The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-25
Genuine "BIack Friday"

was much improved, a great many per-
sons having interests in the street
went home in anything but cheerful
frame of mind.
1t was freely predicted that trouble
even more serious was impending.
From trustworthy sources it was
learned that three or more commission
houses had been squeezed" almost to
the bursting point Contracts made
today hold out until noon Monday,
which may enable embarrassed indi-
viduals to get their second wind"
The best information is that the in
solvent firms had comparatively few
outstanding commitments, and these, it
is believed, were settled privately on
the floor.
1t is said that prominent interna-
tional banking house, with important
railroad interests in Mexico, bought
literally today of Mexican Central.
Report says that Taylor & Co. sold
privately to large banking interest
which it some time ago antagonized
10000 shares OF. Southern Pacific.
Wild With Excitement.
The board room was the scene of
wild excitement all days. A ''tip" that
something would drop" before the
close of the market had gone all
around. The hush that fell as the Of
broken only by the i'll suppressed buzz
of brokers, who gathered in groups
and listened intently to the words of
the chairman, perched in his little
white marble balcony.
Then followed another wild scramble
all over the room. A thousand tele-
phone bells rang and almost as many
messenger boys seemed to leap out of
the floor and scurry in all directions.
no cI,h only wit he
clang of the huge gong which marked
the closing of the market. While
many a sigh of relief went up, there
was also dread of the morrow.
To those who were in the know"
the Stow failure caused little surprise,
but the Taylor embarrassment was
really unexpected. Much had been said
about that firms affairs in the last few
years and it's operations in Southern
Pacific, Metropolitan Street Railway
and certain other stocks are still fresh
in the minds of those who follow the
market. The street" and many visit
ors understood the Taylor Keene con-
nections. Talbot J. Taylor is James
r. Keene's son-in-law. His brother,
James B. Taylor, and Foxhall P. Keene,
son of James r., constitute the firm.
Young Keene, who is an international
sportsman, is a special partner, in the
sum, it is said, of $250,000.
Probable Effect Upon Keene.
Taylor & Co. have been the principal
"Keene" brokers for the last three
years, that famous operator making
the Taylor office his headquarters.
The effect of the Taylor failure upon
James r. Keene's personal fortune is
largely a matter of conjecture. Ac-
cording to some reports, the veteran
ic vii INV
cording 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, it has fire.
quently been said that the Hartman
and Whitney interests would not be
satisfied with anything less than the
scalps of the Keenes and the Taylors
because of these episodes
The appended statement was issued
at the office of Taylor e. Co. this even
ing:
Firm Assigns.
talbot J. Taylor & Co. have this
day executed a general assignment for
the benefit of creditors to Philip ].
Britt, and he has accepted the assign
ment and has taken charge of the
property and assets of the firm. The
assignment of the firm is due to it's
inability to liquidate the stocks which
the banks held for it's account. All
banks having loans with it are well
protected; but the inability to liqui-
date the stocks so held has caused the
suspension, which, it is hoped, will be
temporary, if the banks take the rea-
sonable view, that by waiting gradual
liquidation can be effected without dis
turbance to the stock market. The
largest unsecured creditor of the firm
is James r. Keene"
The assignee is a prominent Tam
many politician and is we'll known as
a close friend of Mr.. Keene.
Morgan Would Not Help.
James r. Keene came to the office Of
his son-in-law yesterday afternoon
and remained there until long after 6.
1t was known that night in at least
three banking houses that unless some
big loans carried on such securities
as the Rubber Goods Manufacturing
company were taken care of by more
powerful concerns, the Taylor firm
would be compelled to suspend. 1t was
suggested by some that the Morgan
firm be made acquainted with the con-
dition of affairs and assistance asked
Mr.. Keene has long been looked upon
In Wall street as Mr.. Morgan's lieu
tenant in the manipulation of the stock
market. 1t was to Mr.. Keene that Mr..
Morgan intrusted the work of distrib-
uting the shares of the billion-dollar
steel combination. Under these cir
cumstances it was thought that the
Keene-Taylor firm would not be al
lowed to suspend
1t developed, however, that certain
institutions, among which was the
firm of Morgan q Co. were WILLING IN
extend aid. providing that marketable
collateral be put up against the funds
expended. When it came to an in
vestigation of the collateral which the
firm vas willing to deposit against the
loan, the institution decided it would
their natural course.
Liabilities, Six Millions.
No Statement of Taylor & Co.'S as
sets and liabilities has been made. but
from the president of a leading ma
tional bank it is learned that the liza
bilities may be well onto $4,000 600
Estimates of Stow & Co.'s liabilities
range from $1,250,000 to $4,000. 900.
Francis L. Hine, vice president of
the First National bank, said 1.-The
failures were speculative episodes and
in nowise affect the business situation
which 1 believe to be thoroughly
sound"
NEGROES THANK THE
SOUTHERN PAPERS