A DISASTROUS FAILURE.
The Firm of P. H. & D. McGraw, Produce Dealers of McGrawville, Make an Assignment—The Firm of P. H. McGraw & Son Transfer Their Real and Personal Estate.
For many years past the firm of P. H. & D. McGraw have been engaged in the business of buying and selling produce at McGrawville, four miles east of Cortland. They were large dealers and bought a large share of the butter, cheese and other farm produce, produced on the farms of the towns of Cortlandville, Solon, Cincinnatus, Taylor, Freetown, Truxton and Cuyler. Farmers in all these towns had sold their produce to them for so long a time that they were not at all suspicious, when within the last few years they were often requested to take the firm's notes in payment for their products. Many of these farmers have the notes to this day and will be likely to keep them for some time.
Many business men, in fact, all good business men, when they became aware of the fact that they were paying for produce with their promissory notes, have been careful not to give them extensive credit and the result proves their wisdom, for on Friday last at 2:45 P. M., the following deeds of their property were filed in the County Clerk's office in this village:
Deed No. 1.—Quit-claim executed July 23, 1874, by Lucetta M. Fancher. P. H. McGraw and wife and Pamelia M. Kingman, heirs of Harry and Sally McGraw, deceased to Marinda M. Hendrick and Delos McGraw. Conveys a little over one acre of land in McGrawville. Consideration $1. Recorded Jan'y 24, 1890, at 2:45 P. M.
Deed No. 2. Quit-claim.—Dated June 30, 1884. P. H. McGraw and wife to Presbyterian Church. Consideration $2,000. Recorded same date as above.
Deed No. 3. Quit-claim.—Dated Jan'y 23, 1890. P. H. McGraw to Caroline
Stephens. Lot in McGrawville, recorded same day. Consideration $800.
Deed No. 4. Quit-claim.—Dated Jan'y 23, 1890. Delos McGraw to H. C. Hendrick. Conveys same property as No. 1. Consideration $1,250. Recorded same day.
Deed No. 5. Warranty.—Dated Jan'y 23, 1890. P. H. McGraw and wife and A. P. McGraw and wife to Martin S. Willson of McGrawville. Conveys an individual one-half of Gristmill property near McGrawville. Consideration $3,200 subject to two mortgages owned by Lucius Babcock amounting to $3,467.17 and interest from April 1st, 1889, which Willson assumes and agrees to pay. Recorded same date.
Deed No. 6. Warranty.—Dated Jan'y 21, 1890. P. H. McGraw and wife and A. P. McGraw and wife to Lucius C. and I. DeVer Warner of New York. Conveys store lot occupied by Palmer Bros. in McGrawville. Consideration $1. Recorded same day.
Deed No. 7. Warranty.—Dated same day. Parties same as last above. Consideration same. Conveys corset factory lot. Recorded same day.
Deed No. 8. Warranty.—Dated same day. Parties same as last above. Consideration same. Conveys stock farm formerly owned by Daniel Rose, near Polkville. Recorded same day.
Deed No. 9. Warranty.—Dated same day. Parties the same. Consideration same. Conveys 47 acres in Solon formerly deeded to them by Jos. M. Eggleston. Recorded same day.
Deed No. 10 Warranty.—Same date. P. H. McGraw and wife and Delos McGraw to Dr. H. C. Hendrick. Consideration $2,750. Lot on south side of Main street, in McGrawville, adjoining Ransom Warren's store lot. Recorded same day.
Deed No. 11. Warranty.—Dated March 15, 1858. Ezra B. Fancher and wife to Louisa McGraw. Consideration $1500. Conveys two parcels of land in McGrawville containing two acres and 13 rods of land. Recorded same day.
ASSIGNMENTS OF MORTGAGES.
On the same day, Jan'y 23, 1890, the following mortgages of real estate were assigned to Warner Bros., of New York, said assignments being recorded in the County Clerk's office at 2:30 P. M., Jan'y 24th, 1890.
No. 1. Mortgage executed Oct. 9, 1888, by Dayton J. Hammond and wife to P. H. & A. P. McGraw. Amount due on same $864.45.
No. 2. Mortgage dated April 3, 1886, executed by Bridget and John McKendrick of Solon. Amount due on same $1,113.68.
No. 3. Mortgage dated Feb'y 13, 1889, executed by Angeline Prindle. Due on same $600.92.
No. 4. Mortgage dated April 5, 1884, executed by Jennie E. Benjamin, of McGrawville. Due on same $253.53.
No. 5. Mortgage dated Dec. 19, 1883, executed by Josiah Young. Due on same $314.50.
No. 6. Mortgage dated April 6, 1883, executed by Annie Rumsey. Due on same $100.56.
No. 7. Mortgage dated March 29,1884, executed by Charles Salisbury. Due on same $446.60.
P. H. & D. MCGRAW ASSIGN.
On Saturday Messrs. P. H. & D. McGraw filed an assignment in the Clerk's office in this village, whereby they assign to Orson A. Kinney, of McGrawville, all of their property both real and personal, whether held as individuals or as a firm making no preferences, except to require the payment of their employees in full if there is sufficient property to satisfy such claims. It is pretty generally believed that there will be nothing to pay even these claims as they had already deeded all their real estate and transferred all their mortgages, which constitutes about all of their assets, to Warner Bros., of New York, who have a claim against P. H. McGraw and his son A. P. McGraw, constituting the firm of P. H. McGraw & Son, manufacturers of corsets, amounting to $80,000. In addition to this, Warner Bros. have assumed the payment of the sum of $30,000 in notes at one of the banks in this village, besides considerable indebtedness of the firm of P. H. McGraw & Son in other quarters. Warner Bros. bought the corset business, machinery, stock and tools of P. H. McGraw & Son last week and opened the factory again last Monday.
No [schedule of] liabilities of either firm has yet been filed, but it is believed that the indebtedness of the two firms, including the indebtedness to Warner Bros., will amount to between $200,000 and $300,000. The amount of loss in the town of Solon alone is said to amount to nearly $50,000, with nearly as much more in Cincinnatus. The farmers of Freetown lose about $10,000 and the losses in Truxton, Cuyler and Taylor are said to be considerable, and Cortlandville comes in for several thousand dollars. There is undoubtedly considerable amounts due to parties out of the county for stock used in the factory.
The failure is a disastrous one and its effects will be felt by business men throughout the county. Many farmers had left their money with P. H. & D. McGraw and taken their notes at 6 per cent interest because they could get only 3 per cent at the banks in this place. In trying to secure the present penny they have lost many dollars. If they had possessed very much sense they would have known that a private firm could not afford to pay a higher rate of interest than a large and wealthy corporation. Like many other insolvent concerns they continued to take the money of their neighbors, giving their notes for the same, well knowing that they would swindle their too confiding dupes out of every penny of their hard earnings.
Many business men in this place have regarded the firm with suspicion for some years past and have not cared to handle their paper unless it was well endorsed. Many of their creditors are poor people and will lose their all. Warner Bros. are reputed to be and are undoubtedly very wealthy. The McGraws have secured them as far as they were able for their losses, but the poor people have been left to take care of themselves and must suffer. There was not a good business man connected with either firm and under such circumstances it is no wonder they went to the wall.
It had been surmised by some that the money raised by the town to pay for the new iron bridges put up during the last season must have been swallowed up in the vortex, but we are pleased to know that the amount has probably been secured to the town and will eventually be paid. We understand that the amount, some $4,000 or $4,500, was placed in the Savings Bank in this place by Supervisor D. McGraw to his own credit and that he checked it out to pay for produce. Last Saturday the Commissioners of Highways went to McGrawville and the matter was finally arranged by the Commissioners accepting Dr. H. C. Hendricks note for the amount which will probably be paid at maturity as the maker is responsible.
The failure will probably be the most disastrous in its consequences of any that has occurred in the county for many years.
THE MCGRAW CORSET COMPANY.
Articles of incorporation of the McGraw Corset Company have been filed in the County Clerk's office in this county. The company is formed for the purpose of manufacturing corsets and such other articles at are incident thereto, in the village of McGrawville. Capital stock $75,000 divided into shares of $100 each. The term of existence of said company is fixed at 50 years. Three trustees are to manage the business and the names of the trustees for the first year are Lucien C. Warner, I. DeVer Warner and Albert P. McGraw. The following are the names of the incorporators: Lucien C. Warner, I. DeVer Warner and Charles F. Abbott of New York. The articles are dated January 28, 1890.
Orris Hose Co.’s Banquet.
As has been customary for a great many years, the members of Orris Hose Co., No. 1, held their annual banquet at the Cortland House, Thursday evening, January 24. About forty persons were present and promptly at nine o'clock, the party, headed by President I. H. Palmer, marched into the dining room and laid siege upon the good things that were spread for the satisfaction of the inner man.
Here the party were presented with an elegant menu card gotten up by landlord Rogers, especially for the occasion, and as each one perused its contents and selected from the long list of tempting edibles, they were in turn served by the efficient corps of assistants in quick order.
It took over an hour for the guest to "go through" the menu, and when finished enough was left to feed a regiment. As soon as the supper was through, the party adjourned to the hotel parlors where fragrant Havanas were passed and upon motion of Foreman Jay Peck, A. Sager, of the Protective Police, was made chairman and then it was that the "social hour" commenced.
Chairman Sager accepted the position with appropriate remarks, and then demanded from each one present that they either make a speech or sing a song. President Palmer responded with some interesting words, relative to the Cortland fire department in his usual pleasing manner, and he was followed by trustee Kennedy. Chief Engineer Phelps, representatives Dowd, of the Emerald's, Raymond of W. W. Engine Co., and Thompson of the Hooks.
Glen A. Tisdale, ex-foreman of the company, now of Binghamton and a member of Crystal Hope of that city, was present and made remarks. Paul Carpenter executed some pleasing piano solos, which were enjoyed by the assembly. Each one present did some talking, and when all had answered to the call of the chairman, a hearty vote of thanks was tendered to landlord Rogers for the elegant supper and efficient service he had furnished. Mr. Rogers responded and presented each one with an Orris Hose cigar. At 12:30 the guests departed for home, all voting the occasion a most pleasant one.
The Veteran Circus Manager Falls a Victim to Influenza.
PHILADELPHIA, Jan. 23.—Adam Forepaugh, the veteran circus manager, died last night at his residence in this city. Mr. Forepaugh had been ailing for some time. He was attacked a week or two ago with influenza, which developed into pneumonia. He leaves a wife and one son, Adam, Jr., who will succeed to his circus property.
Mr. Forepaugh was originally a butcher, but many years ago he embarked in the circus business, in which he was very successful, getting together an extensive circus and menagerie, with which he amassed a fortune estimated at more than $1,000,000. He was a large real estate owner. Mr. Forepaugh was 68 years old.
The Auburn & Ithaca engine house at Freeville is being moved to the present terminus of the road at Genoa.
Dr. J. H. Gates, formerly of Oswego, N. Y., committed suicide at his home in Chicago Saturday night by shooting. He had suffered for years from neuralgia.
Last week a prisoner was received at the Auburn prison aged only 24 years, who had already served 12 years behind the bars in reformatories and prisons. His present sentence was for 10 years for grand larceny.
The Schenectady Locomotive Works will turn out two engines in February, five in March and two in April, for the Central Hudson road. Each engine will weigh 95 tons and will have cylinders 19x26 and six connected driving wheels. They will be used to draw 15 loaded coaches at 69 miles an hour.
Merrick E. Jones, a produce and fruit buyer at Lansing, Oswego county, has left his wife and family of four children. Jones went to Seneca Falls to purchase apples. He was gone about seven weeks and upon his return his wife found a letter from a young woman named Maud Harpts [sic], from which it would appear that Jones had introduced himself as a single man.
The Unadilla Valley Railway Company filed a certificate of incorporation with the Secretary of State at Albany last Saturday for constructing a railroad 19 1/2 miles in length, commencing in the village of Bridgewater, Oneida county, connecting with the Richfield Springs branch of the Utica, Chenango & Susquehanna Valley Railroad company, thence running by the most direct and feasible route through the towns of Bridgewater, Brookfield, Madison county, and the towns of Columbus and New Berlin.