16394. National Bank (Middletown, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
585
Charter Number
585
Start Date
September 6, 1894
Location
Middletown, Pennsylvania (40.201, -76.729)

Metadata

Model
gpt-5-mini
Short Digest
06bc214ff43a81c1

Response Measures

None

Receivership Details

Depositor recovery rate
77.1%
Date receivership started
1894-09-24
Date receivership terminated
1904-04-27
OCC cause of failure
Excessive lending
Share of assets assessed as good
14.5%
Share of assets assessed as doubtful
76.3%
Share of assets assessed as worthless
9.2%

Description

Newspapers report the Middletown National Bank (Middletown, PA) closed its doors on Sept. 6, 1894; a receiver was later appointed and legal actions/indictments followed. No article describes a depositor run prior to suspension; later reporting documents insolvency/embezzlement and receivership, so this is a suspension followed by permanent closure/receivership.

Events (7)

1. November 23, 1864 Chartered
Source
historical_nic
2. September 6, 1894 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed due to insolvency/financial failure; subsequent reporting cites suits, receiver appointment, and later indictments for misappropriation and false reports against officers.
Newspaper Excerpt
THE Middletown (Pa.) National bank closed its doors on the 6th.
Source
newspapers
3. September 24, 1894 Receivership
Source
historical_nic
4. September 25, 1894 Receivership
Newspaper Excerpt
Benjamin M. Neal has been appointed receiver of the National Bank of Middletown, Middletown, Pa.
Source
newspapers
5. October 6, 1894 Other
Newspaper Excerpt
As a sequel to the failure of the Middletown National bank suits were entered ... by M. D. Dead, receiver of the bank ... for amounts aggregating $130,000.
Source
newspapers
6. January 11, 1895 Other
Newspaper Excerpt
Charles W. and Edward N. Raymond, president and cashier, respectively, of the wrecked Middletown National bank ... waived a hearing for court, bail in the sum of $5,000 being required.
Source
newspapers
7. December 9, 1895 Other
Newspaper Excerpt
Trial of the cases against Charles W. Raymond, president, and Edward M. Raymond, cashier of the Middletown National Bank ... on charges of alleged misappropriation of the funds of the now defunct institution.
Source
newspapers

Newspaper Articles (9)

Article from The Enterprise, September 12, 1894

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WEEK THL JO SMEN Gathered from All Quarters. DOMESTIC. AT an early hour on the morning of the 5th Sergeant Sheehan, of the Cleveland (0.) police force, was shot and instantly killed by burglars who were attempting to rob the safe of the Ohio Provision Company. Gov. TURNER, of Tennessee, has offered a reward of $5,000 for the apprehension of the persons engaged in the recent Millington. lynching of the six negroes near HOWARD WHITE, the leading bicycle dealer at Trenton, N. J., has absconded after disposing of a large stock at a great sacrifice and pocketing the proceeds. He is heavily indebted to wholesale dealers. THE Anchor Fire Insurance Company, one of the numerous wild-cat insurance companies, chartered in West Virginia, collapsed at Wheeling on the 6th, judgments for over $5,000 being issued against it in favor of policy holders. C. E. Merwin, the principal promoter of the scheme is missing, as is also about $40,000. AT New York City on the 6th the police commissioners announced that they had found Police Captain Stephenson guilty of bribe-taking and he had been dismissed from the force. AT Washington on the 6th the muchmooted German question was decided by the supreme lodge of the Knights of Pythias by a decisive vote against permitting the use of the ritual in other than the English language. THE senatorial committee which is investigating the frauds against the state of Minnesota into the cutting of pine school lands, is now ready with evidence necessary to begin suits aggregating $500,000 against various lumber firms in that state. They have uncovered frauds which will sum up to $1,000,000. and the investigation has cost the state $6,000. AT Springfield, Mass., on the 6th, J. P. Bliss went, on Hampden park, the fastest mile ever made on a bicycle, making the record for the paced mile, flying start, 1:52 3-5 and incidentally lowering the three-quarter record to 1:23. THE cloak manufacturers' contractors held a meeting at New York on the 6th with a committee from the strikers and agreed to take back strikers without the conditions which the contractors had previously demanded. FOUR THOUSAND tailors belonging to the Knights of Labor in New York City went on strike on the 6th. of THE Middletown (Pa.) National bank closed its doors on the 6th. Assets and liabilities unknown. AT Wichita, Kan., on the 4th, the lower portion of the town was inundated by a cloudburst. The lightning, which was incessant, killed the little boy of Thomas Herman, fatally burned a 9-year-old daughter and tore the house to pieces. INDIANAPOLIS now holds the world's pacing record and came within a fraction of a second on the 6th of the world's trotting record. Robert J. made the second heat in his match with Joe Patchen for $5,000 in two minutes two and one-half seconds, being the fastest mile ever paced. HIRAM AGLER, president of the A. R. U. at Ashley, Ind., where Wabash trains were stopped, was found guilty of violating the restraining order of the court at Indianapolis on the 7th. Sentence was suspended. Arthur Desheno, who led a riot at Hammond during the days. strike, was committed to jail for twenty ON the theighty-six ladies, the upper crust of Frankfort (Ky.) society, signed a bitter denunciation of Breckinridge, begging the people not to return him to congress. AT Valparaiso, Ind., on the 7th, Peter Rourke, who claimed to be 115 years old, was found dead in bed at the county house, where he had been an inmate twenty-eight years. He came to America eighty-five years ago from Ireland. ON the 7th Chief Post Office Inspector Wheeler received information of the arrest of Louis A. Droffner, general delivery and stamp clerk at the Williamsport (Pa.) post office, for stealing ordinary mail with valuable contents. Two counterfeiters who refused to give their names were captured near St. Joseph, Mich., on the 7th, by United States officers. They have been manu facturing silver half dollars. THE Toledo passenger train on the Wabash railroad ran into some coal cars at Staunton, Ill., on the night O the 7th, and completely wrecked the engine, mail and baggage cars, killing two tramps who were stealing a rid and seriously scalding and maiming Engineer S. C. Fleming and Firema C. A. Sammis. AT Wampum, Pa., on the 7th, it wa discovered that Miss Daisy Major, th postmistress, was short about $1,500 in her accounts. Miss Major


Article from Essex County Herald, September 14, 1894

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CONDENSED NEWS OF THE DAY. Domestic News in Brief. Noel Maison was changed at Pittsburgh,Pa for the murder of HIS Sophia Raes. Fire recently des roye18. John's Episcopal church at Cologes, N. Y. The loss will reach $50,000 Insurance, *28,000. The Middletown National Bank at Middle town. Pa., of which Charles W. Raymond is president has closed its doors. The capital is 88,000. The New York Police commissioners have unanimously voted to dismiss splain Stephson from the police force on the charge of bribery and extortion. C. IS Batehelder of Portsmouth N. 45. 11 saloon passenger Judge H., aged New persteam- York er Aurania, which arrived at recently from Liverpool, died of pneumonia. Nominations at the South Dakota State Convention were 88 follows: Governor,James A. Ward: lientenant governor. B. M. Tunle, treasurer, A. Mather attorney general S. W. Treast. John Peter Walther. a native of Bavaria Md., was taken sick at Cumberland, Md.. and though removed to it hospital, the man died a few days after. The doc. or called pronounced the symptoms those of Asiatic cholern. A well-dressed man. who from papers found in his pockets. is believed to be Dr. H. T. Cresson of 1344 South Seventeenth street, Philadelphia. committed suieide by shooting. in Fortieth street, between Fifth and Sixth avenues, in New York. Chairman Heathcote and other representatives of the central strike committee and local unions as Chicago, III., issued a circular in which they formally declared the Pullman strike off. There are still is number who refuse to give up the fight. James Coleman Drayton of New York has instituted proceeding< to secure a divorce from his wife, Charlotte Augusta Drayton, a daughter of William Astor. Mr. Drayton seeks a legal separation upon the statutory grounds. Hallett Alsop Borrowe is named the co-respondent. News has reached New York city of the death of William Real of New Pallas. county of Limerick, Ire., one of the greatest shotputters in amateur athletic ranks. Americans will remember him as one of the most conepicuous and successful members of the liaelie team which visited this country in 1888. Judge O'Brien in the Supreme court, New York, writs 8 of Adams A. Cross, Captain granted of certiorari and his late in of the the cas Eldridge-street station wardman. George Smith. who were the force the on Aug. by police police commissioners dismissed from B1 last. The writs are returnable in twenty days. Fred a sensation at the of the board nt meeting Isenring county sprung Milwaukee. Wis., by declaring he had filed information against eleven persons charging them with conspiracy to defraud Milwaukee county. The report says the county has been defrauded of $27,133.80 in the construction of the almshouse The Anchor Fire Insurance Company. one of the wildeat insurance companieschartered in West Virginia, has collapsed. Judgements for over $5000 were issued against it in favor of Springfield, Mass. and Chicago policyholders C. E. Merwin, the principal promoter of the scheme, is missing, as is also about $40,000. which the company is supposed to have collected off premiums. The following notice has been posted by the Union Pacific on the Idaho division of that road : On account of the personal strife engendered by partisanship it has been decided ask all employes of the Union Pacine company to retire from active participation in politics. Should any employe desire to accept the nomination for any be to the requested resign from the office. service he will of company. The platform adopted by the Nevada State of the S Iver party advocates the free of silver at 1, the of the convention redemption coinage Government further the issue ratio bon Is of times and 16 to prohibition of any in of peace; the abolition of national banks and the collection of the indebtedness of the Pabifle railroads are demanded, and the President is denounced for the suspension of the Sherman silver purchasing law and the Geary act. It is rumored that another great comoination of Chicago breweries is well under way. It is now said that a large part of the seen capital secured. necessary H. to Bigelow. effect the who combine organized has the preseut brewery combination, is credited with being the promoter of this deal. When completed the combination is to have a capital of $13,000,000. or $2,000,000 more than the present syndicate. Mr. Bigelow has secured $8,000,000 of the $18,000,000 necessary.


Article from New-York Tribune, September 21, 1894

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IN THE HANDS OF THE SHERIFF. Deputy-Sheriff Finn yesterday took charge of the store of the Raymond & Campbell Manufacturing Company, stoves, at No. 244 Water-st., on an attachment for $1,575 in favor of George J. Vestner, on an assigned claim on a note of the company given to the Sloss Iron and Steel Company, of Alabama, which went to protest a few days ago. The company occupies the entire building at No. 244 Water-st., in which there are stoves to the value, It is said, of $20,000. The factory is at Middletown, Penn., and there is another branch store in Philadelphia. The business was established several years ago by Raymond & Campbell, and was incorporated as a Pennsylvania corporation in February, 1892, with a capital stock of $350,000. The inventory of January 1 last claimed assets, $558,800; liabilities, $71,133. C. W. Raymond, the head of the company, was also president of the National Bank of Middletown, Penn., which closed its doors on September 6.


Article from Evening Star, September 25, 1894

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Under the Homestead Law. Probably while lands are plentiful under the homestead law settlers will generally seek them in the usual way instead of by purchase from the state. As the state becomes more populous, however, and valuable agricultural and timber lands become scarce, the state lands, selected under the favorable auspices of the new law, will be sought for, and the institutions they are designed to assist will be benefited accordingly. Utah is also to receive the benefits of the law when she becomes a state. Bank Receiver Appointed. Benjamin M. Neal has been appointed receiver of the National Bank of Middletown, Middletown, Pa.


Article from The Middleburgh Post, October 4, 1894

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1894. MIDILEBURGH, SNYDER CO., PA:, OCTOBER 4, d in the woodsleaves. B. M. Nead, Esq., of Harrisburg, had double honors thrust upon him. sion of adjournd court He was appointed receiver of the Saturday. suspended Middletown National iser, Esq., was aSelinsbank on Monday and the same day aday. the Democratic conference of the rick Bower wilbreach district. comprising Dauphin, Perry church next Sabath. and Lebanon counties, nominated Congress. The first men of Winfield andW. I tioned honor carries with it $2500 wisburg, were town annual salary. The other simply honors. er notice how ghtly With sugar and coffee advancing sit on the other flow's in price and the price of wheat and labor still on the decline, all due to Democratic management, how can it is on foot to scure the Democracy face the country and to run to Adamburg ask the support of the people. Itis next Tuesday evung. more than they will get even if they practical girl is sked do ask. The Democrats of the rank GEO, HUFF GALUSHA A. GROW. an's lot she is retty Republican Candidate Congressman-at Large and file are going to vote to suit Republican Candidate t to know what kid of themselves this year, in doing which it. Do you want to vote in November they show their indepencence. Over 1,000,000 childh are enrollPay your taxes by October 6th. ed in the schools of Pennsylvania. h and Cortney of An exchange remarks that some spent Monday in own The property used in carrying on people think that a raffle is not in Rev. J. M. Rearick formerly of these schools is over $40,000,000. ning from Synol at violation of lottery law. Frank EbRebersburg made a pleasant call at Over $14,200,000 a year is expended this office on Monday. He erle, of Westfield, was of that opinupon them. The state makes an at Centre Hall. ion. He wanted to dispose of his elical church war isendappropriation of $5,500,000 a year bicycle, and he had a lot of raffle te Supreme court deidAdam C. Spangler went to Phila. for them. trickets ,printed, which he sold at a e Dubsites and gate to on Monday to complete his last stipulated price. Some of the tickSylvester Bowen has been circuites property wort $1, year's work in Dentistry at the Uniets were sent through the mails. lating a paper soliciting money for versity of Pennsylania. Now Frank is under bail in the sum Frank Bingaman, a cripple who ner has again opined George Spangler, on Tuesday of $1,000 for his appearance before lives near the Summit House. Mr. Kratzerville, Somy of started for the West and he will in the United States district court. Bingaman's horse died recently who were foremot in the future make his home at Poplar and an effort is now being made to Mr. E. Shindel, of Middleburgh, it closed, were anong Bluffs, Missouri, We wish him sucbuy another horse. Pa., at Peter's fountan. was in town Tuesday and cess. Wednesday to make a canvass with Mr. Ammon Steese took the ex. Commissioners of the Letters addressed to the following the Chantauqua Combination Draweminations for permanent certificate 1d their annual contenpersons remain uncalled for in the ing Board and writing Desk, manuon Aug. 31, and last week received a Middleburgh Post Office: Isaac r at Pottsville, October factured by Powers Bros., Albany, 1. The commissioners favorable reply from the State deBeaver, J. C. Slear, Mr. Daniel King, N. Y. Mr. Shindel has the agency y expect to attend. partment. He the youngest per and Mr. Charles Pylard. for we country Russ active wide son in Union county holding a per it is vanna Iron and Steel awake canvassu 2 very County Treasurer Seebold had a manent cetificate, being but 22 yrs. turday shut down its handy and namisive syste very extensive display of Pianos and of age.-Saturday News. mill in Scranton for an instructing children he will no de organs at the Union county Fair and The Republican Tuese because of no further take many orders Millh.ESTIO: had the Eagle's Mere Orchestra enday evening. A number of new Journal, ing idle 1000 employes. gaged to play for him. members were enrolled and the comDavid Wilt, of Shamokin Dam, The house and lot The Lutheran Church Council mittee was requested to secure if as been working on the Beech Creek to Stetler's Plaining gave Rev. R. F. Fetterolf first choice possible some of the state candidates railroad for some time. Friday French Flats, will be of the pastorate of this charge and for the Middleburgh meeting. If e sale. Call on or admorning his father received a teleRev. John J. Minimier of Liverpool an extra train is run to Adamsburg gram that he had been thrown from RS. NETTIESMITH the second choice. Rev. Fetterolf next Tuesday evening the club will a caboose and had his leg cut off. Swineford, Pa. has withdrawn and the offer is now attend. In a very short time after he receivopen to Rev. Minimier. occurred at Sunbury Prof. Albert S. Bolles, chief of the ed a second telegram stating he was Trains from Hazelton The people of Perry county are Bureau of Industrial Statistics, has dead. He was brought down on the n ran into each other. getting a bad reputation for having been appointed special instructor Reading road Friday night and tak : were slightly injured. corrupt people. Here is the latest in political economy and commercial en to his home He was about ver. A loss of several from the Advocate "Charles law in the Pennsylvania State Coltwenty-one years old. Funeral will Kline, late constable of Oliver townars is reported. lege. He will enter upon his duties take place Sunday at 10 M. ship, was placed in the county jail at once. There is no better equippA jet black, chuckmare, After being closeted about an hour last Thursday, charged with forging ed man in the State for this responsolid, sound and all and a half the jury in the Shortlidge a note that was sold to W. H. Minsible position than Prof. Bolles. actor. Warranted in murder case at Media on Friday renik, of Newport." lar. Will be sold cheap. To put a check to the numerous turned a verdict of not guilty by reack. G. KLINE, The publieschools are progressing depredations, the commissioners of son of insanity. The verdict was Troxelville, Pa. nicely nnder the tutelage of Profs. Juniata county offer a standing renot much of a surprise, and after it Potter and Smith. Money was colward of $50 for the arrest and con wasannounced Professor Shortlidge es, Rubbers, Paints, lected for the rental of an organ and viction of every thief that commits was heartily congratulated by Nails, Guns, Ammunithe instrument has been placed in theft in that county. If the commisfriends who crowded around him. g material and a genthe High school room. It is the deHe was remanded to Norristown sioners of every county would follow ardware for sale cheap sire of the teachers to do efficient that example, it would be a great asylum until cured or released by M. S. SCHROYER'S, work and parents should visit the death. check to this petty stealing. It Selinsgrove, Pa. schools and encourage the teachers. would be an inducement to arrest Here is a schoolboy's definition of ecretary of the Repuband punish thieves. We are pleased to learn through eternity When our ships all come Convention, filed a lot the Mt. Carmel Ledger that F. H. in, when the sea gives up her dead Hon. J. A. Smith of Kreamer died pers at the State DeMaurer and Company of New Berlin When Father Time hangs up his last Friday morning of hemorrhages. urday. Chairman Gilhave opened a wholesale produce seythe when the heavens are rolled The funeral took place from late particular about these store in the coal metropolis. Mr. up like a scroll when Gabriel blows residence on Monday. He was en exactly right. the ram's horn when the solar Maurer is a very extensive advertisjoying his usual good health up to er and his success in business is at system collapses when we find the Hubbs. formerly of last Tuesday The death of Mr. tributed to the unsparing use of lost Charley Ross and the man who s arrested in Jersey Smith closes a very useful and active printers' ink. struck Billy Patterson Johnny on the charge of murdcareer. He took great interest in gets his gun; when society becomes cused of poisoning one Sabbath School and churcl. work. A writer says 'Do not swear. pure, and "after the ball is over," rs. Her maiden name There is no occasion to swear out He also served his county as Associdon. then will be eternity. ate Judge. Aged, 69 years. side of a printing office. It is useful in proof reading, and indispenThe withdrawal of K. Allen Lovell ng Journal, a daily Joseph C. Sibly, who represents sible in getting forms to press, and from the Centre-Huntington judiin Williamsport about the Erie-Crawford district in Conhas been known to assist in looking cial district breaks a prolonged deadgo, suspended publigress, and who has repeatedly tried over the paper when it is printed, lock and carries the nomination to ay. The publisher, J. to resign, is the regular nominee of but otherwise it is a very disgusting John G. Love, of Bellefonte. Mr. the last number gives the Democrats and Populists in the habit. Lovell, in his letter of withdrawal, age as the reason for district, and, in addition, the "Indestates that there is no hope of the Quite a successful party was givpendent Republican party" of the dead-lock being broken so long as en in honor of the Misses Irene and district has nominated him on the Morning James Haus, he consents to remain in the fight Carrie Schoch by Mrs. Ed. Fisher on nomination papers filed at the State c of Mifflinburg, went and quotes Mr. Love as saying that Saturday evening, Sept 29, at their Department this week, and which d committed suicide he can better afford defeat at the home. The evening was spent very contains over 2,000 signatures. he arteries of his wrist polls than to yield now. Mr. Lovell pleasantly with music, cards, &c. At Despondency is given "MISTAKEN SOULS WHO DREAM OF gives as his reason for withdrawing a seasonable hour the ladies and f the self-murder. He that two candidates on the same BLISS." following marriage ligentleman repaired to the diningand two children. censes have been granted since our ticket would result in the defeat of room where refreshments were serboth and create a breach in the last publication ved consisting of Sandwiches, Coffee arks and two nephews, ranks of the Republican party. The Abram. Renninger, Jackson Twp. Dallas Marks, arrived Tea, Ice cream, Cakes and Fruits. Louisa Eyster. withdrawal of the Huntingdon asAfter which social conversation and day noon, Howard goWm. A. Reichenbach, Chapman. pirant is the defeat of Judge Furst's games ensued in the parlor. At an y to spend a couple Maggie M. Moyer. scheme of retaliation upon Mr. Love, atives, and Mrs. Marks early hour the guests presented A. W. Gill, Centre Twp. who overwhelmingly defeated him their compliments to their kind hosmaining among relaFlora Aumiller. Spring at the primaries when he sought reends in town.-Free tess and repaired to their respective Thomas H. Hubly, Harrisburg.


Article from St. Paul Daily Globe, October 7, 1894

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Bank Receiver Sues. HARRISBURG, Pa., Oct. 6.-As a sequel to the failure of the Middletown National bank suits were entered In the Dauphin county court by M. D. Dead, receiver of the bank. and others, against the Raymond & Campbell Manufacturing company, the Middletown Flour Milling company and Edward Ravmond and others for amounts aggregating $130,000. There is a mertgage of $150,000 against the plant of the manufacturing company. Among those who brought suit today were the following: Chemical National Bank of New York for $59,500, Western National Bank of Philadelphia for $5,000, Middletown bank for $1,000.


Article from The Scranton Tribune, December 8, 1894

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PENNSYLVANIA SPARKS. A Philadelphia manufacturer is nego. tiating for the purchase of the Sunbury Nail mill, which has been idle five years. The stockholders of the Middletown National bank, now in the hands of a receiver, are taking steps to protect their interests. Brooding over a love affair, Charles Knittle, aged 20, of Port Carbon, took a quantity of strychnine, and now lies in a critical condition. Lycoming county will be 100 years old on April 13, 1895, and preparations are being made in Williamsport to celebrate the event in grand style. Secretary Harrity is making a collection of portraits of the secretaries of the commonwealth of Pennsylvania, to be hung on the walls of the reception room of the state department. of Farmers Scht Ukill county, south 'of the coal belt, thinking that their lands are assessed higher proportionately than those of the mine operatore, have called a meeting to be held Dec. 20 at Pottsville, to protest against the present assessment,


Article from The Scranton Tribune, January 12, 1895

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BANKERS WAIVE HEARING. The Raymonds Give Bail in the Sum of $5,000. Harrisburg, Pa., Jan. 11.-Charles W. and Edward N. Raymond, president and cashier, respectively, of the wrecked Middletown National bank, the receiver of which has just announced a dividend of 30 per cent. to depósitors and creditors, had a hearing before United States Commissioner Wolf this afternoon on charges of violation of the banking laws. They waived a hearing for court, bail in the sum of $5,000 being required.


Article from New-York Tribune, December 10, 1895

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ACCUSED OF BANK-WRECKING OFFICIALS OF TWO PENNSYLVANIA INSTITUTIONS ON TRIAL Philadelphia, Dec. 9.-The trial of the cases against Charles W. Raymond, president, and Edward M. Raymond, cashier of the Middletown National Bank, and Joseph F. Raymond, their brother, who was not connected with the bank, but was indicted with them on the charge of aiding in their alleged m'sappropriation of the funds of the now defunct institution, was begun in the United States District Court this afternoon. There are four indictments against the Raymonds, an additional one having been found against Edward M. Raymond, on the charge of making false reports regarding the bank to the Controller of the Currency. It was agreed by the counsel to try the cases together. Joseph Campbell, sr., a director of the bank, who was indicted for allèged conspiracy, will be tried separately. The cases will be on trial all week. Ridgeway, Penn., Dec. 9.-The jury in the embezzlement case of D. C. Oyster was discharged this morning, having been out forty-six hours and failed to agree. D. C. Oyster was president of the wrecked Ridgeway Bank, which closed its doors in June, 1893. The case against Oyster was presented by a committee on behalf of the bank's creditors. It cannot be retried until March. The receivers of the bank have paid 20 per cent, and will soon make another payment of 15 per cent.