Olyphant Trust Company (Olyphant, PA)

Episode Information

Episode UID
1759074291141
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
175907429 hash
Start Date
January 28, 1895
Location
Olyphant, Pennsylvania (41.468, -75.603)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a360bd75812ca3fe

Response Measures

None

Description

Failure tied to discovered forged notes by the treasurer leading to closure and assignment.

Events (2)
1. January 28, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after state examiners discovered numerous forged notes signed by the treasurer and irregular management; bank suspended on Jan. 28, 1895.
Newspaper Excerpt
Bank Failed Jan. 28, 1895
Source
newspapers
2. * Receivership
Newspaper Excerpt
John P. Kelley, assignee of the Olyphant Trust company, identified the deposit book
Source
newspapers

Newspaper Articles (4)
1. February 5, 1896 The Scranton Tribune Scranton, PA
Article from The Scranton Tribune, February 5, 1896

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Article Text

IS CHARGED WITH FORGERY Treasurer M. J. Stone of Defunct Olyphant Trust Co., on Trial. TESTIFY BANK EXAMINERS Bank Failed Jan. 28, 1895, and the Treas. urer Is Accused of Forging Notes. Verdiots of Guilty Against Trus. tees of Workingmon's Hall. Treasurer M. J. Stone, of the defunct Olyphant Trust Co., which was closed on January 28. 1895, was put on trial yesterday morning on the charge of forgery. before Judge Archbald in the main court room. District Attorney John R. Jones represented the commonwealth and Attorneys George S. Horn and C. Comegys are for the defendant. Stone's mother. wife and little daughter were seated all day within the bar enclosure. directly behind him, and there was an air of anxiety and yearning about them that was touching. He is a young man of refined appearance and has a frank and honest countenance. The crime with which he is charged is very grave, but it is said that. though his management of the affairs of the bank appears to have been crooked. yet the defense hopes to be able to prove to the satisfaction of the jury that it was nothing worse than an error of judgment Attorneys Horn and Comegys are putting up a stiff legal battle to save their client. When the case was called at 9 o'clock they moved to quash the indictment for the reason that there were five counts in it. the first. third. fifth. seventh and ninth. which charge no substantive crime or offense. The motion was overruled. Plea of Abatement Entered. A plea in abatement was next entered by Mr. Horn as to the charges against the defendant. Then another motion to quash the Indictment was made on the ground that the defendant's name is not Myron J. Stone, but his name is Martyn J. Stone and as such he has been known since his nativity. Judge Archbald again overruled the motion to quash and allowed the motion of the district attorney for an amendment that wherever the name Myron J. Stone appears in the indictment. it shall be changed to read Martyn J. Stone. The attorneys for the defense then refused to enter any plea and stood mute. The court thereupon ordered and directed that a plea of not guilty be entered upon record. It was 10 o'clock when the case opened. The certificate of incorporation of the trust company was offered in evidence. The first witness called by the commonwealth was Ira Schaffer. of Lock Haven. assistant state bank examiner. He paid a visit to the Olyphant institution in the latter part of January a year ago and he found an entry of $23,000 on the individual deposit ledger, which was accounted for by notes discounted. Mr. Schaffer asked to have a look at the notes and when they were handed to him. he told Mr. Stone the signatures were all made by one person. Mr. Stone tried to tear up the notes but the witness succeeded in hindering him and the papers were afterwards patched up with mucilage Mr. Schaffer then charged Mr. Stone with forgery. Amounts of the Notes. The notes were as follows. One in the sum of $5,000. purporting to be signed by C. W. McHale: one for $5,000 with the signature "L. R. Bennett." one was alleged to be given by his mother. Mrs. Stone. in the sum of $5,000 and another in the name of his wife for $3,000. A note was also produced for $5,000 in the name of "G. A. Baker. E. N. Martin. of Brookville, Pa., another assistant state bank examiner. testified next. He swore that Mr. Stone admitted to him on January 26. two days before the bank's business was suspended. that he had signed the aforementioned notes. They were drawn on December 24. 1894. and he signed them on January 25. 1895. the day before the bank examiner came around. G. M. Hull. president of the bank. identified the notes and stated that a general banking business was done by the Olyphant Trust Co. C. M. Hathaway. James O'Brien and S. N. Callendar. directors of the bank. identified the notes and they said Mr. Stone admitted to them that he signed them. Hon. John P. Kelley, assignee of the bank. identified the deposit book in which the entry was made. A confession that Mr. Stone made on January 28. when he was arrested and taken before John Fitzsimmons, alderman of the Eighth ward of this city at that time. was offered in evidence and was read to the jury. In it Mr. Stone made a clean breast of the forged notes and admitted his guilt. Attorney Fred R. Stark was present at the hearing when the confession was made, and he corroborated the paper. So did John Fitzsimmons and County Detective Thomas Levshon. Here the commonwealth rested. Wanted Case Taken from Jury. At 3.30 Attorney Comegys stepped before the bar and asked the court to take the case from the jury on more than one ground. First the charter of the company did not warrant it in doing a banking business, and it was as a bank the entries were made upon which the forged notes are based. Again. the commonwealth had not shown that by the notes or the entries made the bank at any time gained or lost a cent. The notes were to cover un some past action and no harm resulted from their issuance. Judge Archbald decided that the case should go to the jury and Mr. Horn made the opening address for the defense. The testimony offered until adjournment was for the purpose of proving the good character of Mr. Stone previous to the failure of the bank. Those who testified to the defendant's uprightness were: E. J. Lynett, Dr. L. M. Gates. George D. Brown. Luther Keller. Frank Hallstead. Miss S. C. Krigbaum. John Lillibridge, Attorney Thomas F. Wells. Hon. John P. Kelley, C. M. Hathaway. and Attorney Joseph O'Brien. The case will be resumed at 9 o'clock this morning. Tried in Court Room No. 2. In court room No. 2 before Judge Gunster the jury in the case of Fred Stackel and August Yobs, tried Monday for selling liquor without a license, selling on Sunday and selling to minors, brought in a verdiet yesterday morning

2. January 24, 1898 The Scranton Tribune Scranton, PA
Article from The Scranton Tribune, January 24, 1898

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COURT HOUSE NEWS NOTES. Court allowed an appeal from the probate of the alleged will of John Faurot and from the decision of the register refusing to strike off the probate. In the case of John H. Solomon, to the use of Thomas H. Sey, against Ellen O'Sulilvan, a rule was granted on the defendant to show cause why the appeal should not be stricken off. Attorney A. A. Vosburg was appointed auditor to distribute the funds of the estate of John Luce, jr., deceased, and Attorney Richard J. Bourke was appointed to perform a similar office in the estate of Sarah J. Hopkins, deceased. Michael J. Byrne was appointed minority inspector of the Fourth ward of Olyphant in place of John O'Neill, and M.J Hutchins was named as judge of election of the First ward of Olyphant to succeed Michael Cannon, resigned. On the ground of cruel and barbarous treatment, Bertha Stevens, Saturday filed a petition asking for divorce from her husband Wallace W. Stevens. They were married Dec. 27. 1894. Both parties reside in Scranton. Vosburg & Dawson are attorneys for the libellant. Attorney John R. Edwards was appointed auditor to distribute the funds of the assigned Olyphant Trust company. . A rule for a new trial was granted in the case of Farrar & Trefts against William Silkman. which was won by the plaintiff at the first week's session of present term of common pleas. out in court again in the cropped The old Olyphant alternative borough Saturday bother the shape of a writ of man) damus issued against Burgess Thomas Patton and Borough Clerk W. J. Schubmehl. to compel them to show cause why they refuse to draw a warrant for the a salary of the borough sécretary. J. A. 1 Dolphin. after the same had been duly approved by council. Mr. Dolphin's claim 1 is for one year and three months' services and amounts to $93.75. Arguments l' will be heard Jan. 31. The amount of the verdict for Thomas O'Malley in his case against the Serane ton Traction company, of which announcement was made in Saturday's Tribune, was $4,557.75. In the case of r Vrioli McDonnell against the Traction company the verdict was for the plaintiff. but the victory was virtually on the side of the Traction company the 5 amount of the verdict being merely $10. It is also a conditional verdict, Judge Love having reserved certain law points for further consideration. The third and final week of the January term of common pleas which begins today will be presided over by Judges Archabid and Edwards in the main court and court room No. 2, respectively, and Judge George S. Purdy, of the HonesdalePike district in the Superior court room. Among the cases set down for trial is the repeatedly postponed divorce suit of is W. L. Jones against L. W. Jones. It the last case on the list for this week. Two damage suits were instituted Saturday. The heirs of Peter Larkin, deceased, brought suit through Attorneys I. H. Burns and M. F. Sando against the city of Carbondale and the CarbonTraction company for damages claim has been by reason of dale their which property they grading caused the city's done to by the Traction company with . authority. The other case is a $10,000 suit in which Chester M. Butts is plaintiff and the Scranton Savings bank defendant. The cause of action was not stated. e A. J. Colborn represents Mr. Butts.

3. January 4, 1899 The Scranton Tribune Scranton, PA
Article from The Scranton Tribune, January 4, 1899

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# APPEALS TO SUPREME COURT. # Lackawanna County Cases That Will Be Heard in February. Appeals to the Supreme court have been taken in the following Lacka- wanna county cases, which will be argued at Philadelphia on the third Tuesday of February: Margaret J. Callendar against John P. Kelly, assignee, for the benefit of cred- itors of the Olyphant Trust company, appellant. Susan Keator and J. B. Keator, her husband, against the Scranton Traction company, appellant. William Von Storch against Carrington Von Storch, appellant. William W. Watkins, now assigned to Edward J. Williams, and Edward J. Williams in his own right, against Emily J. Moore, administratrix of the estate of William Moore, deceased, appellant. Isaac B. Felts, appellant, against the Delaware, Lackawanna and Western Railroad company. E. May Cokely, et al., against the Sterling Cycle works, appellants. Thomas J. O'Malley against the Scranton Traction company, appellant. Joseph Fellows, appellant, against Cornelius Smith, et al. S. D. Kingsley, surviving partner, etc., against William H. Taylor, appellant. Commonwealth of Pennsylvania, ex rel. John R. Jones, district attorney, against George H. Shires, et al., members of the board of control of the city of Scranton, appellants. Ellen J. Madigan against John W. Williams, appellant. Silas Hartley, appellant, against John P. Hull, et al. In re: Petition of James Nichols, James Nichols, petitioner, appellant. The John Church company against M. W. Guernsey, et al., appellants. Joseph H. Gunster, assignee, etc., appellant, against George A. Jessup, et al. Commonwealth against Joseph Keller, appellant.

4. February 7, 1899 The Scranton Tribune Scranton, PA
Article from The Scranton Tribune, February 7, 1899

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SUPREME COURT LIST. Lackawanna Cases That Will Be Argued at Philadelphia During Week Beginning Monday, February 20. Prothonotary John Copeland has recelved from the prothonotary of the supreme court the trial list containing the Lackawanna county cases that will be argued at Philadelphia during the week beginning Monday, Feb. 20. The list is as follows: Hartley, appellant, VS. Hull and others. Von Storch vs. Von Storch, appellant. John Church Co. vs. Guernsey and others, appellants. Creighton and others VS. Scranton Lace Curtain Manufacturing company. (Blythe and others. appellants). Creighton and others vs. Seranton Lace Curtain Manufacturing company. (Chappell, appellant). Blythe and others, appellants, vs. Scranton Lace Curtain Manufacturing company. Commonwealth, ex rel District Attorney Jones VS. Shires and others; board of control. of Scranton. appellant. Cokely and others vs. Sterling Cycle works, appellant. OMalley vs. Seranton Traction company. appellant. In re first and final account of Wells, trustee; Hoebuly, appellant. Felts, appellant, vs. Delaware Lackawann and Western Railroad company. Madigan VS. Williams, appellant. Kingsley vs. Taylor, appellant. Williams, appellant, VS. Crystal Lake Water company. Watkins. assigned to Williams vs. Moore, administratrix appellant. In re petition of Nichols-Nichols. appellant. Morris and Essex Mutual Coal company, appellant, vs. Delaware, Lackawana and Western Coal Railroad company. Fello WS. appellant. vs. Smith and others. Keator and others VS. Scranton Traction company, appellant. Gunster. assignee of Scranton City bank. appellant, vs. Jessup and others, executors and trustees. Calendar vs. Kelley, assignee of the Olyphant Trust company. appeliant. Commonwealth vs. Keller, appellant. Hillside Coal and Iron company, vs. Haerman and others, appellants. Miller. appellant. vs. Cure and others. Ferdinando vs. City of Seranton and others, appellants. Thayne, appellant, vs. Scranton Traction company. J(ermyn and others, appellants, vs. Frick and others. North End Lumer company, limited, an pellant, vs. O'Donnell. Brown estate-Brown's appeal.