Waterbury Democrat., 1902-05-05
BROKERS co DOWN
Sensational Developments in
 Wall Street To-Day.
THE MARKET OPENED WEAK

For It Was Thought That Number
 of Spectators Could Not Meet
 Their Obligations-Some of the
 Firms That Failed Were Connected
 In Buying Way With the Webb-
 Meyer Securities.
 New York, May 5.-The developments of the latter half of last week ill Wall street, in connection with the stocks of the Dominion Securities Go. the Rut- land Railroad Co and the HackensacIS Meadows Co, resulted to-day in the ans nouncement in rapid succession of srs- pension of stock brokerage houses. Tbe first firm to declare inability to meet obligations were Offenbach & Moore, and Henry Bros, and Lockwood, Hurd & Go followed rapidly. Offenbach & Moore were known principally as trad- CTS in what were known as 'sWebb- Meyer" securities, and the announces ment was made Saturday that they had experienced some difficulty in securing loans to enable them to carry stocks for the interests which they represents ed. On Saturday afternoon, however, a statement was made on behalf of the firm to the effect that temporary ar- engagements had been made aud that | 1t was hoped funds might be cbta;ncd to-day to pay their obligations and con | tinue business. To-day's suspension | shows, however, that these hopes were not realized. The offices of Offenbach | & Moore were not opened for business at all to-day. MT Gordon, of Henry Bros, whose suspension followed that of Offenbach & Moore. was a director of the Dominion Securities Go.
 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 from the opening weak ness, but when sales under the rule for suspended houses were made the Iaar- ket gave way again. The high priced stocks which had been under recent
 manipulation were the severest suffer- CTS. Rutland Preferred dropped 1I points, Westinghouse Electric 15. New
 York, New Haven and Hartford !. l North American 51s, Northwestern and
 Tennessee Coal 3. The coalers were
 affected in addition by fears of d
 miners strike, Delaware and Hudson
 dropping 41a, Reading and others |
 quite general throughout the list. Be-
 fore the first hour had elapsed support ing orders were effective again and there were some substantial rallies. On the curb, where non-stoclz ex- change securities are traded, there was } an excited group of traders trying to , make sales in Webb Meyer stocks. Do- l minion Securities, which sold Friday at
 11S1a and on Saturday at 70, was of
 fered to-day at 70, but the best bid
 was 20. Later it was offered at 90 , and the bid declined to 10. IIacken- sack Meadows was offered at 40, with no bid. On Friday it sold at n ; Dr W. Seward Webb, president of , the Rutland Railroad Go, arrived here
 to-day from Shelburne Falls, Vt. It
 was said at his office that a statement
 on his behalf would be issued some [ time during the day.
 , Henry Bros made an announcement 1, after their suspension to the effect that their embarrassment would be but
 temporary; that they were solvent, and
 that they had suspended for the time
 being in order to protect their custom-
 CTS.
 No statement of liabilities or assets
 accompanied the suspension notices, l and it was said such statements might g not be obtainable for several days.
 Up to ii o'clock there had been no = service of the order of arrest obtained $ on Saturday against A. l.. Meyer.