The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-05-03
& UMp IN INTERNATIONAL.
.c,rATED NEW YORK STOCK MAR
KET YESTERDAY.

-.l,s of the Seward Webb Group
soriousIy Affected Complaints
,,.da That Ofenbach a Moore,
prokers for the Webb Stocks,
,v.re slow in Their Deliveries.
representative of Firm Admits
they Were in Trouble With
..curh~ stock, but Says the Trouble
Is over.
New York, May 2.-As a direct re-
z,,lt of the slump in International
power shares, the stock market be-
came alternately seriously depressed
ord excited this afternoon. The stocks
r,ost affected are those in the So
called Webb group, controlled by DR..
" seward Webb and his associates.
These included st. Lawrence and Adj
rondack and Rutland Railroad pre-
ferred in the regular Stock Exchange
LIST and the following curb" or out
side securities: Hackensack Meadows,
Dominion Securities. North Aemerican
Lumber and Pulp and Storage Power.
These latter securities were most
adversely affected, and for
time they literally went beg
ging. The brokerage house
of Offenbach & Moore has been the
recognized representative of the Stock
Exchange of most, if not all, of the
Webb properties. Early in the after
noon it became known that the firm
was experiencing some difficulty in
meeting its obligations. Complaints
had been made by other Stock Ex-
change firms that Offenbach & Moore
we're backward in their stock deliver
les. Among those who complained was
J. NJ Leopold. He sought the ASSIST
ance Of President Rudolph Keppler of
the Stock Exchange Immediately after
the market closed. Mr.. Keppler at
once conferred with Offenbach & Moore
and subsequently declared that the
situation was less grave than he had
been led to believe. He did not deny
that the firm had been in trouble. Con-
ditions as they then existed, Mr.. KEEP
official or unofficial. Later in the day
a representative of Mr.. Moore made
this explanation:
I'VE had a very large lot of curb
stock-in fact, we have been recently
the largest dealers in curb securities.
It so happened that we were unable 20
swing ourselves because of the string
ency in the money market. The trou-
bic is over now, and we expect to go
ahead"
Arthur L. Meyer is an officer in sew
eral of the Webb companies. He has
been prominent in the stock manipula-
ton in some of them, notably Hacken-
sack Meadows and Dominion Securi-
ties Mr. Meyer denied himself to in
reviewers, but his representative made
this statement:
An our securities will be taken care
of tomorrow"
Asked what he meant by this, Mr..
Meyers representative said:
There were no bids for our stocks,
but l repeat, they will be taken care
Of
1t is admitted that the banks, alarm
cd by the International Power episode
OF the last few days, called a number
of loans to-day and yesterday.
Suspicious of International Power.
DR.. Webb, who was reported to be
out of town to-day, was on Tuesday
last, elected president of the Rutland
Railroad Company. He has for a long
time been conspicuous in the affairs of
the St. Lawrence and Adirondack
road, which is commonly believed to
have a comprehensive scheme under
way involving the Canadian railroads.
DR.. Webb is a son-in-law of the late
William H. Vanderbilt.
Rutland preferred, on sales of s. 400
shares scored a net loss of IS points
to-day, closing at 102. st. Lawrence
and Adirondack on sale of 100 shares
made but fractional decline, closing
at 1889. The bid price at the close,
however, was 80, the asking price ia.