Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1902-05-06
STOCK EXCHANGE MEN
FORCED TO THE WALL
Three New York Brokerage
Firms GO Under.
FAILED TO MEET OBLIGATIONS

Offenbach & Moore, Henry Brothers
and Lockwood, Hurd G. Co. An.
nounce Their Suspension In Rapid
Succession.
New York. May, 5.-The develop
ments OF the latter half of last week
IN Wall street in connection with the
stocks of the Dominion Securities com.
pany, the Rutland Railroad company
and the Hackensack Meadows com.
pany resulted today in the announce
ment in rapid succession of the sus-
pension of three stock exchange brok.
erage houses.
The first firm to declare inabilitA to
meet obligations was Offenbach &
Moore.
Henry Bros. and Lockwood, Hurd
& Co. followed rapidly.
Offenbach & Moore were known
principally as 'Webb-Meyer" securi-
ties, and the announcement was made
Saturday that then had experienced
some difficulty in securing loans to en-.
able them to carry stocks for the inter
ests which they represented. On Sat
urday afternoon however, a statement
was made in behalf of the firm to the
effect that the temporary arrange
ments had been made and it was
hoped means might be obtained today
to pay off obligations and continue
business. TOday's suspension shows
however, that these hopes were not
realized. The offices of Offenbach &
Moore were not opened for business at
all today.
Mr.. Gordon, of Henry Bros, whose
suspension followed that of Offenbach
e. Moore, was a director of the Do
minion Securities company.
The stock market opened weak with
the knowledge that number of fail
ures were imminent. Support was ac-
corded the market and there were
some rallies, but when sales under the
rule for suspended houses were made
the market gave way again. The high
priced stocks which had been under
recent manipulation were the severest
sufferers. Rutland preferred dropped
IA points, Westinghouse preferred
droppd Is, New York, New Haven and
Hartford 5, North American 1-8.
Northwestern and Tennessee coal 3.
The coalers were affected in addi-
tiOn by fears of a minor strike; Del
aware and Hudson dropped IL, Read
ing 3 and others smaller amounts.
Losses of 1 to 8 were quite general
throughout the list. Before the first
hour had elapsed supporting orders
were effective again and there
some substantial rallies.
On the curb, where non-stock ex-
change securities are traded in, there
was an excited group of traders trying
to make sales in Webb-Meyer stocks.
Dominion securities, which sold last
Friday at 118 1-2 and on Saturday at
70, were offered today at 70, but the
best bid was TO- Later it was offered
at so and the bid declined to 10. Hack
ensack Meadows was offered at 40,
with no bid On last Friday it sold
at 70.
DR.. Seward Webb, president of the
Rutland Railroad company, arrived
here today from Shelburne Falls, vt.
1t was said at his Office that state
ment would be issued some time dur.
ing the day. Henry Bros. made the
announcement after their suspension
that they were solvent and that they
had suspended for the time being in
order to protect their customers
No statement of liabilities or as
sets accompanied the suspension no
tices, and it was said such statements
might not be obtainable for several
days. Up to II o'clock there had been
no service of the order of arrest OBJ
tanned on Saturday of A L. Meyer.