The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-08-12
ANOTHER IRREGULAR
Wall Street Has Some More Expe.
rience CT the "Trusty" Cashier.
One More Bright Light Goes Astray
ia the Paths of Mammom to
the Value of $25O,OOO
More or Less.

NEW YORK, Aug. 12-The Wall street Ma
tional bank, 10 Broad street, failed to open
It's doors in the morning, and notice posted
on its doors announced that lowing to irregu-
larities of the cashier" it had decided to close,
pending an investigation.
Wall street is entirely upset by the an
louncement, although, as to the extent of
the defalcation, the character of it, the
amount of the deposits, or the result on the
market, nothing is known The doors of the
bank are bolted and police guard the en-
trance.
The stock market did not open until II
O'Clock, so that the effect on stocks could only
be conjectured, but the impression was wide
spread that terrible shaking up is inevita-
BILE.
The Wall street National bank was started
by the Grant family about three years ago
Victor Newcomb was also largely interested
in it. The officers were T. w. Evans, presi-
dent, and John P. Dickinson cashier Its
capital was s5O0,00O
Suspicion was directed against it at the
time OF the panic, and on the failure of
Messrs. Grant & Ward there followed gen
eral drawing out of deposits
John ?. Dickinson, who is, according to the
announcement of the bank, defaulter, is
well known on the street He has been
cashier Of the bank ever since it started He
lived in brooklyn, and is member of DR.
Storr's church. The report is that
he has been selling stock of late, and
been a loser by the recent rapid ad-
vance. 1t is reported that Dickinson has alb
| seconded with $500, 600 1t is stated that the
officers of the bank are allresponsible for any
deficit arising from the irregularities of the
employees, and stand ready to make good all
| losses 1t is stated now that the clearances
Of the bank all went through correctly, and
without default, on Saturday.
The vice president of the Wall street bank
announces that the loss to the bank through
the ilTegularity of the Cashier Dickinson
will aggregate s25O,00O The capital will be
undoubtedly swept away, but the depositors
will be paid In full. The clearing of Satur-
| day will, he says go through all right. He
! says that Dickinson claims to have lost his
money bulling wheat.
| The bank is returning to its customers
| quietly its checks for moneys deposited on
| Saturday, A director says, that within ten
| days the depositors will be paid so per cent
| of their deposits. The deficit at the clearing
house of the institution was only S2800O.
| When the announcement of closing was
| tackled on the doors of the bank the fact of
! the bank having collapsed spread like wild
fire, and few minutes after it first became
known crowds of brokers, clerks and office
| boys fiocked to the Mills building, and one
| after another read the notice and then
/ coming down the stairs leading to
the offices of the bank stood
on the sidewalks in groups discussing the
! failure A man who said be was a depositOr
| in the bank broke excitedly into group of
| brokers who were standing in the entrance
| to the building, and exclaimed: "For Heavens
sake, what is the trouble! Is my money gomez
| One of the brokers said: Don't know what's
the trouble except that Dickinson, the cashier,
is said to have gone to join Emo and Henckley
in Canada"
Representatives of the press were not ad-
mitted to the bank, and there was such con
fusion inside among the officers that they
were unable to say when an official state
ment of the banks condition would be made
public.
One report had it that the cashier had al
lowed securities that had been hypothecated
| for loans to accumulate until they
we're practically worthless, Another
statement of the difficulty was that J. p
Dickinson the cashier, had helped himself
literally to the funds of the bank and had
left worthless securities as collateral Dick
inson is the son-in-law of Charles Simp
son, vice president of the bank. Mr. Simp
son, when approached by reporter said; %
can't tell you anything about the trouble now
until matters are Strengthened out"
Mr. o. d. Baldwin, president of the Fourth
National, had several interviews with tn;
| Wall street bank officers before the arrange
ments for its clearances could be effected
Dickinson is said to have skipped on Friday
last, although it is said he was seen out driv
ing on Saturday.