The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-06
Suspension of Ofenbach & Moore,
Henry Bros. a Co. and Lockwood,
Hurd & Co.
CREATED A SLIGHT FURRY
OVER $15,OOO,O0O LOANED BY BANKS
AT 10 TO Is PER CENT.
Liabilities of the Failed Firms from
Two to Five MfIIiOns-Trouble
Due to Speculation.

NEW YORK, May 5.-Three Stock Ex
change firms-Offenbach g. Moore, Henry
Brothers & Co, and Lockwood, Hurd & Co.
announced their suspension in the order
named at the opening of the market to-day.
The amount of their joint liabilities is
riously estimated at from 81, 900 900 to s5,0O0.
co., assets unknown, and in opinion OF
good judges. a goodly portion are of doubt
full value. No very definite statement was
forthcoming from the parties most inter
ested.
The day closed with the usual rumors of
more failures, criminal prosecution and the
like The solvency of several financial in
stitutions of standing was brought into
question, but for such rumors there ap-
peared to be absolutely no foundation.
The market was seriously affected by the
three failures, stocks breaking heavily at
the outset, but the closing was fairly
steady. Call money opened at 10 per cent,
rose as high as 20 per cent. and closed at 6
per cent.
The failures were directly due to last
weeks serious decline in a number of in
dustrial stocks. Two of this group, Rut-
land Railroad preferred and St. Lawrence
& Adirondack are regularly listed on the
Stock Exchange. The others, including
Dominion Securities, Hackensack Meadows.
North American Lumber and Pulp and
Storage Power are or rather were, more or
less actively dealt in on the curb
1t was an open secret last Saturday that
two or more concerns were involved in the
decline of the Webb Meyer properties and
disastrous results were feared. News of
three failures came at the outset of the
days opera tions. Following the announce.
ment of the failures many lots of stocks
and few blocks of bonds were bought and
sold under the rule" on the exchange for
account of the insolvent concerns. All told,
3525 shares of Rutland preferred were
traded in during the day at from Sc TO 80,
closing at %, net loss for the day of five
points. The rally in Rutland from the low
point followed the announcement that the
Vanderbilt interests had agreed to take up
a block of those shares for account of some
of the embarrassed spectators. There
was practically no trading in the Webb
Brothers * Co. is ]. Adriance Bush, and of
Lockwood. Hurd & Co, Edward d. Perine.
Both assignees said they were unable to
make even an approximate estimate of liza
biities and assets to-day. Offenbach &
Moore, although suspended from the priv
ileges of the Stock Exchange. had not
really assigned Mr. Moore said their en-
barrasment would be only temporary.
At Offenbach x Moore's offices in the
Broad Exchange building Mr.. Moore was
on hand. but declined 10 be seen. Mr.. Of
fenbach was reported TO be i'll. As soon as
the firm suspended the offices were cleared
and later in the day some OF the furniture
was being removed. All through the after
noon there were conferences between Mr..
Arthur l.. Meyer and his associates
Among those at the conference was
Creighton Webb. a brother of DR.. Webb
Mr.. Webb declined absolutely TO discuss the
situation.
DIR. Webb arrived in this city from Yer
mont early I'm the morning. lie was clos
eted for long time before noon with Mr.
Meyer at the Rutland roads local office.
With DR.. Webb and Mr.. Meyer was Henry
L. Sprague, vice president of the Dominion
Securities and Storage Company. and other
representatives OF the Webb Meyer proper
ties Upon his arrival at mis- Office down
town. Mr.. Meyer stated that he had been
unable TO reach any agreement with Mr.
Webb M. PTall, OF the Stock Exchange
firm of Webb * Prall. of which DIR. Webbs
brother is senior partner, made this state
ment shortly before noon: "All the Rut-
land preferred stock sold by DR.. Webb last
June, certificates Of which are still in his