The age-herald., 1897-09-10
SHORT ON STOCK
 THE FIRM FAILED ]. R. Willard < Co.,, Bankers and Brokers
 in NeR York AND OTHER LARGE CITIES Make an Assignment, Naming Only One
 Preferred Creditors. THEIR DEFICIT WILL BE A MILLION Will Try to Settle and Resume-A Washington Firm Feels the Effect of the Failure
 and Is Forced to Post Mo-
 tice on Its Doors.
AND OTHER LARGE CITIES
THEIR DEFICIT WILL BE A MILLION

New York, Sept. 9.-James R. Willard, Elmer Dwiggtns and Jay Dwiggins, who compose the firm of J. R. Willard & Co, bankers and brokers, with offices in this city, Buffalo, N Y.; Washing ton, D. G.; Philadelphia and Montreal, today assigned to J. L. Starbuck, with preferences of $20,O00 to William Oster- houd. No statement of the condition of the firm is yet obtainable, but it is es- timated that their liabilities will reach l,000, 900. Jay Dwggins is at present travelling in Europe. It was said at the office of the firm that MT. Osterhoud, the preferred creditor, resides in Ridge way, Pa, and the amount due him was a personal loan. Many of the firms customers gathered in the office during the day and were loud in their condem- nation of the action of the firm in clos ng them out without notice. Confidential Celrk Argobast admitted he was the head of the firm of Argobast & Co.,, Chicago. He denied that the business
 
 q am member of the Chicago open board of trade, and my repuation is we'll known in this city," said MT. Arbogast. 'tMy business dealings in Chicago were perfectly legitimate, and defy anybody to say aught against me-" Arbogast 6 Co. were in business only about six months, and they went out voluntarily.
 It was said that the stock exchange fimn of Boody, McCleland & Go. did considerable business for the defunct firm, but that they were not involved by the failure. At the office of the firm all information as to their relations with Willard & Go. was refused.
 Secrtary Howe of the Produce Ex- change today received the following written on the business paper of John Dickinson & Co.,:
 Chicago, Sept. 7.-To the Secretary of the Consolidated Stock and Petroleum Exchange: Dear Sir-Please take mo- tice that the firm of J. R. Willard & Go. is no longer in existence. Very truly yours. J. R. WILLARD.
 The letter was received in this city and sent to the secretary of the Con- solidated Exchange by Mr. Starbuck, one of the bookkeepers of the firm. On his behalf another employe made the following statement:
 It is difficult to tell what the 1iabili- ties of the firm are, but they will prob ably amount to as much as $1,000,000. It is even more difficult at this time to give an 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 resumption of business, provided reasonable settlement can be made with creditors.
 J. R. Willard, senior member of the firm, has been member of the Consol- dated Exchange since Sept. 1S, 1875. He had representative in Chicago and had a branch office in that city up to few months ago. when it closed and the business was taken over by John Dickinson & Go. Elmer Dwiggins was the working head of the firm. He made application to be admitted to member ship in the Consolidated Exchange on July 31, 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, said Assignee starbuck, is simply because the firm was on the wrong side of the market. ] They have been short on stocks and grain. The firm has done business on the Consolidated Exchange within sixty days, having run as high as 5000 to 10000 shares of stock daily.