The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-08-12
ROAR OF TRAFFIC.
The Wall Street Bank Fails and DE. &.
presses Stocks.
AND SuNDRY OTHER FAILURES
Short Interest Heavily Increased Bx cell
lent Crop News-Great Strength of
Missouri Pacitlc-Gould is
Protecting His own.
A Bank Failed.

NhN lOHh, aug. ll'--A w all street
bank closed its doors this morning,
owing to Irregularities by its cashier, and
will remain closed until all matters are
investigated.
The president is Thomas w. Evans,
and the cashier is John p. Dickinson.
The bank is situated at No. 10 Broad
street. IL is a State bank. When the
last annual statement was issued, Sep
tember, 1883, the figures were paid ip
capital of S500,000; surplus, ,7g7; undf-
vlded profits, Si7,7S6. Kernon's agency
reports that the vice president states
that the clearances Of the bank will go
through the clearing house with its cap
ital stock of s2OO000 swept away. The
depositors will eventually be paid in
full, II is likely that 50per cent. will be
paid them by tho end of this week.
The cashiers shortage il stated to be
$4,000, and the bank has $4,000 Of bad
debts.
Wall Street bank officers declare that
the suspension is due To the irregulari-
ties of Cashier John Z. Dickenson, who
has not been at his desk since Friday
night, the excuse for his absence Satur.
day being that he was confined at home
by illness. 1t is not charged that Dick
inson is guilty of any worse irregularity
than carelessness in scrutinizing col
| laterals offered for loans.
| Several Wall Street firms are closely
| identified with the bank; among them
&. f. Simpson 4 Co., +. S. Chaplin & Co.
and Dickinson & Bros. All these declare
that they will not suffer by the failure,
but the Street il mOmentarily expecting
to hear of ether suspensions.
The history OF the bank il peculiar. II
was organized two years ago by WAL
street men during the agitation regard.
ing the establishment Of stock clear.
ing house, succeeding All old bank, with
a capital of S2OO,oO0. The organizers
proposed to do the clearing for til,
street, but the scheme fell through, anC
the institution became purely brokers'
bank. 1t has been regarded with sus
picion, but having usathered tho lat,
storm it had become to be regarded a
practically safe. During the recen
Hurry it asked for no accommodation
at the clearinghouse, and its officers fre
quently made boast OF its strength.
ANOTHER ACCOUNT.
NEW YORK, Aug. lie. j. Ogborn
and the directors of the Wall Stree
Bank, on Saturday night and Sunday
made "a thorough examination, and de
cided, in justice to all parties, not t
open the institution this morning. Tn
result of their examination is IA follows
Deposits, 81 ,250,OOO; call loans, 81, ,lO0,OOt
good business paper, $3.50, ,00O; cash, tlS5
900. The cashier, j. u. Dickinson, ha
been lending money too freely on insuI
iicient margins. Ills estimated that Tn
loss is about S2OO,000. The bank was
debtor at the clearinghouse in $500
this morning, which has been paid.
Is estimated that depOsitors will be pai
in full and part Of their capital stock wi
remain.
The Post says: The Wall Street Ban
/. was originally the Mechanics Bankh
" Association, bus within the last tw
= weeks II adopted the National ban
system, and the name was changed
The Wall Street National Bank. On
Of the objects in 80 doing, being to hui
up stock exchange business in cons
quence of the recent conviction and re
rimand Of banks officers for oV
ccrtiiicatiOn OF checks in accordan,
with the usual Wall Street custom, hi
in violation of National bank law, Il
bank abandoned the National bank sy
TEN aud has for some time been spec
hating under the State law. There seen
1 tC he nothing unusual in its connection
with other members OF the clearii
n house. Its debts and balances have RI
- along for u week or two just about eve
= at tho rate of from S3O,OJ0 TO $4,000 p
= day.
II is stated that Mr.. ID. O. Mills al
MFR. Charles j. Osborne have decided
advance sufficient sum of money
enable the Wall Street bank to resuf
tomorrow. Charles J. Osborne, one
the directors, states that the loss to d
y bank cannot exceed the capital of $50
900, aud 1t is not likely to be so grei
and dopositors will not have to suhn
z to any delay in getting their none
n There is no reason why - per cent. ca
not bc paid out at once.
y The directors of the suspended WI
Y Street bank held II long session this
ternoon in the bank building, inves
eating the books and accounts. Pre-
dent Evans said the condition of I
u affairs were very confused, and it Won
he very doubtful IL the report
= the statement could he made
r. several days. Tho directors refused
n say anything whatever in regard to q
rovcries made. All disclosed, thus {
s Is that the failure is due To ahstractio
" bv the cashier of collaterals lodged W
n, the bank as security Tor its call loans.