The Providence news. (Providence [R.I.]) 1891-1906, 1891-09-22
FAILURE OF S. V. WHITE.
A SENSATION UPON WALL STREET
THIS MORNING.
The Assignment Caused by the Fiuctua-
tion Ina Corn-something About MIR.
Whites Career in Congress and His
Fame as an Astronomer.

NEW YORK, Sept. 22.-S. V. White &
CO., one of the largest brokerage houses in
Wall street, made an assignment this
morning at 10 o'clock. Mr.. White Is fam
iliarly known on the Exchange AZ Deacon
White and IL noted for his dealings In the
stock of the Delaware, Lackawanna a.
Western railroad. In reply toa NEWS re
porter Mr. White said the failure was due
solely TO his dealings in corn and has
nothing to do with his transactions in
stocks. He referred all inquiries TO Mr..
l.. G. Stedman.
Mr.. Stedman makes the following state
ment ;-"All can say OF the failure IL that
the embarrassment is due entirely to the
decline in corn. Mr. White has been
heavily long Of September and October
corn" Recently the magnificent weather
In the West has caused heavy falling off
in the quotations OF corn, and Mr.. White
was unable to meet his contracts.
''The branch OF the firIh at Chicago has
also assigned" said Mr.. Stedman. II
cannot tell the extent of the liabilities, but
the New York Stock Exchange do not
amount To more than IA few hundred
shares"
A number of firms borrowing stocks
from s. V. White a. Co. received notice
from the firm before the opening of the
market to-day 10 sell these shares, and the
market took the stocks without trtmor
Put and call holders who held privileges
from >. " White az Co., chiefly calls, and
who went short against their options now
find themselves In the predicanent of hav-
ing TO cover at a loss.
Mr.. White has been on the street for
over twenty years He made his first large
and successful transaction in the stock OF
Delaware Lackawanna and Western Rail-
road in 1874 He is said To have made over
81 ZOO by tho turn In the market at that
time.
Mr.. White served one term in Congress
where he performed his public services with
distinguished ability, but the place was
not TO his liking, and he did not attempt a
reelection.
Mr. White is also well known as MEM
Der Of the Brooklyn Institute. He Is an
expert astronomer and has In his house a
completely equipped telescope for star OBJ
seryation. He Is pleasing speaker, ON
political, financial or scientific subjects.
Il. G. Stedman 20 whom enquirers have
been referred, says the amount of the liza
bilities Is not yet known. but they will be
very large. Mr.. White has been buying
heavily long Of September and October
Stock Exchange are only few hundred
shares.
Pandemonium ruled on the Stock Ex-
change to-day in consequence OF the White
failure. After the announcement was
made prices broke all along the line, but
showed "A strong tone later.
No other houses are affected by the fail
ure. Ii il believed that White will re-
sumo. Chas w. Gould, the lawyer, has
been appointed assignee
One estimate places the liabilities at ST.
100000; the assets are unknown, but a
member of the firm says the creditors will
be paid in full The firm was carrying
ii 600 bushels OF corn.
The Chicago House suspends Too.
CHICAGO, Sept. 22.--The Chicago branch