The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-05-05
Three Brokerage Firms Suspend
on Wall Street.
Announcements Followed One
Another in Quick Succession.
OFFENBACHAND MOORE
Showed Indications of Weakness
Last Saturday.
Stocks of Dominion Securities
Company Started Trouble.

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. result
ed today in the announcement in rapid
succession of the suspension of stock
exchange brokerage houses. The first
firm to declare inability to meet obliga-
tions was Offenbach & Moore Henry
Brothers and Lockard, Hurd & Co. fol-
lowed quickly.
Onenbach & Moore were known prin-
cipally as traders in what were known
as Webb Meyer securities and the an
nouncement 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, how
ever, statement was made IN behalf
of the firm to the effect that temporary
arrangements had been made and that
/ it was hoped funds might be obtained
today to pay off obligations and con-
tinue business Today's suspension
shows, however, that these hopes were
not realized The offices of Onenbach
& Moore We're not opened for business
at all today. Mr.. Gordon, of Henry
Brothers, whose suspension followed
that of Offenbach & Moore was a di-
rector of the Dominion Securities COM
pany.
The stock market opened weak with
the knowledge that a number of fail
ureS were imminent. Support was ac-
corded the market and there were some
rallies, but when sales under the rule
for suspended houses were made the
market gave way again. The high
priced stocks which had been under re-
la IA
sufferers. Rutland preferred dropped
IA points, Westinghouse Electric 15 New
Haven 5, Northwestern and Tennessee
Coal 3 The cOalerS We're affected in
addition by fears of a miners strike.
Della ware & Hudson dropped AZ. Read
ing and others smaller amounts. Loss
es Of one to three were quite general
thr6ughout the list Before the first
4 hour had elapsed supporting orders
were on again, and there were some
substantial rallies
On the curb where non-stoek exchange
| securities are traded in, there was an
| excited group of traders trying to make
sales in Webb-A1eyer stocks. Dominion
/ Securities, which sold last Friday at
! 11S1g and on Saturday at 20. were Of
! fered today at 10, but the best bid was
/ 90 Later it was offered at so. and the
/ bid declined TO TO- Hackensack Mead
ows was offered at 40 with no bid. On
] Friday it SOLD al 70.
DR. W. Seward Webb. president Of
the Rutland Railroad company. arrived
/ today from Shelburne Falls, Vt 1t was
said at his office that a statement on
/ his behalf would be issued some time
| during the day.
Henry Brothers made an announce
ment of their suspension to the effect
! that their embarrassment would be but
! temporary and that they had suspended
/ for the time being in order to protect
/ their customers.
No statement of liabilities or assets
accompanied the suspension notices
and it was said such a statement might
not be obtainable for several days.
Up to IL O'Clock there had been no
service of the order of arrest obtained
on Saturday against A. L. Meyer
/ DR. w. Seward Webb was in confer
ence during the morning with A. L
/ Myer, Henry L. Sprague, an attorney,
and Benjamin P. Moore Of OHenbach &
/ Moore
Adrian c. E. Busch is the assignee for
\ Henry Bros, E. T. Perrine is assignee
1 for Lockwood, Hurd & Co. Neither GG
4 the assignes has yet made a statement
/ Before noon call money eased off to 3
! per cent. A canvass of the leading banks
of the financial district indicates that
these institutions have scarcely more
I than passing interest in the events Of
the morning. It is reported. however.
that a number of New England banks
hold Webb Meyer securities as cOllat-
eral
Announcement is made that Dr. Webb
has resigned from the international
/ Power directorate. President HoaGley
said that the resignation viii doubtless
| be accepted.