The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-28
T.. - Hooley & Co. Could Not stand
the Drop i'm Price of ID. VI. AZ TT.
ID. and T.. & Il. III. Stocks.
w. BASsETT SHORT OF CASH
BOSTON-NEW YORK BROKER UNA
BILE TO CARE FOR LOANS.
Affairs of Talbot j. Taylor & Co. Bet
ter than James X. Keene Ex-
pected-Firm May Resume.

NEW YORK, July 27-In spite of, or
probably because of, two additional fail
ures on the Stock Exchange-E. S. Hooley
& Co., of this city. and William Bassett, of
Boston-to-day's stock market showed very
general Improvement, and the situation as a
whole was viewed with more cheerfulness.
The Hooley failure was regarded as in
evitable sequel TO that of w. l.. Stow &
Co., which came last Friday. The failure
of Mr.. Bassett was wholly unimportant-
one of the days incidents.
The market displayed a hesitating tone
at the outset, many of the railroad stocks
showing fractional declines. Slight i'm
provement soon followed, but prices fell off
from l to points in the active list. with
even greater declines in the specialties
soon as the Hooley failure came out Ev-
ansville q Terre Haute, IIooley specially,
declined 9lz points, and the entire list re-
hected considerable confusion. BY the end
of the first hour the situation seemed well
in hand, and prices advanced, save in a
few instances where pressure continued to
be directed on certain stocks. The BaSsett
failure, announced at noon, excited hardly
any attention. So far as could be learned.
Mr. Bassett had 40 outstanding contracts
In this city.
market in the late session, even Evansville
q Terre Haute recovered all but point of
Its early loss, Des MOines e. Fort Dodge
and the Hooley stock gaining points. While
somewhat irregular at the close the list
made number OF material gains. These
included advances of 2 per cent. or more in
the active railway list; Brooklyn Rapid
Transit 2sl; Consolidated Gas, 2i.; Lacka-
wanna, 3; Delaware a. Hudson, IA; Mime
apolis & st. Louis common, g. and Iowa
Central common and preferred 1 and 21s
A few of the high-class industrials made
gains, notably the Westinghouse issues, 5
points; General Electric, 8; United States
Steel common, rs, and the preferred IA.
On the other hand, some other industriais
finished the day with several declines.
Shares of the Rubber Goods Company and
the United States Rubber Company, in
which the firm of Talbot ]. Taylor & Co. is
said to be interested, sold at better prices.
The assignee of Hooley az Co. would make
no statement for publication, and it was
impossible TO learn the extent of the obli-
cations. In conservative circles the firms
liabilities are placed at about $3.0O0,000. 1t
is known that Hooley & Co. had offers of
help from high quarters. but deemed it adj
visable to decline.
The firm of Hooley & Co. organized in
1902 and consists of Edwin S. Hooley. Frank
r; Brumley and Norbert Heinsheimer.
They acquired control of Evansville &
Terre Haute two years ago. Hooley and
w. l.. Stow were the dominant figures in
Des Moines Fort Dodge, leased to the
Rock Island road in 1887 for eighteen years.
1t is authoritatively stated that W. T. Stow
is authoritatively stated that w. T. Stow
q Co. had no interest in Evansville & Terre
Haute securities, of which company Edwin
S. Hooley is the president, and in which
his firm is understood to have been largely
interested. Last year Mr.. Hooley and Mr..
Stow secured control of the Des Moines &
Fort Dodge property, and at the annual
meeting year ago elected three directors
representing their interests, and at the
annual meeting this year elected three
more. The lease under which the Rock
Island operates the property is still in force.