Jamestown Savings Bank (Jamestown, PA)

Episode Information

Episode UID
8998841991021
Episode Type
Suspension โ†’ Closure
Bank Type
savings
Bank ID
899884199 hash
Start Date
January 21, 1885
Location
Jamestown, Pennsylvania (41.486, -80.438)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
20f4fea4ab1e553e

Response Measures

None

Description

Contemporary accounts differ on the exact defalcation ($25,000โ€“$40,000) but consistently report cashier absconding and receivership.

Events (2)

1. January 21, 1885 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier I. (J.) Ross Martin absconded with available cash; alleged defalcation reported ~$25,000โ€“$40,000.
Newspaper Excerpt
The Jamestown Savings Bank closed its door yesterday, and officers are making a thorough examination of the books of the concern to discover the exact amount of an alleged defalcation
Source
newspapers
2. January 22, 1885 Receivership
Newspaper Excerpt
The bank will go into the hands of a receiver to-morrow, and the liabilities will not be known until after an examination, but it is believed they are $40,000.
Source
newspapers

Newspaper Articles (6)

Article from Sacramento Daily Record-Union, January 22, 1885

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Article Text

Another Bank Cashier 'Gone to the Springs." JAMESTOWN (Pa.), January 21st.-J. Ross Martin, cashier of the Jamestown Savings Bank, in whom the community had implicit confidence, absconded Monday evening with all the available cash, and departed for parts unknown. On Tuesday morning when the teller opened the bank he found it destitute of cash and other available assets. The stockholders and depositors are responsible farmers of this vicinity, and the feeling is intense. The bank will go into the hands of a Receiver to-morrow, and the liabilities will not be known until after an examination, but it is believed they are $40,000. The assets amount to nothing but the fixtures and furniture.


Article from Savannah Morning News, January 22, 1885

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Article Text

BUT 20 CENTS ON THE DOLLAR. A Minnesota Bank Closes Its Doors OR Account of Speculation. WADENA, MINN., Jan. 21.-The Bank of Wadena, owned by E. S. Case, closed its doors this morning, and made an assignment to A. Murray, Cashier of the Merchants' Bank here. The assets are stated at $28,000, and the liabilities at $36,000. It is thought that not more than 20 cents on the dollar will be paid. The bank has not been considered in very good shape for some time, and depositors have quietly been withdrawing their funds. The failure is attributed to outside speculations. A BANK WRECKED. JAMESTOWN, PA.,Jan. 21.-The Jamestown Savings Bank closed its door yesterday, and officers are making a thorough examination of the books of the concern to discover the exact amount of an alleged defalcation, which, it is said, will exceed $40,000. One of the officers has been mysteriously missing for several days. Martin absconded Monday evening with all the available cash and departed for parts unknown. On Tuesday morning when the teller opened the bank he found it destitute of cash and other available assets. The stockholders and depositors are responsible farmers of this vicinity and the feeling is intense. The bank will go into the hands of a receiver to-morrow. The liabilities are believed to be $40,000. The assets are the fixtures and turniture. THE CASE PLOW WORKS SOLD. RACINE, WIS., Jan. 21.-The assignee of the J. I. Case Plow Company, in accordance with an order of the court, sold all its property, real and personal, at the court house this morning, in the presence of a large crowd, for $175,000. The property was thought to be worth more, but considering the unfavorable circumstances brought this price only. Mr. Case, who is himself a heavy creditor, has purchased the works, which, it is reported, will soon start up.


Article from The Indianapolis Journal, January 22, 1885

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Article Text

BUSINESS DIFFICULTIES. Investigating the Books of the Jamestown, Pa., Savings Bank. JAMESTOWN, Pa., Jan. 21.--The Jamestown Savings Bank closed its doors yesterday, and the officers are making a thorough examination of the books of the concern, to determine the exact amount of the alleged defalcation, which, itis said, will exceed $40,000. One of the officers has been mysteriously missing for several days, and the citizens are much exercised, as many of them had all their savings on deposit, and can ill afford to lose what they had laid up for a rainy day. Another special from Jamestown has the following additional concerning the bank defalcation: II. Ross Martin, cashier of the Jamestown savings-bank, in whom the community had implicit confidence, absconded on Monday with all the available cash and departed for parts unknown. On Tuesday morning, when the teller opened the bank, he found it destitute of cash and other available assets." The stockholders and depositors are responsible farmers in this vicinity, and the feeling is intense. The bank will go into the hands of a receiver to-morrow, and the liabilities will not be known until after an examination, but it is believed the assets will amount to nothing but the fixtures and furniture.


Article from Wheeling Register, January 22, 1885

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Article Text

TOOKE VERYTHING, A Bank Cashier Who Left Nothing But the Safe. JAMESTOWN, PA,, January 21.-J. Ross Martin, cashier of the Jamestown Savings Bank, in whom the community had implieit confidence, absoonded Monday with all the available cash and departed for parts anknown. On Tuesday morning when the teller opened the bank he found it destitate of cash and other available assets. The stock holders and depositors are responsible farmers of this vicinity and the feeling is intense. The bank will go into the hands of a receiver to-morrow and the liabilities will not be known until after an examination, but it is believed they are $40,000. The assets amount to nothing but the fixtures and furniture.


Article from The Middlebury Register and Addison County Journal, January 30, 1885

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NEWS SUMMARY Eastern and Middle States. CASHIER MEECH and Assistant-Cashier Webb, of the Merchants' bank, of Norwich, Conn., were arrested for embezzling from the institution's funds. Both gave bonds to answer. THE long struggle over a nomination for the successor of Hon. Elbridge G. Lapham as United States Senator from New York ended by the Republican caucus awarding the prize to William M. Evarts, who received sixty-one votes to twenty-eight for Oliver P Morton and three for Chauncey M. Depew. As the Republicans have a majority in the New York legislature, the nomination of Mr. Evarts was equivalent to an election. CONGRESSMAN JONATHAN CHACE was elected by the Rhode Island legislature to the United States Senate as successor to the late Senator Anthony. OLIVER BROTHERS & PHILLIPS, the suspended Pittsburg iron firm, have made a statement to their creditors showing liabilities, $1,508,338.93 : assets, $2,319,352.42. An extension of five years is asked. THE Connecticut legislature re-elected Hon. O. H. Platt to the United States Senate. The Democratic nominee was W. H. Barnum, chairman of the Democratic National committee. UNDER instructions from Mayor Grace, the New York police are putting a stop to all gambling and rigidly enforcing the liquor law. The other night twelve gambling houses in the city were raided. THREE right whales. known to whalemen as "two COWS and a calf," were captured the other day off the Long Island coast by the whaling crews of two villages. The whales were harpooned close to theshore, but making a desperate fight for life towed the boats fully ten miles to sea before spouting blood. They are valued at nearly $4,000. A day or two subsequently another right whale was captured off the Long Island coast. It proved to be the largest yet caught, being seventy feet longand nine feet broad. The bone is valued at $2,500. THE failure of the Jamestown (Penn.) savings bank was followed by the discovery that its young cashier, I. Ross Martin, had disappeared and was a defaulter to the tune of about $25,000. When last seen Martin was headed for Canada. SISTER THERESA.a niece of the Hon. James G. Blaine, died a few days since in St. Mary's Catholic convent at Wilkesbarre, Penn. Ex-Mayor GUNTHER, of New York, once a prominent merchant and politician, is dead. THE boiler of a portable engine on Simon Benedict's farm in Groton, N. Y., exploded with terrific effect. Mr. Benedict and one son were fatally injured, a younger son was instantly killed, and the engineer's body could not be found. MOUNT WASHINGTON, N. H., has just had the coldest weather ever experienced there, the thermometer registering fifty degrees beto zero. A MRS. E. H. GREEN. who is said to be the richest woman in America, had $26,000,000 in first-class bonds and securities on deposit with the recently suspended New York banking house of John J. Cisco & Son. Mrs. Green called for her property the other day, and upon the assignee's refusing to give up $800,000 worth of the securities, claiming they must be held as collateral for the loan of $800,000 made to her husband, the lady made quite a scene, bursting out crying, throwing herself upon the floor and refusing to becomforted or quieted. She finally left, threatening to appeal to the law. PHILADELPHIA'S famous old Liberty bell was started on its journey to New Orleans with imposing ceremonies. All along the line of march big crowds cheered the revolutionary relic as it was conveyed toward the special train which carried it to the New Orleans Exposition.


Article from Wessington Springs Herald, February 13, 1885

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Article Text

DOMESTIC. A YOUNG man and his sister were on the 20th reported to have been murdered at Rochester, Pa., the perpetrator, a German, cutting the corpses into small pieces. GEORGE WINANS, aged fifteen, while coasting at Mansfield, O., the other afternoon, was struck by an express train and instantly killed. THE Bank of Wadena, owned by E. S. Case, at Wadena, Minn., closed its doors on the 21st. It was thought that not more than twenty per cent. on the dollar would be paid. IT was estimated on the 21st that 100,000 men, previously unemployed, had obtained work in manufacturing enterprises since January J. THE Jamestown (Pa.) Savings Bank failed recently, and on the 21st a defalcation of $40,000 was discovered. One of the officers had been missing for several days. THE West Shore and the Pennsylvania Roads were on the 21st selling emigrant tickets from New York to Chicago for one dollar. THE Committee on Public Lands reported on the 21st to the House of Representatives at Washington that European noblemen had acquired twenty-one million acres in the United States, and that foreign capital would before many years possess itself of one hundred million acres more by the foreclosure of American railroad bonds. PATRICK LENNINGHAM, a laborer, living in the suburbs of Philadelphia, reported on the 21st that the savings of his life-time, $2,700, had been stolen from a sachel in his bed-room. TEN persons were injured on the 21st by a railway accident near Sedalia, on the Missouri Pacific Road. The west-bound passenger-train struck a broken rail and a chair-car was precipitated down a high embankment. AFTER an appeal by Director General Burke, members of the New Orleans Cotton Exchange on the 21st subscribed $60,000 to meet current expenses of the World's Exhibition. THERE was great excitement in St. Louis on the 21st concerning the outbreak of alleged Asiatic cholera. Two men-a Russian-Jew peddler and a negro-had died in that city of the disease within a few days. IN an affray with knives the other day in a Louisville coal office a white man was fatally stabbed, and two negroes were seriously wounded. FIRE in a tenement house at Baltimore on the night of the 21st created a panic. A woman jumped from a window and was fatally hurt, and two children would die of exposure. The remaining occupants had narrow escapes. POSTMASTER-GENERAL HATTON on the 21st sent to the Chairman of the House Committee on Post-offices and Post roads the draft of a bill providing for a reduction of postage on second-class matter, or newspapers, mailed by publishers, from two cents to one cent per pound. HOG cholera has within a short time swept off one thousand head in a township near Lincoln, Neb. A BAND of thirteen thieves who recently stole $16,000 worth of goods from the Chicago & Alton freight yards at Lexington, Mo., and had committed numerous other robberies, was arrested on the 21st at Lexington. MANUFACTURERS at Wheeling, W. Va., on the 22d advanced the price of nails twenty cents per keg. A PORTABLE engine exploded on the 22d on a farm near Groton, N. Y., killing two men and fatally wounding two others. AN officer of the Franco-Prussian war named Louis Ladenberger hanged himself the other day at Scranton, Pa., after having been out of employment for three months. THE creditors of Oliver Brothers, of Pittsburgh, Pa., decided on the 22d to grant a five-year extension, taking separate notes for the payment of interest semi-annually. GENERAL HATCH had on the 22d surrounded Couch's Oklahoma boomers at Stillwater, and intended to starve them out. Those willing to leave Couch's camp were permitted to go, and numbers were taking advantage of the order.