The times. [volume] (Richmond, Va.) 1890-1903, 1891-09-23
CORN CARRIED THEM DOWN.
ASSIGNMENT Of The Firm Of 5. Y. White &
Co. Announced.
DECLINE IN CORN, not STOCKS THE CAUSE
Statement by the Poet Banker I'm Br.
Whites Bshalf-The Liabilities or
the Assets Unknown.

New YORK, Sept 22.-Announcement OF the
assignment and suspension OF s. V. White n
Co., of New York and Chicago. was made on
the Stock Exchange at 1920 o'clock TINS
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 ont
standing on contract. The climax Of to-day's
catastrophe has been approaching culmina-
ton for the lasttwo weeks. The news, which
has been carefully guarded. leaked out yester
day afternoon after the closing Of the Stock
Exchange.
Mr.. Edmund Clarence Stedman the banker
poet came down TO Mr.. Whites immedl-
atey on the ground Of his great friendship
and made the following statement to the re-
pOrters:
A STATEMENT or THE TROUBLE.
This troubles due entirely to the great de
cline in corn. For two or three months past
the firm has been very long of corn contracts
in the September option. The good weather
has produced such heavy crops that there was
more corn IN the country than was pro ably
known. Noasslgnment has as yet been made.
but one is in process Of making. ! do not
know who the assignee Will be- The llaolli-
ties or the assets are not known, the whole
thing has come 50 suddenly public Inc
failure will affect no other house or houses in
the slightest degree whatever. knowing OF
their difficulty :. Y. White q Co. have not
taken any large contracts Of late. They
have acted with tho greatest honor all
through.
The stock operations Of the firm have of
late been very small. They have not more
than few hundred shares outstanding on
the board They have confined themselves
of late entirely 10 corn, IN which late delly-
cries have been very poor.
ANY one who knows ). Y. 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. lie has helped
more men than anybody else on the street.
IF everybody on the street whom he has
helped should give HIM 70 he would again oe
a rich man. lie has acted IN absolute honor.
and, / have no doubt, will be all right in the
end. / am much distressed.
MR.. WHITES PRIVATE FORTUNE.
The private fortune of Stephen Y. White,
so long noted for the success and boldness OF
his speculative deals. is estimated at 600
number of firms who We're borrowing
stocks from :. Y. White a Co. received notice
from the firm before the opening OF business
to day t. sell these shares and the market
took the stock with scarcely tremor Put
and call holders who held privileges from ).
V.
against their options, now find themselves III
the predicament OF having 10 cover.
Charles W. Gould, of No. . Wall street. has
been appointed general assignee.
WILD SCENE ~ THE CORN TIT.
CmcAoo. sept z2.-Tho elect cf the failure
of S. Y. White n Co. was discounted in the
lower figures which prevailed at the opening
of the Board here this morning, and subse-
quent trading led to advances IN all the pts.
OF course. the corn pit was the centre OF at
traction and wild scene was enacted the mo-
ment the bell tapped. Traders clambered over
each other in their efforts 70 be heard and ali
sorts of prices were asked and bid at the same
moment. October in which most OF the unset
tied trades existed, closed yesterday NJ 5les.
and at the start there were "a few trades at
| and around 4s for that future. but sellers
quickly advanced their prices and It was hot
until 49049i was reached that trading actu-
ally became active and IN spite of a recession
Of Il penny in the price at Liverpool the mar
ket was strong and between 40 and 49A an
immense amount of grain was brought ia,
but the excitement then began 20 quiet down.
whether because the trades were ell covered
| or because the cooler heads decided 20 pre-
vent panic By waiting till matters cooled
| down a little, cannot now be determined
! Certain it is, however. thatth trading became
less violent, and the PIT more nearly assumed
its normal appearance.
ANOTHER FAILURE RESULTS.
Pr1rsBuRG. Sept. 22.-Rea Bros. q Co.,
prominent brokers this city. correspondents
| Of $. Y. White * Co.. Of New York. have
temporarily suspended business, the result OF
the failure of White Il Co this morning.
Rea Brothers and Co.. local cores
pondents in this city of S. V, White, Of New
! York and Chicago, have sent the United Press
! the following statement: IS Y. White Co.,
! have for some time been our correspondents
| in New York aud Chicago We had direct
wire connection with their Office and they
/ substantially transacted all our business in
the exchanges in those cities. We had to-day
| deposited with them over s7i 600 in cash. We
! had in addition large accounts Of grain and
securities in their hands for sale. We were
startled At 1880 to-day TO receive message
stating that they had closed out all our affairs
| in their hands this morning and had made an
/ assignment. We have 50 fAr been unable TO get
a statement from Mr. White as TO how or
when he proposes to adjust our account and
/ have decided 10 decline all business until We
know where We stand" Rea Brothers a
| Co. will. if at all probably settle with
/ H. .rss1 tfs.