The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-05-07
The PANIC is over
w,LL STREET RECEIVERS FROM ITS
SHOCK.
MONEY BACK TO SIX PER CENT.
WEBB & NEVER KEEPING VERY
QUIET.

40 statements Made as to How They
Fnred in the General Collapse of
Their Securitics-Anairs of the
Three Crippled Firms Being Look
ed IntO-With Assistance, Which
they Hope for, All Three May Get
Straight AgaIn-NO More Rutland
STOCK wanted ut los.
New York, May 6-Wall street re-
covered generally to-day from its de-
n,oralization of the previous day. The
stock market made all around recover
los with active trading at the close.
call money, which rose to 20 per cent
m Monday, did not advance beyond II
per cent. and closed at per cent.
There were no important develop
ments in the affairs of the three stock
exchange houses whose suspension fol-
lowed the collapse in the securities con-
trolled by DR.. w. Seward Webb and
Arthur L. Meyer. The assignees were
at work on the books of Henry Broth
ers & Co., and Lockwood, Hurd & Co.
Both said they were unable to give
even an approximate estimate of liza
bilities and assets. 1t was intimated
that assistance would come to both of
these concerns, but just how or when
was not made clear. E. 7. Perine, as
signee of Lockwood, Hurd & Co., was
quoted as saying that the firms obli-
cations were not in excess of 100000.
Speaking for the firm one of its conf
Dental employees said this afternoon:
Things look much brighter for us
now than they did "a hours ago. In fact,
the situation is very encouraging and
we hope to pay 100 cents on the dollar
and resume.
Lockwood, Hurd & Co., held at the
time of their suspension about 100000
of Webb Meyer stock. Whether or not
these will be taken over by their pro-
moters could not be learned.
]. A. Bush, assignee for Henry Bros
& Co, expects to file schedule of la
biities and assets shortly. This firms
resumption is largely contingent upon
any assistance they may receive from
Dr. Webb and Mr.. Meyer. Henry
Bros. & Co. hold about the same
amount of Webb Meyer securities as
are held by Lockwood, Hurd & Co.
The offices of Offenbach & Moore,
the direct Stock Exchange representa-
tiyes of Arthur L. Meyer and his as
sociates, were open for a brief time
during the day. Robert Offenbach
the board member, was not in evil
dence, but Benjamin P. Moore, his
partner, was around for a little while
So also was Mr. Meyer, whose offices
are next to those of Offenbach &
Moore.
EonfarraI With n XUaI,h
Mr.. Meyer declined to discuss mis- af-
fairs or those of the companies in
which he and Dr. Webb are interested
He admitted having conferred with Dr.
Webb up town early in the day, but
would say nothing more.
An official of the Hackensack Mead
ow Company said:
DIR. Webb and Mr.. Meyer had an
other meeting to-day and the prospects
of a favorable settlement of all exist
ing troubles are excellent"
1t is perhaps significant that Often
bach & Moore, while insolvent from the
Stock Exchange point of view, have
not yet regularly assigned or failed, as
is the case with the other firms whose
suspension was announced yesterday.
This is regarded as an indication that
the firm is making strenuous efforts to
keep out of the bankruptcy cours.
petition to have Offenbach &
Moore adjudged insolventory bank
rupts was filed in the United States
Circuit Court to-day with claims from
three individuals aggregating about
$4,000 for moneys loaned. The claim
is made that the firm, while insolvent,
disbursed to certain preferred credi-
tors the sum of $1,000. The appoint
ment of a receiver was asked by coun-
sci for the plaintiff.
The Davis Order withdrawn.
The general situation was somewhat
confused at the opening of the mar
ket to-day when announcement was
made that J. w. Davis & Co., had
withdrawn their agreement to pur-
chase all of certain block of Rutland
preferred at 10S. AS a matter of fact,
the firm had not withdrawn from it's
agreement, but according to the state
ment of its representatives had re-
ceived certain amount of stock at
Jos from certain parties" These in
structions had been carried out, it
was said, and the incident, so far as
Davis q Co., were concerned was
closed.