The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-07-24
TWO FAILURES.
Brokerage Firms of Taylor &
Co. and Stow & Co. 60 Down
Before the Fierce Onslaught of
the Wall Street Bears.
kEENE'S SON-IN-LAW.
Taylor, Belonged to the Great
Financier's Family.
Collapse of Stow & Co. Carried
Down Mexican Central.
KEENE'S SON-IN-LAW

New York, July 24.-The long contin-
ued decline in prices for securities on
the stock exchange resulted this after
noon in the announcement of the failure
of two important stock exchange brok-
erage firms. The first announcement
was of the suspension of W. L. Stow &
Co., followed in a few moments by the
news, sensational to the entire financial
world, that Talbot ]. Taylor & Co., the
senior member of which is a son-in-law
of James r. Keene. had failed. The firm
of Stow & Co. was heavily interested
in Mexican Central and was a member
of the pool in that stock. The announce
ment of the failure caused an immed-
late decline of 7ss in the price of that
stock
Talbot ]. Taylor & Co, it has been
supposed, were long of Southern Pacific
ever since the inauguration of a bull
movement by means of a pool in that
stock more than a year ago by James
X keene- Southern Pacific sold today
at price of about fifty points below the
high record figure to which it was put
presumably through the bull manipula-
t1onS of the Keene pool. Then no diVi-
dend was declared on Southern Pacific
and the stock began to decline. Mr..
keene began an effort in the courts to
prevent the Union Pacific and Harri-
man syndicate from continuing to exer-
else control of Southern Pacific. After
the failure Of Talbot ]. Taylor & Co.
had been announced the firm was asked
whether any statement would be given
out and the reply was that no statement
would be made at this time. The an
nouncements of both failures came
within half an hour of the close of the
market and caused considerable excite
ment.
A representative of the firm of W. L.
Stow & Co. said he was confident that
the firm would he able TO pay it's Obli-
cations dollar for dollar. The suspen-
/ sion, he said, was due to the fact that
the firm was unable to realize on a
large amount of Mexican Central which
/ it was carrying. w. L. Stow & Co. made
an assignment to Daniel Dewoll
Weaver.
Almost Immediately after the first de-
! clineS caused by the announcement OF
! the failures there was a violent rally
/ showing apparently that something OF
| the kind had been expected and that
these suspensions were what stocH
/ spectators had been saying for some
! time was causing the decline, namely
that there was something hanging
over, the market. During the rally
/ there were sharp recoveries of much O
/ tCday'S losses and prices were carried II
/ several stocks to a point or more ovel
! last night Important in this class were
| Pennsylvania, Missouri Pacific and New
| York Central The short interest ap
peared to be very much over extended
and the bears rushed to buy on the as
sumption that the bad news of whicl
they had been in dread of for some tim
| was now known. The market close'
with excited buying on the part o
shorts in progress on a rising scale
The firm of Talbot J. Taylor x Co
is composed of Talbot j. Taylor, Jane
r. Taylor and Foxhall Keene. The firm
made a general assignment and it wa
said a statement would be given out a
soon a one could be prepared