Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-09-10
j. II. WILLARD & COMPANY ASSIGN.
Their Liabilities, $1,000, ,OOO--They
Were Short on stocks.

NEW YORK, September 9.-James r.
Willard, Elmer Dwiggins and Jay Dwlg.
gins, who compose the firm of j. X
Willard & Company, bankers and
brokers' with offices in this city, Buff
falo, N. Y; Washington, D. c.; Phila-
delphia, and Montreal, to-day assigned
70 James l.. Starbuck, with preferences
for $4,000 to William III. Osterhout. No
| statement Of the condition Of the firm
| Is yet obtainable, but il is estimated that
their liabilities will reach 100000. jaw
| Dwiggins is at present travelling In
| Europe.
| 1t was said at the Office of the firm
that Mr.. Osterhout, the preferred credi-
| tor. resides in Ridgeway, Pa. and that
the amount due him was personal loan.
Many of the firms customers gathered
in the office during the day, and were
| loud in their denunciation Of the action
| of the firm in closing.
Clerk Arbogast admitted that he was
the head of the firm of Arbogast & Co.
of Chicago. He denied that the busi
ness had been closed by the Chicago
police. Il am a member of the Chicago
Open Board of Trade. and nv reputa-
ton is well known in that CITY," said
Mr.. Arbogast. "My business dealings i'm
Chicago were perfectly legitimate, and l
defy anybody TO say aught against me.
Arbogast q Co. were only In business
about six months, and they went out
voluntarily"
1t was said that the Stock Exchange
firm of Boody, Mcclellan & Co. did con-
siderable business for the defunct firm.
but were not affected by the failure.
AT the office of the firm all information
as to their relations with Willard x
Co. was refused
superintendent Howe. OF the Produce
Exchange, to-day received the follow
ing, written on the business-paper of
John Dickinson & Co.:
Chicago, September 7. 1897.
10 the secretary OF the Consolidated
Stock and Petroleum Exchange:
Dear Sir,-Please take notice that the
firm OF j. Il. Willard & Co. is no longer |
In existence. Very truly yours.
(Signed) ~ r. WILLARD"
The letter was read. and sent TO the |
secretary OF the Consolidated Exchange
STARBUCK A BOOK-KEEPER.
The assignee, Mr.. Starbuck, is one of /
the book-keepers OF the firm. on his
behalf, another employee made the fol-
lowing statement
1T is difficult to tell what the liabui |
lies of the firm are, but they will pro-
)ably amount to as much as $1,000 600 |
L Is even more difficult at this time Ia |
give any idea Of the assets of the firm
Whatever they are. they consist mainly
IF cash in bank, outstanding accounts |
md securities.
There is some prospect of a resump
ion OF business. provided reasonable |
ettlement can be made with creditors"
j. X. Willard, senior member Of the |
rn has been a member of the Con- |
olidated Exchange since September 9 |
S5. He had represented the firm In |
hicago, and had a branch office In that
ity up TO a few months ago, when IL
Iosed, and the business was taken over
y John Dickinson * Co. Elmer Dwie-
ins was the working head OF the firm. !
lie made application 10 be admitted 10
In the Consolidated Ex-
nange on July 3lst. but was not admit ..
d. Elmer and Jay Dwiggins, who are | ,
rothers, are nephews OF Zimri Dwig- | I
ms who founded a large system of
'untry banks In Illinois. Indiana, and
her Western States. most OF which
lied In the panic of 1893. q
THE cause OF the failure" said As | n
gnee Starbuck. 'is simply that the h
m has been upon the wrong side of the a
arket They have been short on stocks Q
I'd grain" n
The firm has done big business on
@ Consolidated Exchange within sixty
Iys. having run as high as 5000 and |
900 shares OF stock daily.
GEORGE SILSBY SUsPENDS. -
September s.--George Il
shy. broker In stocks and grains, with 4