New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-10
A BIG BUCKET-SHOP FAILS.
j. r. WILLARD & CO. DRIVEN TO ASSIGN
BY THE BULL MOVEMENT.

Germ CLOSE IN WASHING
TON PHILADELPHIA
AND BUFFALO
Ito Wall Street trIcket-shop went up yester-
eav when the following no!ice was posted on me
soors OF the office OF J. r. Willard Co. NO. %
Broadway:
RI willard e. Co have this day made general
,gnm~nt for The benefit OF their creditors under
the laws Of the State Of NsT, fnRkc.x Assignee
~ was q ren,rt on Wednesday that the con-
cern was in trouble but II denied. II was con-
s.dercd remarkable that the concern held OUT ~
long as II did view OF the continuance OF nv
upward movement of socks. The patrons Oh ouch-
bishops invariably play the long siS' o' 'ne ""l
ket AS the bucket-shops make no actual Trans
actions but simply bet a&ainst their customers the
shops usually 20 70 the wall in bull market IL
Is in a bear market that the bucket-shops MAKE
money 49,
The firm Of J. r. Willard 81 CO. was az one tfne
composed OF James r. Willard, Elmer Dwiggins
and Jay Dwiggins Mr.. Starbuck. the asslsnee'
said that Mr.. Willard was member OF the hlh
TO the last while information from chicago 'ne
home OF Mr. Willard. was that ne hao wi'hul WI II
from the firm Mir. Starbuck was oookHeep 'O
the firm and may no, have been fully informed
The Office of Willard & Co. was large anu oao
equipped The firm had branch offices NJ NOS -''
and l2Z7 Broaway. New-York; No $50 H'.Iuo
Square Buffalo, y. Y; No. 1881 Chesanut-s''' nv
adelphia Penn. No. 1913 Est Washington ~ 80
l.Ily
ton IL had something like one hundred correspond
ents throughout the country. which II reacheo
by an extensive and costly system OF private ""1,
The Arm had an office In Chicago until last April
when IL was taken over by John Dickinson q 20
Mr. Dickinson was formerly the manager Vi w"
lard G. Co.'S Washington Office.
In making their assignment Willard q 20 Hiaue
William H. Osterhout. Of Ridgway. Penn, pre-
ferred cred,o' the extent Of $1,000 THIS was
said to DC for money borrowed. Fully one hundred
customers to whom the firm owed money in the
shape Of margins deposited and profits accumu-
lated were gathered IN the Office at one time yester-
day. One said there was $4,000 due 10 MIN.
and another said he had 5000 10 his credit. The
amounts due TO most OF the customers were COM
paratvey small.
Mr.. Starbuck said he could make no statement as
10 the liabilities of the firm In April last they
made statement, in which they alleged they had
assets Of 1896 and liabilities OF S05 and that
the net profits Of the NewYo-k Office from the start
10 March 10, 1897. &i3,9i2. When Mr.. Starbuck
informed that there rumor 10 the effect
shat the liabilities 81 100000 he did not deny
that they might reach that sum. He said. how
ever, that the Obligations whatever they might
prove to be. were wholly to customers.
James r. Willard has been member OF the Con-
solidated Stock and Petroleum Exchange Of New
York since September g. 1895. lie represented the
firm in Chicago until ii disposed OF its office there.
Yesterday morning Lester B. Howe superintendent
o. the New-York Produce Exchange. received the
following the etter-paper OF John Dickinson
& Co.:
To the Secretary Of the Consolidated Stock and
Petroleum Exchange. New York.
Sir: Please take notice that the hrm o. j.:
truly yours. ]. K. WILLARD.
The letter had evidently been sent to Mr.. Howe by
mistake 1t sent by him TO the secretary OF the
Consolidated Exchange. The letter was inclosed in
an envelope which bore the postmark. Chicago.
Sept. T. 1897, I p. m" Mr.. Dwigzins is under sus-
pension the Chicago Board of Trade for
bucket-shop transactions.
Elmer Dwiegins understood TO be the prac-
teal working head of the firm. He made applica-
lion on July 81 for admission TO membership IN the
Consolidated Exchange. he subsequently w;tndrew
his appiCa ion. The firm was regarded as oucKet-
shop and it said that there we're iniimatons TO
Mr.. Dwigsns IN; ne would n9t be admii'e "a. 10
berships IN the Ncw-YorS Consolidated Exchange.
the New-York Produce Exchange and the Chicago
The firm had Ieen in business about two years. 1t
ginses are brothers Neither was here yesterday.
Elmer Dwggins. whose home is at Irving or, on the
Jay Dwiggins was sad 70 be on his way from
s. gw g ms S h h eS of at o 80
Broadway In the main Office, at No. 50 Broadway.
THIRTY five clerks we're employed. ~
Lelian Co.. No. 81 Broadway: had executed many
ExehSnse. He added; AN our trades WIN BOody
& Co Willard 4 Co, in fact. do not owe anything
The GrS iabiies are de6s which they owe 10 Gus
toners. Joan Dickinson &C.; OF Chicago. are not
Zimri Dwissins. brother Of Elmer and Jay
was not in The firm Of Willard & Co. or b "a; Least
has h.a close relations Wiz j. R W!lIs1a, Tse
cscaso 5mfS Board a Of 1F9af
70 collect gosso on the Board for the firm %, Of
he bough, SEA, o.: the Board OF Trade. He. was
next heard Of in deal in building lots %th T 4nI
Zimri Dwlggns organized the Columbis National
P SS on the Board oar Of Trade to take the
idency OF it. He next organized chain of some
%ssonsn e in fsa5 the Columbia Bank and most OF
the e the R"5sas a6d organized
firms Of Valentine GO ans 9ro9a hcSo co 70 T To
discretionary order business in grain and stocks.
Abrogas was brother-in-law OF the DST I
WIZARD CO ssD, vqs fP59e Washington branch o,
notice posted on the door announced that the firm
e eaa lna1e RI. hranch at time gid large
business but lately Of s Of be m
"i PhiIadslph e sept s-The failure of j. r. Will
lard & CO. was great surprise patrons here.
as the Philadelphia branch was opened only few
Wseks city pT Tnf e0S Ws ar Co. with
s of the oces eeHs NS
p The large 6udng 9Gcupsa in n
locked Rf 10 9he place and Of dollars
paid over the counter daily There was much ex,
reaching the office were confronted by the an
nouncement Of the failure posted the door
large crowd gathered, but the police soon cleared
the street. .
assignment Of J. r. Willard Co. posted on the
door Of the concerns branch office in the Ellicott
Square Building this morning the first init
nation of financial difficulties received at the ocal
once. George II. Wright. the manager. has gone
to New-York.
Scranton. Penn. Sept. 9.-Henry Bodmer. OF
wilkesbarre. to-day secured writ here TO attach
the moneys OF j. r. Willard Co deposit
in the First and Third National banks the Savings
Bank and the Traders National Bank of this city
brokers here did considerable business with Willard
q Co. but say the failure OF the latter has not
affected them much
WASHINGTON BROKERS EMBARRASSED