Big Durant Laugh

One of the most bullish of the bulls is William Crapo Durant, motor and market man with reputed large holdings in Chrysler, General Motors, International Combustion, Montgomery Ward, U. S. Cast Iron Pipe, Warner Bros., and many a speculative favorite. Inasmuch as the first five of the half dozen listed closed last week at only a few points above their lows for the year, Mr. Durant was widely rumored as having been pressed for margin and as liquidating much of his holdings. There was a suspicion, indeed, that the Durant shirt, if not lost, had at least been temporarily mislaid. It was also observed that brokers who handle Mr. Durant's stocks have been among the heavy sellers during the past week.

At the close of the week the market, encouraged by a $232,000,000 drop in loans to brokers, rallied somewhat and selling of the Durant stocks became less pronounced. Meanwhile Mr. Durant, cabled in distant Paris concerning his reported losses, replied: "These silly and unfounded rumors have given me a big laugh."

Taylor, Ewart & Co., Inc., Chicago investment bankers, last week announced a suspension of business. The "frozen" condition of $6,000,000 in assets left the company unable to meet the calling of $4,000,000 in loans. Taylor, Ewart & Co., established in 1911, has distributed securities with a total value of more than $50,000,000. It recently took part in the syndicate underwriting of many new issues, many of which have been among the notable contributors to present slumps in stock prices. It was admitted that the suspension might become permanent.