Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1891-09-25
Great Commission House Of s.. V. White
a. Co. Makes an Assign.
ment.
The Disaster Announced Simultane-
0usly in the New York and
Chicago Exchanges.
The Firm Reached Ruin by frying
to Run a Corner ON
Corn.

CHICAGO, Sept. %. IS. V. White e
Co. one of the largest stock and grain
COMMISSION firms IN the w rid, doing
business III Oh ,ragO and New York,
have failed. The announcement was
made simultaneously on the New York
and thicago stock exchanges this morn
ing. 1t did not cause the excitement
which the failure of firm of this
magnitude would ordinarily have done,
because of its anticipation through
statement publish in the New York
Morning AdvertiN T. this morning
The climax OF the catastrophe has been
approaching culminntion for the last
two weeks, but ,de facts have
been carefully guarded and did not
leak out until yesterday aft raOon
An assignment of tie assets, it is
said, were ma 1T not recorded
Tho Il >ignment is stated be due
to an attempt 10 run "A corner in corn
The rumor OF the impending failure
yesterday caused great establishment
in Tie commercial world, cominr as 1t
did just at the tin, + strong upward
movement in all securities The vol
Eme OF business in railroad
stocks during the last three
day hud diver to som extent
attention from ~p.culation and in
vCetmcnts In breadstuffs Mcra bcrs Of
the en- baras ed firm had been able to
Gomez the real state of TIN actual
conditD, II without the slightest diff
Guilty, and so far II, The general opera
tions or the street we're concerned no
quest rs to so!v"ncy had ever been
thougu It. 1t was My after tlonght-
full consideration and very complete
review Of the situation that il was de-
cided to make an assignment for the
benefit Of creditors
CHICAGO, Sept. 22.-Mr. Day, of the
firm of Counselman d Day, denies that his
firm has any dealings with the broken
firm.
On application of Arthur W. Allen,
evening appointed the Illinois Trust and
Savings bank receiver of the inso'vent
firm which is the Chicago branch Of the
New York concern. The members of the
branch are Arthur White, son of Deacon
White, and Arthur w. Allen, besides the
members of the New York concern.
The bill was very brief, reciting
the organization of the firm April
10, 1853, ana thaJ Oy reason
of the assignment of the New York firm
the Chicago branch was unable TO con-
tinue business and had become insolvent.
Attorney Preussing tonight said the as
sets and liabilities cannot yet be dscer-
tanned, but transactions in grain reached
INTO the millions. The failure he added,
was due to continued "culIing" of oco-
Der corn. "You see, after all, "
said Mr. Pru assing, "tnat it was
not Ola Hutch that was working the mar
kets." Corn was purchased here for cash
and the enormous sums required to buy it
were raised 10y the firm among banks, the
security being the corn itself. A receiver
was appointed in order to prevent some
creditors from attaching the assets, thus
freezing out others to whom the
firm is indebted. We will know better
tomorrow how this firm stands
The failure shows, however that farmers
did not hold back their corn, because if
they had this wouldn't have happened"
No sooner had the announcement of the
assignment been made than Chicago cred
itors began an assault on the local assets
through the state courts. Daring the af
ternoon several attachments, representing
small claims, were fled