New-York tribune., 1902-10-17
OLD FIRM EMBARRASSED.
GILMAN. son 4 Co. PRIVATE BANKERS.
UNABLE To HONOR THEIR CHECKS.

The old firm Of Gilman. Son s Co. private bank
ers, at No 81 Cedar-st. has become financially en-
barrassed ii was learned late yesterday afternoon
The trouble was prccipitated. II is understood by
the recent severe striugeucy OF the money market
and the crisis came Just before the close OF bus-
ness yesterday when the firm found itself unable
to honor its checks. II was a customer of the
Western National Bank officer Of which said
yesterday afternoon:
because they had money to meet them think
when il is Strengthened out It will be q small
thing.
Bainbridge Colby. Of Alexander & Colby. No. 12o
Broadway. their counsel. was found at the banking
house, and said in answer to questions:
The drm OF Gilman, Son & Co has suspended pay
tiCr is rov i1 nrorre IS.bat 9t r'9 Iii Gius
reached is something that cannot now be stated
II is understood that the liabilities will not ex-
cted s.oe0. No estimate of the assets could be
obtained. The firm has no Exchange connections
and its suspension viii In all probability in
volve any other local house. II Is the Ne n York
correspondent Of about sixty State and private
banks1 mainly Iowa institutions. and its speciality
has been the purchase and sale Of Western farm
mortgages
1860 by Winthrop s Gilman. who invested in his
business comfortable fortune which he had ac-
cumulatec as a wholesale Grocer in St Louis and
at Atom, H. Mr.. Gilman first partner hIs
taken by hts brother Theodore. The latter and
another brother Winthrop 5. Gilman at present
constitute Ihe arm. Gilman, Son & Co. suspended
payment on October is ls73. In the panic year and
received years extension, but paid off all obliga-
tons and resumed business within n few months
The elder Gilman died in 1854 the wear Of the
Grand 4 Ward failure. at which time the resources
OF Gilman. son a. Co were tied for period In
the last ten years. 10 Is said. the firm has been
doing a gradually Iessenug business, and its name
Was scarcely heard in Wall street. although II
maintained balance Of between $40 100 and &2c0-
90 tu the bank, with which II deposited It's funds
7 no news that the Arms checks had been thrown
hadn't heard Of the nTm for years said q promi-
Itnt stock Exchange broker. when told OF the
cit"u OF the urm, and didn't know that 1t
.'i4 In existence II h. a very old house It's
baTrassmcut will not AFFECT the street In the least
Gilman. son s Co. IL said by persons
familiar with the firms business. were bankers OF
the old school The nrm, II Is said, recently with
drew It's deposit from OF the Wall Street banks
because the bank would make a loan some
securities deemed undesirable, with the standing of
the house guarantee.
Theodore Gilman. the senior member Of the firm,
IS the author OF several essays financial sub
jects, on which he IS an authority.
Dcs Molues. Iowa. oct. I'D Z. Witter. a drec
tor OF the Iowa Loan and Trust Company. and
formerly It's president. who is connected with other
financial institutions dealing largely in farm
cages in speaking OF the failure of Gilman, Son
4 Co, said tonight
Il am somewhat familiar with the business of
the firm II has no Des M0ines connections which
hc affected. and do not think any Iowa in
terrsts vii suffer.