New-York tribune., 1902-05-07
PANICKY FEELING PAST.
ELIMINATION OF MEYER SPECIALTIES
HELPS THE MARKET.
BANKRUPTCY PETITION AGAINST OFTEN
BACH & MOORE-NO STATEMENTS
FROM FAILED FIRMS.

The stock market showed remarkable strength
yesterday, rejecting the general satisfaction and
confidence inspired by the removal of the menace
to the market situation which had for many
| weeks been presented by the persistent imitation
| of the so-called 'Webb-M Meyer" stocks, and the
sensational marking up recently of international
Power and such curb eats and dogs" as Gen
eral Carriage The developments of the day, too,
pointed to the early adjustment by the interests
most prominently involved of the complications
growing out of the collapse of the boom in the
Webb Meyer group of stocks and the possi-
bility of one two of the suspended Stock EN-
change firms being able to resume business at a
not distant day.
Call money. which rose to 90 per cent on Mon
day went no higher than - per cent yesterday
the rate at the close being 6 per cent, and most
of the loans having been made at per cent
Dr. Webb issued no statement yesterday. His
principal secretary said in the afternoon that
DR.. Webb had been in conference with Henry
L. Sprague his counsel, and several Of his busl-
ness assoca tes, and added:
Or Webb will not make any statement
whatever until definite arrangements are made.
When a conclusion has been reached lengthy
statement will probably be made. clearing up
the whole matter When this statement will be
issued I cannot say
A representative Of Arthur L. Meyer, when
in the Broad Exchange Building said
''Mr Never is not prepared to make any for
NAL statement tonight He has been in confer
ence off and on all day with DR.. Webb. and
the whole thing is taking on most encouraging
aspect. The whole thing will probably he ar
ranged within the week.
David S. Meyer. brother of A. l. Meyer, said
yesterday:
1T is only a question of time and terms
when settlement will be effected One Of the
first moves will be to appoint trust company
or an expert accountant to go through the
books of the different companies, that we
| can issue a statement to show that no misrep-
reservations have been made"
PETITION AGAINST OFFENBACH & MOORE
A petition in involuntary bankruptcy was filed
yesterday morning in the office of the clerk of
the United States District Court, against Rob
ert Ofenbach and Benjamin P. Moore trading
as Offenbach & Moore According to the petit
ticning creditors of whom there are three, as re-
uuired by law the firm insolvent and unable
TO meet their liabilities.
The petition sets forth no facts further than
that the frme are indebted to Eli Koles in the
sum of $4,000 julius f. Siege 5000. and Sam
uel Wrone $500 "a. all for cash advanced. The
petitioners also allege that within the last four
months the firm have paid sum equivalent to
with an attempt to prefer the same
Jesse A. Epstein. of Epstein Brothers, attor-
news for the petitioners said yesterday:
MY clients, Eli Koles, Julius f. Siegel and
Samuel Wrone were clients of the firm of Of
fenbach & Moore. and the money claimed by
them was deposited with the firm as margins;
but they hold stocks. and we want to know
what has become of the money. We know the
firm has been checking out its money, and we
talya h0IJ nd
receiver to find out where the money has
gone The point is simply this: We propose
that the creditors shall administer the estate
of the firm and that they shall not be permit
ted to dispose of their assets to preferred cred
itors to the damage of our clients"
Later in the afternoon Mr. Epstein said I'VE
are assured that there viii be a settlement with
in a few days"
rs that the reason why you have not pressed
for the appointment of a temporary receiver"
asked.
Yes. our assurances are such that the inter
ests of our clients are best subserved by our not
interfering with the arrangements that are
being made for the resumption of the firm"
Then you do not expect that receiver will
be named?'
NO; do not think that it will be necessary"
DAVIS OFFER WITHDRAWN.
The general situation was somewhat confused
at the opening of the market. when the an
nouncement was made that ]. W. Davis & Co
had withdrawn their offer to purchase all of
certain block of Rutland preferred at 1Os An
explanation of this announcement was later
given by the manager of j. W. Davis & Co. who
said:
We were instructed to receive a certain amount
of Rutland preferred at 10S from certain parties
This amount we have received. and we will not
take any more without further instructions The
stock all presented yesterday We received
none to-day"
The stock referred TO is the block of 1880
shares registered in the name of Or. Webb and
deposited with banks as collateral for loans
made to Arthur L. Meyer. 1t could not he
learned yesterday whether not the entire
1880 shares had been turned in to j. ". Davis
& 60.
The assgnees of Lockwood, Hurd & Co. and
Henry Brothers & Co. We're at work all day yes
terday supervising the abors of the accountants
who going over the books of the failed firms
Edward T. Perne. assignee for Lockwood Hurd
& co. said yesterday afternoon:
THE situation is considerably clearer TO me
now. I have worked pretty nearly continuously
since Monday morning with the aid Of RELAYS of
accountants: hut we not vet in position
to make a statement Of assets and liza bilities as
the labor If getting thorough understan ndinE
OF the affairs of the firm has been a great deal
heavier than ! anticipated"
] Adriance Bush assignee for Henry BROTHERS
e. CO. was at the Offices Of the firm In the En-
pire Building
1T viii not he possible" he said late yestor-
day afternoon. to make any statement to-day
as the accountants are not yet through with
their work. II there is justice anywhere. however