. The street and many Visi-
tors understood the Taylor-keene con-
nections. Talbot j. Taylor is James Il.
Keen's son-in-law. His brother, James
B. Taylor, and Foxhall P. keene. son
of James r., constitute the f1rm. Young
Keene. who is an international sports
man, is a special partner in the sum,
it is said of $250,oO0.
Taylor & Co. have been the principal
"Keene" brokers for the last three
years.
Foxhall Keene is now abroad. His
father was at the Taylor office, but de-
MED himself to all save a few close
friends. The effect of the Taylor failure
upon James r. Keene's personal for
tune is largely matter of conjecture.
According to some, the veteran OPP
orator is heavily involved, and accord
ing to others, scarcely at all.
There are many who believe that the
TAYLOR failure is directly due to the
bad blood stirred up by that firm and
Mr.. Keene in the Southern Pacific and
Metropolitan suits. In fact 1t has fire.
uuently been said that the Hartman
and Whitney interests would not be
satisfied with anything less than the
scalps of the Keenes and Taylors, be-
cause of these episodes.
BUSINESS is GOOD.