New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-06
THE TIDE WAS AGAINST HIM
SENATOR DELAMATER'S BANKING FIRM
GOES UNDER.

DEPOSITORS FRIGHTENED BY RUMoRS FOL-
LOWING POLITICAL DEFEAT-LrABILI.
TIES or HALE MILLION.
lBr TELEGRAPH TIE TnrpUSkI
Meadvie Penn. Dec. 5.-The private banking
| firm Of Delamater & Co. to-day filed genera!
deed of assignment of all their property, real and
personal, naming the firm of liaskins d Nc
Clntock, attorneys, assignees. The firm con-
ssts of George B. Deamacr and his two sons,
| /. A. Delamater and the Republican candidate fof
Governor at the last election, George w. Della.
mater Each of the members Of the firm also
makes individual assignment covering all
property, real and personal Prior 10 the assign
ment judgments were entered against the firm and
the individual members for about $4,000 OF
these judgments $4,000 is in favor of the Mer-
chants National Bank for rediscounts. The same
bank has also entered judgments for S2I 500
against the banking firm, for $4,000 against the
| father and I. 4. Delamater, and $4,000 against
| George Wallace Delamater. There is also 81 5000
entered against the firm by the Senator's brother.
in-law, Thomas 5. Mcfarland, OF Buffalo " y.
| and $4,000 against the firm by the Senator's
wife, Mrs Mary Delamater. Other small
| judgments bring the tOtal amount 70
the sum named. There are also judg-
nents for $4,000 against Victor w. Della
/ mater, a younger son, who cashier of the
bank, but not a member Of the banking firm.
The Treasurer OF Crawford County is Henry
| W. Miller, a nephew Of the senior member of the
| firm lie had on deposit at the time Of the
assignment about SIS, 900, of which about $4,000
belongs TO Crawford County. and about $4,000
to the State. State taxes collected and not paid
over 10 the State Treasurer. The County Treas
urcr's bond>men are George B. and George w.
| Dol * home
except as a general creditor, like all the rest.
| and the State is in the same boat.
The failure is of course the one topic NJ
conversation here. Scarcely a family in the city
escapes loss. The firm paid per cent interest
and had a large amount on deposit. The nm,
also had 100000 of State money on deposit.
The total liabilities will not be less than
S4OO. 900. and probably 100000 is conserva-
tive estimate The assets consist of notes due
| the bank: the Deamatcr block, very largo
| and valuable piece of real estate, without lncum-
| brance: the fine houses of the three members of
the firm their interest in the Meadvle and Lynes-
Vile Railroad, in the Convent Lake Ice Company,
besides many stocks and bonds, several thousand
acres Of wheat lands in the Red River Valley ot
| North Dakota. and other real estate IN this and
adjoining counties 4 careful and conservative
banker estimates thc assets sufficient 10 pay
will ever receive cent II will doubtless he
some time before the real condition of the firm
will Ne known. Twenty years ago the father.
George T. Deamater. undoubtedly worth from
"A half 10 threc-quarters of a million dollars, AMI
il does not seem possible that this has all hcen
spent in politics wasted by loaning 1t to IRE
sponsible parties. Still, undoubtedly much Of II
has gone that way. The defeat Of George Wallace
! Dcamarcr for Governor and the ruruor that he
had spent money freely III the late campaign,
started a quiet but steady run on the bank soon
! after his defeat An effort made TO negotiate
loan in Philadelphia sufficient 10 enable the
| bank 10 meet all demands and make the future
secure. but the panic the Barker failure. ana tne
| CONSEQUENT tiQhness OF the money market pre-.
vented the nconsummaton Of the arrangement and
nothing but assignment was left. The cases
of individual hardship are many, and; as usual somt
of them heart-rendlng WIDOWS. orpnans,
laborcrs. washerwomcn. school-teachers. indeed,
people of all classes. are hurt. No bank in the
CITY stood higher. II is not believed that any
merchant or business man will he anything more
than temporarily embarrassed. AS the firm did not
have large line ot mercantile deposits lte
accounts were more with people who had little
money sa we'd and il paid interest time deposits
Mach sympathy : felt for tho members Of the
broken firm. but there l. little hope that the
bank will ever resume, and the dcpostors Sener-
ally think they will do well # they finally real
1c fifty cents on the dollar
Philadelphia. Dee. state Treasurer Boyer VINO
was in the city to-day. when asked regarding
the report that the banking house OF Dclamatcr
n Co.. at Mcadyille, whose suspension was an
nouuccd to-day. had on deposit 100000 Of the
state, funds. stated that the report was true,
hui that the State would lose nothing. ms the
deposit was covered 10y bond. Mr.. Boyer said
hr found the deposit th,re when he took the Office
Of Treasurer. and has since allowed II 70 remain.
Nr Boyer added that there Is no designated state
dcpusiary. the Treasurer can deposit the State
funds where he plca>eS. his bondsmen being re-
sponshle There are thirty depositsries at pres
Ont. he said. and the Delamatcr bank was only
ore of the thirty
opinion mere that Senator Delamafors recent cam
paign for Governor had not a llttF 70 10 with
his financial rcvcr>es. The canvass for the nonll
uatiCn lasted SX months and is known Ia have
cost enormously while after the convention Mr.
Deamatcrs expenses were largely increased lie
spent much money upon marching clubs and IN AID
of all manner of organizations. charitable and
otherwise. paid liberal sum to the State Commit
Tee and frequently answered the call for funds
where they were most needed 10 aHect the election.
Some politicians estimate thar the fight cost the
Senator Sl50,00O, bat that Is perhaps $4,000
Too high.
The Dcamatcrs first accumulated means in the
early oil days through tho striking Of big
we'll near oil City. The elder Delamatcr and his
sons have AT times made large sums ont Of oil
lands and railroads George X. Delamater, the
father, was u State Senator hcfore his son.
The First National Bank Of this city. has been tho
pondent thi, city with Delamaei Co. since
1876. Ebenezcr scofeid. cashier Of the baok. said
YESTERDAY IN speaking Of the failure that Dclamstcr
60. had come Ia tie 0anh Win hleH ircomeu~0
tons and that most satisfactory relations existed -
tween the bank and the company until few Sea~
ago But two years ago Delamatcr Co took them
selves ont Oi the banks debt, and today there was
slight balance The banks books in their favor Mr.
erotied added that the failure would not afcct the
First National Eank IN the slightest degree.
RESIGNATION or 4 PRISON WARDEN.
saltwater Mimi. Dee. John J. Randall warden
p,i-o has AT
D.,.r,nr Mnrrinn rIle rrsicnatnn grew