The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1884-08-30
OUR LETTER FROM BRoADBRIM.

OUR lE 1ER FROM BROADSRIM.
Another Bad Failure-WaI Street Bank
broken by a Tilieving Casl,ier-Reiease
of Billy McGlory-Sad Experience of n
British Lieutenant-One of Philanthro-
py's Freaks-The Salvation Army Col
lapsing-Parade of the Liquor Dealers
Effects ofthe Earthquake-AnotherD Dam
aged Husband, etc.
New YORK. August %, 1884.
EDITOR CHIEF:
Where is it going to stop? I asked this
question several weeks ago when Morgan's s
Sons succumbed in financial collapse. Not
SO unlikely failure had occurred for years
and it xsaAy seemed as it this was the
culmination of our financial disasters
which began with Ferdinand Ward. We
have almost begun to forget that this noto-
rious rascal is still in Ludlow street jail
In the whirl Of our daily life in New York
we have no time to think of any thing very
long. Even the earthquake was only . SEN
sation for an hour; people rushed to their
windows and looked out; Trinity's tower
stood erect and perpendicular; the great
bridge had not slipped from its mornings;
even the tall spire from which the new
philosopher of the Tribune looks down upon
a naughty world was as sraight as an ar
row pointing to the sky; so they ran back
to their soup, and except by comparing
notes of their sensations, the shaking up
that we received was soon forgotten. But
to return: was saying that we were just
being lulled into sweet forgetfulness when
away goes the Wall Street Bank. The cause
is not dissimilar to one which occurred
about ten years ago, when the cashier of
one of the Wall street banks swept away
the entire capital. He was an exceedingly
nice young man, and as an evidence of his
nicely he parted his hair in the middle.
The directors of this particular bank had
80 much confidence in this very nice young
man that they would not insult him by look
ing over his accounts; but one morning
these sleepy old gentlemen woke up and
the capital of the entire bank was gone,
and the nice young man was gone too, but
they caught the nice young man in Canada,
and he was not so fortunate as Emo, for
they brought him back and sent him to
States prison, from which he was released
a few months ago.
The Wall Street Bank was just such an
other case. 1t had been in existence in one
shape and onother nearly fifty years, and
if not the staunchest, was at least one of
the oldest banks in the city. Mr.. Dickin-
son, the thieving cashier, was the son-in-
law of one of the principal stockholders,
and himself member of a very wealthy
and influential family. His stealings have
extended over period of several years,
and will amount in the aggregate to half a
million of dollars. The knowledge of this
defalcation has caused dismay to many
important houses, and will undoubtedly
bring financial ruin to some.
We are told, when we inquire, that it has
been lost in stock gambling, and the stock
gambling house where this stolen money
was lost is one of the principal features of
Wall street. 1t is true it stands on Broad
street, but in financial technicality it is all
Wall street. OF the millions lost to this
country in the past few years, the great
body of it has been lost among the gam
blers of Wall street, in the New York Stock
Exchange.
The New York World thought the release
of Billy McGlory fit subject for one of its
abominable cartoons, but Billy McGlory,
infamous as he was, has never inflicted a
tithe OF the misery and ruin on his fellows
that these Wall street gamblers have. Num-
bers of foolish girls and gilded flies were
led on the downward path to ruin at Ar
mory Hall, but all the crime, profanity
and sin that were ever engendered there.
would not equal the ruin wrought in Wall
street in single day. Mr. Dickinson goes
into exile after long and honorable life,
branded as thief, and the men who got
the money fiaunt their iH-gotten riches at
Newport, Saratoga and Long Branch.