Daily Republican. [volume] ([Wilmington, Del.]) 1874-1890, 1883-06-01
THE BROKEN BANK.
Petcrson's Magazine.

We are sorry you can't join us, this
summer, in our trip to Cape May "
The speaker was pretty Ellen Wal
colt, the daughter of Colonel Walcott,
retired officer OF the United States
army.
81 am sorry, too, my dear, answer
ed Mrs. Fendyke, the widow of another
officer, " but the truth is, we can't af-
ford it. "
Miss Walcott hesitated, and then
said May | be quite frank? Papa
says you don't invest your money ju-
diciously and that you get too little
interest for it. hope you will forgive
me if | have gone too far. i"
"Not at all too far, my child, " was
the reply. The widow still called Ellen
Walcott child, though the girl was
now twenty-three years old, tall and
stylish-looking, anything but a child
indeed. son the contrary, it is very
kind of the colonel. You see, my dear,
! have nobody-no gentleman, l mean
to advise me in matters Of business,
and am compelled, therefore, to invest
my little fortune in public securities,
which, as everybody knows, pays
very low rate of interest.
-" Well, since the ice is broken" said
Ellen, "may speak to papa? Let him
come and have talk with you. | am
sure he could find better way for you
to invest your money. And in that case,
we can all go to Cape May"
The Colonel came accordingly, and the
result was that Mrs Fendyke, at his
recommendation, sold out her securities
and bought shares in the Landed Mu-
tual Bank Safety Fund. "You see, my
dear Mrs. Fendyke," said the Colonel,
"this lisa hank which is conducted on an
entirely new principle, and is sure to
make money, even when an ordinary
bank would not. 1t lends principally
Oh land, which is always there which
can never run away. Its President, Mr..
Bullion, is one of my oldest friends"
l remember, however, what my
dear husband used to say" she answer
ed after a moments hesitation. "The
of security" he would say,
was in proportion TO the low rate of in.
terest ; the larger the dividend the
greater the risk You are quite sure,
that this maxim does not an.
ply here ?"
Quite sure, my dear madam. Pom
honor, ! would as soon think of cutting
off my right hand as of letting you do
this thing if did not know ali about
it. | have seen the balance sheets my
self within the past week.
The Colonel, himself the soul of hon
Or, believed all ne said Mrs. Fendvke
no longer he>itated. She transferred
her bondsand invested her little fortune
in the Land Bunk stock.
For a year or more everything went
well. The Walcotts and Frndykes
spent the summer at Cape May. The
widow had never, since her husbands
teall, and Tn" loss of his pay cOnse-
lucnt upon it, been able TO live 80 com
ortably. She no longer had to pinch
lerscli to watch where every penny
went to deny her little girl, which had
)cen harder than all, the few needless
rifles the child desired. She grew
younger and happier in consequence
md all her frirnds noticed it, the Colo
1el especially.
"Ah, my dear madam" he said "see
what it is 10 know a little business, or
VI least to have an adviser who does.
If that adviser has friend at
oir'. ANA, ny the by, have good
news for you. | saw Mr.. Bullion this
morning. and he tells me that the bank :
more prosperous than ever; he
houldn't wonder if n dividend of ten )
'er cent. was to be the rule hereafter. I
link of that. Ten per cent. where you
My used to get three, or at best, four" I
But there came, all at once, cloud .
ii ~ ,.It,,1 lab 4
ow 1t first arose; but there it was.- /
Money was tight" business men !
aid, and it got TO be "tightrr" day by -!
ay. Failures grew quite common. c
len who had notes to pay went about a
18th long faces. At last the incorpora- b
81 institutions began, one after anoth-
:, to stop payment : and one of the iirst
these, to 60 was the Land Bank. 1t!
Rd been, as was soon discovered, u de.
'ption from the first. The accounts ~
al been falsitied to deceive the dircc- -,
RS; what money had been made had .,
'en made by sreculating and when =,
nSt losses had come, losses 80 great an =,
he irreparaole, Mr.. Bullion and the :,
LShier had appropr lated what was .,
IL and decalnped suddenly to Brazil. ~
he whole story came out the morning u
ter this abrupt departure. i,
The news burst upon the town like wv
underbolt. IT meant the ruin of hun
eds-nay. ofthousnnds far thn h,nl
Vi been established on the mutual prin-
pie and the stockholders were lab o d
IT onl y for their shares, but for the Ell at
re indebtedness. A call, it was known, of
Duld have to be made immpdi,t.lv fnr n,
dollars share and if this St
II proved insufficient other calls would
How. Nobody could tell how far the he