The Wichita daily eagle., 1891-09-23
FAILURE OF S. v. WHITE & co

FAILURE OF S. V. WHITE & co.
NEW YORK, Sept. 22-S. V. White &
Co. have sent the announcement of their
assignment to the Stock exchange. The
failure caused but little excitement on the
Produce exchange. forthe reason that but
few of the members were interested in the
zeal The price OF cOrn on the Produce eX-'
change fell one cent at the news of the
failure. The liabilities viii be very large,
but Mr.. Stedmsn says that he can give no
tStimate of the amount yet.
The following will illustrate the per
sonal feeling in regard TO the failure. It
is an expression by one of the firms
friends: Anyone that knows s. Y. White
knows that he viii resume. If everybody
on the street whom he has helped should
give him $500 he would be again a rich
man"
At O'Clock the assignment of Stephen
y. White and Franklin w. Hopkins, com
prising the firm Of s. V. White G Co,
bankers and brokers. was filed Charles
". Gould Is assignee. and there are no
preferences. The assets and liabilities are
not'known
For the third time in his business career
in Wall street Stephen Y. White was to-
day compelled TO suspend payment On
the two previous occasions he got on his
feet and paid his creditors in full The
Sri6, vigOr and fighting qualities OF White
of the present disaster. White freely re-
ceived reporters today, but he would make
no more than statement covered in these
words: Il have been largely long OF corn.
and IN closing it out the depreciation. with
calls for margins. which were unusually
heavy, exhausted my resources, and there
was nothing lett but to stop and assign.
A well-informed grain man put the posi-
tion this way: Nv bite came TO Chicago
as a 'tendertoot,' and be was scslped bT
the 'lniuns of the windy city, The Chi
cago board Of trade almost TO man
fought his corn deal. and he had TO cor
duct his campaign l,0oO miles from the
scene of action
There are various estimates of the
amount of corn which :. Y. White & Co.
were carrying They range from I000o.-
900 TO i, 600 600 bushels Some rough esti-
mates place the liabilities at 81 500 000. but
they are Enthusiastically. A few of Whites
friends said bluntly that his partners in
the deal sold out on him.
CHICAGO, Sept 22-On an application of
Arthur w. Allen, United States Circuit
Judge Gresham this evening appointed
the Illinois Trust and Savings bank re-
celver Of the firm of : V. White & Co,
the Chicago branch Of the New York con
cern. The Chicago house Is composed Of
the members Of the New York concern and
=. v Whites son Arthur White and
Arthur W. Allen. the resident manager
and partner, who applied 70 have the re-
oeiver appointed Attorney Prussing said
tonight that the Assets and liabilities can
not yet be ascertained. but that the trans
actions in grain reached into the millions
The failure, he added, is due 10 continued
buillng Of September and October corn.
You see. after all. said Mr.. Prussing.
that it was not Old Hutch that was
working the market. The corn was pur-
chased here for cash. and the enormous
sums required 20 buy il were raised BY the
firm among the banks, the security being
the corn itself. The receiver was appointed /
in order TO prevent some Of the creditors |