New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-12
THE WALL-ST. BANK CLOSED
CASHIER WHO sPECULATED.
,oux p. DICKINSON MIssING-rHE DEFiciEN q
PERHAPS 100000.

LAM
on 70 irregularities on IN. part OF the cashier this
bank win remain closed until matters eau 00 '"'
gated
A crowd Of depositors quickly gathered about the
entrance but its only satisfaction was derived from
the reading of the notice The news of the failure
AZ FIRST caused considerable excitement IN wan
street on account of the uncertainty about the
CIeareng House exchanges, but before the Degln-
ino of business at the Stock Exchange 1t was OH
cialv announced at the Clearing House that
the debit balance Of the bank, whch
uas only s2s. 900. had been settled. The ehect
~ the conrse of prices at the Stock Exchange was
not therefore, important. There was some pressure
n sell the active stocks, and opening materlaiy
lower prices further declined IN the early dealings
I'm the assurances that the daily exchanges womb
e made as usual and later that the deposOrs would
suffer no loss. did much toward restoring conn
dance. The street was filed with conflicting
stories. however as to the cause of the suspension.
II was rumored that the cashier had hed with all
the portabe assets of the bank, but afterward
- was said that he was at work at his desk and that
his only fault had been lack of Judgment IN loan
ing on insufficient collateral security The real
facts filtered slowly through the closed doors OF
the bank to the street.
THE CASHIER MISSING.
John F. Dickinson. the cashier, has not been at
fhe bank since Friday afternoon. and his relatives
and friends profess to have no knowledge OF his
movements since that time. Whether he has LETT the
country OF is carefully conceahng himself IS not
known. The suggestion of suicide is not wanting
even among those who knew him well. The miss
ing cashier Is charged by the directors
with having taken securities from the bank
and using them in speculative ventures.
The extent of the embezzlement has not
been ascertaned definitely, but at late hour yes
terdav afternoon 1t was said that it woud be suii-
cient probably to exhaust the capital OF the bank
which was $500 900. So far as the examination
had advanced 1t was stated to be certain that the
depositors would be paid in full and within snort
time Whether the bank would resume business
with fresh capital had not been decided by the dt-
rectors. who are the principal stockholders
further and more thorough examination will be
necessary before this question can be determined
WHAT HIS BROTuERs SAY.
The nersons or firms t0 whom Cashier Dickinson
TENT money on slight security are not fnlly known
II was said Yesterday that Dickinson Brothers OF
No ~ Exchange place. who are his brothers; ana
Rook a Burtnett, of No. 2 Exchange court. were
two brokerage firms to which the cashier had
extended unusual accomm modation. H. =.
Dickinson of the former firm. denied in positive
terms that the failure had been preciptat"d b any
loan to it, Ha also declared that his brother. the
hank cashier. had never srerulatod except in q
bouts Of his brother hp ovpra-sel complete ieno-
rance. saying that lac had NOT aoon him since Fri
dav PaH H. pickinson thr senior partner OF tho
nta snid aimplr That hn knew nothing whatever
of his brothers affairs The last loan made with he
bank WIS an MAY "a ppd af course could not nave
baru tlt occasion af thn ahspe1aioh
NoIitlr curiosity was lolt about thr relations ol
The cashier with tho stoca brokerage htm at G. T.
Tnp,,n a co., of 80. go LNchln4o place
I.r.f Df
and Cashier Dickinson married his daurh-
ter ana only child MIR lmpson said
thathishrn was not affected by the suspension
because It's balance on deposit happened 10 bee
small vi, personal loss was covered probably by
his ownership Of the stool, of the bank he de
positors will be paid in full, he added, bat l
should be glad TO take fifty cents on the dollar Tor
my stock So far as l can see, Mr.. Dickinson has
done 40 wrong, hut has been rciniss IN demanding
MARGINS on loans"
THE PRESIDENT OF TIE BANK REriCENr.
Thomas W Evans president Of the bank was
reluctant 10 sneak of the carses of the failure In
reply To- many inquiries he said: really knew
nothing about this matter until this morning.
Mr Dickinson was not nj the bank on saturday
and have no idea where heis now. An eXamlna-
ton OF the bank was made On saturday and sun day.
and II was decided that in justice TO
denositors. the bank should not be
onaned to-day It has not been finished, and. of
course. cannot tell you what the result will be.
Ithink that the stockholders will be able to save
sometime but can only tell when everything has
been scrutinized with the closest care. There are
some securities which ought to be In the
bank. but are not here. This calamity is
terrible surprise to me, for l had 10
idea what M. Dickinson was doing; !
cannot believe what I now see Do not let us dis
cuss the matter for really have no right to say
ANYTHING about IT, Ii will all be known when the
examination has been Completed
HOW STOCKHOLDERS Will BE AFFECTED.
Charles J. Osborn one Of tie directors of the
bank and one of the largest stockholders expressed
q hope that the stockholders would save about one
half Of their interest. ." We cannot tell the
extent of the defalcatiou,' he remarked,
"but il was plain enough this morning thar the
bank could not 20 on. We are now looking over
the securities "a second time and shall not miss any
deucieucies this time. After working all night
until 4 o'clock this morning ! would not like
10 say that we had not overlooked some
thinr have come here purely
business principles however. and win know
the TOP and bottom of the trouble before get
through with my work No, it Is impossible to
saw what the deficiency is. but l think the
stockholders will recover something, possible 90
per cent"
I'm answer 70 III" inquiry NH''NOi ,iIN W
ned with q large amount Of money. Mr.. Osborn re-
piled q do not think that he had more than
enough money TO pay his car fare and
perhaps weeks board at hotel lie lost
the money In speculation think. and that is the
end of H. DON'T ask me what he lost 1t ln-eycry-
thing
DICKINSON AND HIS sPECUIATIONs.
So far could be learned the cashier speculated
In small amounts in several different offices. II is
surmIsed by persons familiar with the affairs of the
bank that he followed this method for the