The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-09-14
A HEAVY
j. X. Willard & CO., Bankers and Broker e,
of New York, With Offices in Several
Cities Make an Observation-Disclosures
Estimated at $1,000, OOO-Assers I'm.
known.

New York, September 9.-James r.
Willard, Elmer Dwiggins and Jay
Dwiggins, who compos the firm of j.
r. Willard & Co., bankers and brokers,
with offices in this city, Buffalo, N. Y,
Washington, d. c., Philadelphia, and
Montreal, today assigned to James L.
! Starbuck, with preferences of $50, 900 to
William H. Osterhout. No statement
Of the condition of the firm is yet OBJ
tainable, out it is estimated that their
liabilities will reach ST. 900, 600. Jay
Dwiggins is at present travelling in
Europe.
It was said at the office Of the firm
that Mr.. Osterhout, the preferred cred
itor, resides in Ridgeway, Pa, and the
amount due him was a personal loan.
Many of the firms customers gathered
in the offices during the day and were
lou il. their condemnation of the ac-
ton Of the firm in closing them with
out notice. Confidential Clerk Arbo
CAST admitted hat he was the head of
the firm Of Arbogast & Co., Of Chicago.
He denied that the business had been
closed by the Chicago police. Il am a
49, VI NAS OAliSoSo opS1 OoI -
trade and my reputation is we'll known
in that city," said Mr.. Arbogast. my
business dealings in Chicago were per-
fectly legitimate and l defy anybody
10 say aught against me. ArbOgast &
Co., were only in business about six
months and they went out voluntarily"
1t was said that the stock exchange
firm of Body, Mcclellan & Co., did
considerable business for the defunct
the failure. At the office of the firm
all information as to their relations
with Willard & Co., was refused.
The assignee, Mr.. S~tarbuck, is one Of
the book keepers of the firm. On his
behalf another employe made the fol-
lowing statement: 1T is difficult to
tell what the liabilities Of the firm are,
but they will probably amount to as
much as $1,000, 900. 1t is even more diff
ficult at this time to give any idea of
the assets of the firm. Whatever they
are, they consist mainly of ash in
bank, outstanding accounts and Sc
curities. There is some prospect of a
resumption of business, provided a
reasonable settlement can be made
with creditOrs."
J. r. Willard, senior member of the
firm, has been a member of the cOnsOl-
idated exchange since September %,
1895. He had represented the firm in
Chicago and had a branch office in that
city up to a few months ago, when it
closed and the business was taken over
by John Dickinson & Co. Elmar Dwig-
gins was the working head Of the firm.
He made application to be admitted
to membership in the consolidated eX-
change on July 31st but was not ad-
mitted.
Elmer and Jay Dwiggins, who are
brothers, are nephews of Zimri DTig-
gins, who founded a large system of
country banks in Illinois, Indiana and
other western states, most Of which
failed in the panic of 1893.
The cause Of the failure" said the
assignee sis simply that the firm has
been on the wrong side of the market
They have been short on stocks and
grain. The firm has done a big bust
ness on the consolidated exchange with
in sixty days having run as high as
5000 to 10, 1000 shares Of stock daily"