The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-28
TALE OF 50. PACIFIC TRUCE.
FAILURE OF KEENE FIRM no
END LITIGATION

AsOWvAN hHhUUAWhU w wv HmtmWb"yp uue hp
General CircuIatisn-Lawyers Hadn't
Been Called or UP to O'clock Yester-
day-keene to Remain ON the Turf.
There was a more or less well-defined
notion in Wall Street yesterday afternoon
that Talbot J. Taylor 4 Co. would resume
business. This notion was based partly
on oral statements made by the firms
assignee, Philip J. Britt, and on a formal
statement which he gave out early last
evening, which read as follows
Before Justice BischoY in the Supreme
Court to-day. Philip J. Britt. assignee of Tai
bot j. Taylor 4 Co. pettioned for leave to
flo n provisional bond so that he might be in
u position to use. as might be most conducive
TO the preservation of the assigned estnte.
such OK the assets as are in his possession
The petition was granted on condition OF the
assigner's Ming a provisional bond in the
| sum Of s150,Oo0. which was thereupon filed.
! This leaves the assignee in better condition
| to act for the estate, though he announces
! that no sales of these securities will be made
| in the present low market.
1.-THE granting of my petition" said Mr..
! Britt, means that, while can do nothing
with the firms collateral which hns al
ready bren pledged, l may dispose Of, for
the best interests Of the firm, such collateral
as it has in its strong boxes the proceeds
| to he used for the benefit Of the unsecured
| creditors. No detailed statement Of the
| firms assets and liabilities can be made
| for several days. but think I may say
that there is some reason to-day to believe
| that the firm will resume business in good
| time
! IN his petition Mr.. Britt estimated the
| value of the stocks and bonds on hand
| at $3.50, 900 and the cash in bank at 665 900.
! Taylor & Co., he ~ id, had borrowed money
| on 1000 shares of stocks and on n great
number of bonds.
| Following this statement by Mr.. Britt,
an unofficial and unautnenticated story
went up and down Wall Street to the efect
that Nh keene and the members OF his SON.
| in-law's firm had told the men who are
alleged to have been cunning for them
that if they would stop shooting tho keene-
Taylor outfit would come down. The
story had il that the interests which Mr.
Keene has antagonized for several years
had, therouInn, sounded truce. 1t
was also said that one of the terms OF the
| treaty of peace IVES that the Keene-Taylor
fight against the Hartman interests Vim
Southern Pacific was 10 be called OFF and
! that Mr.. Hartman would secure the keCne
Southern Pacific holdings at a fair price.
| and AT one which should not represent a
very great sacrifice on the par, of Mr..
keene.
This story Wall Street was inclined TO
believe. 1t is given here for what it is
| npl ic foil lyy utn mt Ia,
by man who is very close to Mr.. Keene
and who has been very familiar with the
Southern Pacific fight, This man was
asked by Sun reporter yesterday after
noon il it were trae. as reported from Gin
cinnati on Sunday. that the brief On appeal
which mad been filed by Senator Foraker
and Edward Lauterbach, in the suit brought
by Talbot j. Taylor 4 Co., to enjoin the
Union Pacific directors from voting
| Southern Pacific stock really meant that
the KeeneTaylor combination was about
! to ask the courts for receiver for Southern
| Pacific. Replying ~ the question this man
said
1T has no such meaning and / don't know
how anybody could have got such an idea.
Neither Mr.. keene nor Mr.. Taylor has any
notion Of asking for receiver for the South
ern Pacific Railway. The brief was very
| elaborate one and very carefully prepared,
III
accordance with the rule Of the District
Court which has jurisdiction in the case"
! We'll, will the suit against the Southern
Pacific ba pressed now, just as If nothing
had happened to the firm Of Taylor & Cor"
| The Sun man asked.
II imagine that it will, was the reply.
at certainly will, unless the attorneys are
called of, and am sure they hadn't been
f! called off up to 3 o'clock this afternoon.
But, of course, we can't always tell what
may happen"
Would it be proper, then, to state that
there is a possibility that the suit may be
! don't think it would be proper to state
anything about that at present" was the
reply unless you can get an authoritative
statement from somebody In position TO
make it
AIN what sort of financial condition did
the failure of Talbot j. Taylor & Co, leave
Mr.. keene2' was asked.
Il only wish l had slowed away some
where what he has / would quit working
and spend the rest Of my life in having
fun. Mr.. Keene may have lost through
the firm, all told, something like 81 1000,
| and. maybe, a little more. But l have
reason to know that, Notwithstanding that
! loss, the old gentleman has between S. ,00O,-
600 and S8000O0O left a fortune upon which
| almost any man might manage TO struggle
along in his declining years"
Then there is not very much foundation
| for story that was circulated this morning,
to the effect that Mr. Keene was about TO
close out his racing stables, both in this
country and in Europe?"
! That ia the most absurd rot that the
rumor mongers have yet busted themselves
T, with" was the reply. Mr.. Keene will
continue on the turf, as he has done for
many years for the pure sport Of the thing,
ard he will not dispose of his stables, either