The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-08-12
CLOSED FOR REPAIRS.
THE WALL STREET BANK SHUTS UP
That ths 0fle,r May Havs Time to sss Hsw
Dap They are in the Nlro OF Financial Dl,.
w trsM-rhs Cnhi.r Bisn.d for tho
4 SIe Wrecked Condition OF tho Bank, ~


: " trsss-rhs Caahi.r Bilm.d for tho n
Nrteked Condition OF Tho Bank. ~.
Nxw YoRH, August 1.-THE Wall Street
Bank closed It's doors this morning owing
to Irregularities OF itH cashier. 1t will 70.
main closed till matters are investigated.
The President Of the bank Is Thomas W.
Evans and cashier John P. Dickinson. The
, bank Is uituatsd at No. 10 Broad street, and
} ia a Slate bank. When It's las! an uual
statement was issued, September, 1883, the
figures were: Paid up capital, s5OO,oOO;
surplus, sos. .lo7; undivided profits, s47, ,7ss.
The Vice President Of the bank states that
the clearances Of the bank will 60 through
the Clearing House to-day. The capital
stock sf two hundred Thousand dollars will
probably be swept away and deposjtors
eventually be paid in full. Itis likely atty
percent will be- paid them by the end Of
this week. The cashiers shortage is stated
to be 5000 900, and the bank hes fifty thou.
sand dollars Of bad debts. t'ssI17t
O. F. Simpson and OF. Osborne, direc.
tors Of the Wall Street Bank, on Saturday
night and Sunday made thorough exam
inaliop, and decided, in justice TO ali par.
ties, not to open the institution this morn.
ing. The result Of their examination ia as
follows: Deposits, sl,250. 600; call loans,
81, 100. .000; good bus!ness paper, $3.50, 900;
cash, .$lS5. 900. Cashier J.. r. Dickinson
has been lending money too freely on in.
eutiiCient marsins, and 1t Ia Cliima.ed the
los1 will be about two hundred thousand
dollara. The bank was debtor at the
Clearing House $4,000 this morning,
which has been paid, and 1t Is estimated
derosi.oEs will be paid in fall and part OF
the capital stock will remain. 4 B5.,iyhS n
WILL BE PAID IN FULL. :yF5
Preaident Evans, Of the Wall Street
Bank, this afternoon says the depoei.ors
will be paid in full. IN Saturdays bank
statement the bank figured for S., ,5O4 500
loans and discounts. s50. 400 specie, ,sloo 900
legal tenders and 81, l33. 800 deposi.s. The
Wall Street Bank otiicerB all declare the
suspension Is due to the Irregularities OF
the cashier, John p. Dlckinsou, who hes
not been at his desk since Friday night,
His excuse tor absence Saturday being that
he wsn confined at home by illueas. It is |
not charged that Dickinson is guilty Of any
worse irregularity thsn csrelsssnees in
Gcrutinizing the collateral offered for loans. |
Several Wall street firms closely identified |
with the bank among them G. F. Timpson 4 |
Co., E SChapin &; Go and Dickinson on Bros. |
All these declare they do not suffer by the
failure, but the stree. is momentarily ex-
pected to hear Of their suspension. The
history OF the bank is peculiar. It was or. |
ganlzsd two years ago by Wall street msn,
during the agitation regarding the es.sb.
Iishment of stock clearing house sue. !
ceedingan old bank with capital OF $780,
600. The organ!zsrs proposed to do the |
clearing for the street, bu! the scheme fell |
through, and the institution became purely !
brokers bank. It has been regarded |
with suepicion, but, having weathcred |
the lste storm, had come to be regarded as !
practically SAFE. DurDg the recent furry
it asked for no acconmviion at the clear.
ing house, and Its officers frequently made
boast Of Its strength. 31
EXCITEMENT AROUND TIE BANK,
Following is the notice posted on the
doors Of the bank this motning: Sowing
to irregularities on the part Of the caahisr,
this bank will remain clossd until matters
can be Investigated" This announcement
was not signed. The fact OF tho bank hay
Jog collapsed spread like wildfre, and
few minutes alter it frat became known
crowds Of brokers, clerks and office boys
Hocked to the Mills building, and one alter
another read the above no.ice 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 he WAS q depositor in the bank,
broke excitedly into q group Of brokers
who were standing in the entrance to the
Mills building and exclaimed: For heav.
ems sake, what ia the trouble Is my
money gone 2' 4 broker ans ssered:
"Don't know what's the trouble, except
that Dickenson, the cashier, ia said to have
gone to join E 10 and Henokey in Canada"
The Post says: Tne Wall Street Bank wcs
originally the Mechanics Banking AHsocia.
ton, but within the last two years it adopt
ed the National, hank ayeten, and lis name
was chanatd to tho Wall Street National
Bank. one OF tho ohjec!s for doing 50 being
to build up Stock Exchange businesz.c In
consequences OF the recent conviction and
reprimand OF bank officers for over.cartifi.
ca!ion Of checks in accordance with tho
usual Wall street cuatom but in violation
Of the n NatjonAl bank lazy, The bank abau.
doned the National bank system, and has
for some time been speculatiug under tho
State law. There seems to have been moth.
ing unusual in its connection with other
members Of the clearing houses. It6debitH
and balances have run along for a week or
two just about even at the rate OF from $780,
900 to $50 900 per day.
r. LATEST DEVELOPMENTS. ey.s
The directors Of the suspended Wall
Street Bank held q long session this after.
noon at the bank building, investigating
the books and accounts. p:esiden. Evans
said the condition Of affairs wa1 very con.
fused and it would be very doubtful II the
report Of the condition OF tie bank could
be made for several days. Tho directora
REFUSED to ssy anything whatever in regard
to the discoveries made. All disclosed thus
far is that the failure Ia due 10 the ahsrac-
ton by the cashier Of collaterals lodged
with the bank as security lor its call loan.
DON'T ,K.ow WHERE He is.
The wife Of John 2. Dickinson, the de.
iaulting cashie. Of the Wall Street Bank,
remained tonight at the home Of her ia.
ther, O. 7. Hmpson. Some Of the family
have seen Dickinson since Friday aud %ho
was then at the Oriental Hotel, Coney
Island. Mr. Timpson. aaid that neither
be nor his daughter knew whore he was.
The rumor that the firm Of Dickinson Bros.
was heavy loaer by the failure Of the
bank is denied tonight by Plat Dickinson,
who asys the firm is in no way affected.