The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-06
"DEACON" WHITES FAILURE.
He Did Not Expect the Sudden Drop 4
Stocks-Other Suspensions.

He Did Not Expect the Sudden Drop In
stocks-Other Suspensions.
NEW YORK. May SIS. V. White. moro
familiarly known as the Deacon" has
again been forced TO succumb Shortly
after 1880 o'clock this morning. Dir. Whites
suspension was read from the rostrum of
the Stock Exchange. 1t will be remem-
bered that Mr.. White was practically
ruined about two years ago in attempt
TO corner" the corn market. He eventu-
ally made a settlement with his creditors
and resumed business at the Stock Elk.
change. He made considerable money in
the industrIais, but. like a great many
Others. oyerstayed his market. Mr.. White
first came INTO prominence by his mastery
handling of Delaware. Lackawenna ~
Western, some years ego. for the Ii. b.
Clahin interest. The late Jay Gould once
said. In an interview, that the only real
leader IN Wall street was Deacon White.
Mr. White was very much broken up this
morning. He was besIeged by bis friends
and brokers with whom he WAS dealing.
Ii was not until after 10 o'clock that MIR.
White realized that an assignment was
necessary. No idea of the extent of the
failure could be learned at the Office until
lilo A. NJ, when Mr.. White made the fol-
lowing statement to tho press:
The unexpected drop III all securities has
collect margins TO meet my engagements.
When seen at his office after this an
nouncenent. Mr.. White said: III You
want TO know the reason of my suspension
You need only 20 look at the tape. The
terrific drop in the market has used me up
ami was forced TO suspend. | have a
large number of outstanding contract Is
which must he closed out. The drop in
Sugar was one OF the chief causes of my
suspension"
Mr.. White was large seller of stock
privileges, and his present troubles are
keJ have been bought right and left during
the present crisis IN the stock market. and
the rapid and severe decline IN the market
has enabled the Purchasers of his privi-
legcs 70 put stocks 10 prices away above
the market. MIR. White W as unable TO give
a definite idea of his liabilities. but said
hs would make public statement in day
or two.
William p. Dixon. Floyd Ferris and
William kimball. composing the firm OF
Ferris ~ kimbali. have assigned to the
Same assignee.
w. l.. Patton and Henry l.. Saltonstall.
composing the firm of William l.. Patton
* Co., have assigned to Barclay l.. Mo-
Carthy.
Three bondsmen for Edward F. C. Young
and George w. Lopez. receivers for tho
CordaGe Trust. qualified in Jersey City
in the United States Circuit Court, to-day,
Judge Wallace made an order appointing
Young and Lopez receivers for the Cord
age Trust In the Southern district of New
York. The same reasons as those given to
Chancellor McGiil, of New Jersey, arc
stated.
A dispatch from Boston says: Francis
Henshaw II Co.. stock brokers', suspended
this morning. Walter jackson, membe r
of th" firm. said: ''Our failure is due to
our inability 10 collect money on margins.
Ia the present state of affairs it Is Impos-
sible 10 cay 10 what extent we are affected.
Oar suspension has been precipitated by
tho condition OF the market during the
past few days; money has been very scarce.
We hope To get ont OF this all right"
Mr.. White said tonight that he ex pected
TO be able 10 resume payments tomorrow.
Ii Is currently stated that the Havemey-
eSs. tho wealthy sugar men. have put up
money enongh 81 GOO. 010 il is said TO place
MIR. White OH has feet again. His losses, 1T
II said. are 10 Sugar and Manhattan Ele-
waited stocks. lie has u large amount of
Sugar privileges ont on which the iosses
are heavy.