The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-05-09

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change firms, Ofenbach&Moore; Henry
Brothers & Co, and Lockwood, Hurd &
Co, announced their Suspension, in or
der named at the opening OF the mar
ket today. The amount OF their joint
liabilities is v~ariously estimated at from
3d. 900, 900 to S. 900, 900 assets unkno and,
in the opinion of good judges, a goodly
portion are of doubtful value. Nc very
definite statement was forthcoming
from the parties most interested.
The day closed with The usual rumors
of more failures, criminal prosecutions
and the like.
The soivency of several financial insti-
tutions of standing was brought in
question, but for such rumors there ap-
peared to be absolutely no foundation.
The market was seriously affected by
the three failures, stocks breaking
heavily at the outset, but the closing
was fairly steady. Cali money opened
at 10 per cent, rose as high as 20 per
cent, and closed at S per cent.
The failures were directly due to last
weeks serious decline in a number of
industrial stocks. Two of This group
Rutland railroad preferred and st.
Lawrence and Adriondacks-are regu-
larly listed on the stock exchange. The
others, including Dominion Securities.
Hackensack Meadows, North American
Lumber Pulp and Storage Power, are,
or rather were, more or less extensive
ly dealt in on the curb.
1t was an open secret last Saturday
that two more concerns were involved
in the decline of the Webb-Meyer prop
critics and disastrous results were fear
ed. News of the three failures came at
the outset of the days operations.
Following announcement of the fail
ures many lots of stocks and a few
blocks of bonds were bought and sold
under the rule on the exchange for
account of the i%nsolvent concerns. All
told, 1856 shares of Rutland preferred
were traded in during the d2y at from
Sc to So, closing at 50, d net loss for the
day of 5 points.
The rally in Rutland from the low
point followed the announcement that
the Vanderbilt interests had agreed to
take up a block of those shares for ac-
count of some Of the embarrassed spec
ulators. There was practically no trad
ing in the Webb-Meyer stocks.
The assignee of Henry Brothers &
Co., is ]. Adriance Bush; of Lockwood,
Hurd & Co., Edward D. Perne. Both
assignees said they were unable to
make an approx innate SSllIIldle, VI I'LL
bilities and assets today. Offenbach &
Moore, although suspended from the
privileges of the stock exchange, had
not really assigned. Mr.. Moore said
their embarrassment would be only tenn
porary.
At Offenbach & Moore's offices in the
Broad exchange building Mr.. Moore
was on hand, but declined to be seen.
Mr.. Offenbach was reported to be i'll.
AS soon as the firm suspended the Of
fees were cleared and, later in the day,
some Of the furniture was being re-
moved.
All through the afternoon there were
conferences between Arthur L. Meyer
and his associates. Among those at the
conference was Champion Webb, a
brother IF Dr.. Webb. Mr.. Webb de-
clined absolutely to discuss the situa-
ton.
DR.. Webb arrived in this city from
Vermont early in the morning. He was
closeted for a long time before noon
with Mr.. Meyer at the Rutland roads
local office. With DIR. Webb and Mr..
president of the Dominion Securities
and Storage Power Company and other
representatives of the -Webb-Meyer
properties. Upon his arrival at his Of
hce down town Mr.. Meyer stated that
he had been unable to reach any agree
ment with DR.. Webb.
Mr.. Prall, of the stock exchange firm
of Webb & Prall, of which DR.. Webb's
brother is senior partner. made this
statement shortly before noon:
"An the Rutland preferred stock sold
by DIR. Webb last June, certificates or
which are still in his name and amount
to II, 500 shares, will be paid in cash at
i0S by ]. w. Davis & Co"
AT the office of Davis & Co., it was
said that the stock was being bought in
as fast as it was being presented NO
further information was given.
Wall streets conservative men were
almost unanimous in the opinion that
the days happenings had done much to
clarity the financial atmosphere.
From $4,000, 900 to %, 000, 900 was loan
ed by the down town banks and trust
companies in the course Of the day. The
great bulk of the money was Loaned at
from 10 to Is per Ger
A report that the clearing house as
ISOLATION had called a meeting to check
the rising tendency Of the money mar
ket was characterized as absurd by Mr.
William Sherrer. There was no reason
for action, he said. Besides, in his opln-
ton S,lch a coDrSe w(uld offer encOur-