The Providence news. (Providence [R.I.]) 1891-1906, 1903-07-25


and hammering in the New York stock
market reached a climax yesterday az
ternoon when shortly before the close
announcement was made on the exchange
OF the failure OF Talbot j. Taylor a Co.
IN which James r.. Keene is interested,
this announcement following closely the
failure of another well-known firm, W.
l.. Stow AZ Co.
these failures was followed by rally In
the market which had been showing SEN
sational drops all day, Al sioeK oanside dtie
cred inevitable that some nrms "ouiu
have TO go TO the wall.
Talbot J., Taylor Is son-in-law ,@ OF ,,nn Mr;
of the Southern Pacific pool TO prexent
the Hartman interests from controlllng
the system, The pool exploded: ana no th,s ms
long continued slump in values: whion
has cut the price Of many OF the best
Industrial securities In half -, a..
bulk OF the stock in the pool and II cost
them dearly. Mr.. Taylor and his broth
ers and partner James - Taylor. were
reported to have lost 100000 between
them Mr.. Keene lost. IT is said, about
Keene was at the Talbto. Taylor Of
fce all the afternoon. but refused 10 DE
since the failure of the attempt TO or;
ganize a successful Southern Paclnc po)i
and the operations OF powerful CLIQUE
have been directed at IL. Mr.. keIhe
was unable 10 come TO the assistance OF
his son-in-law, although the firm dragged
slong on shrewd manipulations.
IL was rumored In Wall street last
Monday that Taylor e. Co. could not last
the week out because Mr.. Keene has so
disposed of his fortune that IL cannot
be used in Wall street. Recently he set
tied S. 600, 000 on his wife. $,OoOOOO on his
son, Foxhall. and 100000 on his daugh-
ter. Mrs. Talbot j. Taylor.
The failure was the most important an
nounced In many months and created
intense excitement. but the very inter-
ests that caused II turned the market
from the dumps to sharp rally Money
was poured into the support OF the de-
clining securities, and the close showed
an Improvement OF about one per cent
throughout the INST
There is a general feeling that the fail
ure of the Taylor firm will satisfy the
men who have been driving at Mr. Keene
and that there will be general rally
after the excitement dies away. IL Is
not believed that Mr.. Keene suffered
heavily. however. as he appears TO have
dropped out OF the negotiations after the
Z failure of the pool Foxhall Keene.
however. rs a member ~ the firm and is
probably hard hit.
The failure OF Stow e. Co. was brought
Central securities. with which the firm ~
loaded Mexican Central broke from lsN
TO II on the announcement OF the failure.
The Arm Of stow & Co. Is composed OF
w l.. Stow. who has been member OF
the stock exchange since 1882. and Henry
Coolidge OF Orange. n. j., stock ex-
change member since 1884.
SECURITIES NOT sALEABLE.
Mr. Storm said after the announcement
OF suspension was made that he felt sure
he could pay dollar for dollar An assign
ment was made TO Daniel DeWolf Viewer
OF 40 Broadway, who said that from
what he could gather from the partners
and the books there would be more than
enough TO settle all claims without loss.
The trouble was explained Mr. Cool
idge, that we had thousands OF shares
OF Mexican Central which there was no
market for. We were unable TO raise
money, and concluded that Il would be
best to protect our creditors by gener-
al assignment"
The close OF the stock exchange yester-
day afternoon was spectacle OF wild ex-
citement such as the floor has mot seen
for a long time. Union Pacific and South
ern Pacific were the mediums for heavy
trading Among the hiuses most actively
engaged I'm the transactions that tended
20 steady the market were Harris. Gates
a Co. A. A Housman. Charles Mnzes-
heimer a Co. Henry Clews, Mcintyre a
Mhrshall and J. s. Mache.
United States Steel. Brooklyn Ra pid
Transit and Amalgamated Copper were
hammered numerically out on the curb
Standard oil declines "A points from yes
terday's close. The air was heavy with
rumors OF all sorts. and the knowledge
that the expectedfailures were at hand
tended 10 clear the sun.
A member OF the Arm OF Kuhn. Loeb a.
Co. which was associated with the Har-
riman interests I'm the fight against
be mentioned. said yesterday In regard TO
the failures OF firms:
"All the banks with which we have
been In communication report their loans
in as good shape as they ever were.
have no doubt that number OF smaller
houses were In the same boat as Taylor
N Co, but they are houses that are OF
little Importance in the financial world
After this ! think there will be n clear
ing OF the atmosphere The failure OF a
firm like that OF Taylor a. Co is deplora-
BILE but what must be must be"
The total sales OF stocks were ,sss 100
shares. and OF bonds s3.5e5.Ooo
The appended statement was issued at
Talbot J. Taylor a Co. have this day
executed general assignment for the
benefit OF creditors 20 Philip J. Britt
and be has accepted the assignment and
has taken charge Of IN eproperty and Ss.
sets OF the firm.
The assignment Of the firm IL due 10
their inability TO liquidate the stocks
c----------------