New-York tribune., 1907-04-16
W. L. STOW & co. FAIL.
SUSPENDED ALSO IN 1908.
La7crence Woterbury a Large Cred
itor-No Assignment Made.

The suspension of the firm of w. L. Stow &
Cos was announced on the Stock Exchange
toward the end of the first hour of trading yes
terday The news was followed icy rally in
the stock market which had opened weak and
had been sagging from the start. the shorts
covering on the familiar principle of buying
when the bad news is out"
AT the office of the firm, No. III Broadway,
II was said that no assignment had been made
and that no statement of assets and liabilities
would be issued. The parners in the hrm are
w L. Stow and Henry Coolidge, both cf whom
are members of the New York Stock Exchange.
Neither partner visited the office yesterday.
The immediate CAUSE of the failure is reported
in the Street to have been the insistance Of
large customer on prompt payment being made
10 him of his profits. The house is said to have
Ie" outstanding contracts with other members
OF the Stock Exchange and have been doing
comparatively little business of late.
The largest individual creditor of w. L. Stow
q Co. is believed to be Lawrence Waterbury,
whose claim is said excellent authority to
be for a sum between 100000 and 100000.
This total is understood TO represent profits
made by Mr. Waterbury in operations on the
bear side of the market. through Stow & Co.
in three months decline which eliminated in
the panic of a few weeks ago.
Mr.. Waterbury, who is now broker at No. Il
Broadway, is we'll known in Wall Street and
also prominent in society and is an expert polo
player. He is of James NJ. Waterbury.
In 1902 Lawrence Waterbury bought a Stock
Exchange seat for $4,000. the purchase being.
as Is customary, conditional upon his election;
but within a few weeks his application for
membership was withdrawn. In February of
this year judgment for $14,s11 "a. in favor of
George J. Gould. against Mr.. Waterbury was
filed in the Office of the County Clerk of this
county. The Judgment was obtained on three
promissory notes executed by Mr.. Waterbury,
as follows: February l. 1901, $4,000 OS: April 1.
1901. $4,000; September IS. 1901. $4,000 The
judgment for the total amount of these
notes. with interest
The firm of w L. Stow & Co. was formed
June ], 1899. The failure of Yesterday is the
second in its career on July "a. 1903. the
house suspended. the day with Talbot
] Taylor & Co. and it was several months be-
fore it made a settlement of its affairs and
sumed business Messrs. Stow and Coolidge
then, as now, were the members of the firm. Mr..
Stow had been one Of the favJrite brokers OF
the late Addison Cammack the great bear oper-
ator. and after Mr.. Cammack's death formed a
pool which took over his widows extensive hold
ings of Mexican Central stock Mr.. Stow
also interested in the Evansville & Terre Haute
failure was said at the time TO have been due TO
his connection with some OF these properties.
particularly Mexican Central. the shares OF
which had had a decline and some of
the members of the pool in which had found
themselves unable to carry their share of the
burden.
After the failure Mr.. Stow put up for sale his
fine estate at Great Neck Long Island which
was said to have cost him S1,OOO.OOO; but it was
finally leased instead of being sold
Mr.. Stow has been prominent figure in the
New York Athletic Club. At the recent election
he was nominated on an Independent ticket for
the office of president. but at the last minute
withdrew from the contest in favor Of the regu-
lar nominee Mr.. Stow is probably the pos
SCISSOR of both the largest and the most valuable
collection Of antique glass I'm this country. His
collection comprises many rare bits of cut ware.
Venetian, old Bohemian and other choice pieces
which he has been gathering for years from all
over the world.
A report that Stow & Co had been doing
extensive business in puts before the panic. and
had suffered heavy losses on these operations.
was denied yesterday by a representative Of the
house The failure was not regarded in Wall
Street as important After the rally following
the announcement of the suspension the stock
market continued strong until we'll in the
afternoon. when weakness again developed on
rumors OF crop damage and the spread Of
vague feeling of uneasiness lest other weak
spots" like the Stow trouble might develop s
belated consequence of the severe losses suf-
fered in the course of the stock market decline
which began around Christmas.