The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-10
j R. WILLARD & co. BREAK.
SAID TO OWE a MILLIoN, AND ALE
THEY OWE rs TO OUST0NERG.


She firm was short or stocks ana wheat
Has Beon PiunEinn Hoavtly-Uncie Eimri
DwtEEiBs's Ncphows were the Active Mon
In t-Omoes In FouE Citios Closed at once.
J. r. Willard d Co, bankers and brokers,
with oflces in this city at 90. $50. and 1927
Broadway, and with out-of.town Offices in Buff
fnlo, Washington, Philadelphia, and Montreal,
mado an assignment yesterday to James l.
starbuok, ono of tho bookkeopors Of tho firm,
with a preference to William II. osterhout Of
Ridgeway. Pa. for $4,000. Tho members of
tho firm wero stated TO be James X, Willard,
Elmer Dwiggins, and Jay Dwiggins. The
amount Of the liabilities and assets 10 not to
be learned with exactitudo. 1t Is reported that
the liabilities may exceed 81. 100000.
Tho 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. 1t had more
than 100 correspondents in various cities and an
extensive private wire and long-distanco tele-
phone system extending through the Southern,
Western, and New England states and into
Canada.
Elmer Dwiggins has been tho active head Of
the concern. Jay Dwiggins Is his brother and
the two are ncphews Of Zimri Dwiggtns, who
Is famous In tho West as the organizer of tho
remarkable chain of so-called 'Dwiggins"
banks in tho West, most Of which went to
smash in 1898. Willard is q Chicago man,
like the Dwigginses. He has not.been much in
this city. Up to n few months ago the con-
Germ had an office in Chicago, but that busi-
ness was sold out to John Dickinson 6 Co.,
Dickinson having been formerly tho manager
Of the firms Washington office.
The firm has been doing business since Sep
tcmbor, 1895, and has been a very large I'D
,rtsu ia thn aprsp nra II tnh1tahnl n
pamphlet containing explanations of Wall
street terms and methods OF stock dealing which
had elaborately httod offices on tho second
floor of % Broadway. James X. Willard was
admitted to membership on the Consoiidated
1925. Elmer Dwigrins applied for member.
ship on the same exchange on July 81 last. but
was not admitted.
Willard was formerly a reporter for the Chi
sago Herald on the Chicago Board Of Trade.
H HonEin ne Y vas Ger em pnd was ,n I'm, the S Gi,1ss OF r nSnael!.'
OF that firm, collecting market information for
tho house, and Preparing ils daily letter to Gus
cago Board of Trade, and about this time met
the Dwisgins brothers and Uncle Zimrl. Tho
thcn. and were selling so-cailGd sand lots, on
the outskirts OF Chicago. With the brother
Willard started a concern. called Vaientine-&
business. Another and: associate concern was
also formed under the tito OF ,Abrogast x Co.
.Abrogast being the brother-in-law of the Dwig;,
Sinses. These, concerns finally closed up. and
II was then that the Dwiggins brothers with
Willard invaded this ciN and the firm which
More than 100 customers visited the office
Ct 90 Broadway YESTERDAY. They found the
posted. The customers represented claims
against the firm ranging from under 500 to
except that the liabilities were large.
The cause or the failure, he said, was
tthi%p mnr tnSt '4 iS M ff@ s Ies on on i arsi mr SnS s s1ee OF
most OF the stocks on the list. The liabilities
will nearly, wholly represent the claims OF Gus
toners. Ihe firm does not owe any money to
any other Wall street firms or on the exchanges.
Boodyi Mcclellan d G. Co. Of the stock Exchange
Exchange, but all our trades with that firm
were closed Yesterday. Elmer Dwiggins IL in
town and made to,day,s a%ssignment; He lives
Europe, but think no Is returning. MIR. Will
Ing assets of!$3l4.266 and liabilities 500. 500.
and. declaring that the net profits Of the New
were S"l$,?l2 which was lar in excess of what
Thirty-tive clerks We're employed in the Office
al 30 Broadway. X. s. Dwiggins, the father of
Elmer and Jay, has been tho manager OF the of
nce at $50 Broadway. 1t was said at the Consoli-
dated Stock and Petroleum Exchange that the
Clearing House sheet of James II. Willard
showed n difference in his favor. The dealings
OF the firm on the Exchange have within sixty
days run as high as 5000 to 10000 shares
daily. Willard Is reported to be under sus-
pension by the Chicago Board Of Trade: 4
80 ItS ~ ~ Al4lIis tHltu IlNV6 trpt- .
received Yesterday by the Secretary OF the Con.
solidated Exchange. read:
Please take, notice that the firm Of J: r.
Willard 4 Co. is no longer in existence. Very
Truly yours, j. X. WILLARD"
Assignee Starbuck. when questioned in re-
gard TO this letter, said that Willard had no au-
thority from the other members of the firm to
write such a letter.
II allowed the use OF his name under a con-
tract" said Mr.. Starbuck. He has recently
endeavored TO withdraw. but was not able to do
P~nILApELPHIA. Sept. 1.-TWO weeks ago
willard &; Co. opened snowy offices in Chest
nut street. They spent money In advertising.
and their rooms were soon filled with custom
ers, among whom were many women, for
whom there was set apart a special room with
expensive decorations. The local manager, w,
j. Mitchell. was from New York. The place
was open yesterday as usual. When the janit0r
arrived at Z A. NJ. to-day he found that during
the night some one had posted "a notice on the
doors that the concern had suspended. Mitchell
and his clerks were not around.
BUFFALO,. Sept. 9.-The Buffalo office is
closed and the agent has gone to New York.
WASHINGTON. Sept. 9.-Gcorge ". Silsby &
Co.. weil-known bucket shOp brokers. posted a
notice today that they were compelled by the
Failure OF u New York firm to suspend for q few
days payment OF old claims. The office was
open as usual to-day. and a few deals are being
made. A suit was brought against Silsby yes-
terday for So, 612. so, alleged TO be duo Frank A.
Scabriny and d. +. L.. 1remaine for margins
and profits. This precipitated the closing.