16506. S. V. White & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 22, 1891
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
78201e1d

Response Measures

None

Description

S. V. White & Co., a New York banking house/brokers, made an assignment and suspended payment on Sept 22–23, 1891 due to failed corn speculation (attempted corner). A receivership was subsequently appointed (Central Trust Co. in New York auxiliary to Illinois Trust & Savings Bank receiver for the Chicago branch) on Sept 28, 1891. No articles describe a depositor run; the failure followed trading losses and led to assignment/receivership, so classified as suspension leading to closure.

Events (3)
1. September 22, 1891 Other
Newspaper Excerpt
The Chicago house ... announced its suspension on the Chicago Board of Trade at the same time that it was made public here. Charles W. Gould has been appointed assignee.
Source
newspapers
2. September 22, 1891 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure due to heavy long positions and collapse of an attempted corner in September corn (large losses from long corn speculation).
Newspaper Excerpt
S. V. White & Co., prominent bankers on Wall street, New York, suspended payment this morning
Source
newspapers
3. September 28, 1891 Receivership
Newspaper Excerpt
Judge Lacombe appointed the Central Trust Company receiver of the copartnership property and effects of S. V. White & Co., whose receivership shall be auxiliary to the receivership heretofore created by the Circuit Court of Illinois.
Source
newspapers

Newspaper Articles (15)
1. September 22, 1891 The Jersey City News Jersey City, NJ
Article from The Jersey City News, September 22, 1891

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A BIG FAILURE. Deacon White's Ftrm Goes Under for Two Milliom Dollars. S. V. White & Co., prominent bankers on Wall street, New York, suspended payment this morning, making an almost unparalleled sensation on the street. The failure was due to the decline in the corn market at Chicago, and the outstanding contracts of the firm in the stock and bond market were limited. It is believed that the liabilities of the firm are in the neighborhood of $2,000,000, The assets are not known, but a member of the firm is authority for the statement that all creditors will be paid in full. The firm is composed of S. V. White and Frank W. Hopkins, and has been in existence since December 31, 1886. The Chicago house, which is composed of Mr. White, Mr. Hopkins, A. W. Allen and Arthur White, announced its suspension on the Chicago Board of Trade at the saine time that it was made pub10 here. The firm acted very honorably, and has done no business for the past week. No failure in Wall street could arouse such general sympathy as that of Mr. Whites' has, Deacon White had a man named Parker arrested a year ago for saying his house was financially embarrassed. Lawyer Charles W. Gould has been appointed assignee.

2. September 23, 1891 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, September 23, 1891

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FAILURE OF S. V. WHITE & CO. NEW YORK, Sept. 22-S. V. White & Co. have sent the announcement of their assignment to the Stock exchange. The failure caused but little excitement on the Produce exchange, forthe reason that but few of the members were interested in the rieal. The price of corn on the Produce ex-: change fell one cent at the news of the failure. The liabilities will be very large, but Mr. Stedman says that he can give no estimate of the amount yet. The following will illustrate the personal feeling in regard to the failure. It is an expression by one of the firm's friends: "Anyone that knows S. V. White knows that he will resume. If eyerybody on the street whom he has helped should give him $500 he would be again a rich man." At 1 o'clock the assignment of Stephen V. White and Franklin W. Hopkins comprising the firm of S. V. White & Co., bankers and brokers, was filed. Charles W. Gould is assignee, and there are no preferences. The assets and liabilities are notknown. For the third time in his business career in Wali street Stephen V. White was today compelled to suspend payment. On the two previous occasions he got on his feet and paid his creditors in full. The grit, vigor and fighting qualities of White, his many friends say, will bring him out of the present disaster. White freely received reporters today, but he would make no more than a statement covered in these words: "I have been largely long of corn, and in closing it out the depreciation, with calls for margins, which were unusually heavy, exhausted my resources, and there was nothing left but to stop and assign.' A well-informed grain man put the position this way: "White came to Chicago as a 'tenderfoot,' and be was scalped by the 'Injuns of the windy city.' The Chicago board of trade almost to a man fought his corn deal, and he had to conduct his campaign 1,000 miles from the scene of action." There are various estimates of the amount of corn which S. V. White & Co. were carrying. They range from 10,000,000 to 15,000,000 bushels. Some rough estimates place the liabilities at $1,500,000,but they are untrustworthy. A few of White's friends said bluntly that his partners in the deal sold out on him. CHICAGO, Sept. 22-On an application of Arthur W. Allen, United States Circuit Judge Gresham this evening appointed the Illinois Trust and Savings bank receiver of the firm of S.V. White & Co., the Chicago branch of the New York concern. The Chicago house is composed of the members of the New York concern and S. V. White's son Arthur White and Arthur W. Allen, the resident manager and partner, who applied to have the receiver appointed. Attorney Prussing said tonight that the assets and liabilities can not yet be ascertained, but that the trans. actions in grain reached into the millions. The failure, he added, is due to continued builing of September and October corn. "You see, after all," said Mr. Prussing, "that it was not 'Old Hutch' that was working the market. The corn was purchased here for cash, and the enormous sums required to buy it were raised by the firm among the banks, the security being the corn itself. The receiver was appointed in order to prevent some of the creditors

3. September 23, 1891 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, September 23, 1891

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A NOTABLE FAILURE. S. V. White. the Well Known New York Broker, Suspends. CAUSED BY THE DEOLINE IN CORN. The Bold Operator Had Been Carrying from Ten to Fifteen Million Bushels in the Face of the Down. ward Rush-The Firm Has Acted Honorably Throughout. NEW YORK, Sept. 23.-The announcement of the failure of the well known banking house of S. V. White & Co. has caused a tremendous sensation in Wall street. For the last twenty years "Deacon" White has been a tower of strength in financial circles, and the announcement of his suspension, coming BO suddenly and unexpectedly, produced a shock that was all the more violent. The market immediately felt its effect. and prices declined all along the list. At first it was supposed that the firm WAS largely interested in stocks and bonds, but shortly after came the statemont that the failure was due to thedecline in the corn market at Chicago, and the outstanding contracts of the firm in the stock and bond market were limited. It is believed that the liabilities of the firm are in the neighborhood of $2,000,000. The assets are not known, but a member of the firm is authority for the statement that all creditors will be paid in full. The firm is composed of S. V. White and Frank W. Hopkins, and has been in existence since Dec. 31, 1886. Previous to that time Mr. White had,been in bu3iness alone. Caused by Corn Deals. E. C. Stedman made a statement for Mr. White regarding the failure. He said that the house had been largely interested in the deal in September corn, which has been in progress for the past six weeks. Mr. White believed that the market warranted higher prices, and inaugurated a vigorous bull campaign in Chicago. September corn at that time was selling at about fifty-fiva cents, and through the Chicago house of S. V. White & Co. he bought heavily. The buying continued until the market reached about seventy cents for September corn, when the enormous deliveries in the west started a decline. This was about ten days ago. Carried 15,000,000 Bushels. Mr. White, in order to protect his enormous interests, continued to buy heavily, hoping in this way to sustain the market. It is believed that he was carrying from 10,000,000 to 15,000,000 bushels of corn on margin, although Mr. Stedman said that he did not know what the exact extent or his interest was. The deliveries, however, instead of diminishing became larger and larger, and in spite of reports that early frosts had caused great damage to the corn belt the market continued to decline, until Monday the price had fallen to 52, representing a loss to the leader of the bull movement of from $1,500,000 to $2,000,000. Mr. Stedman stated that in anticipation of the trouble which has come upon it the firm had several days ago closed out all its contracts on the Stock Exchange and had taken no new business. 'The firm has acted very honorably," said Mr. Stedman, "and for the past week has done almost no business at all. Large deposits have been refused, and everything has been done to secure creditors when it was found that suspension was inevitable.' The Chicago house, which is composed of Mr. White, Mr. Hopkins, A. W. Allen and Arthur White, announced its suspension on the Chicago board of trade at the same time that it was made public here. Rea Bros. & Co., correspondent of the house in Pittsburg, have also suspended temporarily. Can't Keep Him Down. The following illustrates the personal feeling in regard to the failure. It is an expression by one of the firm's friends: "Anyone who knows S. V. White knows that he will resume. You can't down him. There is no one in Wall street who does not sympathize with Mr. White. He has helped more men than anybody else on the street. If everybody on the street whom he has helped should give him $4,000 he would be again a rich man. He has acted in absolute honor, and I have no doubt he will be all right in the end. Charles W. Gould, of No. 2 Wall street, has been appointed general assignee. When questioned about the failure Mr. Gould said: "All ] know is I was engaged all day in going through the formal acts necessary for me to take What charge of the assets of the fi these are or what the liab es are have not the faintest idea. 1 have a force at work already making up the

4. September 23, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, September 23, 1891

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SMOTHERED IN CORN. Good Deacon White Sinks Under a Load of Golden Kernels. The Pious Financier and His Partners Try to Corner the Hog Feed, And in Pursuit of That Unholy Object Lose Much Good Coin. Ten Million Bushels Reckoned to Be Involved in the "Bust." NEW YORK, Sept. 22.-For the third time in his business career in Wall street, Stephen V. White was to-day compelled to suspend payments. On the two previous occasions he got on his feet and paid his creditors in full. The grit, the vigor, the fighting qualities of Mr. White, his many friends say, will bring him out of the present disaster. Impulsive and positive as Mr. White is, he makes enemies in the battle of life, but as he has the compensation of those generous sentiments which have brought him many friends, and which promise to bring to him now the support necessary to put him in fighting trim once more. Mr. White is too picturesque a figure for Wall street to lose, and his abitities are sure to find reintorcement from powers that appreciate his importance practically. The announcement of the suspension broght a flood of sympathetic letters, and the statement that he expected to resume at an early day: found ready believers. Not Unexpec ted. NEW YORR, Sept.22.-Announcement of the assignment and suspension of S. V. White & Co., of New York and Chicago, was made on the stock exchange at 10:30 o'clock this morning. Mr. White says the failure is due to long speculation in corn, and not in stocks. The liabilities of the firm are very large, but only a few hundred shares of stock are outstanding on contract. The climax of to-day's catastrophe has been approaching culmination for the last two weeks. The news, which has been carefully guarded, leaked out soon after the closing of the stock exchange. An assignment of the assets of the embarrassed firm was then said to have been made, but not recorded. The volume of business in railroad stocks during the last three days has diverted to some extent attention from speculation and investments in breadstuffs. Members of the embarassed firm have been able to conceal their actual condition without the slightest difficulty, and SO far as the general operators on the street are concerned no question as to solvency has been even thought of. It was only after thoughtful consideration and a very careful review of the situation that it was decided to make an assignment for the benefit of creditors. There were no contracts outstanding on the floor of the stock exchange, and No Excitement Was Caused there by the announcement. All the members of the firm were at the office, and when the announcement of the suspension was made E. C. Stedman, as a friend, was authorized to make the following statement: "The cause of the trouble is due wholly to the decline in corn. The house has been heavily long of September and October corn and the immense receipts were too much for it to stand." The private fortune of S. V. White, SO long noted for the success and boldness of his speculative deals, is estimated at $2,000,000. The liabilities will be very large. but Mr. Stedman says he can give no estimate of the amount as yet. The office of the firm. after the announcement of suspension, was crowded with bankers, brokers and reporters, all trying to get some information in regard to the failure. The firm, however, had no formal statement to make any of them. Fears were expressed on many sides that other houses would be involved, but the members of the suspended firm say that no other firm is involved with them. The members of the New York house are S. V. White and Franklin W. Hopkins. The following illustrates the personal feeling in regard to the failure. It is an expression by one of the firm's friends: "Any one who knows S. V. White knows that he will resume. You can't down him. There is no one in Wall street who does not sympathize with Mr. White. He has helped more men than anybody else on the street. If everybody on the street whom he has helped should give him $500 he would be again a rich man. He has acted in absolute honor, and, I have no doubt, will be all right In the end." At o'clock the assignment of Stephen V. White, Franklin W. Hopkins, composing the firm of S. V. White & Co., bankers and brokers, was filed. Charles W. Gould is the assignee, and

5. September 23, 1891 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, September 23, 1891

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S. V. WHITE FAILS. Suspension of the Well-Known Broker With Enormous Liabilities. NEW YORK, Sept. 23.-The announcement of the failure of the well-known banking house of S. V. White & Co. caused a tremendous sensation in Wall street. For the last twenty years "Deacon" White has been a tower of strength in financial circles, and the news of his suspension coming so suddenly and unexpectedly, produced a shock that was all the more violent. The failure was due to an attempt to bull corn in a falling market, and had nothing to do with stocks. The liabilities will reach two million dollars. Mr. White was one of the picturesque characters of the street. He has been a member of the Stock Exchange since 1869. He was President of the Mining Exchange in the days when mining stocks were booming. He has been a famous dealer in Delaware, Lackawana & Western stock. He was supposed to represent the Percy Pyne interests. He engineered many notable deals in Lackawanna, particularly the famous corner in 1885, when he ran the price of the stock up from 120 to 150 in one day, and would have caused many failures in the street had he not let the shorts off. Mr. White is a short, slight man, and wears a gray beard and a slouch hat. He looks like a farmer. He served several terms in Congress. Charles W. Goulds, the lawyer, is the assignee, and there are no preferences.

6. September 23, 1891 The Evening Herald Shenandoah, PA
Article from The Evening Herald, September 23, 1891

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S. V. WHITE FAILS. Suspension of the Well-Known Broker With Enormous Liabilities. NEW YORK, Sept. 23.-The announcement of the failure of the well-known banking house of S. V. White & Co. caused a tremendous sensation in Wall street. For the last twenty years "Deacon" White has been a tower of strength in financial circles, and the news of his suspension coming so suddenly and unexpectedly, produced a shock that was all the more violent. The failure was due to an attempt to bull corn in a falling market, and had nothing to do with stocks. The liabilities will reach two million dollars. Mr. White was one of the picturesque characters of the street. He has been & member of the Stock Exchange since 1869. He was President of the Mining Exchange in the days when mining stocks were booming. He has been a famous dealer in Delaware, Lackawana & Western stock. He was supposed to represent the Percy Pyne interests. He engineered many notable deals in Lackawanna, particularly the famous corner in 1885, when he ran the price of the stock up from 120 to 150 in one day, and would have caused many failures in the street had he not let the shorts off. Mr. White is a short, slight man, and wears a gray beard and & slouch hat. He looks like a farmer. He served several terms in Congress. Charles W. Goulds, the lawyer, is the assignee, and there are no preferences.

7. September 23, 1891 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, September 23, 1891

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Big Firm Suspends. NEW YORK, Sept. 23.-The big banking house of S. V. White & Co. hassuspended The liabilities are expected to reach $1,500, 000. The failure was caused by an attempt to manage a cown corner.

8. September 23, 1891 The World Martinsburg, WV
Article from The World, September 23, 1891

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A BIG FAILURE. The Banking House of S. v. White & Co of Chicago and New York Suspended. [Special to THE WORLD.] NEW YORK. September. 23.-The.announcement of the failure of the wellknown banking house of S. V. White & Co.,of New York and Chicago, caused a tremendous sensation in Wall street. For the last twenty years "Deacon" White, as he is familiarly called, has been a tower of strength in financial circles, and the news of his suspension comingso suddenly and unexpectedly, produced a shock that was all themore violent. He says the failure was due to long speculation in corn, not in stocks. In other words, it was caused by an unsuccessful endeavor to corner the corn market. The climax of today's catastrophe has been approaching culmination for the last two weeks. The news, which has been carefully guarded, leaked out yesterday afternoon after the closing of the Stock Exchange. An assignment of the assets of the embarrassed firm was then said to have been made, butnot recorded. The private fortune of Stephen V. White, so longnoted forthe success and boldness of his speculative deals, is estimated at $2,000,000.

9. September 23, 1891 Evening Star Washington, DC
Article from Evening Star, September 23, 1891

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AFTER THE WHITE FAILURE, No Excitement on the New York Produce Exchange This Morning. NEW YORK, Sept. 23.--There was no excitement on the produce exchange this morning on account of the failure of S. V. White & Co. yesterday. In fact, the corn market opened 1/4 of a cent higher than the closing prices yesterday. A member of the firm of Field, Lindley, Wiechers & Co., in the Washington building, which it was announced was in trouble, stated this morning that they were in no way interested in the firm of S. V. White & Co. and were not in the least affected by it. They did considerable business for Mr. White's firm. This morning the corn carried by them for S. V. White was margined down 15 cents below yesterday's lowest figures. Charles W. Gould, assignee, said to a reporter today that he was not prepared to make any statement in relation to the affairs of that firm and he could not tell when he would be. It would probably be some little time before any statement could be made. As soon as it was ready it would be given to the public. Mr. Gould added that he could not even tell approximately yet what the liabilities were and he did not believe any one else could. PITTSBURG, Pa., Sept. 23.-Rea Bros. & Co., the Pittsburg brokers who were compelled to close their business pending a statement from S. V. White & Co., have issued a card in which they say they had yesterday deposited with White & Co. over $74,000 in cash. The firm also had large amounts of grain and securities in White & Co.'s hands for sale. They have decided to decline all business until they know where they stand. Sr. LOUIS, Sept. 23.-Stephen V. White of the firm of S. V. White & Co. of New York, which assigned yesterday, has transferred the house No. 3272 Westminster place, owned by him, to Mrs. June E. Allen of this city. S. V. White & Co. were bankers for Mrs. Allen and the latter having a large sum of money on deposit with the firm in New York the transfer was made to protect Mrs. Allen. An attachment for $450 was sued out by the Hubbard-Bartlett commission company against the W. L. Green commission company, the St. Louis correspondent of 8. V. White & Co.

10. September 24, 1891 The Times Richmond, VA
Article from The Times, September 24, 1891

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AFTER THE WHITE FAILURE No Excitement on the New York Produce Exchange This Morning. NEW YORK, Sept. 23.-There was no excitement on the Produce Exchange this morning on account of the failure of S. V. White & Co. yesterday. In fact, the corn market opened 1/4 of a cent higher than the closing prices yesterday. A member of the firm of Field. Lindley, Wiechers & Co., in the Washington building, which it was announced was in trouble. stated this morning that they were in no way interested in the firm of S. V. White & Co. and were not in the least affected by it. They did considerable business for Mr. White's firm. This morning the corn carried by them for S. V. White was margined down 15 cents below yesterday's lowest figures. Charles W. Gould assignee. said to a reporter to-day that he was not prepared to makeany statement in relation to the affairs of that firm and he could not tell when he would be. It would probably be some little time before any statement could be made. As BOOD as it was ready it would be given to the public. Mr. Gould added that he could not even tell approximately yet what the liabilities were and he did not believe any one else could. PITTSBURG, PA.. Sept. 23.-Rea Bros. & Co., the Pittsburg brokers who were compelled to close their business pending a statement from S. V. White & Co., hayeissued a card in which they say they had yesterday deposited with White & Co. over $74.000 in cash. The firm also had large amounts of grain and securities in White & Co.'s hands for sale. They have decided to decline all business until they know where they stand. ST. LOUIS, Sept. 23.-Stephen V. White, of the firm of S. V. White & Co., of New York, which assigned yesterday, has transferred the house No. 3272 Westminster Place, owned by him, to Mrs. Jane E. Allen, of this city. 8. V. White & Co. were bankers for Mrs. Allen, and the latter having a large sum of money on deposit with the firm in New York. the transfer was made to protect Mrs. Allen. An attachment for $450 was sued out by the Hubbard-Bartlett Commission Company against the W. L. Green Commission Company. the St. Louis correspondent of S.V. White & Co.

11. September 24, 1891 Wheeling Register Wheeling, WV
Article from Wheeling Register, September 24, 1891

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To Save His Customer. ST. LOUIS, September 23.-Stephen V. White, of the firm of S. V. White & Co., of New York, which assigned yesterday, has transferred the house No. 3272 Westminister Place, owned by him, to Mrs. Jane E. Allen, of this city. S. V. White & Co. were bankers for Mrs. Allen and the latter having a large sum of money on deposit with the firm in New York, the transfer was made to protect Mrs. Allen. An attachment for $450 was sued out by the Hubbard-Bartlett Commission Company against the W. L. Green Commission Company, St. Louis correspondents of S. V. White & Co.

12. September 25, 1891 The Sun New York, NY
Article from The Sun, September 25, 1891

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Depositors With S. V. White & Co. Do Not Suffer. Stephen Van Cullen White was at his office in Wall street yesterday all day. He said to a SUN reporter that he did not believe any of the banks or the trust companies which had lent him money would suffer by his suspension. A despatch from Pittsburgh saying that Rea Brothers & Co. had been compelled to close their business because they had deposited $74,000 in cash with S. V. White & Co. on the day before the suspension. received some consideration. It was authoritatively said that no such deposit had been received at the New York house. Neither did the Pittsburgh firm deposit any such sum with the Chicago house. For ten days before the suspension S. V. White & Co. received no deposit of any kind for general business. If any deposits were sent in they were enclosed in separate envelopes and can be had by the owners on application to Mr. White. The deposits are in no way affected by the suspension.

13. September 29, 1891 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, September 29, 1891

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Receiverships to the White Failure, (By telegraph to the Dispatch.) NEW YORK. September 28. On April 1891, Franklin W. Hopkins and 8. V. White & Co., of this city, entered into an agree. ment of partnership with Arthur W. At. len, of Chicago, who immediately opened an office of the firm in Chicago. When the great failure occurred last week the creditors of the Chicago firm began proceedings to protect themselves. On Sep. tember 22d Mr. Allen obtained from the Circuit Court for the Northern district of Illinois an order appointing the Illinois Trust and Savings Bank receiver of the Chicago firm and providing for that firm's dissolution. Ameng the assets of the lat. ter firm is a claim against the firm in this city. Mr. Allen therefore applied to the Circuit Court for the Southern district of New York for the appointment of a THE ceiver of the co-partnership property and effects of S. V. White & Co., which receivership should be auxiliary to the receivership heretofore created by the Cit. cuit Court of the Northern district of D. linois. To-day Judge Larcombe appointed the Central Trust Company as such re. ceiver.

14. September 29, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, September 29, 1891

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Receiver for S. V. White & Co. NEW YORK, Sept. 28.-To-day Judge Lacombe appointed the Central Trust Company receiver of the copartnership property and effects of S. V. White & Co., whose receivership shall be auxiliary to the receivership heretofore cre ted by the Circuit Court of Illinois. This was done on the application of Aithur W. Allen, a Chicago partner.

15. October 1, 1891 The Farmers' Union Memphis, MO
Article from The Farmers' Union, October 1, 1891

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CRASH IN WALL STREET. S. v. White & Co. Forced to Announce Their Suspension. S. V. White & Co., bankers and brokers at 36 Wall street, New York, have made an assignment. Their liabilities are estimated at $2,000,000, and while it is impossible at present to give the amount of the assets the firm's friends declare that the creditors will lose nothing. The cause of the trouble is declared to be the disastrous failure of an attempt to corner September corn. As a matter of fact, the firm was long on 11,000,000 bushels of September corn, which Chicago operators pulled down from 687/8 fo 53 cents In ten days. Charles W. Gould, the lawyer, is assignee, and there are no preferences.