Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1889-05-27
NO. 21O
5 LIVED HIGH.
2ITY BANK Is COMPELLED
-.JSR ITS DOORS.
.ns Cashiers Enbszzsmsnt and Speculation Re-
suits From BIS Exravagant Living -
he IS DsAnllsr to The Extent
Of SlS5,OOO.

SCRANTON, May 26.-Nothing could
have stunned the business and financial
circles in this city more effectually than
did the announcement yesterday, that the
Scranton City Bank had suspended.
The immed ate cause Of the banks en-
barrsssment is attributed to the reckless
handling of its funds by Cashier George A.
Jessup, whose accounts are said to be short
S1S5, 200.
A hurried meeting Of the directors was
held at the Scranton House this afternoon,
when it was decided TO bring the business
OF the bank to a close until such time as
there can be thorough oveIhauling of its
affairs and adjustment of Cashier Jessup's
accounts.
WARRANT FOR THE CASHIERS ARREST.
1t was the opinion of the directors that
radical measures should be instituted to
protect the bank depositors, and it was de-
cided to secure the arrest of Mr.. Jessup.
Accordingly Charles TTopp, one of the di-
rectors, went before Alderman Roesler and
swore out a warrant for Jessup's arrest.
The information upon which the warrant
was issued declared that lone G.. A. Jes-
sup did feloniously abstract and embezzle
from the Scranton City Bank various sums
of money, amounting TO 500, ,OO0" This
was signed by Charles Tropp. The war
rant was placed in the hands of Police
Officer Ridgway, who was instructed TO
secure the arrest Of Mr.. Jessup without
delay.
In the meantime the report that the
bank was in trouble began TO reach the
ears of the depositors who had placed their
money there to-day, and their chsgrin was
intense that they had not been notified OF
the affair by anybody connected with the
institution. They could hardly believe
that the bank WAS permanently disabled.
but when they learned that the cashiers
accounts were short 100000 they began
to fear the worst.
JEssUP's CARELESS FINANCIERING.
Suspicion first fell upon the lax man
sgement of Cashier Jessup when it was as
certained that j. f, Payfair, ut the time
of his recent failure, was the banks debtor
in the sum of about $1,000, for which
amount the only security was life insur-
ance policy.
Lister on other evidences of careless
fnanciering were observed and two days
ago S. B. Mott, the accountant, was called
IN to overhaul the books. The discoveries
he made were astounding even TO the di-
rectors, who now ascertained for the first
time that Mr.. Jessup's shortage would
aggregate $135, 900. This amazing infor-
nation fairly dazed the directors. The
board consists of Dr. B. II. ThroOp, Henry
Armbrust, Victor Koch, Charles Tropp,
Morris Goldsmith, Edward Merryfeld and
Cashier George A. Jessup, who is large
stakeholder in the institution as well as its
Vice-President.
THE DEFAULTBR ARRESTED.
Cashier Jessup was arrested in the bank
at o'clock this afternoon by Officer
Ridgeway, in the presence Of the Board Of
Directors, who had adjourned to that
place from the Scranton House. He was
evidently laboring under great excitement
and seemed to feel keenly his embarrass.
ing position. He requested time to ar
range his papers in the bank and the officer
waited for him to do 80. He was taken to
Alderman Roesler's Office, where DIR. B. II.
Throop went his bail in the sum of
$25, 900.
At meeting Of the directors late this
afternoon it was decided to close the bank
for the present and place it in the hands OF
an assignee, who will be chosen very
shortly it is impossible at present
to get statement OF the liabilities and
assets, but it will probably be given ont
Monday.
Owing to Jessup's repeated absence from
the bank the books Of the concern are be-
hind, and it will take some time to
straighten them out.
EXTRAVAGANCR AND SPECULATION.
The failure of the bank is attributed to
the cashiers extravagsnt style of living,
his speculation in Improbable coal
lands and various ventures that took
large sums Of money without yielding a re-
turn.
Cashier Jessup's bond to the bank in the
sum of $25, 900 is signed by his father-in
law, Mr.. Beardsley, Of Susquehanns
county, and his brother. Judge William
II. Jessup.
1t is said that the bank holds very
nearly SO, 900 Of the county funds, which
were deposited with it when the Office Of
County Treasurer was turned over to
Daniel J. Campbell last January. Ii is
also said that the Deputy Revenue Col
lector deposited a considerable sum Of
government money out Of friendship for
the directors.
A PROMINENT CHURCHMAH.
Jessup was very prominent in church
circles, being a member Of the Second
Presbyterian Church. He is President
of the Pennsylvania Wheelmen Association
and Vice President of the National Asso-
citation.
The school district OF the city had a very
narrow escape, as in the early part of April
they had deposited in the bank SlS3, 600,
which they then withdrew.
What causes the most general condem-
nation is the fact that the bank officials re-
ceived deposits almost up to the hour Of
closing, although they knew the bank
would close for good.
At a meeting Of the directors this even
ing ]. II. Gunster was appointed assignee.
Mr.. Jessup himself furnishes the local
paper a card denying that he has embez-
zled or made illegal use Of the banks
money. He tscitly admits that he may
have been careless, but says there was
nothing dishonest in his transactions. He
,ays that if it is decided that he is liable to
the bank for a certain sum Of money he is
IN possession of property which will make
- Ar IoGotarov