Rensselaer Semi-Weekly Republican, Volume 19, Number 4, Rensselaer, Jasper County, 17 September 1897 — FAIL FOR A MILLION. [ARTICLE]

FAIL FOR A MILLION.

Firm of J. R. Willard & Co. la Forced Into Bankruptcy. James R.“ Willard & Co., of 55, 280 and 1227 Broadway, New York, a firm advertised as bankers, brokers and commission merchants of Philadelphia, Buffalo, Chicago, Washington, Toronto, Montreal and New York, assigned to its chief bookkeeper, James L. Starbuck, with preferences for $20,000 to William H. Osterhout of Ridgeway, Pa. Liabilities were guessed at from $600,000 to $1,000,000. The firm was organized two years ago. no rating at Bradstreet's. The partners were James R. Willard, variously recorded as 4164 Lake avenue, Chicago, and of Kennett, Hopkins & Co., 55 Broadway; New York, and 44 Broadway, New York, and the brothers Elmer and Jay Dwiggins, nephews of Zimri Dwiggins,' who founded country banks in Illinois, Michigan and other States, which nearly all went to the wall several years ago. Willard’s home is in Chicago. He was there identified with the firm of John Dickinson & Co., who absorbed the Chicago business of Willard & Co. He was a member of the Chicago Board of Trade and the Produce and Consolidated Stock and Petroleum Exchanges of New York City. The failure of Willard & Co. was similar to that of E. B. Cuthbert & Co. A bull market did not suit its speculative business. It was all one way—the way of the customer. The failure of the Dwiggins’ interest in the firm of J. P. Willard & Co. recalls the collapse of the Columbia National Bank of Chicago, in 1893, of which Zimri Dwiggins, uncle of the Eastern operators, was president. This was the first of the big banking institutions of the West that collapsed and the failure of a number of smaller institutions in the vicinity of Illinois was directly attributed to it. The Columbia National was capitalized for $1,000,000 and was nearly that amount in arrears when its doors closed. Examination of the books showed that only $9,000 was on hand. The Columbia National did an immense correspondence business with country banks, that were seriously affected by the failure. Zimri Dwiggins is now living at Storm Lake, lowa.