Evening journal., 1897-09-10
ASt,OOO,OOO FAILURE
This May Be the Indebtedness OF
New York Brokers.
MESSRS. ], R. WILLARD & co. ASSIGN
All the Members OF the Firm Are Out
OF Town and New Clerk Is In
Charge-The Firm Had
Many branches.

New York, Sept. 1O-J. r. Willard &
Co. made an assignment, and their Gus
toners who have made profits on their
recent investments in the stock market
were bitterly disappointed when they
found it impossible to get anything
from the company. Preference Is noted
for William II. Osterhout for $4,000.
The cause Of the failure was the fact
that the managers of the concern looked
for big slump in prices and conse-
quently sold short. The bull market
caused big loss, and a suspension was
made necessary.
Reports reached this city from several
places where the company has corre-
spondents that there had been failures
10 pay customers the profits due them
on their investments. At the same time
the clearance sheet on the Consolidated
Exchange showed that the firm made
big profit in It's dealings in wheat.
The head of the firm is J. r. Willard
Of Chicago. The other members are FL
mer and Jay Dwiggins. Mr.. Willard
became a member of the Consolidated
Exchange on Sept. %, 1895, at the time
when the company was organized. He
never has been on the floor Of the EX-
change, but all OF the business was done
through other brokers. Elmer Dwig-
| gins is now on his way home from
| long trip abroad He will reach here on
| Saturday. The other brother is in Phil
adelphia. The local Office recently was
| put in charge of a clerk, who states he
has been in the employ of the firm only
| two weeks. The assignee Is G. l.. star
buck. who says that he has been IN the
! employ Of Mr.. Willard for the last two
years.
The Assignee Speaks.
"I do not know what the firm will
do" lie said. Il did not know until a
day or so ago that there was the slight
est reason to doubt the ability of the
company to pay all Of it's losses on sight.
/ do not know whether or not the CONF
pany will ever resume or what will be
done"
How many creditors have you" was
asked
1.-The list is about so long" replied Mr..
Starbuck, measuring off about three feet
with his arms.
A number of the long list of custom
ers dealt largely in wheat. 1t is not
expected that Mr.. Willard or either OF
the Dwigginses win come here tC
straighten out matters.
The firm has offices at So. 2S0 ant
1927 Broadway. this city; 3S5 Ellcot
; square, Buffalo; 1343 + street Wash
5 ington; 1881 Chestnut street. Phildel'
phia and 1719 Notre Dame street, Mont
real.
= Guy Arbogast, one Of the conhdentla
clerks, said: "Of course. it IS impossible
4 to give any information as to what tn
( assets and liabilities viii be as yet. ]
e will be some time before the books o
I the firm can be gone over, and not unit
I this is done will we be able to state tn
, amount Of the failure"
Q Mr.. Arbogast at first refused to sa.
D what caused the firm to go TO the wall
but finally admitted that they had beel
? caught badly on both sugar and wheat
He said:
S 1T is true that neither of the mem
a bers OF the firm are in town. The irm
until very recently, was among tn
largest dealers in the country
D It is said that the liabilities of IN
Willard company will be not less tina
10 81 900, ,OOO