Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-04-15
DEAN COMPANY'S VICTIMS
The List Includes Many Peo-
pie In Delaware.
THOUSANDS LOST IN THIS STATE
Visions of Big Profits Lured
the Dupes On.
Those Who We're ,n the Game Early Did
Not Lose, MS the dividends Paid We're
Extremely Liborai-P People Around Sea-
ford We're Heavy Losers.I

Special Correspondence Of Ga zet,o and journal
Seaford, April 10. Thousands upon
thousands OF dollars have been lost by
the people of Kent and Sussex counties
by the failure of the Z. S. Dean Co.
OF New York City.
The losses in Sussex county are much
greater than in Kent. In Seaford
Laurel. Blades and vicinity it is known
that the people are losers tc the
amount OF SIG, 600 How much more Ia
not known, as II is more thar probable
that there are many who suffered loss,
but do not wish it known TINT they
had money invested in tho concern
The f. S. Dean Co. was, located at
35 Broadway. New York. and were thu
managers OF the "Dean Safe System of
Speculation. For six years the firm
was in existence but mt until two
years ago did it do business in Della.
ware to any great extent
Their method Of doing business was
to accept sums Of S25 and upwards
there being no limit 10 the amount that
they would accept, and these amounts
the firm claimed in their circular
would be used to purchase stocks on
the New York Stock Exchange. The
company reserved the right to use this
money to purchase whichever stock
they choose and to buy on either the
prospect OF rise or decline In tho
particular stock. Thus their business
was discretionary one. They claimed
to have number of experienced men.
few OF whom would watch closely each
active stock and that they were in
position to make money for their Gus
toners.
Those who went into the concern
year or two ago made money, but the
twelfth hour" people got left.
Until about ii month ago the concern
had been paving their customers in
Delaware from 10 to GO per cent per
mouth, and those that had money in.
vested have received handsome returns.
But the crisis came and many Della
wareans have suffered loss. And Della
wareans are not the only loosers, as the
New York papers state that the loss to
the people throughout the country will
amount to millions. To show the mag
nitude of their business the day the
Office OF the company was closed their
mail contained $50. 600.
The postal department took charge of
the mail. There has been, probably,
more money lost in Seaford 10 the con-
Germ than in any town in the State.
One reason for this ia that for about
two years parties here have been max.
ing considerable money and this report
gradually spread until many people who
had not then invested money did SO
when their friends told them OF COM
bination that was to be formed for the
purpose OF making money on the pur-
chase OF stock of the American Sugar
Refinery Co. Seemingly the people here
and at Blades went wild and more than
$1,000 went from Seaford to be placed
in the sugar combination. !" This
pool on sugar stock began March 9Th
for GO days to dissolve the 9Th of May.
But the pool was dissolved this week
bv the failure Of the company and the
So, 900 in this pool alone is lost.
A very distressing feature is that the
loss falls upon people who are not able
to loose it. Scores and scores denied
themselves in order to accumulate
money 70 place in the pool on sugar
stock. Men borrowed money for the
same purpose at per cent, expecting
to receive not less than so per cent each
month for the two months 1t is known
that three persons borrowed money and
gave mortgages for the amount. There
are probably many distressing losses
that will mover be heard Of. For the
last few months the Dean Co. had been
advertising in nearly every paper in
Sussex county aud the general agents
for tho State had established agencies
in nearly every town in Kent and Sus-
sex counties. 1t is said that the Losses
TO persons at Georgetown will aggregate
nearly as much as at Seaford. 1t is not
likely that any one will receive cent
10 return for the money recently placed
10 tina concern.
Town Topics. New York paper, was
instrumental in having the doors Of the
concern closed and the editor Of that
paper says in letter Of the 8th Instant
to person whose name is withheld:
" am sorry to say that Delaware is not
alone in the losses to this concern
of the Dean Go. They rushed their
business for all it was worth every
where. / do not think the
chance of getting one penny from them
is to he considered. / believe that the
hundreds of thousands. il not millions
of dollars which they have taken have
heen put whore nobody can touch them
though ! believe proceedings are being
taken by some of tho victims, and there
may be later developments worth your
attention.
In addition TO the loss that the people
here have sustained by the Dean fail.
ure is the loss of about so, 600 BY the
failure of concern about two months
ago In which small amounts had been
invested,