Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-09-23
Nm WAS LONG ON CORN.
.D,,roD' White Fails for the Third
Time in His Career.
Tm WAS IN A BULL CLIQUE
,.p..,t II, Price Of Corn, But the Ripsning Har-
vast was Igainsi Bim-Hs Assigns With
On, Prsfsrsucss-A Slight Furry in
bs Chicago Narkst-Wl
Bob Up Again.

xrw YORK, September 29.-An-
.,,,cement Of the assignment and SuS-
sion Of :. V. White and Co., Of New
W., and Chicago, was made on the
s.o,s Exchange a. 1890 o'clock this
-o-,ing. Mr.. White says the failure
t.sne 10 long speculation in corn and
~, in stocks. The liabilities of the
s,n are very large, but only few hun
4-.5 shares Of stock are outstanding on
Tss climax OF tosday's catastrophe
.,. been approaching elimination for
Is ,,.t TWO weeks. The news, which
I.. bssD carefully guarded, leaked out
-s.-sr8av afternoon after the closing Of
.ba stock Exchange. An assignment
- the assets OF the embarrassed firm
vas then said 10 have been made, but
not recorded.
The volume OF business in railroad
..,rss during the last three days have
diverted 10 some extent attention from
.,ecrlstion and investments in bread
,,rFs Members of the embarrassed
s-m have been able TO conceal the real
..sra Of the actual condition without
.bs slightest difficulty, and so far as
,5e general operations and the street are
gnce-red no question as 10 solyencY
has ever been thought OF.
II was only after thoughtful consider
a,.on and a complete review OF the sit
nation IL was decided TO make an as
.tpment for the benefit Of creditors.
There were no contracts outstanding
on the floor OF the stock exchange, and
no excitement was caused there by the
announcement. All the members Of the
frm we're at the Office, and when the
announcement was made, Mr.. c. E.
S.eadman, as a friend, was authorized
20 make the following statement:
The cause of the trouble is due
wholly TO the decline in corn. The
house has been heavily long on Septem-
er and October corn, and the immense
receipts were too much for il TO stand.
The private fortune of 5. Y. White,
50 long noted for the success and
tl.duess Of his speculative deals, is esti-
mated at 3, ,OOO,O
The failure caused but little excite
rsnt at the Produce Exchange for the
reason that but few Of the members
we're interested in the deal. 1t is stated
mat the failure will affect Chicago
Uncipally.
The price OF corn on the Produce Ex-
change fell IA cents at the news Of the
alre.
The Office Of the firm after the an
1.-ucement of suspension was crowded
With bankers, brokers and reporters, all
irving 20 get some information in re-
-.rl 10 the failure. The firm, however,
bad no formal statement 70 make TO any
o. them.
Fears were expressed on many sides
,La. other houses would be involved,
but the members of the suspended firm
say that no other firm is involved with
them
The following illustrates the personal
feeling iu regard To the failure. 1t is
an expression by one Of the firms
friends:
ANY one who knows S. Y. White
knows that he will resume. You can't
down him. There is no one In Wall
street who does not sympathize with
Ar. White. He has helped more men
than any body else on the street.
IF everybody on the street whom
be has helped should give him $500, he
would be again a rich man. He has
acted in absolute honor and l have no
doubt will be all right in the end"
At l o'clock the assignment OF
stephen V. White and Franklin w.
Hopkins comprising the firm Of 5. V.
White & Co., bankers and brokers, was
fled. Charles w. Gould is the assignee
and there are no preferences. The as
sguee was seen in his Office but was not
prepared 10 make any statement re-
sarding liabilities or assets Of the firm
8. present.