Savannah morning news. [volume] (Savannah) 1868-1887, 1884-08-12
RUINED BY RISKY LOANS.
THE WALL STREET BANKS
CASHIER TOO CARELESS.

DepositOrs Promised Payment in Full
The UncOllectable Debts Estimated at
$500, ,OOO-Harrison's Assets in Indi-
ana Mere Observation-Disclosures Deal
ers in Fruit Assign.
NEW YORK, Aug. 1.-THE Wall Street
Bank closed its doors this morning owing
to irregularities on the part of its cashier.
The bank will remain closed until matters
are Investigated. THE President is Thomas
w. Evans and the cashier John 2. Dick
insOn. The bank is situated at No. Is
Broad street, and is a State bank. When
its last annual statement was issued, in
September, 1888, the figures were: Paid
up capital, S500,000; surplus, $3.50, 1877;
undivided profits, ,S47. 736. Kiernan's fiuan-
cial agency reports the Vice President
Of the Wall Street Bank as stating that
the clearances of the Dank will 60 through
the clearing house to-day. The capital
stock of the bank. amounts to S20O.00O.
DepositOrs will eventually be paid in
full. 1t is likely that 80 per cent. will be
paid them by the end of this week. 1t is
stated that the cashiers shortage amounts
to S2O0,O00, and that the bank has $780,
600 of bad debts.
q. f. TimpsOn and G. J. Osborn, Direct
Ors of the bank, Saturday night and Sun
day made a thorough examination of it's
affairs and decided in justice to all part
ties not to open the institution this morn
ing. The result of their examination was
in round figures as follows Deposits,
81, 600; call loans, S1,1OO, 900, good
business paper, $350,0O0; cash on hand,
SlS5,000. Cashier j. z. Dickinson has
been lending money too freely on insutfi-
cient margins, and it is estimated that
the loss therefrOm will be somewhere in
the neighbOrhOOd Of $200,000. The bank
was debtor to the clearing house for
S2o,OOO this morning, which has been paid.
II is estimated that part of the capital
stock will remain after the depositOrs are
paid IN full.
The directors of the bank held a long
session this afternoon at the bank investi-
eating the books and accounts. Presi-
dent Evans said that the affairs We're
found to be in a most disOrdered con-
dition, and that it was doubtful if a report
or statement could be made for a few
days. All the directors were reticent
and refused to say anything in regard to
the discoveries they had made. The EX-
ecutive Committee of the Clearing House
met this afternoon and formally declared
the banks suspension. This will be
ratified at the meeting of the as
sOciatiOn Wednesday. The amount of
the banks Indebtedness is SIS, 600, which
was paid. Willis 5. Paine, Bank Super
intendent, has made a report of the con-
dition of the bank, in which he gives the
history of the bank, and says that since
1860 1t has been regarded as a broken
bank. 1t is now being examined. All
that has been disclosed thus far indicates
that the failure is due to abstraction by
the Cashier of cOllaterals lodged with the
bank as security for its call loans.
The wife of John p. Dickinson, the de-
r. Il : If q L fraI fp
night at the house of her father, c. +.
TimpsOn, at No. IS Madison avenue.
None of the family have seen Dickinson
since Friday, and he was then at the Ori-
entail Hotel, Coney Island, where he is
now. Mr.. Timpson said that he had no
idea of his whereabouts.
YARDS SCHEDULE.
The assignees of Edmund Yard, Jr., &
Co., importers, filed a schedule this morn
ing which shows liabilities Of S1,O69, ,135;
nominal assets Of S3S6, ,2l9, and actual as
sets of $262,372. A bond is ordered for
100000.
THE BANKS STANDING AT WASHINGTON.
WASHINGTON. Aug. 1.-THE Comp
trOiler OF the Currency received a tele-
gram to-day informing him that the Wall
Street bank at New York had closed its
doors, but that all its clearings were paid
and that there was no excitement. 1t is
learned at the Treasury Department that
in september, 1888, the Bank Examiner in
New York found evidence of over certfica-
tiOn of checks on the part of the officers
of the bank. The evidence was laid be-
tore the Secretary of the Treasury and by
him referred 10 the Attorney General.
The result was that the teller of the bank
was indicted for a violation Of the bank
law. Efforts were also being made to in
dict other officers OF the bank when the
bank went into voluntary liquidation and
soon after reOrganized under the laws of
the State of New York.
HARRISON'S HEAVY DEBTS.
INDIANAPOLIS, Aug. IL. - Receiver
Lamb of HarrisOn's Bank, which lately
failed, made partial report this morn
ing. He finds assets of $13S, 900, Of which
$4,000 are available, and that only if
there are no Offsets. lie has not concluded
the schedule of liabilities, but says that
they will exceed $500, 900.
Bond wss furnished tonight in the sum
Of 100000 for the appearance of John c.
Harrison.
FRUITERERS FAIL.
BALTIMORE, Aug. 11.-Wm. L. Bird and
Franklin Weems, trading as Bird &
Weems in foreign fruits, made an assign
ment this afternoon for the benefit of their
creditors. The bond of the trustee is
$4,000.