New-York tribune., 1902-05-05
TO AVERT 4 FURTHER SLUMP.
CONFERENCE AT MEYERS HOUSE
FINANCIAL BACKING SAID TO
HAVE BEEN SECURED.

There were conflicting reports last night as
70 the probable developments in the so-called
Webb Meyer syndicate properties at the open
ing of the stock market this morning. Early in
the evening dispatch received in this city
from Burlington. VT, that DR.. w. Seward Webb
had announced that he had no association with
the fallen stocks, and that he had sent te!e
grams to the various members of the Vanderbilt
family warning them not 10 pay any attention
20 the reports that he was connected with Ar
thur L. Meyer, who is looked upon as the active
head Of the syndicate.
II developed in the course Of the day that Mr.
Meyer had been in the city since Saturday
evening. and that he had been holding confer
ences all day with his counsel and certain finan-
ciers. Among those present at the last confer
ence at Mr.. Meyers house No. 3S West Sew
enty-second-st, were G. Creighton Webb broth
er OF DR.. Webb; Henry l. Sprague, who nego-
tiated the sale of the Hackensack Meadows
which is the chief asset of the Hackensack
Meadows Company, in which the syndicate is
also involved; Benjamin p. Moore, of the firm
Of Onenbach & Moore, and Mr.. Meyer.
AS a result of the conference it was decided
not TO give out any statement, but one of the
conferrees intimated that financial backing had
been secured 50 that there would not be any
dangerous slump the syndicate's properties
when the exchange opens to-day. 1t was also
said that statement would be given out by a
member Of the syndicate early to-day which
would serve TO restore public confidence in these
securities
After the conference at Mr.. Meyers house. G.
Creighton Webb said that his brother would ar
rive in this city this morning and would give
out extended statement
According to one report, the Hanover Bank
will come TO the aid Of the syndicate,
through the influence of Samuel r. Galloway,
pany, who represents in this matter certain
Vanderbilt interests. a certain broker who has
done business Tor the Webb Meyer syndicate
said last night that he understood that secure
financial backing had been obtained. and that
no slump in these securities was feared to-day.
AS a matter Of fact. several brokers who have
been doing business for Mr.. Meyer called him
Saturday and We're told that he would remar-
gin his loans Monday. The necessity for re-
nargning had been caused by the slump in
prices Friday afternoon and Saturday morn
ing. Altogether, it is said the syndicate had
borrowed from 100000 10 S2OOOOOO on secu-
rites in which it has been chiefly interested
These loans have been made through brokers in
this city and IN the England States.
One Of these brokers who has made large
loans to the syndicate said yesterday:
THE furry Of Saturday came to me as great
surprise ! had always considered the stocks to
be backed by substantial interests. The name of
DIT Webb itself has strengthened this convic-
tion in my mind, and l believe that as soon as
he can reach the city and call into line the
financial backing and the men with whom he
has influence everything will be Strengthened
out
Courtlandt Babcock, head of the firm of Court
landt BabcOck q Co. which has done some
brokerage business for the syndicate. said
yesterday:
Mr. Meyer has promised that he will re-
margin the amount of paper outstanding on
Monday morning If this is done there be
no serious or disastrous consequences. / under
stand he VIII be able TO do If no new mar
gin is made those brokers who have been doing
business for the syndicate viii be greatly en-
barrassed, and failure two will be In
evitable."
do you regard S1,jO0,OO0 of loans as mod
crate for the class Of collateral?" asked.
i do not think that these loans would exceed
these figures very much. The securities that
are figured in these loans far as l have had
connection with them are the stocks of the st.
Lawrence and Adirondack Railroad and the
Rutland Railroad"
Mr.. Galloway said to be In Atlantic City
yesterday when inquiry made at his home.
Justice Gegerich yesterday admitted that an
order Of arrest had been issued for man
connected with the dealings of the Meyer syndi-
cate, but would say nothing further. 1t is, new
theless, rumored that an attempt will be made
10 serve the warrant this morning when Stock
Exchange business begins. That this will be
done only in case the firm is unable to meet its
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