The times., 1897-09-10
FAIL FOR OYER A NJ .LLION
The Big Bucket Shop of Willard &
Company Goes Down.
BraUch Houses in Many Cities
The Firm on the Wrong side
OF the Market.

New York, Sept. 8. j. r. Willard& Co..
bankers and brokers, with offices in this
city at Nos. 30, $50 and 1927 Broadway,
and with out-ortown Offices in Buffalo,
Washington, Philadelphia and Montreal,
made an assignment today to lanes l..
Starhuck, one OF the bookkecpers of the
firm, with preferences to Wiliam II. os-
terhout, OF Ridgeway, Pa, for $4,000.
The members OF the firm are stated to be
James r. willard, Elmer Dwiggins and
Jay DwiggiEs. Just how much the liabt
ties and assets are is not to be learned
with exactitude. II is reported shat the
liabilities may exceed 81, 100000.
The concern, which advertised that it
held memberships on the Consolidated
Stock and Petroleum Exchange, the New
York Produce Exchange, and the Chicago
Board of Trade, has done an enormous
business. II had more than 100 cor
respondents In various cities and eXten-
sive private wires and long distance sys
TENS extending through the Southern,
Western, and New England states and
Canada.
elmer Dwiggins has been the active head
OF the concern. Jay Dwiggins is his
brother and the two are nephe ws pf ZinTi
Dwigeins, who was famous III the West
as the organizer of the remarkable chain
Of So-called Dwiggins banks in the West.
most OF which went TO smash In 1898.
Willard is = Chicago man, ike the Dwig-
ginses lie has not been much in this
city. Up 10 few months ago the firm
had an office In Chicago, Tut tnat business
was sold out Co John Dickinson & Company,
Dickinson having been formerly the man
ager o. the firms Washington office.
The firm, has been doing business since
September, 1895, and has been a very
large advertiser in the newspapers. IL
published a pamphlet containing explama
tions of Wan street terms and methods oi
stock dealing, which circulated 10 the
extent Of so 900 copies.
More than 100 customers visited the
office at 55 Broadway today. They found
| the doors open but a notice of the assign
ment posted. The customers represented
claims agains; the firm. ranging from under
| 500 to Sl4 zoe. The assignee could
tell them little, except that the liabilities
were large.
The cause of the failure,' he said,
''was simply that the firm was on the
i wrong side of the market. IL was short
/ r
/ OIL the list. The liabilities win nearly
wholly represent the claims of the Gus
TONERS. The firm does not owe any none
to any other Wall street firms or on tn.
! exchanges. Roody, Mcclellan & Co, ot
the stock exchange, have done considera bI.
| business for us on that exchange, but al
our trades with that firm Were Close FL yes
terday-
'Elrner Dwiggins is in town and mad
today's assignment. He lives at Irvington
jay Dwiggins has been in Europe but
| think he is returning, Mr.. Willard is ii
| Chicago -
Thirty five clerks were employed in tn
:, office at 50 Broadway.
r. S. Dwiggins, the father of Elmer and
| Jay, has been the manager Of the office
al $50 Broadway. 1t was at the Con.
solidated stock and Petroleum Exchang,
that The clearing house sheet of James Z
Willard showed difference in his favor
| The dealings of the firm on the ex
change, however, within sixty days run
as high ;.s 5000 to 10000 shares daily
| Willard is reported TO be under suspen
sion by the Chicago Board of Trade.
A letter signed by him, dated Chicago
| September Z, received today by the sec
retary of the Consolidated Stock ExchaDg,
read:
PLEASE take notice that the firm o
j. R. Willard & Co. is no longer in existence
| Very truly, yours, j. r. WILLARD"
Assignee starbuck, when questioned il
| regard to this letter. said that WilIar,
had no authority from the other member
OF the firm To write such a letter.
lie allowed the use Of his name undo
contract said Mr.. Starbuck. ''H
has recently endeavored to withdraw, bu
was not able to do So"