The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-29
LABAREE is COMING BACK.
HIS FAILURE JUST ANOTHER
VERSION or AN OLD STORY.
No Criminal Proceedings Against Him
Expected--Eyerybody on the Innde
WIN De satisfed-Rules Of . Famous
COnfederacy in which All Ii Peace

VIII he Satisned-Rules Of Famous
| Confederacy in which All IL Peace.
Over the wreck Of j. Walter Labaree
d Co., the Confederacy was singing q
requiem yesterday. The Confoderacy 10
wonderful organization. 1t tolls not,
neither doe, It spin, but 1t speculates and
In good times and bad 1t always has money
In Wall Street. just for the sake Of allitera-
ton, 1t is called a certain kind Of brigade,
the hyphenated lnodifer Of the noun be-
ginning with b.
The Confederaoy's geographical limits
are bounded almost by the boundaries
| Of the continent. Its ramifcations ex-
tend from the Dominion OF Canada to the
[iulf OF Mexico and from the Battery almost
! to the Golden Gate. Ever and always its
clearing house, its head centre. Is in Wall
Street, because, no matter whore 1t begins,
speculation must always make its final
reckoning with the financial district OF
New York. The telegraph facilitates the
transactions between New York and the
headquarters of the various branches
livery now and again the world hears
of the failure of "a great wire house in Wall
Street" Then the Joy OF the Confederacy
| is turned to a wall, and, as with j. Walter
| LdDdTee ~ SO over JIc "ltSh Va SbO 'e-'
ure the Confederates gather and sing the
Confederate" requiem,
The. dirge was heard when Baxter d
| Co. went down, and again when the horse
loving Dr. Woodend went by the board,
and now 1t IL being sung for Labaree 20.
No one who is a member Of the Confederacy
needs to ask any questions about 1t. It's
| ways and its means and It's business are
| thoroughly known to those on the inside.
If those on the outside are o.vercurious,
and are willing to pay for experience. they
can crafty their curiosity at the expense OF
| getting on the inside.
A crash in the Confederacy has become
| now much nc re than n twice told tale.
1t is an old story. with seldom q change Of
| plot or a change Of incident. II the story
may be said to have plot, it would run
something like this
The Confeieracy's clearing house sends
| word to the Confeierates that 1t is In finan-
oial straits. The nominal head OF the
clearing house calls a meeting OF credi-
tors. 70 the assembled Confederates
plan of reorganization Of the clearing
| house is submitted. The ofier is invariably
| refused.
The nominal head Of the clearing house
disappears. The loose sheet ledgers find
their way out of the Office Of the clearing
house. Maybe they are bold enough to
stay away all night, Tor perhaps two nights
| Criminal procee iings are threatened by
the Confederates, Some OF them even 60
40 far as to threaten to shoot somebody
No threat is ever executed and not q shot
Is ever fired
In due time the 4loose sheet ledgers
find the- way back to the Office Of the
earring h use The absent one returns.
Creditors and debtor lie down together
Attorney james c. Lenney Of 81 Nassau
street, OF Attorney Norman j. Marsh Of
70 William street, sets the wondrous seal Of
everlasting peace.
have now settled with practically all OF
Their creditor; that was the case with the
meteoric Woodend & Co. end that II was
sc id Yesterday by those who ought to know,
will be the case with j. Walter Labaree
Co.
There was meeting Yesterday morning
Of Labaree Il Co.'S creditors In the ONCE OF
the defunct firm at AZ Broa dway: Otis
Bass Of Atlanta, Ga, presided. After an
extended session the meeting adjourned,
that Mr.. Labaree would shortly return
from wherever he may be sojouning. 1t
q lso seemed to be the unanimous opinion
that nobody would institute criminal pro-
ceedings aga inst anybody
1t was said. probably by some ill-in-
formed person, that criminal prosecution
under such circumstances is a violation Of
one of the rules of the Confedert.oy, which
rule the fiery West virginian, E. p. Good
wyn, violated when he caused warrant TO
be sworn out for the arrest Of Dr. w. Z.
Woodend, after the latter's failure, on the
charge Of grand larceny. After the meet.
ing It was announced that the interests of
the creditors had been intrusted to Niles
4 johnson, atto,n,ys at II Wall street.
Mr.. johnson has charge Of the matter
and Mr., johnson was extremely touchy
yesterday afternoon when any question
n garding his clients was asked Of him.
Some inferred that Mr.. johnson didn't
very much like his job, but there was abso-
lutely no evidence to substantiate any
such inference. unless it might have been
the pyrotechnic manner in which the at
torney was pleased to answer any questions
about the Labaree failure.
Stephen Callaghan Of 81 William street,
who is Labaree's attorney, said he was
sure that his client would return to town
in a few days. and insisted emphatically
that Mr. Labaree absence from New York
or from his home In Mount Vernon should
not be characte rized as a disappearance.
for pa some Of the creditors. Mr.. Lenney
was also sure that Mr.. Labaree would re-
turn to town very shortly: So was every
Of the Confederacy. Mr., .Ienney wanted
It distinctly understood that he bore no
ma,ace toward Mr.. Labaree. All he wanted
was to get back for his clients the collateral
or cash owing to them by the defunct firm.
in such cases usually get what they want,
and the getting is attended with. very little
litigation That is professional way
Mr.. Lenney has.
Norman j. Marsh said that Mr.. Goodwyn's
claim against the firm amounted to some
thing like s., 900 and he imagined that Mr..
Goodwin would be paid in full. Mr.. Marsh,
too, was impressed with the belief that Mr..
Labaree would return to town, as he eY-
pressed it, "at the psychological moment"
aThe psychological moment" in the Con-
federacy is usually when the clearing
house is ready to settle with the Confeder-
ates. Mr. Marsh added that the liabilities
Of Laberee 4 Co. would be just about half
the original estimate and would amount
to something like sl25 900 or $4,000.
Mr.. Goodwin is staying at the Hoffman
House The last time Mr.. GOODWIN was very
generally known to be in New York was
when bv the Eternal. sub, he was going TO
keep at that man Woodend until he saw him
in State prison. But Mr.. Goodwin didn't
see Dr. woodend in any such place. In
stead, the, fiery West Virginian put him
self in cold storage in his West Virginia
home and, although District Attorney
Jerome caused him to be informed that
DIR. Woodend had given himself up and was
to Ia, tad ha So,,tharpar