The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-25

In 1902 Mr.. Hartman was infOr Oh that
Talbot j. Taylor Il Co would make trouble
for the Union Pacific interests unless a set
Element was made with the, firm and thai
in January an offer was made to the Unior
Pacific interests of Mr.. Keehe's Southern
Pacific at IS and the POOLS stock IT 10
which offer was declined. >.
Then followed the suit instituted by Tai
bot j Taylor y Co, brought in kentucky
TO enjoin the Union Pacific directors from
voting Southern Pacific stock. In the
preliminary battle in the courts Taylor A
Co. lost, but the litigation is still pending.
WAITED, AND GOT 1T CHEAPER. =
OF the 40OOoO shares of Southern Pa
ci1c. Mr.. Keene stated that he held
for his own account 2OO,O0O shares. Ii
Mr. Keene bought this stock at prices
aging from s7'to 30, the average cost
TO him Of the whole block was $3.50 q
share. or total average price Of Sl4, ZOO, 600
II sold yesterday at 30l%, which would
represent a loss to Mr.. Keene of 80, 500, 600.
Those who ought to know something about
the transactions Of the pool estimated
Yesterday that Mr.. Keene's personal loss
In the Southern Pacific deal was between
81 OOO, 900 and IS .oOoOOo
Whatever tho loss may have been, the
fact remains that now MIR. Hartman and
his associates in the Southern Pacific and
U0ion Pacific will he able TO get the hold
ngs Of the former pool AT practically their
owl price. There is good reason to believe
thai they did get some Of the stock yester-
day morning, for it was stated on the
highest aut hority late. yesterday after
noon that Kuhn, Loeb h Co. bought q
large block Of Southern Pacific from MIR.
keene at private sale.
HARD PRESSED FOR CASH.
Talbot j. Taylor 4 Co. had other long
lines Of stocks Ii was said yesterday that
one of these stocks was Amalgamated
Copper Ii was also stated that they had
'arge holdings Of Reading and Brooklyn
Rapid Transit. For some reason or other
it appears thar the banks have been fight
ing shy OF Taylor 4 Co.'S collateral, both
for time and call loans, for at least two
weeks A well-knOwn broker told IHE
SUN man yesterday THAI the demand for
additional margins for loans had been
made Of the firm by at least two Of the best
known banks in the city as early as ten
DAYS ago. Added TO this, little less than
n week ago loans which had been made
10 them we're called. Between the pressure
exerted for additional margins and the
demand for money which they had received
in loans, the firm had 10 make quick iquida-
ton. They sold and kept on selling the best
stocks they held, so this broker said. TO
get ready money. When they had nothing
left but the inferior securities they had
to suspend.
MN. KEESE IN RUBBER GOODS STOCK.
Still another cause assigned for the failure
was the attempt of Mr.. keene to mani
pulate the stock of the Rubber Goods Manu-
featuring Company, in which he became in
terested through Taylor Il Co, several
months ago. In speaking Of this venture
yesterday one of Mr.. keene's friends said:
"A man who Is Interested in the concern
went to Mr.. Keene one day with some fig
ures as to the amount of business done by
the company and the profits returned ON
that business, which impressed Mr.. keene
very much. He concluded to take hold Of
the stock and both Talbot J. and James b.
Taylor became directors Of the company.
Mr. Keene ACQUIRED large block OF the
stock and under his manipulation II ad-
vanced in price. But If the attempt were
made to market il to-day. the result could
only be material loss to Mr.. Keene on the
price at which he acquired his holdings"
Charles II Dale, OF the rubber COM
pany, said yesterday;
"The failure OF Talbot j. Taylor & Co.
will have absolutely no effect on this COM
pany. The company was never in more
flourjshing condition. We owe nobody
and nobody owes us, except in the trade
circles, and there is money in the treasury.
Talbot ! TAYLOR a Co. do not own a con-
trolling share Of the stock of this company,
mo n matter of record. OF course, as stock
brokers ! do not know how much stock
thew carried belonging to others Talbot
+ Taylor 4 Co. handled proxies around
elections of the company and had lot
10 do with the reorganization of the COM
pany, but the failure won't touch us.
1t was said in Wall Street that the full
effect of the failure of Talbot j. Taylor
A. co. would not he appreciated until the
opening of the London Stock Exchange
This morning. The reason given for this
was that for several days the firm has been
borrowing money on sterling notes, This,
being interpreted, means that layi0r n
Go. put up stocks WIN torei8h oanhers'
or their agents Ill New hork: ana the
bankers in turn issued steriing notes,
which were the same az reany money 10
Taylor a 20. Inc actuii result OF such
transaction would ne, IL tne story W. true,
that London has been lehdinS money, III
what amounts was not stated to Vhe ue-
funct nrtn
The London bankers advancing the
money for these loans would not on neces-
sity lose by the faii'lre because tne notes
on which the money was lent are an iI'oorseo
and therefore tne lehuerS VIII Io3h 10 INC
indorsers for their money wall Street
was inclined TO thinK iate Yesterday alIer-
notes might be true, and thar II 1t were
there might be additionai complications
to the failure through the embarrassment
fNf