New-York tribune., 1902-05-05
DR.. WEBB DENIES 1T ALL.
Continued from first page.

obligations, was afterward learned on good au-
thority.
No arrest was made yesterday of anybody
connected with the dealings of the syndicate,
for the reason that a warrant cannot be served
in a civil proceeding on Sunday.
1t rumored that conference was held
yesterday at the Waldorf between men repre-
senting the Vanderbilt interests and those
clients of the firm of Offenbach & Moore who
were in danger of suffering from the slump.
That such conference was held. however, could
not be verified.
In consequence of the report that DR.. w.
Seward Webb had resigned from the directorate
of the international Power Company. Joseph II.
Hoadley president of this company, said yes
terday that the International Power company
not in any way connected with the So
called Webb-Meyer properties. MIR Hoadleys s
statement is as follows:
It is stated in one of the morning papers
that had stated that DR.. Seward Webb had
resigned from the directory of the International
Power Company. for the that he did not
wish to stand behind the company, and that he
had been placed upon the directory of this COM
pany without his knowledge The facts of DR.
Seward Webbs connection with the Interna-
tiOnal Power Company are as follows,
At the time that l purchased the V .JuS Loco
motive properties constituting the American
Locomotive Company, I was requested by Mr..
Edgar Van Etten. an associate of DR.. Webb, -
place DR.. Webb on the directory of the Amer:-
can Locomotive Company. | proposed his name
10 my associates. Mr.. Van Etten, being instru-
mental in the purchase or the schenectady
Locomotive Works was persistent. and sus-
gested that l put DIR. Webb the directory of
the International Power Company and allow
him to represent its large stock holdings in the
American Locomotive Company, which il was
decided To take at that time.
We nave never used DIR. Webb's name In any
particular has the International Power
Company any necessity for names Its assets
will speak for themselves.
The international Power Company is not in
any manner connected has il ever been
with any Of the so-called Webb Never proper
ties. 1t is manufacturing company. pure and
simple, and II is not bubble. The actions of
few reckless speculators should not reflect on
the credit Of the company a company I have
asked my friends 10 make no investments that
/ was not willing 10 make myself. as is evidenced
by my purchase of last week of seven thousand
shares through one firm, and also other shares
10 the full limit of my resources. / consider
that. although il has cost me an immense sum
OF money in being compelled to change my in
Vestments quickly, l confident of more
than making this up in the large holdings l now
have in the International Power Company to
which shall give my exclusive time and atten-
tion
An intimate friend of DR.. Webb last night
told a Tribune reporter that DIR. Webb would
be in town early this morning. IF DIR. Webb
had been in New-YOrk when the slump came"
he continued, AL this unpleasantness might
have been avoided"
1T is reported that $5.OO0OO0 will be required
10 bring the syndicate out of the muddle"
NO such sum S5.OoOo'O will be needed to
straighten out the difficulty. The three COM
panies in the sO-Called syndicate are capitalized
at little more than S3OOOOo Dr. Webb is not
a large holder in the Dominion Securities Com
pany. has been stated in some OF the papers.
While he has been president OF the concern, he
has very little OF its stock"