New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-05-03
WEBB STOCKS HARD HIT
ANOTHER MARKET CRASH
WHOLE LIST DECLINES.
A OCK EXCHANGE HOUSE TEMPO
RARILY IMPERILLED-SEQUE TO
THE BREAK IN POWER

NAhiLI lhI blNll-I@I-t' A'i'NSSA-i@ ~
THE BREAK IN POWER.
Following hard upon the disastrous decline in
the manipulated and inflated stock of the In
ternational Power Company. a decline which
yesterday carried that stock down another IA
points TO 50 at the close, there occurred in the
late trading yesterday afternoon a heavy break
in whole group of stocks. Some of which are
traded in on the Stock Exchange and some on
the curb. This break caused the general list to
sell off sharply. the market al the close being
weak and unsettled.
The stocks most seriously affected were those
classed as the Webb Meyer stocks; St. Law
renee and Adirondack and Rutland Railroad
on the Stock Exchange, and Dominion Secur-
tiles Hackensack Meadows and Storage Power
on the curb Most of these stocks have had
large advances in the last few months but
yesterday they practically went 10 pieces as
far market prices concerned. DR.. w
Seward Webb who is a son-in-law Of the late
William II. Vanderbilt. and his associates,
prominent among whom is Arthur L. Meyer.
control these properties. The offices of Mr.
Meyer and Of the Hackensack Meadows Com
pany, together the thirteenth floor Of the
Broad Exchange Building, and in these rooms,
too. the headquarters of benjamin p.
Moore & Co. contractors" In connecting rooms
the offices of the Stock Exchange firm of
OfenbaCh & Moore. the partners being Robert
Onenbach and BENJAMIN p. Moore On the
same hallway the offices of the Dominion
| Securities Company. the Cape Breton Railway
! Company. the North American Lumber and
! Pulp Company. the Storage Power Company,
| the United Lumber Company Oimited), the
West End Realty Company and the South Ell
beron Land Company. all of which are con-
| trol'ed by the MeS Ser interests.
WHEN THE TROUBLE BEGAN.
! The trouble began. it was said yesterday, in
! an order by a customer of Onenbach & Moore
TO buy for him a large block of international
Power soon after the break in that stock The
order was executed but, according to the story.
the customer refused 10 meet his obligation, and
Onenbach Moore had to take the stock
themselves the result being that they became
cramped for money. They have been con-
splcuously identified with the Webb Meyer
stocks. and when their embarrassment became
known, IL is said, loans were called them.
their bank declined to certify their checks. and
the conditions were ripe for market crash
which might carry them under. The crash
came. but at late hour II seemed probable
that the firm had extriCated itself from its diff
| iculties. a little after p m. J. NJ Leopold
OF the Stock Exchange house of J. NJ. Leopold
& Co. entered the office Of Ofenbach & Moore
and demanded a check for certain securities
which he had delivered to the firm. Failing to
receive either the check the stock he went
to Ru'lolph Keppler, president of the Stock En-
change, whose offices are In the same building
and returned with Mr.. Keppler. After
conference with Ofenbach & Moore President
KePpler declared that the situation was less
grave than he had been led to believe He did
not deny that the firm had been in trouble
| Conditions they then existed, Mr.. Keppler
said. called for action, either official or un-
official Mr.. Leopold said afterward that he had
been fixed up
Mr.. Moore. when seen later said:
The excitement attending the tremendous
drop in International Power has affected un-
favorably the curb market, and as a result the
public lost confidence Our trouble began when
the Hanover National Bank refused to certify
checks. This about nooon. All our
contracts, however with Stock Exchange mer-
bers have been settled now"
Are there any contracts outstanding and un-
settled?' was asked.
There a few the curb; perhaps four
| or five" answered Mr.. Moore but we expect 20
settle them ALL"
Inquiry in well informed quarters last night
resulted in confirmation of Mr.. Moore's opinion
II being declared that the firm would this morn
ing have ample funds for meeting their obliga-
tions.
Mr. Meyer would not see reporters yester-
day but sent out word that Everything would
be taken care Of to-day. When the man who
brought this message into the hall was
asked what would be fixed up he said; Why
there were no bids for our stocks this after
noon: that will he taken care OF, and there will
be bids tomorrow
In the mean time another young man con-
semted to make statement for Onenbach &
Moore He said:
We are large dealers in curb stocks-in fact, the
largest dealers. We caught this afternoon
with a lot of curb stocks on hand and were unable
TO swing ourselves for the time being. This
account Of the stringency in the money market
We bank with only one bank the Hanover Ma
tiona We had trouble with the bank II
to our help, and will make loan tide Us
would be s25OOO0 and will get enough carry
us over that clean up every thing to-
morrow.
RUTLAND PREFERRED LOST Is POINTS.
Rutland preferred, sales of 5.4OJ shares.
scored a net loss of Is points yesterday. closing
at 1O2 There only one sale of ST. Law
renee and Adirondack. 100 shares going at
1881. a net decline of one-quarter per cent as
compared with the last sale Thursday. At
Continued third page.
THOSE STRIKING PICTURES