The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-09-10
LOST IN WHEAT'S AVALANCHE.
A BANKING AND BROKER AGE FIRM
FAILS FOR a MILLION.

The Assignment of j. II. willard &
Co. Is Posted on the New York Ex-
changc-Thcir Angry Clients Gath
er I'm the Ofncc to Condemn the
Mnnngcment-Little Satisfaction To
BE He'd of the Omcers-The Fail
ure Affects Other Firms.
New York, Sept. 9-James r. Willard,
Elmer Dwigglns and Jay Dwiggins. who
compose the firm of ]. r. Willard & Co.,
bankers and brokers, with Offices in this
city, Buffa.o, N. Y, Philadelphia and
Montreal, to-day assigned to James l.,
Starbuck, with preferences for $4,000 to
William H. Osterhout. No statement of
ble, but IL is estimated that their liabil-
tiles Will reach $1,000, ,OOC0.
Jay Dwiggins is at present travelling in
Europe. 1t was said at the Office of the
firm that Mr.. Osterhout, the preferred
creditor, resides In Ridgeway, Pa, and
the amount due him was a personal loan.
Many of the firms customers gathered in
the office during the day and were loud
in their condemnation of the action Of the
firm In closing them out without notice.
Confidential Clerk Arbogast admitted that
he was the head of the firm of Arbogast
& Co. of Chicago. He denied that the
business had been closed by the Chicago
police. II am a member of the Chicago
open board of trade and my reputation is
wei. known in that city," said Mr.. Arbo-
CAST NIB ybuslness dealings in Chica-
go were perfectly legitimate and / defy
anybody to say aught against me- Arbo-
gast & Co. were only in business about six
months and they went out voluntarily"
1t was said that the stock exchange firm
of Boody, Mcclellan & Co, did considera-
BILE business for the defunct firm, but they
were not involved by the failure. At the
office of the firm all information as TO their
relations with Willard was refused.
Supt. Howe of the produce exchange to-
day received the following written on the
business paper of John Dickinson & Co:
Chicago Sept. ITO the Secretary of
the Consolidated Stock and Petroleum Ex-
change; Dear Sir: Please take notice that
the firm Of j. r. Willard & Co.. is no long
er in existence. Very truly yours j. r..
willard"
The letter was re-addressed and sent to
the secretary of the. consolidated exchange.
The assignee, Mr.. starbuck, is one of the
bookkeepers of the firm. On his behalf,
another employe made the following
statement:
1T is difficult to tell what the liabilities
of the firm are, but they will probably
amount TO as much as 81, COO, 600 1t Is even
more difficult al this time 10 give any idea
of the assets of the firm. They consist
mainly of cash in bank, outstanding ae-
counts and securities. There is some pros
pect of a resumption of business, provided
a reasonable settlement can be made with
creditors"
j. r. Willard senior member OF the firm
has been a member of the Consolidated ex-
change since Sept 2s 1895. He had repre-
sented the firm in Chicago, and had a
branch Office in that city up TO a few
months ago, when 1t closed, and the busi-
ness was taken over by John Dickinson g.
Co.
Elmer Dwggins was the working head
of the firm. He made application to be
admitted to membership In the Consoli-
dated exchange on July 81, but was not ad-
mitted.
Elmer and Jay Dwlggins who are broth
ers, are nephews of Zimri Dwiggins, who
founded a iarge system OF country banks
in Illinois, Indiana, and other western
states. Most Of which failed in the panic
of 1898.
THE cause of the failure" said AS
signee Starbuck, rs simply that the firm
has been up on the wrong side of the mar
ket. They have been short on stocks and
grain"
The firm has done a big business on the
Consolidated exchange, within sixty days
having run as high as 5000 to 10000 shares
daily.