Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1891-09-24
CAUGHT ON CORN.
Failure of the Wall Street Firm Of
S. V. White & Go.
An Attempt to Corner the Market
Ends Observation-Disclosures Es-
timated at About So, 100000.
a cRAsH IN wALL srREEr.

CRASH IN WALL STREET.
NEW YORK, Sept. 2S.-S. V White Il
Co, bankers and brokers at SO Wall
street, have made an assignment
Their liabilities are estimated at So
100000, and while it is impossible at
present to give the amount of the
assets the firms friends declare that
the creditors will lose nothing
The cause of the trouble is de-
clared to be the disastrous failure of
an attempt to corner September corn.
As matter of fact the firm was long
on 11,000,OO0 bushels of Septem-
Der corn which Chicago opera
tors pulled down from 6sI to
So cents in ten days. Charles
w. Gould, he lawyer, is assignee,
and there are no preferences The
story went that there was another firm
mixed up and that S. V. White 4 Co.
were carrying some of its paper. This,
however, was denied by the firm in
question. The excitement is intense
and the widest sort of rumors are fly
ing thick and fast.
The announcement of the failure
was made in Chicago simultaneously
with the announcement here. The
members of the New York house are ).
V. White and Franklin W. Hopkins.
The Chicago branch consists of S. V.
White, +. w. Hopkins, A. w. Allen
and Arthur White. The firms corn
contracts have been mostly in Chicago.
Not since the Barring complications
last November has Wall street expert
enced such a sensation. Pandemonium
reigned on the stock exchange as soon
as the presidents gavel fell for the
opening of business. The floor was
crowded to suffocation and the express
sion upon the faces of a majority of the
traders was one of anxious expecta-
ton. The market opened feverish,
owing to the rumors on the street after
the close of business last evening that a
big house was in trouble and unable
to meet its contracts. The
suspense was at its height when
TIE chairman called the room
to order and announced that s V.
White & Co. had made an assignment.
Wall street received the news of
the failure with the utmost astonish-
ment The house has been looked upon
as a very solid one. Moreover,
the deacon" was a bull on stocks.
The bulls have been having things
their own way for some time past. But
when it became known that the failure
was due to the drop in corn the street
was able to understand it.
For some two months past reports
and rumors have been rife in the grain
markets, both here and in Chicago, of
the formation and operation of pow
erful clique of bull operators WHO had
combined to put up corn prices and to
corner that cereal as far IS possible.
S. V. White was said to be
at the head of the clique or pool, and it
was rumored that several other prom
inent Wall street men were in it. r. ID.
Armour and other well-known Chiea-
go men were alleged to be short
heavily of cory. The small stocks
of corn at the principal re-
ceiving points in the United
States favored the clique. They also
took good care to point out that,
though the company's crop promised to
be an enormous one it hadn't been
harvested, and So it could not all be
safe before the end of September or
the beginning of October. Just
about a month ago the clique
was at the height of its power.
On August II last, on the produce
exchange, the August option for corn
sold at roc per bushel, the September
at 1870 and the October at 72Hc. Since
then there has been big slump
Monday there We're no sales on the ex-
change of September corn. but its bid
price was 6O}zc, and October's high
est price was 59l4c.
The senior member Of the house,
who is known as the deacon" is one
of the best-known bulls in the market
and his downfall is due to Ills attempt
to bear stocks at the same time that he
was bulling corn.
i. is believed that the liabilities of
the firm are in the neighborhood of ST.
900, 600. The assets are not known,
but member of the firm is authority
for the statement that all creditors will
be paid in full.
The news of the failure caused
Hurry on the produce exchange. Oc-
tcber corn, which closed Monday at
59Ac, dropped Immediately to 571Gc.
The depression, however, was only
temporary and the market soon began
to rally Various opinions were held
as to the effect Of the failure. II was
not generally thought that it would
permanently unsettle prices.
Barker-Iieed Checker Contest.
CHICAGO, Sept % The Barker Reed
checker contest resulted Monday in
both games being drawn Fife open
ing were used in each The score now
lands: Barker, 4; Reed, 0; drawn, 10;
tames remaining to be played, rs.
The King OF Roumania to Retire.
VIENNA, Sept % 1T is stated that
the king Of Roumdnia, upset by the
queens illness and court iutripues has