16033. J. R. Willard & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 9, 1897
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
3ea4cf15

Response Measures

None

Description

Multiple contemporary newspaper reports (Sept 9–18, 1897) state the firm assigned to James L. Starbuck — an assignment in bankruptcy/insolvency. Articles describe failure due to being on the wrong side of the market (short positions). No run or depositor panic is reported. I therefore classify this as a suspension/closure (failure with assignee/receiver).

Events (3)
1. September 9, 1897 Other
Newspaper Excerpt
assigned to James L. Starbuck, with preferences for $20,000 to William H. Osterhout. It is estimated that their liabilities will reach $1,000,000.
Source
newspapers
2. September 9, 1897 Receivership
Newspaper Excerpt
assigned to James L. Starbuck ... The cause of the failure ... the firm has been on the wrong side of the market.
Source
newspapers
3. September 9, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Firm failed because it was on the wrong side of the market (short on stocks and grain); losses led to assignment/insolvency.
Newspaper Excerpt
J. R. Willard & Co., bankers and brokers, ... today assigned to James L. Starbuck
Source
newspapers

Newspaper Articles (10)
1. September 9, 1897 The Providence News Providence, RI
Article from The Providence News, September 9, 1897

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Article Text

Big Firm of Bankers and Brokers Breaks. Liabilities Thought to Be at Least $1,000,000. Had Many Branch Offices and Did a Large Business. New York, Sept. 9.-J. R. Willard, Eliner Dwiggins and Jay Dwiggins, who compose the firm of J. R. Willard & Co., bankers and brokers, with offices in this city, Buffalo, Washington, Philadelphia and Montreal, Canada, today assigned to James L. Starbuck, with preferences for $20,000 to William H. Osterhout. Jay Dwiggins is at present traveling in Europe. The assignee, Mr. Starbuck, is one of the bookkeepers of the firm. On his behalf another employe made the following statement: "It is difficult to tell what the liabilities of the firm are, but they will probably amount to as much as $1,000,000. It is even more difficult at this time to give any idea of the assets of the firm. What ever they are, they consist mainly of cash in bank, outstanding account and securities. "The cause of the firm's failure was owing to the fact that it was on the wrong side of the market. It was short on most of the principal stocks The sharp rise in sugar especially crippled it. There is some prospects of a resumption of business, provided a reasonab 0 settlement can be made with its creditors. "The firm was founded two years ago by J. R. Willard. Mr. Willard was formerly with Bennett, Hopkins & Co., in Chicago and two years ago formed his present partnership with Elmer and Jay Dwiggins, two brothers who had been in the real estate business in Chicago." At Philadelphia this morning the crowd of traders, when they reached the branch office, were confronted by the announcement of the failure posted on the door. There was much excitement and a large crowd gathered, but the police soon cleared the street. The man in charge stated to an Associated *Press representative that all oustomers would be protected.

2. September 10, 1897 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 10, 1897

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Article Text

LIABILITIES A MILLION. Failure of the Well Known Banking House of J. R. Willard & Co. New York, September 9.-J. R. Willard, Elmer D. Wiggins and J. B. Wiggins, who compose the firm of J. R. Willard & Co., bankers and brokers, with offices in this city, Buffalo, Washington, Philadelphia an Montreal, Canada, today assigned to James L. Starbuck, with preferences for $20,000 to Wm. H. Osterhout. No statement of the condition of the firm is yet obtainable, but it is estimated that their liabilities will reach $1,000,000.

3. September 10, 1897 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, September 10, 1897

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Article Text

FORCED TO THE WALL Million-Dollar Failure of a Banking and Brokerage Firm. NEW YORK, September 9.-The firm of J. R. Willard & Co., bankers and brokers, with offices in this city, Buffalo, Washington, Philadelphia and Montreal, today assigned to Jas. L. Starbuck, with preferences for $20,000 to William H. Osterhout. No statement of the condition of the firm is as yet obtainable, but it is estimated that their liabilities will reach $1,000,000. **The cause of the failure," said Assignee Starbuck, "is simply that the firm has been on the wrong side of the market. They have been short on stocks and grain." Starbuck is one of the bookkeepers of the firm. He said: "It is difficult to tell what the liabilities are, but they will probably amount to $1,000,000. It is even more difficult, even at this time, to give an idea of the assets. Whatever they are, they consist mainly of cash outstanding accounts and securities. There is some prospect of a resumption of business provided a reasonable settlement can be made with the creditors."

4. September 10, 1897 The Brunswick Times Brunswick, GA
Article from The Brunswick Times, September 10, 1897

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Article Text

FAILED FOR A MILLION. Willard & Co., Bankers, Assign to James Starbuck. New York, Sept. 9.-James R. Willard, Elmer Dwiggingsand Jay Dwiggings, who compose the firm of J. R. Willard & Co., bankers and brokers, with offices in this city, Buffalo, Washington, Philadelphia and Montreal, today assigned to James Starbuck, with preferences for $20,000 to William H. Osterhout. No statement of the condition of the firm is obtainable, but it is estimated that the liabilities will reach $1,000,000. Jay Dwiggings is at present traveling in Europe.

5. September 10, 1897 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, September 10, 1897

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Article Text

CUSTOMERS LOSE A MILLION. Victims of a Failure Scattered All Over the Continent. New York, Sept. 10.-James R. Willard, Elmer Dwiggins and Jay Dwiggins, who compose the firm of J. R. Willard & Co., bankers and brokers, with offices in this city, Buffalo, New York, Washington, Philadelphia and Montreal, have assigned to James L. Starbuck. It is estimated that their liabilities will reach $1,000,000. Chicago, Sept. 10.-One million dollars is the estimated loss to customers caused by the failure in New York yesterday of J. R. Willard & Co., bankers and brokers of the bucker-shop type. Associated with Mr. Willard were Elmer and Jay Dwiggins, nephews of Zimri Dwiggins, who became noted in 1893 for the frequency with which his name was associated with western bank failures, including that of the Columbia National, of Chicago. The victims of the failure are distributed throughout the United States and Canada. the firm having branch offices in Buffalo, Philadelphia, and Montreal, besides at least 100 correspondents in other citys.

6. September 10, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, September 10, 1897

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Article Text

SQUEEZING OF THE SHORTS, NEW YORK BROKERS FAIL FOR A MILLION. Willard & Co. Were on the Wrong Side of the Market-San FrancisCO and Washington Firms Fail. New York, Sept. 9.-James R. Willard, Elmer Dwiggin and Jay Dwiggin, who compose the firm of J. R. Willard & Co., bankers and brokers, with offices in this city, Buffalo, New York, Washington, Philadelphia and Montreal, today assigned to James L. Starbuck, with preferences for $20,000 to William H. Osterhout. No statement of the condition of the firm is yet obtainable, but it is estimated that their liabilities will reach $1,000,000. James Dwiggins is at present traveling in Europe. J. R. Willard, senior member of the firm, has been a member of the consolidated exchange since Sept. 23, 1895. He had represented the firm in Chicago and had a branch office in that city up to a few months ago, when-i closed, and that business was taken over by John Dickinson & Co. Elmer Dwiggins was the working head of the firm. He made application to be admitted to membership in the consolidated exchange June 23, but was not admitted. Elmer and Jay Dwiggins, who were brothers, are nephews of Zimri Dwiggins, who founded a large system of country banks in Illinois and other western states, most of which failed in the panic of 1893. "The cause of the failure," said Assignee Starbuck, "is 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 business on the consolidated exchange within 60 days, having run as high as 9,000 to 10,000 shares of stock daily. The assignee, Mr. Starbuck, is one of the bookkeepers of the firm. On his behalf another employee made the following statement: "It is difficult to tell what the liabilities of the firm are, but they will probably amount to as much as $1,000,000. It is even more difficult at this time to give any idea of the assets of the firm, whatever they are; they consist mainly of cash on hand, outstanding accounts and securities." There is some prospect of a resumption of business, provided that a reasonable settlement can be made with creditors.

7. September 11, 1897 Semi=weekly Graphic Pine Bluff, AR
Article from Semi=weekly Graphic, September 11, 1897

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Article Text

FORCED TO THE WALL Million-Dollar Failure of a Banking and Brokerage Firm NEW YORK, September - The firm of J. R. Willard &CO, bankers and brokers, with offices in this city, Buffalo, Washington, Philadelphia and Montreal, today assigned to Jas. L. Starbuck, with preferences for $20,000 to William H. Osterhout. No statement of the condition of the firm is as yet obtainable, but it is estimated that their liabilities will reach $1,000,000. "The cause of the failure." said Assignee Starbuck, "is simply that the firm has been on the wrong side of the market. They have been short on stocks and grain." Starbuck is one of the bookkeepers of the firm. He said: "It is difficult to tell what the liabilities are, but they will probably amount to $1,000,000. It is even more difficult, even at this time, to give an idea of the assets. Whatever they are, they consist mainly of cash outstanding accounts and securities. There is some prospect of a resumption of business provided a reasonable settlement can be made with the creditors."

8. September 11, 1897 The Greenville Times Greenville, MS
Article from The Greenville Times, September 11, 1897

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Article Text

Assigned. NEW YORK, Sept. 9.-James R. Willard, Elmer Dwiggins and Jay Dwigwins, who compose the firm of J. R. Willard & Co., bankers and brokers, with offices in this city, Buffalo, New York, Washington, D.C., Philadelphia and Montreal, have assigned to Jas. L. Starbuck, with prefences for $20,000 to William H. Osterhout.

9. September 16, 1897 The County Record Kingstree, SC
Article from The County Record, September 16, 1897

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Article Text

New York Bankers Assign. James R. Willard, Elmer Dwiggings and Jay Dwiggings, who compose the firm of J. R. Willard & Co., bankers and brokers, with offices in New York City, Buffalo, Washington, Philadelphia and Montreal, assigned. It is estimated that their liabilities will reach $1,000,000.

10. September 18, 1897 Chicago Eagle Chicago, IL
Article from Chicago Eagle, September 18, 1897

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Article Text

Willard & Co. Assign. James R. Willard, Elmer Dwiggins and Jay Dwiggins, who compase the firm of J. R. Willard & Co., bankers and brokers, with offices in New York, Buffalo, Washington, D. C.; Philadelphia and Montreal, assigned to James L. Starbuck, with preferences for $20,000 to William H. Osterhout. It is estimated that their liabilities will reach $1,000,000.