The morning news., 1891-09-23
CAUGHT LONG ON CORN.
s. v. WHITE g. CO. MAKE AN
ASSIGNMENT.


Out-The Firms Pittsburg Corre-
spondents Stop Business.
NEW YORK, Sept 22-Announcement Of
the assignment and suspension Of 8. V.
White 81 Co. of New York and Chicago
was made on the stock exchange at 10:30
o'clock this morning Mr.. White said the
failure was due to long speculation in corn
and not in stocks. The liabilities of the
firm are very large, bat only few hundred
shares of stock are outstanding on contract.
The climax of to-day's catastrophe has been
approaching its elimination for the last
two weeks. The volume OF business in rail-
road stocks during the last three days has
diverted to some extent attention from
speculation and investments on bre ld stuffs.
THEIR CONDITION NOT SUSPECTED.
The members of the embarrassed firm
were able to conceal the real state of their
actual condition without the slightest diff
fculty, and SO far as general operators on
the street were concerned, no question as
to the firms solyeGcy had been even thought
of. 1t was only after thoughtful consldera-
tion and a very complete review of the
situation that it was decided to make an
assignment for the benefit of the creditors.
NO CONTRACTS OUTSTANDING.
There were no contracts outstanding on
the floor Of the stock exchange and no ex-
citement was caused there by the announce
meat. All the members of the firm were at
the Office aud when the announcement OF
the suspension was made f. @. Stedman, as
friend. was authorized to make the follow
ing announcement: "The cause of the
trouble is due wholly to the decline in corn.
The house has been heavily long of Septem~
ber and October corn and the immense re-
ceipts were too much for it to stand"
WHITES PRIVATE FORTUNE.
The private fortune of Stephen White,
so long noted for the success and holiness
of his speculative deals, is estimated at
S2,000.0 900. A number of firms who we're
borrowing stock from S. V. White & Co.
received notice from the firm before the
opening of business to-day to sell these
shares, and the market took the stock with
scarcely tremor. The put aud call hold.
ers who held privileges from S. Y. White.
chiefly calls, aud who went short against
their options, now find themselves in the
predlcameat of having to cover.
CAUSED NO EXCITEMENT.
The failure caused but little excitement
at the produce exchange, for the reason
that but few members were interested in
the deal. 1t is stated that the failure will
affect Chicago principally. The price OF
corn on the produce exchange fell u cents
at the news of the failure. The liabilities
will be very large, but Mr.. Stedman says
he can give no estimate OF the amount as
yet.
THE GENERAL ASSIGNEE.
Charles w. Gould of No. 2 Wall street,
has been appointed general assignee. The
office of the firm after the annou acemcnt of
the suspension was crowded with bankers,
hrol- opI II
some information in regard TO the failure
The firm. however, had no formal statement
to make to any of them. 1t was stat tlat
for some days IL had been prepar~
ing to meet tho disaster, which was
seen to be inevitable when the heavy deliv-
cries of old corn began to pour Ia, and for
some twenty days the tirm had failed to
take any large deposits. Before tho formal
announcement was made it was known that
the firm had gone under, aad the commits
sion brokers advised their customers to be
prepared for it.
THE EFFECT ON STOCKS.
This advice started heavy foundations
and caused the first genuine reaction that
has occurred in the stock market for six
weeks, but Lacka wanna, which was always
considered under s. V. Whites influence.
declined only l per cent. Fears were ex-
pressed on many sides that other houses
OOI4u 10 AhfOAfDN, bkAb Lu0 IltiilDeI SAkJt ElS
suspended hrm say that no other firm is iu-
volved with them. The members of the
New York house are 8. V. White and
Franklin w. Hopkins.
A KINDLY FEELING.
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 docs not
sympathize with Mr.. White He has helped
more men than anybody else on the street.
II every body on the street whom he has
helped should give him $500 he would be
again a rich man. He has acted in absolute
honor, and have no doubt that he will be
ali right in the end"
THE CORN MARKET STEADY.
CHICAGO, Sept. 22.-The comparatiye
steadiness with which this market stood up
and absorbed the immense offerings of corn
that came out when Mr.. Whites failure
was announced was generally remarked
with surprise and pleasure by the trade.
Milmine, Bodman & Co. alone sold l 900, COO
bushels for the account of whom it may
| White & Co., and was supposed to
be corn bought on Mr.. Whites
order during tae DEAL The amount of
| grain which the clique had bought for
September and October delivery is un-
| known, but it must have been enormous.
| for the actual arrivals Of corn here daily
| for the past six weeks have appropriated
nearly SOC, 600 bushels and nearly all of
this has been delivered on Septem-
ber contracts, while the forward
| ings have been nearly as
large, the clique in this way avoiding great
eccumulations here Only yesterday Coun-
selman & Day, VINO are accredited with
being the shipping agents Of the clique, took
vessel room for coo bushels What has
| become of the vast amount OF corn thus
shipped to the seRboard Is not definitely
| known here.
TURNED OVER TO AN EASTERN FIRM
A well informed trader said 10 the Asso-
ciatsd Press reporter some days ego, when
| talking Of the matter, that he understood
| ARRANGEMENTS had been made in advance
| by which a large part OF it had gone
| abroad, bu. gold and stock gossip re-
| ports that this grain has been
| turned over to an eastern firm, the
price being margined down sufficiently to
| give that firm an outlook Of profit in it,
| Much Of this grain was bought at between
| 60 aud 20 against less than 80 cents as the
price to-day. One estimate Of the amount
| of corn Involved in the deal puts it at TO-
| 600 900 bushels and the average loss on it
at 10 cents per bushel, or $1,000, 600; but
this is, of course, mere guess work.
BIG SUPPLY COMES OUT.
Certain Il is. however. that the amount OF
coru brought out from presumably empty
cribs in the corn belt has besn many times
- l.. fka l.s. ..s..afl