The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1891-09-23
A NOTABLE FAILURE.
s. Y. White. the Well Known New
York Broker, Suspends.
CAUSED BY THE DECLINE IN ooRV.

The Bold Operator Had Been Car
rying from Ten to Fifteen Million
Bushels in the Face of the Down.
ward Rush-The Firm Has Acted
HonornbIy Throughout.
New YORK, Sept. 23.-The announce
ment of the failure of the well known
banking house of s. V. White & Co.
has caused tremendous sensation in
Wall street. For the last twenty years
"Deacon" White has been tower of
strength In financial circles, and the an
nouncement of his suspension, coming
60 suddenly and unexpectedly, produced
shock that was all the more violent.
The market Immediately felt its effect.
and prices declined all along the list.
AT first it was supposed that the firm
was largely interested in stocks and
bonds, but shortly after came the state
mont that the failure was due to the de-
cline i'll the corn market at Chicago, and
the outstanding contracts of the firm in
the stock and bond market were limited.
1t is believed that the liabilities Of the
firm are in the neighborhood of So ,O00,-
600. The assets are not known, but a
member Of the firm is authority for the
statement that all creditors will be paid
in full.
The firm is. composed of s. v. White
and Frank w. Hopkins, and has been in
existence since Dec. 81, 1886. Previous
to that time Mr.. White had been in bus
mess alone.
Caused by Corn Deals.
Z. G. Stedman made statement for
Mr.. White regarding the failure. He
said that the house had been largely in
terested in the deal in September corn,
which has been in progress for the past
six weeks Mir. White believed that the
market warranted higher prices, and in
augurated vigorous bull campaign in
Chicago. September corn at that time
was selling at about tifty-fva cents, and
through the Chicago house of s. V.
White & Go. he bought heavily. The
buying continued until the market
reached about seventy cents for Sep
tember corn, when the enormous deliv-
cries in the west started decline. This
was about ten days ago.
Carried 100000 Bushels.
Mr.. White, in order to protect his
enormous interests, continued to buy
heavily, hoping in this way to sustain
the market. 1t is believed that he was
carrying from 10,000,000 to $4,000, 900
bushels of corn on margin, although
Mr.. Stedman said that he did not know
what the exact extent or his interest
was. The deliveries, however, instead
Of diminishing became larger and larger,
and in spite of reports that early frosts
had caused great damage to the corn
belt the market continued to decline,
until Monday the price had fallen to so.
aaatNt Inn n Ipcp IN, q L..
bull movement Of from $l,50O,000 to
&, 900, 600.
Mr.. Stedman stated that in anticipa-
tion of the trouble which has come
upon it the firm had several days ago
closed out all its contracts on the Stock
Exchange and had taken no new bust
ness. 1.-The firm has acted very honor
ably" said Mr.. Stedman, "and for the
past week has done almost no business
at all. Large deposits have been re-
fused, and everything has been done to
secure creditors when it was found that
suspension was inevitable"
The Chicago house which is composed
of Mr.. White, Mr.. Hopkins, A. W. Al
len and Arthur White, announced its
suspension on the Chicago board of
trade at the same time that it was made
public here Rea Bros. & Co., corre-
spondent of the house in Pittsburg, have
also suspended temporarily.
Can't Keep Him Down.
The following illustrates the personal
feeling in regard to the failure. 1t is
an expression by one of the firms
friends: anyone who knows s. V.
White knows that he will resume. You
can't down him. There is no one in
Wall street who does not sympathize
with Mr.. White. He has helped more
men than anybody else on the street.
If everybody on the street whom he has
helped should give him 81 GOO he would
be again rich man. He has acted in
absolute honor, and | have no doubt he
will be all right in the end"
Charles w. Gould, of No. 9 Wall
street, has been appointed general as
9ignee. When questioned about the
failure Mr.. Gould said: "All know is
/ was engaged all day in going through
the formal acts necessary for me to take
charge of the assets of the fSn. What
these are or what the liabiVAes are |
have not the faintest idea have
forpe Mt work alrandy making mn tba