The Minneapolis journal., 1902-05-06
BETTER FEELING.
Wall Street Breathes Easier
and Advances Stocks
a Little.

New York, May .6.-There was not much
evidence in Wall street this morning of
the disturbed conditions of yesterday.
There was very general conviction tha.
the worst was known of the results Of the
collapse OF the. Webb Meyer exchange
houses which supended yesterday.
Interest was manifested in the progress
OF affairs of the suspended houses which
We're not much cleared up by yesterdays
meager statements and admissions. 1t
was reported this morning that the re-
purchase had been accomplished of the
block of Rutland preferred stock, said to
have been sold by DR.. w. Seward Webb to
Alfred Meyer and which J.. w. Davis. &
Co. offered yesterday to take at l0S, the
price supposed to have been paid by Mr..
Meyer. This sale is expected to supply
resources toward the satisfaction OF
claims against-the embarrassed interests.
The tone of the stock market in the
opening dealings made apparent feel
ing of relief, shown by advancing prices
on a demand for stocks we'll distributed
through all departments of the list. Rut-
land preferred was weak on small deal
ings, declining points, rallying 31s and
seeding again W. .~., y, ~.. ...-~. -
At the Offices of Offenbach & Moore the
doors were not opened this morning at
10 o'clock. but some OF: the employees ap
peared a few minutes later and reported
that the question of formal assignm ent
by the firm was being considered by legal
counsel and that nothing would be done
until advice was had. \ petition in in
voluntary bankruptcy was filed in the
United States district court, to- day against
Offenbach & Moore. f. ''...-
At the offices of Lockwood Hurd & Co.,
the assignee, Edwine T. Perrine, was In
charge and was pushing an investigation
of the condition of affairs but was not
prepared to make a statement. Some
hopes of presumption by the firm are
based upon the ability Of their clients in
the dealings in the affected group of
stocks to protect the, firm on its transac-
tions in those stocks. DR.. Edward Webb
made no public statement on the situation
up to II o'clock to-day. r-s,.
The manager of the brokerage house of
j. w. Davis & Co. made the following
statement to-day:
We were instructed to receive "a certain
amount of Rutland preferred at 1OS from
certain parties This amount we have re-
ceved and will not take any more without
further instructions. The stock was all pre-
sented yesterday. We received none to-day.
]. Adriance Bush, assignee Of Henry
Bros. & Co., to-day was making IN ex-
animation of the firms books. He said he
hoped to get at some idea of the firm S
condition in the course of the day.
There was little trading In the so-called
Webb Meyer "curb'', stocks.
Regarding the affairs of the Hackensack
Meadows company the company's control
Ter, Maurice l.. Muh1man, said to-day:
The mortgage the property runs for
twenty years. It amounts to 81, 100000, and
there is no irregularity about it. The COM
pany has no liabilities except small sums for
current expenses and the pay roll of the
men now at work developing the property.
The only payment of any size this company
will have to make in the near future is that
of $50, 900 interest: on the mortgage due
July l. ...; .-.~...
Arthur L. Meyer was not at his office
during the morning. 1t was understood
that he was again~in~ conference with" Dr.
Seward Webb. = 80.