St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-12
STREET BANK CLOSED.
The Wall Street Bank Closed its Doors
Owing to the Irregularities of
Its Cashier.
Considerable Excitement, But it is Claimed
the Bank Will Pay Dollar
for Dollar.

Gne BANK VIII Pay Dollar
for Dollar.
New YORK, Aug. 1.-THE Wall Street
bank closed its doors this morning owing to
to the Irregularities of the cashier, and will
remain closed till all matters are investi-
gated. The president is Thos. w. Evans;
cashier, John P. Dickinson. The bank is
situated at Is Broad street and is state
bank. When the last annual statement was
issued in September 1888, the figures awere:
Paid up capital, $500, 900; surplus, s65, 1877;
undivided profits, s47,756.
Kiernan's agency reports: The vice
president states the clearances of the bank
will go through the clearing house to-day.
The capital stock, $500, 1000, will probably be
swept away. The depositors eventually will
be paid in full. 1t is likely that fifty per
cent. will be paid them by the end of this
week. The cashiers shortage is stated to be
100000 and the bank has $4,000 bad
debts.
President Evans, of the Wall street bank,
says the depositors will be paid in full. In
Saturdays bank statement the bank figured
for 81. $40, 500 loans and discounts, $50, 400
specie, S122, 900 legal tenders, and s1,133,-
800 deposits. c. F. Timpson and C. j.
Osborn, directors of the Wall street bank,
Saturday night and Sunday, made thor
ough examination, and, decided, in justice
to AL parties, not to open the Institution this
morning. The result of their examination is
as follows: Deposits S1,25O,OOO, call loans
81, 100000, good business paper S35O,O0O
cash s1S5,000 Cashier j. P. Dickinson has
been lending money too freely on INSULT
cient margins, and tits estimated the loss will
be about $780, GOO. The bank was a debtor
at the clearing house of $4,000 this morn
ing, which has been paid. It is estimated
the depositors will be paid In full, and a
part of the capital stock will remain.
The Wall street bank officers declare the
suspension was due to the Irregularities of
Cashier John P. Dickinson, who has not
been at his desk since Friday night. The
excuse for his absence Saturday was that he
was confined at home by illness. It is not
charged that Dickinson is guilty of any worse
irregularity than careless scrutinzing of col
ldICI dl O1CICu AOI iOduS. 6cNeTdl w I'LL SIrGeG
firms are closely identified with the bank,
among them G. F. Timpson s. Co., E. 5.
Chaplin e. Co., and Dickinson Bros. All
these declare they will not suffer by the fail
ure, but the street is momentarily expecting
to hear of suspensions. The history of the
bank is peculiar 1t was organized two years
ago by Wall street men during the agitation
regarding the establishment of stock clear
ing house, succeeding an old bank with a
capital of S200,000. The organization pro-
posed to do clearing for the street. but the
scheme fell through, and the institution be-
came purely brokers' bank. 1t had been
regarded with suspicion, but having wealth
as practically safe. During the recent furry
| 1t asked for no accommodations at the clear
| ing house, and its officers frequently made
! boast Of its strength.
| The Post says: The Wall Street bank was
originally mechanics banking association,
| but within the last two years it adopted the
| national bank system and the name was
| changed to the Wall Street National bank.
one of the objects in so doing being to build
up the stock exchange business. In conse-
| quence of the recent conviction and repri-
mand OF the banks officers for over certifica-
| ton OF checks, in accordance with the usual
| Wall street custom but in violation of the
| national bank law, the bank abandoned the
national bank system and has for some time
| been speculating under the state law. There
| seems to have been nothing unusual in its
| connections with other members of the clear
| ing house. Its debts and balances have run
| along for a week or two Just about even at
| the rate of about $4,000 to $4,000 per
| day.
| The Comptroller of currency received a
| telegram to-day informing him the Wall
| Street bank of New York had closed its doors.
but all its clearings were paid and there was
| no excitement. 1t is learned at the treasury
that in September. 1888, the bank examiner
| in New York found evidence of over certif-
cation checks on the the part of the officers
of the bank. The evidence was laid before
the secretary of the treasury aud by him re-
ferred to the attorney general. The result
was the teller of the bank was indicted for
violation of the bank law. Efforts were also
being made to indict the other officers of the
| bank when the bank went into voluntary
| liquidation and soon after was reorganized
under the laws of the State of New York. It's
! the part OF the national authorities.
| NEW YORK, Aug. lit is stated that Mr..
| d. o. Mills and Mr.. Chas. j. Osborn decided
to advance sufficient money to enable the
| Wall street bank to resume tomorrow.
| Charles j. Osborn, one of the directors.
! states the loss to bank cannot exceed the
capital of $500, 900, and it is not likely to be
so great, and the depositors will not have to
submit to any delay in getting their money.
There's no reason why fifty per centwill not
be paid out at once.
| NEW YORK, Aug. 1.-THE directors of
the suspended Wall street bank held a long
session this afternoon at the bank building.
investigating the books and accounts. Pres
| ident Evans said the conditions of affairs
was very confused, and it would be very
doubtful if report of the statement could be
made for several days. The directors re-
| fused to say anything wateyer in regard to
the discoveries made. All that is disclosed
thus far is that the failure was due to the alb
straction By the cashier of collateral, lodged
with the bank as security for its call loan.
Another Earthquake.
HAvERHrLL, Mass, Aug. IA shock OF
earthquake was felt this morning at Mount