The Washington times., 1902-05-04


market in an unsettled state after th'
collapse in prices OF the so-called Webb
Meyer properties. There was rally Ii
the market at the close, apparently bid
ding up of prices on the shorts, but {
good deal of apprehension remained as Il
possible developments Monday. when pay
ments are again due on stock exchang,
deliveries.
Two Firms Suffer.
Besides the injury the crash had caused
to the brokerage firm of ohenhach &
Moore, through which the manipulation
of the market prices of the Webb Meyer
stocks was done. two wcll-known commis-
sion brokerage firms have suffered heavy
losses.
There were threats on the part Of au
operator. who professed to have lost
money on Rutland preferred to have
some of the maripulators of the market
arrested for obtaining money on the Sc
curities on false representations of their
value. and detectives hung around the of
fees of the manipulators in the Broad
Street Exchange building.
A deputy sheriff went there later with
an order of arrest against Arthur l.. Mey-
er. hut did not find him.
At Mr.. Meyers house II was said that
he had gone TO Long Branch. At Long
Branch. where he has operated extensive
ly in real estate. it was said that he had
not come there The order Of arrest has
no force in New Jersey
Denied by Mr.. Brown.
The lawyer who had the detectives
hanging around the building is Pierre NJ
Brown. When a statement was pub
lished that Mr.. Brown was seeking to
have one OF the Webb-Meyer syndicate
arrested in a suit for damages, Mr.. Brown
denied it rehemently. He said that he
was suing man over real estate trans
action; that this mans Offices were o. the
same floor Of the Broad Street Exchange
Building as the syndicate Offices. and that
this was the man the deputy sheriff and
the private detectives were after.
The only stock in the collapsed group
for which any demand developed in the
market today was Rutland preferred. OF
this. $500 shares were sold. II sold on
Friday morning as high as l2a. Today il
opened at 102. touched l03. and then de-
ciined to Ss. with the last sale of the
day at that price Not a share of St.
Lawrence and Adirondack was sold.
On the Curb.
On the curb there was no sale of North
American Lumber. and 200 shares of
Dominion Securities sold at 20. 100 shares
of Hackensack Meadows and 800 Storage
Power at 60.
The existence Of an actual market for
Rutland preferred was explained after the
close OF the market, when il was stated
that prominent brokerage firm with Van
derbilt connections will on Mondar re-
ceive from the Meyer interests quantity
OF this stock exceeding 10000 shares in Ihe
aggregate, and will pay cash for il. ard
this stock has been largely held In bank
loans, and the Meyer interests will receive
the difference between the amour: bor-
rowcd by them on the stock and the price
at which 1t was taken over.
This price, IL was reported tonight, will
be 10S II was presumed ,n Wall Street
that this Rutland stock is paid for for
the account of DR.. W. Seward Webb.
No Market for Others.
No arrangements, however. appeared TO
have been made to take up the other
shares Of this group. This was evidenced
in the case of st. Lawrence and Adiron-
dacks by its low closing bid quotation.
A large amount of St Lawrence and Ad-
irondack. it was reported today, is held
as collateral against loans by various ou.
OF town financial institutions. The amour.
of these loans is said TO be about 81. 5o0,-
600 in the aggregate in the collateral
against which there is about 81, 100. 600 Of
St Lawrence and Adirondack, the res.
of the collateral being various good mar
ketable securities.