Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-08-15
THE WALL STREET BANK FAILS
Its suspension Caused by the Irreguluri-
ties of the Cashier, John l.. Dick
enson-Drpo>itorS will be
Paid in Fun.

NEW YORK. Aug. ll.-Thc Wall street
bank has closed It's doors. owing to irregu-
laritics of the cashier. The bank will re
main closed until matters are investigated.
The president is Thomas ". Evans. and
the cashier John T. Dickinson. 1t is Il
State bank. When the last annual state
ment was issued in september, lSN3, it had
Il capital of S5OO.0OO II surplus of $1,000.
and undivided profits amounting to ST
600. The capital stock will probably he
swept away. The dcpOsitorS will eventu-
ally be paid in full. Fifty per cent will he
paid them by the end of this week. 1t is
stated the cashiers shortage amounts To
S2O0,oOO, and that the bank has $4,000 in
bad debts. Soon after the announcement
of the suspension great crowd gathered
around the bank, but nobody was able to
get inside. Policemen had to he placed on
guard.
The last statement published showed the
bank to have ii surplus of $iOO.OO0, with
deposits of Sl,oooOJO, 1t was originally
called the Mechanics Banking association
and was founded in 1888. 1t is what is
known as Il brokers' bank, its chief trans
actions being loaning money on stocks.
The effect of the suspension on the New
York stock market was small, and at IL
late hour prices were on the advance.
. Henry Clews said that Chas j. Osborn,
who is worth several million dollars, and
is IL director in the Wall street bank, had
expressed Il willingness to help the bank
in its present emergency. \ lumor pre-
vailed that the deficiency would reach
S25OOOO. and Dickinson had been in the
habit of charging on the books for larger
loans than he actually made. and pocket
ing the difference. The latter, however.
did not receive general CrcdenCe. i. II.
D am *
law of ChaS. +. simpson, Vice-preSident of
the Wall street bank The bank has been
regarded as Shaky for some time past and
depOsltOrS had been Withdrawing their
accounts from ii. At the clearing house the
bank had liQuidatcd all its debts and its ac-
counts were even. Rumors of the failure of
other firms closely connected with the
bank could not be verified.
The directors of the Wall Street bank
held long session this afternoon for the
investigating of the books and accounts,
President Evans said its affairs We're
found to he in Almost diSordered condition,
and il would be very doubtful if Il report
or statement could he made for several
days. All the directors We're reticent and
refused to say anything whatever i'll
regard to discoveries they had made, The
executive committee of the clearing house
met this afternoon and formally declared
the banks suspension. The amount OF
the banks indebtedness AT the clearing
house this morning was So. 900 which was
paid Bank superintendent Paine has
made report of the condition of the bank.
in which he saws. since 1850 il has been re
garded as Il broken bank
other Business Troubles.
Resin A. Wight this afternoon filed hi,
assignment giving preference of Sl2i,
600 to Elizabeth :. Kelley for moneys re
ceived from and for stocks and securities
belonging to her, and loaned to him, upon
which as collateral he had borrowed sum,
of money, now outstanding,
Receiver Lamb of the Harrison bank
of indianapolis, Ind, filed partial report
this morning He finds rs assets Sl3S, ON
of which SCI 900 is available. The liabil
tiles will exceed S5O1,OOO
ANOTHER DEMOCRATIC LIE NAILED.
Gen. 4. VI. West will by no Means support
Cleveland.
NEW YORK. Aug. 1.-The following
telegrams passed to-day between the sec
rotary of the National committee of the
National party and the party's candidate
for the Nice-Prcsideucy;
NEW YORK, Aug. II.
Gen. \. NJ West, Holy Springs, Miss
The managers of the National Democratic
headquarters are claiming they have adj
vices from you to the effect that you will
support Cleveland. Nail the lie
CSigned) b. w. TERLINpE.
Mr. Vests reply was aS follows
Holly SPRINGS, Miss, Aug. II.
~ w. Terlinde, New York The claim
is false ! have had no correspondence
whatever with the Democratic headquar-
(Signed) \. NJ, WEST,