St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-23
SMOTHERED IN CORN.
Good Deacon White Sinks
Under a Load of Golden
Kernels.
The Pious Finaneier and His
Partners Try to Corner
the Hog Feed,
And in Pursuit Of That Unholy
Object Lose Much Good
Coin.
Ten Million Bushels Reckoned
to Be Involved in the
"Bust."

street, Stephen V. White was to-day
compelled to suspend payments. On
the TWO previous occasions he got on
his feet and paid his creditors in full.
The grit, the vigOr, the fighting quail
tiles of Mr.White, his many friends say,
will bring him out of the present disas-
ter. Impulsiye and positive as Mr..
White is, he makes enemies in the bat
tie of life, but as he has the compensa-
ton of those generous sentiments which
. have brought him many friends, and
which promise to bring to him now the
support necessary to put him in fight
ing trim once more. Mr.. White is too
picturesque figure for Wall street to
lose, and his abilities are sure to find
reinforcement from powers that appre-
ciate his Importance practically. The
announcement OF the suspension
broght food of sympathetic letters,
and the statement that he expected to
resume at all early day. found ready be-
levers.
Not Unexpcc ted.
NEW YoRR, Sept. 22.-Announcement
of the assignment and suspension of S.
V. White & Co., of New York and Chi
cago. was made on the stock exchange
at 1890 o'clock this morning Mr..
White says the failure is due to long
speculation in corn, and not in stocks.
The liabilities of the firm are very large,
but only few hundred shares OF stock
are outstanding on contract. The eli
max of to-day's catastrophe has been APP
preaching elimination for the last two
weeks. The news, which has been
carefully guarded, leaked out soon after
the closing of the stock exchange. An
assignment Of the assets Of the embar-
raised firm was then said to have been
made, but not recorded.
The volume of business in railroad
stocks during tile last three days has
diverted to some extent attention from
speculation and investments in bread
StutfS. Members of the embarrassed firm
have been able to conceal their actual
condition without the slightest diff
Guilty, and so far as the general oper-
ators on the street are concerned no
question as to solvency has been even
thought of. 1t was only after thought
full consideration and very careful re-
view of the situation that it was decided
to make an assignment for the benefit
of creditors. There were no contracts
outstanding OH the floor of the stock ex-
change, and
No Excitement Was Caused
there by the announcement. All the
members of the firm were at the office,
and when the announcement OF the sus-
pension was made +. G. Stedman, as
friend, was authorized 10 make the fol-
lowing statement: "The cause Of the
trouble is due wholly to the decline i'll
corn. The house has been heavily long
CT September and October corn and the
Immense receipts we're too much for it
to stand" The private fortune of :. Y.
White, so long noted for the success
and boldness of his speculative deals, is
estimated at s2,0O0,000.
The liabilities will be very large. but
Mr. Stedman says he can give no esti-
mate of the amount as yet. The office
OF the firm. after the announcement of
suspension, was crowded with bankers,
brokers and reporters, all trying to get
some information in regard to the fail
ure. The firm, however, had no for
NAL statement 10 make any of them.
Fears were expressed OH many sides
that other houses would be involved,
but the members Of the suspended firm
say that no other firm is involved with
them. The members of the New York
house are s. V. White and Franklin w.
HOPKINS.
The following illustrates the personal
feeling in regard to the failure. 1t is
an expression by one of the firms
friends: ANY one 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 OH the street.
Ii everybody on the street whom he mas
helped should give him $500 he would
be again a rich man. He has acted in
absolute honor, and, have no doubt.
will be all right In the end"
at O'Clock the assignment of Ste
phen Y. White, Franklin w. Hopkins,
composing the firm of S. V. White 81
Co., bankers and brokers, was filed.
Charles w. Gould is the assignee, and
there are no preferences.
a Pittsburg Firm Suspends.
PITTsBURG. Pa, Sept. %. The fail
ure of S. V. White q Co., the New York
brokers, this morning, has forced Rea
Bros. q Co., their Pittsburg correspond
ents. to sEspend business. The sus-
pension, however, is said to be only
temporary, and it is thought the firm
will be able to resume in few DAYS.
The notice posted on the door states
that In view of the announcement that
all of their deals with White 81 Co. had
been closed out, it was deemed adyisa-
bic to temporarily suspend business
pending further advices from New
York. The brokerage firm of Rea Bros.
81 Co. is one of the largest in this city.