New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-05-04


make arrangements for Monday. In my opin-
ion. viii be able 70 take care Of everything"
Bunnell & Buchanan said after the close OF
the market that the curb stock which they had
earlier IN the day offered TO Ofenbach & Moore
had not been taken up. and that they had put
the matter in the hands Of their attorneys. Who
their counsel were they refused 10 say, nor
would they indicate what legal action. II any,
would be taken.
AT the offices Of Ofenbacr & Moore no one
would discuss this phase Of the situation. ex
cept that representative Of the firm said sub
stantially as Mr. Moore had previously said:
-There are no stock deliveries on Saturday, as
every one well knows"
It was learned yesterday that one measure Of
relief had been provided through arrange
ment by which on Monday Stock Exchange
house, said 70 have Vanderbilt affiliations,
would take UP at 10s block Of more than
10000 shares Of Rutland preferred stock de-
posted on collateral by the embarrassed inter
ests As this stock was selling at about 40
before the break in the Webb stock occurred,
st is probable that the loan upon It OBJ
tanned at between 90 and 100. Assuming the
latter figure to be correct, the firm will obtain
nearly 100000 from the operation tomorrow.
this sum representing approximately the diff
ference between the total sum to be paid by the
firm which takes over rhe stock and the sum
WHICH was advanced on the STOCK pN llS lHSll-
tuition which made the loan upon II.
The stock market opened weak Yesterday
morning, the collapse Of the Webb Meyer stocks
on Friday. both on the Exchange and the
curb. coming. It did after the de-
Etruction Of the International Power boom, caus-
ing general feeling Of apprehension. The IN
easiness was intensified by rumors which there
ss only too much reason to believe we'll founded.
that at least two Stock Exchange firms might
he forced under through their connection with
the exploitation Of the Webb Meyer enterprises.
Despite these depressing considerations, and
despite bank statement FAR from favorable,
however. the general list held up Well sub
stsntiaI recovery in prices occurring at the
close. due apparently both to short covering and
10 supporting purchases. In this recovery the
Webb stocks did not share. There
transactions in ST. Lawrence and Adirondack.
and at the close the stock quoted 10 bid
100 asked, against 90 bid. ITO asked. on Friday
Rutland preferred sold down 10 40 and closed at
700. net decline of ? points for the day.
On the curb Dominion Securities opened at 20
bid lis asked. At the close of the market 76
was asked and 40 bid. Two hundred shares
were sold at 20
Hsckensack Meadows was offered at ~ at
the close, and - bid against ~ earlier in
the day. One hundred shares were sold at IA.
North American Lumber and Pulp came down
zen points being offered at 80, with no bids
Storage Power at the close Of the market was
still offered al 71a but the last bid D.
against at the opening.
It was reported yesterday that the immediate
cause of the drop in price on Friday of the Webb
stocks was the refusal Of the Hanover National
Bank 10 renew a loan Of DR.. ". Seward Webb
in which there were two hundred shares of Rut-
land Railroad stock as collateral This story
promptly and absolutely denied by Presi-
dent Woodward of the Hanover This bank,
said he, has not loaned any money 70 DR.. ".
seward Webb. Moreover, he is not depositor
in this institution. In regard to Ofenbach &
Moore. their affairs in such condition that
are not prepared 70 discuss them"
A statement regarding some Of the Webb
Meyer companies was issued yesterday by
Maurice L. Muhleman, formerly Deputy AS
sistant Treasurer of the United States in this
city who is now controller of the Hackensack
Meadows Company. This statement. which
adds little 70 the information already published
about these concerns. is as follows:
The Hackensack Meadows Company Owls FIVE
thousand acres Of land living between the Hack
ensack and PasSaiC rivers. subject 10 twenty
year mortgages aggregating Sl6J9oOl The com
pany has nearly one-thrd Of its capital stock
Of 100000 in its treasury, 70 be used Tor
reclamation and development of its tract for
commercial purposes. for which II IS peculiarly
adapted, owing TO its location y very con
servative estimate Of the value Of these lands
when reclaimed is 5000 an acre The work Of
perfscting the drainage system has already ne
gun and the more comprehensive plans are only
waiting the development Of the plans Of the
several Hudson River tunnels now under con
si1eration The highest engineering estimate
OF the cost Of reclamation is S3,6t00oo so that
upon a conservative basis the company could
realize a very large profit from the business
The North American Lumber and Pulp Com
rsnv with 81 100000 Of capital stock outstsnd-
ing and a bond obligation amounting 10 S43oUH
has acquired 100000 acres Of lumber and pulp
wood lands in Nova Scotia and has 20 600 more
under contract. Two Of the properties are actu-
ally operating, and are putting out now some
100000 feet Of logs, upon which a profit Of
from 81 10 81 a thousand feet Il practically as
sured 50 that the net income viii far exceed
the interest upon its outstanding bonds Plans
are now under way Tor The extension OF me
plants expert reports demonstrating that by an
expenditure Of 100000 for pulp mills. net N
come next season can be increased 20 S2ptOvp-
The company has in reserve S1,Jo000O Of its
capital stock. and $4,000 Of bonds for the
r,7lrr,ose in view ana for the acquisition Of
further going properties 10" ul-ler eAal'il-a
ton by experts
The Dominion Securities Company was cap
ftalized at II 50OOOA IN March an increase
in rbe cspitsl 10 IS 0O10D0 was authorized, but
of Ire additional capital less than 100000 has
thus far been issued. and this was used 10 &C
ouire bonds and So per cent Of the Outstanding
capual stock Of the North American Lumber
& Pulp Company The original capital OF the
CORPORATION was used 70 acquire the franchises
and securities Of the Cape Breton Railway
Company, Of Nova Scotia, which the company Is
building. Aside from the acquisition or 3o
Per cent Of the capital stock Of the railway
company amounting 10 Sl0Ooeo0 the Do
rainion Company has acquired the bonds. s.
100000 $4,000 per mile Of road, ana the SUI.
sidy grants. which will amount - a. least SS.obO
per mile more.
The entire line of road has been surveyed,
thirty miles graded and nearly twenty miles
finished The line Of road runs through the
valuable coal and other mineral deposits on
the island Of Cape Breton The Dominion Com
pany has also acquired al the capital stock Of
the Manhattan Contracting Company, which
held the contract for the construction Of the