The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-10
FAILURE OF BROKERS
TWO NEPHEWS OF ZIMRI DWIGGINS
MAKE AN ASSIGNMENT.
Members of a Firm of New York Spec
ulatOrs Who Were Short ON Grain,
Stocks and Bonds.
ONE MILLION LIABILITIES
THE YOUNG FINANCIERS ONCE
FROZEN OUT OF CHICAGO.
ONE MILLION LIABILITIES
j. II. willard, Senior Member of the
Firm, Merely Hired to Give the
Concern Standing.

NEW YORK, Sept. 9.-James r. Willard,
Elmer Dwiggins and Jay Dwiggins who
compose the firm of j. r. Willard &S Co.,
bankers and brokers, with offices in this
city. Buffalo, N. Y, Washington, Philadel-
phia and Montreal, to-day assigned to Jas.
L. Starbuck, with preferences for $4,000 to
VIM. H. Osterhout 1t is estimated that
the liabilities will reach $10OO,000. Jay
Dwiggins is at present travelling in Europe.
J. r. Willard, senior member Of the firm,
has been a member of the Consolidated Ex-
change since Sept. %, 1895. He had repre-
sented the firm in Chicago and had branch
office in that city up to few months age,
when it closed and the business was taken
over by John Dickinson & Co. Elmer Dwig-
gins was the working head of the firm. He
made application to be admitted to member
ship in the Consolidated Exchange on July
81, but was not admitted. Elmer and Jay
Dwiggins, who are brothers, are
nephews of Zimri Dwiggins, who
founded a large system of country
banks in Illinois, Indiana and other
Western States, most of which failed in the
panic of 1898.
1.-THE cause of the failure" said Assignee
Starbuck, 'is simply that the firm has been
on the wrong side Of the market. 1t has
been short on stock and grain" The firm
has done big business on the Consolidated
Exchange within sixty days, having run as
high as 5000 to 10000 shares of stock daily
The assignee Mr.. Starbuck, is one of the
bookkeeepers of the firm. On his behalf an
other employe made the following state
ment: 1T is difficult to tell what the labili-
ties of the firm are, but they will probably
amount to much 81, Co., 900. 1t is even
more difficult at this time to give any idea
of the assets of the firm. Whatever they
are they consist mainly of cash in bank
outstanding accounts and securities. There
is some prospect of a resumption of busi-
ness, provided a reasonable settlement can
be made with creditors
1t was said at the Office of the firm that
Mr.. Osterhout the preferred creditor, re-
sides in Ridgeway, Pa. and the amount
due him personal loan. Many of the
firms customers gathered in the office dur
ing the day, and were loud in their con-
demnation of the action of the firm in clos
ing without notice. Confidential Clerk Ar
the firm of Arbogast & Co., of Chicago. He
denied that the business had been closed
by the Chicago & POLICE: Ice - Il "a am 1,a member of
reputation is well known in that city, said
Mr.. Arbogast MY business dealings in
Chicago We're perfectly legitimate, and l
defy anybody to say aught against me.
Arbogast & Co. were only in business about
six months and they went out volun-
tarily."
It was said that the Stock Exchange firm
of Boody, Mcclellan & Co. did considerable
business for the defunct firm, but that it
was not involved by the failure.
Superintendent Howe, of the Produce Ex-
change, to-day received the following from
Chicago. written on the business paper of
John Dickinson: please take notice that
the firm of j. r. Willard & Co. is no ionger
in existence This was signed J. R. Will
lard. The letter was readdressed and sent
to the secretary of the Consolidated Ex-
change.
A dispatch from Montreal says: Colonel
Frank Bond, agent for ]. r. Willard & Co,
the New York brokers, who failed to-day.
declares they, have. no liabilities here. The
failure caused considerable talk here where
Chey did a very large business.
A dispatch from Toronto says: ]. r.
Willard q Co, of New York. and the In
ternational Commission Company of Buf-
falo. had branches in the city. and did a
large business. There will, however, be no
heavy individual losses.