Evening star., 1902-05-05
THREE BROKERS FAIL
Result of Wild Speculation
Last Week.
SOME STOCKS SLUMP
STANDARD SHARES, HOWEVER,
SOON RECOVERED LOSSES.
offenbach & Moore, Lockwood, Hurd g.
Co. and Henry Bros. the
Victims.
SOME STOCKS SLUMP

NEW YORK. May 5.-The developments
of the latter half of last week in Wall
street In connection with the stocks Of the
Dominion Securities Company, the Rutland
Railroad Company and the Hackensack
Meadows Company resulted today in the
announcement in rapid succession OF the
suspension of stock exchange brokerage
houses. The first firm to declare inability
to meet obligations was Ofrenbach q Moore
Henry Bros. and Lockwood. Hurd & Co.
followed rapidly. Orenhach & Moore were
known principally traders i'm what was
known as Webb Meyer securities. and the
announcement was made Saturday that
they had experienced some difficulty IN
securing loans to enable them to carry
stocks for the interests which they rep
resented
on Saturday afternoon. however, a state
ment was made on behalf Of the firm to
the effect that temporary arrangements had
been made and that ii was hoped funds
might be obtained today to pay of oblga-
tions and continue business. Todays sus-
pension shows however. that these hopes
were not realized. The offices of offenbach
d Moore were not opened for business at
all today. Mr. Gordon of Henry Bros,
whose suspension followed that of ofren-
bach * Moore, was a director of the lpo-
minion Securities Company.
Excitement on the Curb.
On the curb, where non-stock exchange
securities are traded in, there was an excit-
ed group of traders trying to make sales in
Webb-Meyer stocks. Dominion securities,
which sold last Friday at 1881 and on Sat
urday at 90 was offered today at 10 but
the best bid was 20. Later it was offered
at % and the bid declined to To- Hacken-
ack Meadows was offered at 40, with no
bid. On Friday il sold at -.
Henry Brothers made an announcement Mt
after their suspension to the effect that
their embarrassment would be but temper
airy; that they We're solvent, and that they
had suspended for the time being in order
to protect their customers
No statement of Liabilities assets ac-
companied the suspension notices, and II
was said such statements might not be OBJ
tainable for several days.
Up to IL o'clock there had been no ser
vice of the order of arrest obtained on Sat
urday against A. l.. Meyer.
DR.. Webb's Statement
DIR. w. Seward Webb was in conference
curing the morning with A. l.. Meyer,
Henry L. Sprague. an attorney. and Benja-
min p Moore of Offenbach & Moore.
Adrance Busch is the assignee for Henry
Brothers and e. I. Perrine is assignee for
Lockwood, Hurd & Co. Neither Of the
signees has yet made a statement. Before
noon cali money eased off to = per cent. A
canvass Of the leading banks of the financial
district indicates that these institutions
have scarcely more than passn ng interest
in the events of the morning. Ii is report
ed, however, that a number of New Eng
land banks hold WebbMoyer securities
collateral.
Announcement is made that DR. Webb
has resigned from the International Power
directory President Hoadley said that the
resignation will doubtless be accepted.
Mr.. Prall of the stock exchange firm Of
Webb & Praii made this statement on the
authority. he said. Of DIR. Webb:
s'All he Rmflan1 railroads
stock sold by DIR. Webb last June cerlIn-
Gates of which still in his name and
amount to l., 500 shares, will be paid for in
cash at los by J. w. Davis & Co. OF 100
Broadway.
Mr.. Moore's Statement
Mr. Moore of the firm of Offenbach &
Moore, when early this afternoon, sald
that no assignee had been appointed for
his firm, and that the suspension would be
only temporary.
]. Edward Simmons, president Of the
Fourth National Bank, made this COM
ment:
II consider this a good thing. 1t will re-
suit in conservatism instead Of the continu-
ance of wild speculation. L think the storm
has blown over"
President Hendrix of the National Bank
of Commerce expressed himself in similar
terms
H. J. Weir of the firm of Henry Brothers
G. Company said that on Friday they re-
ceived an order to buy 1000 shares Of curb
stock, to be delivered to Offenbach & Moore
today. The suspension of that firm pre-
vented delivery. and when the 1900 shares
of stock was left on the hands of Henry
Brothers & Company this morning ii tied
up their entire capital and forced them to
suspend temporarily.