The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-15

Tsils.a Reporter II has Net Waterloo.
Some time this morning the failure OF a
Vell.known firm OF brokers, which has llabil-
ties OF from 100000 to 100000 and creditors
IN scores OF leading American cities. will prob
ably be announced on the Consolidated and
Produce Exchanges. Some weeks ago It was
rumored on the street that the Dorian &
Wright Company tLimited) OF 10 Wall street
was in trouble. Tho officers OF tho company
would not admit the truth OF the rumor and
insisted that they were prepared to meet all
their obligations. However that may have
BEEN the concern has now gone undor. and. as
it's officers admit. is buried beyond the hope OF
resurrection.
The company has been In the habit OF send
ing out daily letters to its correspondents
all over the country. and yesterday sent out
this card:
To All Correspondents;
tits with tho deepest regret that tho heart feel
that We finally obliged to announce absolute in
ability to continue payments. When We called halt
April 7s ana proered payments in notes of the then
ezstinE liabilities, We then had full confidence in orr
ability to pay 100 cents tho dollar within the time
stAtsd. Tho cash realized from such Of our assets as
were convertible and At great sacrifice" has been
used In daily settlement Of tho profits business
the margins on which were taken wholly in notes or
onohalf notes and ono half cash.
what adds the potEnancy OF regret 10 the know
edge that best friends will be the greatest
suereTA We have lost thing; only the prop
erty every character that tho house possessed but
the personal property of each stockhoder has been
turned the funds and lost with the nrms
We moro than grateful for he kindly feeling and
the feonR Of confidence shown by the large cionago
o, both houssu with such kind cooperation and
pstanue confident that in al ordinary market
we would have pulled through. ASH Ia We cannot
wsilave put in last dollar. and ship with the
nau the head has gone to tho bottom. Tho
books OF the house are open to tho inspection OF
Creditors we have nauaht to conceal We have done
all that men could be expected TO do and moro
think, than many wond have done under like oiroum
stancsa With great re:ret We very sincerely
yourA s. G. DoRAS. President
Mr. Dopan, President OF the company. said to
. reporter OF The Sun: We have met our
Waterloo. We have sent out this let
ter. and our suspension will DO an
nOuncod Tomorrow morning on tho Con-
solidated Exchange, Of which am mem
Der. What led to TT Well. 1 can't tell
you in a sentence. A good many circumstances
combined to crush US. As you may know we
hadsome trouble with our creditors-that is
our customers-about three woeile ago. A
broker in Syracuse who had dealings with US
saw ft to become frightened and attached our
bank account in bis city: The report that we
Graphed al over the country. and greatly in;
lured us. People who owed US money refused
ing 81 money In a sinking ship. The people
managed to weather the squall and kept
ons sF ss ,RiEt nty and
o ths 6Sdsrs !ei our thirty Ga Gn eaper 10
put up .our rates In half payments on margins
might g dsnaadsd Psosld e paid IN eeo cssh;
g e; s.'s :s'n' L, o. a.! sss
bsr
Hence: f0T az lsss tSTss weeks our s1s6eaqss5
sIsSs sSSs DfaaHh SSs ssfs q p PP sasS
petS SMASH e: i Re al ana no assess
men. and cannot, vet tell the amount OF our
aShtf bat II u probably a. high Is three or
S 4 PSs II This fP g1as
Sna A5antp Saq TeGq ~ F SS5rS
fSS Bornn '0Ss O ~s uHSsq aa name
Sse MaSs pndH6 hs sES Of hS
companies. but the Boston house is distinct
% New sSss k Of wessrn
wires, for which wc have paid something like
Sl5O.00o annually. and; suppose. have done as
We have done what is known on the street as
81 obs t4s.e sSsOeSS BEEN the Hsdfea
Sh wanted hs
OF stock could have them. We have not dealt
yith small spectators: but have handled died.. the
our REPRESENTATIVE on The fioorS Of ali the ia
chanRes. Our busness in tho South and IN |
New England has been extensive.
Our suspsnsop will probably be announced
I9mbSrrow on the eonsoiidaea ana ana pssbe
get il out we shall -end out statement Of our |
assets and Liabilities There is not dollars
ii q i,hsm are broker. There + some
will not seriously alIect the county folks who
d dab IN spsenIatioD: l have made every ct,
sold my yachi. have pnt my real estate in |
Rochester on the market, and have put la S5O-
gOO In eash since the trouble IN April. But 1t
The Doran x Wright Company, limited, did
business much after, the fashion OF inc Public
Most people on the street regarded 1t AS
bucket shop. although air; Doran objected to
tile Milla building and eu bsenusntly at IL Wall
street. When the Astor building; - Wall street
suite 81 ocss on the mind oor Which, II now
8. Oregon Doran. the President of the COM
pany, wHs formerly in business with E&hert Il.
Thompson under the firm name Of Doran 4
Thompson. This concern had It's headGuar-
tSfs at Rochester. and did q large business
through branch Offices or correspondents in
Now York and other leading cities in this state
1t made money. aud Doran 4 Thompson
started the Rochester District Telegraph Com
pAny. which ID said TO have likewise made
money Eventually Thompson and Doran sep-
nrAted. Thompson now owns an orange grove
In Florida
Herbert A. Wright was Doran's associate in
the organization OF the Doran 4 Wright Com
pany limited, but retired from the concern last
January and is now In Europe. He was u
member OF tho Produce Exchange and the
company has operated on its floor through his
the Consolidated since tho amalRamation Of
the old Petroleum and Mining Exchanges.
Though the Doran x Wright Company OF
Boston Is not exactly a branch OF the New York
concern. according to Dorans statement It
will be forced TO suspend tomorrow. AS the
head Of the Now York house himself admits.
Doran SAYS that no other houses will be seli-
Snsly weakened By the failure Of his concern,
whether this cheerful prognostication will
prove correct remains to be seon.
Tho DorRn q Wright Company lLmitedl ON
ployed something Ike one hundred men in all
It's onices and did Q large business. In the
March report OF Dun'S Mercantile hRancY IL ia