The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-19
FAILURE OF S, M. MILLS & co.
WORKING PLUCKILY TO RETRIEVELAST
YEARS LOSSES, but IN VlIM
Unable 10 Cope with the Their Trouble
Known Several Days Ago, aud Therefore
the Announcement Is FnlIY DIaeonnted.

Unable 10 Cope with the Bulls-rheir Trouble
Known Several Days Ago, aud Therefore
the Announcement IL Fully Discounted.
g. NJ. Mills Il Co. sent TO President Ives OF
the Stock Exchange, about half an hour be-
fore the close yesterday. the formal announce
ment OF their inability to meet their differences
as they had confidently hoped to do 1t caused
more regret than surprise among the members
II had been expected for several days, yet
every one hoped that 1t would not be made. be-
cause although Mr.. Mills Ia one OF the most
daring operators in the street. no Is also one OF
tho most popular members OF the Exchange.
Less than year ago. Mr.. Mills failed with
liabilities amounting to several hundred thou
sand dollars. He made satisfactory arrange
monts with his creditors and was reinstatod in
his seat in the Stock Exchange. Since then he
worked puckly to discharge his obligations
and retrieve his fortune. At the time OF his
failure he was bear. and since then no has
the bears OF the Board. But OF late the stock
market has been all the other way and short
interests have suffered intensely in pocket and
anxiety. Mills n Co.. as the market gradually
and steadily advanced realized their inability
to cope with tho buoyant prices. and for several
days past they have been trying to close their
contracts and settle their differences privately.
On Friday i was an open secret that the house
was In difficulty. Largo blocks OF stocks were
settled Tor privately, but az no notice Of insol-
yency was sent 70 the stock Exchange tho en-
DufTutsment winch resulted IN suspension
cou III not be- considered failure. Most Of yes
to-day was spent by the nrm In seeking means
10 pull through their difficulty. and 1t was
hoped that they would be successful, At the
last moment. however. they were obliged to
give In. No transactions on their account were
mado under the rules. nor did tho announce
mcnt cause u ripple upon tho high pressure
market. As their contracts had been closed
privately no figures Of the number Of shares Of
stocks involved could be given. The failure
was caused 10y their inability to meet the differ
ences against them In these privately closed
transactions.
The amount OF the unpaid differences are VA
riously estimated. by some Mt as low figure as
$4,000. Mr.. Mills said they would not exceed
$4,000. He also said that he had been cramp-
ed by turning over his profits Of the past few
months to the Liquidation Of claims incurred 10y
his previous failure. II is said that he has paid
about 800 900 on that account. or about fifty
per cent That fact Is favorably cited in his be-
half by his friends. Mr.. Mills and his partners
Messrs. Timpson and Mead are confident that
their difficulty can DO arranged so that they
can resume In five or six days Their short
list consisted chiefly Of the granger and coal
stocks. But IL II said that recently. as the gen
ernl list advanced. the firm were inconsistent
specializing both WAYS. going long Of some
stocks principally Lake Shore.