The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1902-05-10
sensation ON WALL Street
BIG swIEDLE Is DEVELOPED.
Many Banks and BANKERS over the
Country We're FIeeeed by webb
Meyer syndfsate-MaRy MnIIons
LOst-warrantE for Arrest Are
Issued.

New York. May 5.--An order OF ar.
rest was issued by Supreme Court Jus.
tee Giegerich for a member OF the so
called Webb-Meyer syndicate. In which
DR.. Seward Webb. son in law OF the
late w. II. Vanderbilt, is interested,
and whose stocks broke In such an
amazing way recently. The order OF
arrest was issued upon an AFFIDAVIT
made by a Wall street operator, who
claimed TO have been heeced by the
syndicate. and further afidavits by
members Of the syndicate employees
and Of various firms who alleged they
knew secrets OF the syndicate.
Pierre N. Brown Of 1872 Broadway
Is the lawyer in the case. From infor-
nation in Browns possession IL is al
legged that 60 banks in different parts
Of the country have been swindIed out
OF more than 81 .000. 900 by stock man.
ipulations and the total loss at stake
is placed at from 5000 .00e TO &c.
900 600
In an afhdavit now in Browns pos
session IL is charged Webb lent his
name TO the scheme and many other
well known men are mentioned in con-
fnection with ii. II was stated private
detectives have been shadowing mem
bers Of the syndicate for months and
that the lawyers have a mass Of most
astounding information.
The affidavit sets forth that the
Webb-Meyer syndicate is an organiEa-
ton for floating securities. 1t is al
legged the syndicate employed DUN
mics to negotiate for the purchase Of
large blocks Of stock. The dummies
would deposit a margin on the pur-
chase and the brokers would buy
paying the difference between the &C
tual syndicate price and the margin
deposited on account Of the supposed
customers These suppositious Gus
toners. the AFFIDAVIT continues. would
refer when making such transactions
= "a other supposedly responsible bust
ness houses. which were In reality
part Of the syndicate and which would
report fayOrably on them.
Brokerage firms were organized for
= the purpose Of washing" sales. The
country was flooded. the affidavit con-
duues. with letters advising the pur-
chase Of syndicate stocks and a sys-
/, tenn az private wires was established
to all pricipal cities to facilitate the
purchase OF stock by customers
1t was asserted that Justice Gieger-
Ich Of the supreme court had issued
the warrant He could not be found
to verify the statement until late.
when he said:
. so far as can remember the state
ments which have been made are true
and the quotation OF the afidavit Is
correct. though Il must be remembered
G that | have a great many papers u
r deal with in the course OF a day-of
, an hour-and without having them al
: hand cannot be too certain as to what
? they contain The order Of arrest was
a made only for one man. although
:. had signed four"
? The affidavit. il is alleged, men
toned a number OF banks located In
this city. Boston. Philadelphia. Wash
ington. Chicago and other cities which
4 are alleged TO have made loans or
2 some Of the stocks.
: Ii is stated positively that DR.. Webt
8 is not charged with any ofIense in con
+ uection with the application for tbs
r warrant. or that he received any bene
: at from the alleged fraudulent trans
Y actions.
d Joseph Hoadley. president Of the In
n ternational Power company. has re
lceived letter from DIR. Seward Webb
e rendering his resignation as membe
Il Of the board Of directors. Mr.. Hoadle!
said the resignation would be accept
ed.