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| Dr. Lucien Warner |
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.
 |
| Adam Forepaugh |
ADAM FOREPAUGH.
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.
FROM EVERYWHERE.
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.
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