The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-05

vice of the order Of arrest obtained on
Saturday against A. l.. Meyer.
Dr.. W. Seward Webb was in conference
during the morning with A. L. Meyer.
Henry l.. Sprague, an attorney, and Ben
jamin P Moore of Ofenbach & Moore.
Adriapce Bush is the assignee for Henry
Bros, and E. T. Perrine is assignee for
Lockwood, Hurd & Co. Neither of the
assignees has yet made a statement. Be-
fore noon call money eased off to s per
cent. A canvass of the leading banks of
the financial district indicat es that these
institutions have scarcely more than
passing interest in the events of the
morning. It is reported, however, that a
number ofNew England banks hold Webb
Meyer securities as, collateral.
+, Announcement is made that DR.. Webb
has resigned from the International
Power directory. President Hoadley said
that the resignation will doubt less be ae-
cepted. -: 81 - =a- .-
DR.. Webb Pays los for 1880.
Later in the day Mr. Prall of the stock
exchange firm OF Webb &, Prall made thia
statement on the authority, he said, of DR..
Webb: 1890 49,.
|, All the Rutland preferred stock sold by
Dr. Webb last June, certificates of which are
still in his name and amount to L, 500 shares,
will be paid for in cash at 10S by j. ".
Davis & Co. of 100 Broadway
Mr.. Moore of the firm of Ofenbach &
Moore, when seen early this afternoon.
said that no assignee had been appointed
for his firm and that the suspension would
be only temporary.
=. J. Edward Simmons president of the
Fourth National bank, made this COM
ment: - s.--A-' .l' r.
/ II consider this a good thing It will
result in conservatism instead of the con-
tlnuance of wild speculation. ! think the
| G "a
President Hendrix of the National Bank
of Commerce, expressed himself in SINH
lar terms. 80
II. j. Weirr of the firm of Henry Bros.
& Co., said that on Friday they received
an order to buy 4 200 shares on curb stock
to be delivered to Offenbach & Moore to-
| day. The suspension of that firm pre-
vented delivery and when the 1000 shares
a|5of stock was left on the hands of Henry
I Bros. & Co. this morning it tied up their
entire capital and forced them to suspend
I temp orarily.
/. No statement to the public was made at
i the close of the conference between Dr.
Webb and Mr.. Meyer. DR.. Webb's private
secretary said it was possible that its is
suance might be postponed for several
| days. =" r. = ,- - =,
Money Market and the Banks.
William Scherer, manager of the New
! York clearing house, said that no meet
ing of the banks had been called to ease
the money market.
= There is no reason.for such an action -
he went, on. THE rates are not high and,
besides, the New York banks cannot un-
dertake to provide abundant funds for
those who are 'kiting' strange stocks to
prices all the way from three to five
times their real worth, There is less &C
| casion for action now by reason of the
| perfectly sound condition Of all our banks
in New York and of the responsible brok-
.erage houses as we'll. They have kept
we'll away from participation in the
Syndicate operations in the stock eX-
change -, ~ - - - =
Early in the day the National City bank
! loaned large. sums at from 6 to 8 per
cent. Howard P. rockingham, call
loan broker, acting for the First National
bank, the Western National, Metropolitan
:, Trust, Union Trust and several other
institutions, loaned large sums at from s
to ~ per cent. In the last hour when the
money rate went as high as. IA and Is,
rockingham announced that he had
$5,000000 to loan at 10 per cent. .