18846. Delamater & Co. (Meadville, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 5, 1890
Location
Meadville, Pennsylvania (41.648, -80.148)

Metadata

Model
gpt-5-mini
Short Digest
7e7462c2

Response Measures

Borrowed from banks or large institutions, Full suspension

Other: Assignees (Haskins & McClintock) appointed; criminal charges of embezzlement brought later against principals.

Description

Delamater & Co. (a private banking firm) posted a notice Dec 5, 1890 that the bank was closed and made a general assignment. Several articles describe depositors withdrawing after reports about the principal's campaign expenses and subsequent rumors; assignees were named and the firm remained in assignment/close (assets/liabilities and legal proceedings followed). Classified as run -> suspension -> permanent closure (assignment/receivership and legal actions).

Events (5)
1. December 5, 1890 Run
Cause
Bank Specific Adverse Info
Cause Details
Deposit withdrawals and local agitation began after reports that large campaign expenditures and political losses weakened the bank; rumors of assignment/closure spread and depositors gathered.
Measures
Bank posted notice 'BANK CLOSED. Delamater & Co. have made an assignment for benefit of creditors.' Later issued a letter saying depositors would be paid in full if time were given.
Newspaper Excerpt
When the hour of 9 o'clock arrived, a throng of men stood on the corner of Water and Chestnut streets...and when the bank door did not open as usual, it dawned upon the minds of many that the rumor was true.
Source
newspapers
2. December 5, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Firm made a general deed of assignment due to inability to meet obligations after heavy withdrawals, large judgments, and poor realization on securities (campaign expenses and bad loans cited).
Newspaper Excerpt
BANK CLOSED. Delamater & Co. have made an assignment for the benefit of their creditors. [Signed] V. M. DELAMATER, Cashier. December 5, 1890.
Source
newspapers
3. December 6, 1890 Other
Newspaper Excerpt
Late this evening Delamater & Co., bankers, issued a letter saying their depositors will be paid in full if time is given. No estimate of the assets and liabilities has yet been announced.
Source
newspapers
4. January 5, 1891 Other
Newspaper Excerpt
The statement of the appraisers ... shows that the assets of the firm are estimated at $301,000 ... liabilities ... said that they will amount to $1,040,000.
Source
newspapers
5. January 31, 1891 Other
Newspaper Excerpt
Members of the assigned banking company of Delamater & Co. ... have been again arrested ... The charge is embezzlement.
Source
newspapers

Newspaper Articles (21)
1. December 6, 1890 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 6, 1890

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A DELAMATER'S FAILURE. 18 e. Like a Thunder-Clap out of a 1 Clear Sky it Startled e e THE PEOPLE OF MEADVILLE. d 1, 0 The Bank of the Late Candidate 1 for Governor in Pennsy Ivania t. e Closes its Doors .Liabilities n Unknown--The Cause of it. 8 g 0 MEADVILLE, PA., Dec. 5.-Delainater 8 & Co., bankers, of this city, made 011 r. assignment this morning for the benefit y n of their creditore. There is little excite ment, although the suspension caused a profound sensation. The Delamaters t have heretofore enjoyed the entire confidence of the business public and recent B ramors concerning them have been treated as emanations of political rivalr. 0 They have the sympathy of the comIf munity and hopes are expressed that I the suspension will be but temporary. A clap of thunder from a clear tky I could not have <created a greater degree of excitement than did the annoue cement this morning of the failure. As early as 7 o'clock the rumor of the 18signment was on the atreets and spread like wild-fire. When the hour of 9 o'clock arrived, a throng of men stood an the corner of Water and Chestnuta streets, and all eyes were turned toward the door of the banking house herete. fore named. Anxiety became intence and when the bank door did not open as usual, it dawned upon the minus of many that the rumor was true. Shortly after o'clock the following notice was posted on the windows on the Water and Chestnut street sides of the bank: BANK CLOSED. Delamater & Co. have made an assignment for benefit of creditors, [Signed] V. M. DELAMATER, Cashier. December 5, 1890. The firm of Delamater & Co., bankers, is composed of George B., George. W. and T. A. Delamater. The assignment was made to George W. Hasking and John o McClintock, composing the law firm of Haskins & McClintock. In talk. ing with a financier of the city, who 18 in 8 position to know, he said: "I attribate the failure to the stringency of the eastern money market, and the failure to realizing on securities." The assets and liabilities are unknown. The assignees refuse to make any statement at this time, and others interested are non-communicative. The assignment does not affect the other banks of the city. It is known that Delamater & Co. were bondsmen for County Treasurer H. M. Miller and James L. Swickard, Treasurer of the Board of Control of the Public Schools, and that the county funds ($17,000) and school funds are deposited in their bank. It is believed that the failure, if such it may be called, is not as disastrous as it would seem to appear at this time.

2. December 6, 1890 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 6, 1890

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The State will Lose Nothing. PHILADELPHIA, PA., Dec. 5.-State Treasurer Boyer, who was in the city tcday, when questioned regarding the report that the banking house of Delamater & Co., of Meadville, whose 308= pension was announced to-day, had on deposit $100,000 of the State's funde. stated that the report was true, but that the State would lose nothing, as the deposit was covered by a bond.

3. December 6, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, December 6, 1890

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DELAMATER'S FAILURE. Too Much Republican Politics Proves a Bad Investment. MEADVILLE, Pa., Dec. 5.-At9o'clock this morning the following notice was posted on the doors of the banking house of Delamater & Co., this city: "Bank closed. Delamater & Co. have made an assignment for the benefit of their creditors. .M. DELAMATER, "Dec. 5, 1890. Cashier." The firm is composed of George B., George W. and T. A. Delamater, and the assignees are George W. Haskins and John O. McClintock, attorneys, of this city. The assignment will not seriously affect the other banks, and there has as yet been no run on any of them, although the residents of the city are panie-stricken. The liabilities are estimated at $200,000. A well-known financier said to the United Press reporter: "I know whereof 1 speak when I say that the failure is a very disastrous one." PHILADELPHIA. Dec. 5.-State Treasurer Boyer, who was in the city to-day, when questioned regarding the report that the banking house of Delamater & Co., at Meadville, whose suspension was announced to-day, had on deposit $100,000 of the state's funds, stated that the report was true but that the state would lose nothing, as the deposit was covered by a bond. Mr. Boyer said he found the deposit there when he took the office of treasurer and has since allowed it to remain. Mr. Boyer added that there is no designated state depository. The treasurer can deposit the state funds where he pleases, his bondsmen being responsible. There are thirty depositories at present, he said, and the Delamater bank was only one of the thirty. Polities is supposed to be responsible for the failure.

4. December 6, 1890 The Morning Call San Francisco, CA
Article from The Morning Call, December 6, 1890

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DELAMATER & CO. Their Failure Attr buted to Spending Money for Election Purposes. MEADVILLE (Pa.), Dec. - -The private banking firm of Delamater & Co. to-day filed a general deed of assignment to all their property, real and personal, naming the firm of Haskins & McClintock, attorneys, as assignees. The firm consists of George B. Delamater and his two sons, T. A. Delamater and G. W. Delamater, the Republican candidate for Governor at the last election. Each of the members of the firm also makes an individual assignment, covering all property, real and personal. Prior to the assignment judgments were entered against the firm and the individual members for about $110,000. Of these judgements $40,000 is in favor of the Merchants' National Bank for rediscounts. Scarcely a family in this city escapes loss. The firm paid 4 per cent interest and had a large amount on deposit. The firm also had $100,000 of the State money on deposit. The total liabilities will not be less than $400,000. A careful and conservative banker estimates the assets as sufficient to pay every depositor in full, but others believe that no depositor will ever receive one cent. The defeat of Georgel Wallace Delamater for Governor and the rumor that he had spent money freely in the late campaign started a quiet but steady run on the bank soon after his defeat. An effort was made to negotiate a loan in Philadeiphia sufficient to enable the bank to meet all demands and make the future secure, but the panic occasioned by the Barker failure and the consequent tightness of the money market prevented the consummation of the arrangement, and nothing but an assignment was leit. A dispatch from Pittsburg says: It is the current opinion here that Senator Delamater's recent campaign for Governor had not a little to do with his financial reverses. Some politicians estimate that the fight cost the Senator $150,000, but that is perhaps $50,000 too high.

5. December 6, 1890 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, December 6, 1890

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Sta te Funds in a Broken Bank. PHILA DELPHIA, Dec. 6.-State Treasurer Boyer sa ys that the state had $100,000 deposited in the banking house of Delamater & Co., at Meadville, which suspended yesterday. He said the state could lose noth ing, as the deposit was covered by a bond.

6. December 6, 1890 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, December 6, 1890

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The State Secured. PHILADELPHIA, Dec. 6.-State Treasurer Boyer, who was in this city, said that the State had $100,000 deposited in the banking house of Delamater & Co., at Meadville, which suspended. He said the State could lose nothing, as the deposit was covered by a bond.

7. December 7, 1890 The Morning Call San Francisco, CA
Article from The Morning Call, December 7, 1890

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FINANCIAL TROUBLES. Failure of a New Orleans Cotton House. New York Firms Embarrassed. CHICAGO, Dec. 6.-A special from New Orleans says: The cotton house of V. & A. Meyer has suspended. The liabilities are $2,500,000, the assets $3,000,000. This is the third largest cotton house in the country. The members of the firm say they will pay dollar for dollar. The financial panic, slowness of collections and a decline in the price of cotton are the chief causes. The firm was interested in many cotton and sugar plantations. It is feared the wreck will involve several other firms. Solomon Meyer, manager, is in New York. The firm members are part proprietors of the Port Gibson Cotton-mills, the Natchez Cotton-mill and Randelman Plaids and Stripes Manufacturing Company of North Carolina. Adol:h Meyer WAS recently elected to Congress. Victor Meyer is Vice-President of the Union National Bank. The establishment enjoyed a high reputation and had a large trade in the neighboring States in cotton. Among theirassets are 18,000 bales of cotton. The firm has an office in New York. A FIRM DISSOLVED. NEW YORK, Dec. 6.-It is developed that Charles S. Higgins & Co., extensive soap manufacturers of Brooklyn, have been financially embarrassed for some time because of the tightness of the money market; that for the past week they have been unable to meet their obligations, and as a way out of the difficulty the firm has been dissolved and a new stock company, to be known as Charles S. Higgins & Co., organized, in which several of the principal creditors are members. Edward H. Ammidown, dry-goods merchant, 58 and 60 Worth street, made a personal assignment this morning. UNFOUNDED RUMORS. It was current in Wall street and commercial cities that the extensive wholesale grocery house of Thurber, Whyland & Co. was financially embarrassed. Regarding these reports F. B. Thurber said: "We are not in trouble in any way. We have met all our obligations promptly, and have a larger cash balance in bank at the present time than usual. We have, however, large stocks of goods and large outstanding accounts, and have issued a circular to the trade increasing the usual discounts for cash, which are given on groceries to about the same scale as given in the dry-goods trade. This is nearly double the usual grocery discount, and our offer has occasioned some remark in the trade. Our present term of partnership expires by limitation on February 1st, and we desire to have more of our assets in money and less in accounts." LIVERMORE FALLS (Me.), Dec. 6.-William Furnell, proprietor of the woolen-mills at Wilton, has failed. The liabilities are $70,000, assets $35,000. MEADVILLE (Pa.), Dec. 6. - Late this evening, Delamater & Co., bankers, issued a letter saying their depositors will be paid in full if time is given. No estimate of the assets and liabilities has yet been announced. LIVERPOOL, Dec. 6.-It is reported that a large grain-dealing firm here has failed. ST. JOHNS (Newfoundland), Dec. 6.-Waterman & Co, who did a large fishery business in Twillingate, have failed for $200,000.

8. December 7, 1890 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, December 7, 1890

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IT WAS TOO COSTLY Delamater's Campaign Expenses Were Too High. This Is Said to Be One of the Causes of His Failure Several Commercial Collapses Reported. RUINED BY POLITICS MEADVILLE. Pa. Dec. a-Delamater &Co., bankers of this city, made bene. signment Friday morning for the & of creditors. Messra Hetobkiss MeClimbock as assigness, took immediate herepossession, The Delamaters have of tofore enjoyed the entire confidence recent the business community, and been treat ruconcerning them have rivals more ed emonating from political George as W. Delamater, late Republican candidate for Governor, is president the institution. Polities is supposed to be the cause the failure. Some say that Delawa in of sunk a large amount of money the The canvass lasted six months nomination the ter campign. convention and for cost enormously, while after the largeHe increased Mr. Delamater's expenses spent were much ly upon marching clubs and money aid of all manner of organ- paid in izations, charitable and otherwise, liberal sum to the State committee, call for a frequently answered the needed to and where they were most funds the election. Some politicians Senator estimate affect that the tight cost the high $100,000. but that is perhaps too It cost Quay personally $75,000. The first sign of trouble at Delamater after bank came immediately & Co.'s Senator's defeat for idea Governor. that the Timid depositors got the heavily Delamater bad drawn Mr. bank for campaign upon the who had dealings funds; many firm withdrew their and when came of three weeks sail deposits with the the ago financial to the stringency not in good trim desbank was the storm. As : final and this through resort Senator Delaimater asHis only perate week went East to hope secure bad sistance. that Philadelphia bankers found been aid him, but he at Meadwould as tight there was ordinarily as money he had what Mr. Delagood his defeat for Governor considered ville. though who took collateral. failmater. feels bis financial out all philosophically. re keenly, but hopes to come righteventually. The assignment was who precipitated pressed his by claim about his brother-in-law. of $400,000 $15.000. and The assets liabilities said to are be about the FAILED same. FOR Dec. MILLIONS The cotton NEW ORLEANS, V. & A. Meyer bas suspended $2,500,000 house liabilities of aggregating This is the third with assets $3,000,000. in the country and cotton house of the wealth. they largest iest. and supposed They will to will ask be one for pay an dollar extension the for and say The recent financial panic, decline dollar. of collections and had the its share in slowness price of cotton each is composed in the the result. The vice-president house of the of Victor Meyer. Bank, Adolph Meyer, from the reUnion National to Congress Cassius cently Louisiana elected district, and was inFirst The firm cotton Meyer. capitalist. thirty in twenty-five half or a dozen of terested and owned the State. plantations plantations in comthe best sugar wreck of the great other mercial It is feared house the may involve several here and elsewhere. ASSIGN. firms TO immediate CHICAGO, FORCED Dec. 6.-As all disappearance result of the mysterious Campbell the Chicago most of Renjamin H. one of the Company, kind in the extensive Safe & Lock concerns of forced its to as- of world, has been liabilities with of comsign, $600.000 and assets stated president $700,000. of the Mr. friends, Campbell was ng to intimate attemptpany. and. accord of money in paying great deal house upon a by sunk to a place the so is be lieved His failure to his basis. ing friends to have unsettled do failure he reason, ended his than tace own life. and rather taking his his troubles by BE PAID IN FULL WILL -The as DEPOSITORS Minn., Dec. Bell'& Eyster signee of a DULUTH. of the suspended H. B. Bell, state. its Bank and has completed liabilities. proprietor. of the assets to and $1,189,626 and The ment former amount $89.690, or a $398,936. surplus of A the latter over to liabilities confidence of exists. assets of renewed the excellent feeling increased by Bank which is by the suspended Depositors showing Commerce made at Superior. will be paid dollar for dollar of of the institutions and both will doublless be re. organized THE FAILURE RECORD. --The business New YORK. Dec throughout the number count 912 try during as compared, the last with 249 last week. failures occurring seven days For

9. December 7, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 7, 1890

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BUSINESS FAILURES MULTIPLY. Maine Woolen Manufacturer Embarrassed-E. H. Ammidown Assigns. LIVERMORE FALLS, Me., Dec. 6.-William Furnell, proprietor of the woolen mills at Wilton. has failed. Liabilities, $70,000; assets, $35,000. NEW YORK, Dec. 6.-Edward H. Ammidown, dry goods, at 58 and 60 Worth street, made a personal assignment this morning. Ammidown said the assignment was made for the purpose of protecting the firm's creditors and his personal creditors from the annoyance likely to result from his connection with the Rittenhouse Manufacturing Company, of Passaic. It has developed that Charles Higgins & Co., extensive soap manufacturers of Brooklyn, have been financially embarrassed for some time because of the tightness of money, and that for the past week they have been unable to meet obligations, and that as a wav out of the difficulty the firm bas been dissolved and a new stock company to be known as the Charles Higgins Company organized, in which several of the principal creditors are members. The facts came to light through investigations into the rumors, which proved groundless, that the great grocery firm of Thurber, Whyland & Ca. had failed. H. K. Thurber, special partner in the firm, was a heavy indorser of Higgins' paper, and this doubtless led to the rumor. COLUMBUS, O., Dec. 6.-Suit was entered in the United States circuit court today by the Merchants' Trust Company of New York against the Zanesville, Wooster & Marion railroad to foreciose a mortgage to secure $3,500,000 of bonds. NEW ORLEANS, Dec. 6.-The cotton house of V. & A. Myer has suspended, with liabilities of $2,500,000 and assets of $3,000,000. The firm was the largest cotton house in the country. The Myers will ask for a suspension, and say they will pay dollar for dollar. The financial panic, slowness of collections and the decline in the price of cotton were the chief causes. The firm is interested in many cotton and sugar plantations. It is feared that the wreck will involve several other firms. Solomon Myer, manager, is in New York. Thefirm is in part proprietors of the Port Gibson cotton mills, the Natchez cotton mills and the Randetman Plaids and Stripes Manufacturing Company of North Carolina. Acolph Myer was recently elected to congress and is commander of the First brigade of the Stat National Guard. Victor Myer is vice president of the Union National bank. The firm is one of the oldest cotton factory houses in the city, and has done a very large business for years past, bo h under the present firm mame and as Meyer, Wies & Co. The establishment enjoyed a high reputation, and had a large trade in neighboring states in cotton. The firm also controlled several fine sugar estates. Among their assets are 18,000 bales of cotton. ST. JOHNS. N. F., Dec. 6.-Waterman & Co., who and a large fisherv business in Twillingate, have failed for $20,000. MEADVILLE Pa., Dec. 6.-Late this evening Delamater & Co., bankers, issued a letter saying depositors would be paid in full if time were given. No estimate of assets and liabilities is yet given.

10. December 8, 1890 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, December 8, 1890

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PITTSBURG, MONDAY, DEC. 8, 1890. THE MEADVILLE FAILURE. Further reports from the failure of Delamater & Co., of Meadville, indicate a surprising and unsatistactory relation of assets 10 liabilities. The probability of extended losses to the creditors of the bank is accompanied with intimations of features that would call for even more positive denunci tions than are accorded to a failure that is due simply to neglect of parties of solvent banking. With regard to the intimations of crookedness in the failure, it IS pertinent to say that public judgment should be held in reserve unless direct evidence of such things are forthcoming. Charges of a discreditable nature are not to be lightly added to the great misfortunes of such a bankruptcy; and until talk of that sort is backed by direct evidence, it should not be regarded as anything more than the gossip which nearly always follows such an event. Of course, the liquidation of the affairs of the firm will show the causes of the failure; and THE DISPATCH is free to express the hope that they may be shown to be consisten with the personal integrity of the members of the firm. A similar hope can hardly be expressed that investigation will show good business management. It is hardly credible that a bank SO recently synonymous with wealth and stability could come to such complete wreck as is now reported, without a remarkable disregard of the principles of safe banking. It also seems that the expenditure of large sums in polities by men whose bank was insolvent was, to take the mildest view, an extremely unwise and foolish proceeding. If the reports of the failure are not wildly exaggerated, the conclusion is inevitable that the failure must be charged to foolish and reckless management. Further than this public opinion will be held in reserve; but the personal reputation of the members of the firm requires that as early as possible a full statement be made of its condition and the causes of its suspension.

11. December 12, 1890 The Cambria Freeman Ebensburg, PA
Article from The Cambria Freeman, December 12, 1890

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ON Friday morning of last week, the banking house of Delamater & Co., of Meadville, Pa.. instead of opening out for business posted up a card announcing their suspension. The firm was composed of G. B. Delamater, and two sons one of whom, George Wallace Delamater, was the late Republican candidate for Governor : The announcement created intense excitement in that place, as nearly every business house in the town is affected. The failure is a bad one and it is attributed to various causes. George W. Delamater's .campalgn for the nomination and election as Governor is said to have cost him $200,000. He also sunk $90,000 in the Philadelphia Finance company and American Life Insurance company. under the management of Senator Macfarland, who disappeared after the American Life went to pieces. These were the primary causes of the failure while the financial stringency precipitated it. The assignees on Monday gave out a partial statement of the banks affairs and place the liabilities at $544,700 and the assetts at $472,549,72. Among the liabilities are $100,000 of State funds deposited by State Treasurer Boyer and $43,000 belonging to Crawford county, deposited by the County Treasurer of that county. The State will lose nothing as the bond of the State Treasurer secures the payment to the State but it will prove a heavy loss to the State Treasurer, as some estimates say the assets will not pay ten cents on the dollar. Certificates of deposit on the wrecked bank were offered at Meadville, on Monday for 25 cents on the dollar without takers.

12. January 5, 1891 Evening Star Washington, DC
Article from Evening Star, January 5, 1891

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THE DELAMATER FAILURE. Appraisers' Statement of the Assets-Other Business Difficulties. MEADVILLE, Pa., Jan. 5.--The statement of the appraisers of the banking firm of Delamater & Co. show that the assets of the firm are estimated at $301,000. Of this estimate $153,000 belongs to the firm, $62,000 to Geo. B. Delamater, $65,000.to Geo. Wallace Delamater and $10,000 to T. A. Delamater. Though the assignees are still unable to give an accurate statement regarding the firm's liabilities it is said that they will amount to $1,040,000, which includes the personal liabilities of the members of the house. DUBLIN, Jan. 5.-A statement just issued of the affairs of F. E. Dubedat & Son. bankers and brokers. whose failure was recently announced on the stock exchange, places the firm's liabilities at £120,000. NEW YORK, Jan. 5.-The failure of J.A. Worth is announced on the consolidated stock exchange. A good line of stocks was closed for his account under the rule. Wm. S. Haynes, dealer in pork and commission merchant at 21 and 23 Loew avenue, made an assignment today to Clarence W. Duncan without preferences. NEW HAVEN, CONN., Jan. 5.-The creditors of Norton & Son, clothiers, agree to accept 50 per cent on the liabilities of $25,000. J. P. Debble, dealer in art goods, has assigned. Liabilities, $8,000; assets, $6,000. BOSTON, Jan. 5.-The Boston creditors of Rich & Robinson, dealers in boots and shoes, Bradford, Penn., have voted to pay an assessment of 1 per cent on their claims, provided enough other creditors would join, toward a fund with which to institute proceedings to endeavor to obtain a fair dividend.

13. January 6, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 6, 1891

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THE BUSINESS OUTLOOK. Anaconda Clothier Fails-Villard All Right-Deuber Watch Co. Assigns. HELENA, Jan. 5.-[Special.]-L. Kaufman, a clothier of Anaconda, made an assignment. His liabilities are estimated at $40,000; nominal assets. No cause is stated for the failure. MICHIGAN CITY, Ind., Jan. 5.-L. Wilson & Co., lumber dealers, assigned today. Liabilities, $150,000; assets, $50,000. NEW YORK, Jan. 5.-The unexpected announcement was made today that Decker, Howell & Co., who suspended during the recent stringency in the money market, would resume business at once and Assignee Cromwell would pay 100 cents on the dollar on all just claims presented. The firm, which is one of the most prominent in the city, has long been identined with Villard and his interests, and carried immense lines of Northern Pacine and North American stock. The firm's liabilities amounted to $12,000,000. It is understood the resumption will make a decided improvement in the affairs of the North American company. The failure of J. A. Worth was this morning announced on the Consolidated Exchange. A good line of stocks was closed out for his account under the rule. CINCINNATI, Jan. 5.-The Deuber Watch Company, whose works are at Canton, 0., and who have an office in this city, assigned this evening for the benent of creditors. The nominal assets are $1,500,000; liabilities, including preferences, $450,000. The failure was caused by the stringency in the money market and embarrassment in consequence of business relations with the Hampden Watch Company. John C. Deuber also made an individual assignment, with liabilities of $252,000,and assets of $200,000. CLINTON, Ia., Jan. 5.-The Mutual Guarantee Fire Insurance Company has assigned and filed a statement of liabilities of $50,000, with assets aggregating $232,000. Slow collections and failure of other mutual companies caused the step. MEADVILLE, Pa., Jan. 5.-The statement of the appraiser of the banking hrm of Delamater & Co. shows assets of $301,000 and liabilities of $1,040,000.

14. January 13, 1891 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 13, 1891

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THEY OFFER TO SETTLE, The Delamater Banking Firm Submit a Proposition to Creditors. MEADVILLE, Pa., Jan. 13.-At a meeting of the preferred creditors of Delamater & Co., the assigned banking firm offered for the purpose of compromise and release to pay 50 per cent. of all legal claims and stand morally good for the balance as follows: Ten per cent. May 1, 1891; 15 per cent. in one year and the other 25 per cent. at the end of another year. A committee of seven was appointed to further investigate the assets of the firm and if it is found nothing further can be realized on, the creditors will likely accept the above compromise, although they did not bind themselves to do SQ.

15. January 13, 1891 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, January 13, 1891

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Offer of Compromise. MEADVILLE, Pa., Jan. 12.-At a meeting of unpreferred creditors of Delamater & Co., held today, the assigned banking firm offered for the purpose of compromise and release, to 50 per cent. of all legal claims, and stand morally good for the balance as follows: Ten per cent. May 1, 1891, 15 per cent. in one year and the other 25 per cent. at the end of another year. A commissioner was appointed to further investigate the assets of the firm and if it 18 found that nothing further can be realized, creditors will likely accept the above compromise, although they did not bind themselves to do so.

16. January 31, 1891 Evening Star Washington, DC
Article from Evening Star, January 31, 1891

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Arrest of the Delamaters. At the instigation of G.W. Wilder, a depositor to the amountof $615, the members of the assigned banking firm of Delamater & Co. of Meadville, Pa.,and Victor A.Delamater, cashier, were again arrested yesterday. The charge is embezzlement and is brought under the provisions of the act of May, 1889. The defendants waived a hearing and the bond of $1,000 was signed by Samuel P. Bates. Wilder's action is generally condemned. in view of the recent vote of nearly four hundred creditors to accept the settlement offered by the debtors.

17. January 31, 1891 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 31, 1891

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The Delamaters Again Arrested. MEADVILLE, Pa., Jan. 31.-At the instigation of G. W. Witter, a depositor to the amount of $615, the members of the assigned banking firm of Delamater & Co. were arrested again. The charge is embezzlement. The defendants waived a hearing and the bond of $1,000 wa, signed by Samuel P. Bates. Witter's act is generally disapproved.

18. January 31, 1891 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 31, 1891

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Delamater Arrested Again. MEADVILLE, Pa., Jan. 30.-At the instigation of F. W. Witter, a depositor, the member of the assigned banking company of Delamater & Co., was again arrested this morning, charged with embezziement. They gave bonds.

19. February 7, 1891 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, February 7, 1891

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NEWS OF THE WEEK. uv Latest Intelligence From Parts of the World. William Swisser of St. Louis was killed Supanq sq Parnell now declares that home rule has been practically accomplished. Venezuelan authorities seized the British bark Lydia Peschau. No reason was assigned for the act. Killian Laur, a Springfield (III.) policeour us use 07 servenced SUM 'uww penitentiary for killing a small boy. The Rev. Neville D. Fanning, a Congregational minister at Minneapolis, died a few moments after the delivery of asermon on "Is Life Worth Living!" It is reported that Emperor William smokes so much that it causes him to become so irritable that his officers can't get along with him. James Robbins. a noted Western bank robber and railroad thief, is under arrest in Chicago, charged with having robbed the Denver & Rio Grande cars of $30,000 worth of goods. James A. Smith, Jr., president of the James A. Smith & Sons Ice and Fuel company of St. Louis, and for more than forty years prominently identified with St. Louis business interests, has been arrested on warrants charging him with embezzlement pue The building and machinery of the Time Rock Oil and Compress company near Little Rock. Ark., was destroyed by fire. Loss, $100,000. Insurance $85,000. SUM Jamej 100d silver JO 'XquemO 'V ' f arrested in Chicago by Assistant Sergeantat-Arms of the House Forsyth and taken to Washington to appear before the silver -n.1 sp 41 committee lood mored that his testimony will cause a great sensation in speculative financial circles. Chaplin, the celebrated artist, is dead in Paris. : Mrs. Ball, wife of Thomas Ball, the American sculptor, died in Florence. At Denison, Texas, eight persons were poisoned by eating bread made of cotton "I!" pees Gol. George S. Mann. a veteran of the Mexican war, died at San Francisco, aged 86 A receiver has been appointed for the firm of Whitney & Tracy, lumber dealers at Toledo, Ohio. A case of leprosy was reported to the Wisconsin Board of Health from Buffalo county. The patient is a Norwegian woman. Dan Porter was found guilty of the murder of E. D. Smith, at Quincy, III. The crime, committed June 28 last, was with100 Mrs. L. McDowell, daughter of the late Robert Middleton, of Nauvoo, JII., was shot 10 'моритм U 18 sitting while Cal. John Aroken, a stockman who was a passenger on a train wrecked by an open switch near Kansas City. The Great Northern railroad company has filed with the auditor of Kititas county, Washington, a mortgage for $6,'000'000 Colonel C. G. Conn, proprietor of the born factory at Elkhart, Ind., has appointJO board B employes siq JO XIS po of his establishment and proposes to divido next year's profits with his hands. Four of the imprisoned miners at the burning Chapin mine at Iron Mountain, Mich., escaped. Two others were suffocated and their bodies recovered. Chief of Police Whalen of Chippewa Falls, Wis.: arrested Frauk Beaudin, alias Frank St. Clair, at Stillwater, Minn. The prisoner is wanted for stealing a gold watch coath buttalo U puu The wife and daughter of Mr. Stallo, lately United States Minister to Italy, are suffering at Rome, from typhoid fever. They have been in a critical condition but 0.10 Owners of twenty-one furnaces and rolling mills in the Mahoning and Shenandoah Valley, representing a capital of over $6,000,000 and employing20,000 men, " peulsof A resolution condemning Senator Cameron's course on the silver question, introduced in the lower House of the PennsylU by vania Legislature, was defeated decided majority. The Bellefonte (Pa.) Furnace company's furnace, ore banks, and quarries have shut down for an indefinite period owing to an increase in freight tariffs, throwJO ano пеш 099 Suy Members of the assigned banking company of Delamater & Co., and Victor M. Delamater. cashier, have been again arrested at Meadville, Pa. The charge is embezzlement. The defendants waived puod CAUB puu beauth At Jefferson City, Mo., the Senate passed a resolution similar to that adopted by the House a week ago, pledging that branch not to appropriate any money for the World's Fair should the force bill become a law. Sebastian Peters, a saloonist of Lima,

20. February 13, 1892 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, February 13, 1892

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A DELAMATER POINT Gained at Meadville That May Upset the Case of the Prosecution. AN INVENTORY RULED OUT On Which the Lawyers Relied to Sustain Their Charge of Fraud. HELPLESS AND ALONE IN A HUT. The Pitiable Case of a Stranger Found Near Beaver Falls. NEWSY NOTES FROM NEARBY TOWNS !SPECIAL TELEGRAM TO THE DISPATCH.1 MEADVILLE, Feb. 12.-All the various powers of the prosecution are being brought tobear on the celebrated case of Murray versus Delamater & Co., as the fate of a score of suits hinges on this one. As a result, considerable delay is experienced at all times, the battle having become one entirely between the opposing counsel, with the Court as a mediator. Cross-firing ensues after every question and objection. The first witness called to-day was W. S. Murray, the ostensible prosecutor. His testimony dealt entirely with the different deposits he had made up to and including the day before the bank was closed. His son was also called and corroborated the dates given. The next name called was that of James E. McFarland, Jr., bookkeeper for the bank at the time of the failure. There was no answer to the call, which was twice repeated. He is badly wanted to answer certain vital questions regarding the finances of the bank at the time of the failure. The Defense Promises the Witness. His absence created considerable surprise, and lively tilts followed between the opposing counsel, the prosecution demanding emphatically that an attachment be issued by the Court to compel the bookkeeper's attendance, and the defense ás strenuously insisting that this was not necessary. Finally, on a promise by the defense that McFarland would be produced at the proper time the matter was dropped temporarily. Victor M. Delamater was then called by the prosecution to assist in proving deposits, the evident intention being to make out the prosecution's case that the bank was insolvent when deposits were taken from Murray. He acknowledged the dates given 25 correct, to the best of his belief. Several pertinent questions were objected to, and Mr. Delamater retired for a time, after stating that he was acting cashier from January 1, 1888, to the day of the failure. W. S. McGunnegle, who was the cashier from the time of the founding of the bank in May, 1876, until succeeded by Victor Delamater in 1888, gave some interesting testimony as to the organization of the institution. A Small Capital for a Big Bank. Attorney Roddy-What was the amount of paid in capital at the time of organization? Cashier McGunnegle-As near as I can remember, $2,500. Roddy-Wasn't that a rather small amount of capital to put into a bank handling such large sums, and a State depository at that? McGunnegle- Well, the bank expected to run on credit, and the amount of money paid in really made no difference SO long as the members of the firm were individually liable. Roddy-What was your interest in the bank? McGunnegle-I had a one-eighth interest. The prosecution here offered the appraiser's inventory of the assigned estates, hoping, of course, by this one stroke to prove the insolvency of the bank for years, as the appraiser's figures showed very badly for the defense. Strenuous objections were again made by the defense to the placing of such statements in evidence, and the Court sustained the objection, stating that the appraiser's Inventory was made up entirely for a basis of the assignee's bond, and was a document not issued by and with the consent of defendants. A Bull Run for the Prosecution. This ruling is a clear victory for the defense, as it makes it harder than ever to corner the case on the insolvency issue. The assignee's deed and other papers were admitted, and George F. Haskins, of the firm of Haskins & McClintock, the assignees, was placed upon the stand, and closely questioned by the prosecution as to the real value of various items placed down as assets. Witness stated that they had found overdrafts amounting to nearly $70,000. Many of these overdrafts were by banks or persons who had counter claims, SO that no certain value could be placed a upon them as assets. The entire afternoon was consumed by this witness, he detailing at length what is already known as to the value of the personal property of the defendants at the time the assignment was made December 4, 1890. His statements made prospects for the creditors look bluer than ever. and the rest of the dav was con sumed in counsel wrangling over technical points.

21. February 20, 1892 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, February 20, 1892

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DELAMATER'S DEFENSE Is That His Bank Was Solvent When the Big Judgments FORCED IT TO SUSPEND BUSINESS. He Believes the Assets Will Realize Enough to Pay Everybody. NOT SHAKEN BY CROSS-EXAMINATION MEADVILLE, PA., Feb. 19.-The Court having yesterday ruled that G. B. Delamater and T. A. Delamater were to be no considered as defendants in the case now being tried against the firm of Delamater & Co., by reason of a lack of evidence against them, the single defendant, George Wallace Delamater, was on hand with his counsel promptly at 9 o'clock this morning, the hour fixed for the beginning of the presentation of testimony for the defense. By reason of the sickness of, Juror Jameson, Judge Henderson asked counsel to be extra careful in the trial of the cause. George A. Jenks opened for the defense by an address to the jury, during which show he claimed the ability of the defense to that the Delamater firm was not insolvent, and that the remaining defendant, George beWallace Delamater, should be set free, cause of the inability on the part of the prosecution to prove that the defendant in- or the firm of which he was a member was solvent at the time of the failure, and also that the prosecution had failed to prove that G. W. Delamater had any knowledge the of the insolvency of the bank, and that the prosecution having failed to prove that of the defendant had guilty knowledge taking of money after the bank had failed, the it had failed to establish a case against defendant. Honesty of the Delamaters Dwelt On. During his statement to the jury Mr. Jenks referred to the establishment of entire the bank and the placing therein of the and property and credit of G. B. and T. A. G. W. Delamater, their method of manage- all ment and the promptness with which their connected with the failure turned over entire property for the benefit of creditors. of G. He dwelt at length upon the return W. Delamater after the deed of assignment had been made, and how the latter, having been informed that his wife had been pro- that tected over other creditors, insisted be what had been set aside for her should of placed among the assets for the benefit other all creditors. Continuing, among in things Mr. Jenks said: "Many people that G. this community no doubt believe durW. Delamater has made some mistakes ing his life, but I am confident that no man disever suspected him of having been honest. Mr. Jenks warned the jury against minds allowing the prosecution to lead their indietaway from the subject matter of the ment, declaring that Mr. Roddy, the prose- mind eutor, had got things worked into his until he believes them, and that he was likely to present them to the court and jury unless objection was entered in time to prevent him. The Defendant Poorer Than Others. Mr. Jenks presented a list of assets which he claimed represented $1,243,950, and which he said he expected to prove the would have brought that amount had failure not been precipitated. He declared have that, while it is true that many people e been made poor by the failure, behind them them stands G. W. Delamater poorer than also all and responsible for their debts. He the outlined the conduct of the members of tl firm during the years of their business been connection, stating that no dividends had with declared at any time, and that a h knowledge of the large number of proper- unties owned by them and their almost k limited credit, it would seem an impossibilitv for the firm, without a detailed examinast tion of their assets and liabilities, which was never done, to believe itself insolvent. G. Mr. Jenks referred to the election of W. Delamater to the Senate of the State, E his absence from business, and the giving amup of almost all of his time to political be bition, which, while he declared it to a mistake on the part of G. W. Delamater, el served to show his lack of knowledge of the h condition of the affairs of the bank. In h: real of his declaration that the members Mr. N support of the firm believed themselves solvent, E Jenks said that he expected to prove to mid- the satisfaction of the jury that prior to m of December 4, when judgments St against night the bank were entered up by James in E. McFarland, which forced the making of the deed of assignment, there had not been the fu at any time any discussion regarding to subject of assignment by the defendant or any of the members of the firm. n Believe They Can Pay Dollar for Dollar. in Wallace Delamater was then h H called George by the defeuse. His testimony was of in a plain, straightforward matter ta m given way. He explained to the Court and W fact jury upon what he based his estimates of 01 values of the several blocks of stock in held the by the firm. In short his answers to the questions of counsel were given with not di explanations to show that, had the firm of been forced to assign, in the ordinary course na of business affairs it would not have failed. his testimony Mr. Delamater = la declared During his belief that the assignees would, m after the stock has all been sold, be able he to pay every dollar of the indebtedness due p depositors. The entire afternoon session was taken up by the prosecution in an examination of Wallace Delamater,who in response George questions by the prosecution swore that J. to he fully believed the firm of which he was a member was solvent until he learned that judgments had been entered against it by F James E. McFarland, which action weakh: ened their credit to an extent which in his fu judgment made the assignment a business necessity. la Swears the Firm Was Solvent. by in During the examination the he firm explained had been the securities pledged to various owned by financial institutions in fa Philadelphia, New York and elsewhere as ce securities for loans made for the firm of Delamater & Co. and individual loans made at G. W. Delamater. He also explained $4 by in detail his opinion of the valuation of the real estate held by the firm and individual members thereof in Meadville and other M sections of the State, also in Ohio, and rehi iterated his declaration that the firm was S solvent at the time of the tailure. C The cross-examination of Mr. Delamater, m while severe and searching, tailed to shake R direct examination in the least, and proto duced his a favorable impression in the court. fu The trial is rapidly approaching theiry late conclusion to-morrow