The age-herald., 1902-05-06
STOCK BROKERS
 CO ID THE WALL Three Firms Announce Their InabliytO Meet Obligations WEBB-MEYER SCHEME DID T
sarket Was Seriously Affected By the Failures and Many Blocks of Stock Were Bought Un-
 der the Rule.

Nxw York, May 5.-Three Stock Ex- shange firms-Offenbach & Moore, Henry Brothers & Go. and Lockwood, Hurd x Co.-announced their suspension in the order named at the opening of the mar ket today. The amount of their joint lia- bilities Is variously estimated at from E. 900, 900 to S5, GOO, GOO; assets are unknown, and in the opinion of good judges good ay portion are of doubtful value.
 The days closed with the usual rumors of more failures criminal prosecution and ahe like. The solvency of several finan- eial institutions of standing was brought Into question, but for such rumors there appears to be absolutely no foundation
 The market was seriously affected by the three failures, stocks breaking heavi- ly at the outset but the closing was fair ly steady. Call money opened at 10 per cent. rose as high as 20 per cent and closed at per cent.
 Due to Decline.
 yhe failures were directly due to last weeks serious decline in a number of industrial stocks. Two of this group, Rutland Railroad preferred and St. Law renee and Adirondack, are regularly list ed on the stock exchange. The others, including Dominion Securities, Hacken~ sack Meadows, North American Lumber and Pulp and Storage power are, or rath- CT were, more or less extensively dealt fin on 'the curb" It was an open secret last Saturday that two or more concerns were involved in the decline of the "webb-M Meyer properties, and disastrous results were feared"
 Following the announcement of the fail- ures many lots of stocks and few blocks of bonds were bought and sold under the rule'' on the exchange for account of the Insolvent concerns There was practically no trade in the Webb-Meyer stocks. The assignee of Henry Brothers & Co. is J. Adriance Bush, and of Lockwood, Hurd & Co.,, Edward D. Perine Both assignees said they were unable to make even an approximate estimate of liabilities and assets today--Onenbach & Moore al- though suspended from the privileges of the Stock Exchange, had not really as signed MT NJ ore said their embarrass- mcnt would be only temporary.
 Pratt Makes Statement.
 MT. Pran of the Stock Exchange firm of Webb & Prall, of which Dr. Webb's brother is senior partner, made this statement:
 All the Rutlands stocks sold by Dr. Webb last June, certificates of which are still in his r.ame and amount to 12,5oo shares, will be paid for in cash at 1OS by J. W. Davis & Co."
 Ofenbach & Moore have been in exist ence since November last Lockwood, Hurd & Co. was organized almost five years ago. Henry Brothers & Co. organ ized February l 1900, Speaking for the firm, H. J. Weir, the manager, said:
 We hope to pay 100 cents on the dol lar.'
 Wall streets conservative men were al- most unanimous in the opinion that to- days happenings had done much to clarify the financial atmosphere.
 From $150O0, GOO to S25000.OO0 was loan ed by the down town banks and trust companies in the course of the day.
 The bulk of the money was loaned at from 10 to 15 per cent.