The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-09-10
FAILED FOR A MILLION
New York Bankers and Brokers With
Various Branches Close Their Doors.
ON THE WRONG SIDE OF THE MARKET
No Esttmato of Assets, which Com
sist of CnsII, Accounts and Stocks-
Similar Concern In Washington
Closed Temporarily, us 1t Says
WIFE Pay Checks.
New York. npt. 9, 1907.

James r. Willard. Elmer Dwigt,ins
and Jay Dwiggins. who compose the
firm OF j. II. Willard x Co., bankers
and brokers. with offices in this city,
Buffalo. N. Y; Washington, d. c., Phil
adelphia and Montreal, to-day assigned
to James l.. Starbuck, with preferences
for $4,000 TO William II. Osterhout No
statement of the condition of the firm
is yet obtainable, but it is estimated that
their liabilities will reach 81 600, 600. Jay
Dwiggins Is at present travelling in Eu-
rope.
1t was said ut the offices Of the firm
that Mr. Osterhout, the preferred cred
itor, resides in Ridgway, Pa, and the
amount due him was Il personal loan
Many Of the firms customers gathered
in the office during the day, and were
loud In their condemnation of the ac-
tion of the firm in closing them out
without notice Confidential Clerk Ar
bogaSt admitted that he was the head
OF the firm of ArbogaSt & Co., of Chi
caEo- He denied that the business had
been closed by the Chicago police 81
am n member Of the Chicago open Board
OF Trade, and my reputation is we'll
known in that city," said Mr.. Arbo-
gast. MY business dealings in Chicago
were perfectly legitimate and I defy
anybody to say aught against me. Ar
six months, and they went out volunta-
rily.
1t was said that the stock exchange
firm OF Boody, McClennan & Co did
considerable business for the defunct
firm, but they were not involved by
the failure. At the Office of the firm
all information as to the relations with
Willard & Co. was refused.
superintendent Howe, of the Produce
IA ~1,s.y A. a.
written on the business paper of John
Dickinson &c Co.:
Chicago, ILL.,, Sept. g. 1897.
To the Secretary OF the Consolidated
Stock and Petroleum Exchanges.
Dear Sir-Please taxi notice :hat ,ilc
firm of ]. r. Willard & Co. is no longer
In existence.
Very truly yours,
(Signed) j. r. WILLARD.
The letter was re-addrcss sad and sen.
to the Secretary Of the Consol dated
Exchange.
The assignee, Mr.. SaarHucR, is one OF
the bookl1ecpers OF the firm. On mis- he
half another employe made the io!cw.
ing statement:
1t Is difficult to tell what the ,iabili-
ties of the firm are, but they will prob.
ably amount to as much as 81, ,O06 COO
1t is even more difficult at this ,hre &c
give any idea of the assets If the firm
Whatever they are, they consist main.
ly of cash In bank, ouys.a ldlug accounts
and securities.
There is some prospect OF a resu:np.
t!on of business, provided n reasonable
settlement can he made with creditors. y
j. r. Willard, senior member of the
firm, has been me nber IF the Consoi.
idated Exchange since September s3d
1898. He has representa- the firm IN
Chicago, and had branch office in
that city up to few months ago, when
1t closed and the business was taken
over by John Dickinson & Co Elmer
DwiSEins was the working head CT tine
firm. He made application to be ad.
mltted to memh e-'sAi2 in the Consulida.
ted Exchange on July 31st. but was no,
admitted.
Elmer and Jay Dw!sg,ns, who are
brothers, are hephews OF ZlmTi DwIg.
gins, who founded large system of
country banks In illinois. Indiana and
other Western States, most Of which
failed in the Panic Of 1883.
The cause af :,:e e,.li:c,'' said A,
signee Starbuck. us simply that the
firm has been upon the nro.lg sid. of
the market. They have been short on
stocks and grain"
The firm has done big business IN
the Consolidated Exchange, within sixty
days having run as high as 1000 ia
10000 shares of stock daily