Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-09-16
A FAILURE IN NEW YORK
]. R. Willard & Co., Bankers and
Brokers, in Financial Straits.
MADE AN ASSIGNMENT THURSDAY
Branches in Philadelphia and
Other Cities.
-
THEIR LIABILITIES A MILLION DOLLARS
THEIR LIABILITIES A MILLION DOLLARS

New York, Sept. 9.-James e. Will
lard, Elmer Dwiggins and Jay Dwig.
gins, who compose the firm OF J, K.
Willard IL Co., bankers and brokers,
with Offices in this city, Buffalo, Wash-
ington, Philadelphia and Montreal, as
signed to-day to James u. Starbuck,
with preferences for $40, 600 to William
II. Osterhout. 1t ia estimated that the
liabilities will reach $1,000, 600.
Jay Dwiggins ia travelling in Europe
j. Il. Willard, senior member OF the
firm, has been member OF the Con-
solidated Exchange since September
2}d, 1895. lilo had represented the
firm in Chicago and had branch Office
in that city up to a few months ago.
when it closed and the business was
taken over by John Dickinson 4 Go.
Elmer Dwiggns was the working head
of the firm. lie made application to
he admitted to membership in the Con
solidated Exchange on July 3lat, 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 1893.
"The cause OF the failure snid
Assignee Starbuck, is simply that the
firm have been upon the wrong side of
the market. They have been short ON
stock and grain.
| The firm have done a large business
on the Consolidated Exchange within
GO days, having run as high as 1900 to
| 10000 shares Of stock daily.
The assignee. Mr.. Starpuck, ia one
of the hookkeepers Ut tho firm. On his
behalf another employe made the fol
lowing statement:
lit is difficult to tell what the liabill-
| ties of the firm are, but they probably
amount TO as much as sl,OO0, 600. 1T
il even more difficult, at this time, to
i give any idea of the assets of tho firm.
Whatever they are they consist mainly
of cash 10 bank, outstanding accounts
and securities. There ia some pros
pect Of resumption Of business, pro
vided reasonable settlement Gun be
made with creditors. y
Philadelphia, Pa. Sept, Q. - The
failure of j. +. Willard & Go. was a
great surprisa to patrons here, as the
Philadelphia branch was only opened
few weeks ago. The closing of other
"bucket ahopa'' in this city provided
j. Il. Willard & Go. with a large
clientele, many of the traders" being
women. The firm fitted up handsome
offices at No. 1881 Chestnut street, ia
tho large building occupied in part by
the Postal Telegraph Co. The public
flocked to the place, and thousands oil
dollars were paid over the counter
daily.
This morning the crowd of traders,
when they reached the Office, were con.
fronted by the announcement of the
failure, posted on the door There was
muGh excitement, and large crowC
gathered, but this police soon CLEARED
tine street.
1t il understood that the firm los'
considerable money since their otfict
was opened here.
Washington, Sept. 8. George W
Si!Aby a. Co., brokers in stock ant
grain, with branches in Baltimore,
Philadelpii la and New York, posteC
the following notice this morning:
10 patrons; The recent failure of
well known house in New York, which
was carrying large line of stocks fur US
has caused iii temporary embarrass
ment. We feel confident this will b.
short lived. We do not propose clusn!
T our business, but ask the indulgence O
our patrons on old accounts for few
days. Checks viii he given in paymep
of the samo part Of which can Ii
used as margins III new accounts. Al
now accounts will he settled daily, Al
i usual. Old accounts Gao be close
!. when convenient
i The firm have been patrnnizel b.
i many small spectators. They close
their doors some time ago, but re
sumed later, and yesterday were sue
by q customer.