The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-12-24
4 FLOOD OF FAILURES.
Tight Money Causes Wide
spread Financial Distress.
Delamater's Private Bank at
Meadville, Penny Goes Under.

Meadville, Penn, Goes Under.
The effect OF the recent panic in Wall street
has been more widepread and lasting than
was anticipated and numerous failures con-
tinue to be announced throughout the coun-
try. The cause of all this is the stringency
in the ready money market. A meeting Of
the House Committee on Banking and Cur
rency has been held in Washington to devise
means for relieving the financial situa-
ton, but there was such radical
difference Of opinion regarding the meth
ods for affording relief that the committee
came to no conclusion, and its members look
on any immediate solution Of the difficulty
as hopeless. A list Of one days failures Is
subtended:
The private banking firm Of Delamater &
Co., of Meadville, Penn, has filed general
deed of assignment of all their property, real
and personal. naming the firm of Has
kins & MeClintock, attorneys, as as
George B. Dalamater and his two sons,
T. A. Delamater and the Republican candl-
date for Governor at the last election,
George W. Delamater. Each of the mem.
bers 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 sll0, ,OOO.
The assignment will not seriously atfect the
other banks, and there has as yet been no
run on any Of them, although the residents
Of Meadville City are panic stricken Inc
liabilities are estimated at 500, GOO.
Senator George W. Delamater, late Repubii-
can candidate for Governor, is President OF
the institution. The stringency in the money
market Is believed to have been the cause OF
the failure. Judgments were entered against
Delamater & CO. and the individual mem
favor @ Of the Merchants National
Bank for rediscounts. The same bank
has also entered Judgment against
the firm for $216, 900, against w. a. & I. A.
Delamater for S470O, and $4,000 against 6. w.
Delamater. There is also entered q Judg.
ment against the firm Of SIS, 900 by Senator
Mcfarland, the brother-in,iaw MI p,;,o OF
Senator Delamater,. who left Phlla-
There are numerous smaller judgments. The
failure Is for about $3.50, 900. The assets
will aggregate about $500, 900. State Treas
urer Boyer said that the State had $1oO, 600
deposited in the banking house OF Delama,
ter & Co. He said the State could
lose nothing, as the deposit was covered
by a bond. The Delamaters first accumu-
lated means in the early oil days through the
striking Of a big well near Oil City. Inc
elder Delanater and his sons have at tlmes
made large sums out OF oil lands ana rail-
roads. George r Delamater, the rather,
was State Senator before his son:
The failure is announced Of V. & A.
Never. one Of the largest cotton factors and
commission firms in New Orleans, La. NO
schedule Of liabilities and assets has
former Ssem Will viii no doubt be very heavy:
They were rated at $4,000, 900. General
Adolph Never, the Junior member OF the
firm. is the recently elected Democratic Com
gresham from the First Louisiana District.
Last spring the Hebrew cotton merchants
were caught on the wrong side OF the cotton
market and number were seriously hit. itls
believed the Meyers were among the heayiess
sufferers, It Is reported that General Meyers
canpaipn for Congress cost him between
$50 600 and 100000, which helped to further
cripple the firm. It Is not believed that any
further troubles will follow this failure. as
the house has been known to be shaky for
the past fortnight. The firm has branch
house in New York City.
Charles s. Higgins & Co... the extensive
soap manufacturers Of Park and Clinton
avenues, Brooklyn, N. Y, have been finan-
cially embarrassed for some time because
of the tightness Of the money market They
have been unable to meet their obllga-
tions and were compelled to stop pay
ment on notes. As way out OF the diff
Guilty, the firm was dissolved and new stock
company, to be known as the Charles s.
Higgins Company, has been organized, IN
which several Of the principal creditors. OF
a o,,I ,,i11 FOL
interest.
The Chicago Qll) Safe and Lock Company
has failed for s6O0,0OO. The assets are $780,
600. The assignment is due to the
disappearance of B. b. Campbell, the
President of the company who disap-
peared Thanksgiving night. MIR. Camp
bell was the only creditor Of any con-
sequence. The officers Of the company are
unable to state when they can resume busi-
ness, as it all depends upon the fate OF the
missing banker, Campbell.
Russell, Seybold & Co., wholesale dry
goods men of Ottawa, Canada, have sus-
pended payment. The liabilities are between
$500, 600 and S250,000 The embarrassment
is caused mainly by the late depression in
thelumber trade, the firms losses during this
year alone being nearly s45, 900. =,
The suspension of j. F. Monroe, small
trader, was announced on the Philadelphia
PENN Stock Exchange. No statement of
assets and liabilities could be obtained. A
tmall amount of st. Paul was sold under
the rule" for the account of Mr.. Munroe.
John A. Patterson & Co., of Montreal
Canada, formerly known as Patterson, Kis-
sock & Co., have failed with liabilities of
SEQ, 900. The firm did large business in i'm
ported millinery and the creditors are prin-
cipally English and continental houses.
The assets show nominal surplus over the
liabilities.