The sun., 1872-11-29
4 FINANCIAL CRASH IN ORANGE co.
The waiikilI National Bank suspended-Its
President aud Cashier ALLEGED TO have
Lost Mspev on Wall street Operations.

The Waikiki National Bank suspendod-Its
President aud Cashier ALLEGED TO have
Lest Mspev on Wall street Operations.
Correspondence Of The sun.
MIDDLETowS, NY, Nov. 2s-This place is
fearfully excited over the suspension of the WALL
Kill National Bank. The suspension was not un-
looked for by shrewd business men.
The President OF the Bank Is ex-senator WIN.
NJ. Graham, and the cashier, Charles II. Horton,
Esq, Supervisor Of the town, and late Demo-
cratic and Liberal candidate for Congress in the
Orange and sullivan district. The former has
for several years past led rather reckless sort
OF life, but the latter has been the most popular
IAN in the community, a leader in the Presby-
terian Church. and always look ed upon rs an
exemplary and solid man.
The Affairs OF the bank have boen managed for
some time In loose and careless manner. The
cashier has been solely occupied lately In poll
Last week the Park bank Of New York city,
agents OF the Waikiki Bank, protested n draft
sent by the latter for payment. This in some
way became rumored on the street here, and
depoSitors at once began 20 draw out their ac-
counts. The consequence was that on Tuesd ay
the bank was forced to suspend for want Of
on saturday last Mr.. Horton, the cashier, left
town, and has not yet returned, When the bank
closed the directors met to make an investiga-
has been the discovery OF the most reckless use,
by the President and cashier, Of the money de-
N.
In Wall street for a long time. and, m usual.
have come out losers In the end. Not only have
deposits to the amount Of from $4,000 TO tl00,-
uD been used. but $4,000 worth of bonds. plac ed
In the bank for safe keeping, missing, and
the natural conclusion n that they have also
been used In speculations. The last operation
of Crab am and Horton was, IL is said, In the
corner In Northwestern, which swamped them
and the bank.
| Graham, the President. processes profound
ignorance Of the defalcation. and attempts To
throw all the stigma ON Mr.. Horton. Persons
perfectly familiar with the two men say, how
ever that Horton has been led Into the Wall
street operaiious, and that more blame attaches
20 the President than IL him. Graham Is well
known in the political circles of the state, and
his name has been mentioned a. one of Tweed 9
former allies in Albany. lie Is the son-in-law OF
one of the wealthiest men In the county, and
Ms father Is also prominent and wealthy man.
Much regret IL felt here that Mr. Horton
should have lacked the courage 10 remain and
face the consequence Of his indiscretons. A
telegram was received On Monday by promi-
neut citizen OF this place from Horton, who Is
IN New YORK, requesting him to come down and
consult WIN him. The gentleman went down
and saw Horton. He Is nearly crazy, and the
saddest consequences are feared. Horton L. a
high-spirited, sensitive man, and would meet
f of the Hon Eiaha P wheelsr 1ei s9hi,ncsw tndMn
throughout this State. 1t 10 said that Mr. Hor-
ton spent large sums OF money in the Congress
stonal canvass, of which there Is little doubt
lie Is large property holder here, and has al
ways been considered ono of the solid men OF
Orange county.
Representatives Of several banks In Orange
county are here looking after their interests in
Nolyed In the failure OF the bank The directors
81 the bank have informed the State Supern-
tenuent OF Banks of the state OF affairs, and
asked Tor an examiner. 1t Is thought that the
suspended bank Will pay up ali demands and re-
stockholders declare that they will hold the
present dlrectors personally responsible for the
u.nGit, as thel have been aware for years Of the
made no protest against II.