The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-08-21
BANK FAILURE.

street bank closed its doors this morn.
ing, owing to Irregularities of its
cashier. 1t will remain closed until
all matters are investigated, The
president is Thomas w. Evans; cash
Ter, John p. Dickinson. The bank is
situated at No. 10 Broad street, and is
a state bank. When the last annual
statement was issued, Septemb + l,
/ 1884. the figures were: Paid up cap
! ital, $4,000; surplus, $50, 1877; undi-
vided profits, 81, 1876.
4 Kiernan'S agency reports the vice.
president states the clearances of t e
bank will go through the clearing
house to-day. The capital stock,
100000, will probably be swept away.
Depositors will eventually be paid in
full. 1t is likely fifty per cent will be
paid them by the end of this week.
The cashiers shortage is stated to
be 100000, and the bank has $4,000
bad debts.
CD. Osborne, director of the Wall
street bank, Saturday night and Sun
day made a thorough examination,
and decided, in justice to all parties,
not to open the institution this morn
ing. The result of the examination
was as follows: Deposits, $780, 600;
call loans, $4,000; good bankable
paper, S350,OO0; cash, $4,000. The
cashier, J. d. Dickerson, has been
lending money too freely on INSULT
Gent margin. The estimated loss
will be about 100000. The bank was
a debtor at the clearing house for
$2S,OO0 this morning, which has been
paid 1t is estimated depositors will
be paid in full and part of the capital
stock will remain. The officers
declare the suspension due to irregu-
larities of the cashier, John p. Dicker-
son. who has not been at his desk |
since Friday night. The excuse for
his absence Saturday, being he was
confined to his home by illness. 1t is |
not charged that Dickerson is guilty |
of any worse irregularity than care,
lessness In ScrutiniZing collateral |
offered for loans.
Several Wall street firms have closed
who were Identified with the bank
among them G. F. Timpson 81 Co., Z.
). Chaplin s. Co. and Dickinson Bros
Ali of them declare they will
not suffer by the failure,
put the street is nominaJly expecting
10 hear of this suspension.
The history of the bank is peculiar.
It was organized two years ago by
Wall street men, during the agitation
the establishment OF
took clearing house, succeeding an
Id bank, with a capital of $500 1000.
The organizers proposed to do clearing
or the street, but the scheme fell
through and the institution became
purely d brokers bank. 1t had been
egarded with suspicion, but having
yeathered the late storm, had come
0 be regarded practically safe. Dur
ng the recent furry, it asked for no !,
accommodation at the clearing house,
nd it's officers frequently made
'oast of it's strength.
New Y DIRK, August 1.-THE Post
avs the bank was originally a clear '
nee and banking association, but
within the last two weeks it adopted
he national bank system, and the :
anne was changed to the Wall Street :
rational bank. One of the objects in :
hanging being to build up the stock
xchange business. In Consequence of ,
ne recent conviction and reprimand I
f the banks officers for over certifica- '
on OF checks, in accordance with the g
sual Wall street customs, but in Vio-
ltion of the national bank law, the f
ank abandoned the national banking o
ystem, and has, for some time, been q
under the state lew. e
here seems to be nothing unusual in !
s connection with other matters Of +
he clearing house; its debts and bal +
noes have run along for week or !
NO, Just about even, at the rate of 9
ON $4,000 to $4,000 per day. +
CAUSES OF THE SUSPENSION. C
The directors of the suspended Wall '
rect bank held a long session this Q
1ening at the bank building, investi
ating banks and accounts. President
vans said the condition of affairs
as very confused and it was doubt
IL if any statement could be made for
,veral days. The directors refused to =
w anything whatever in regard to {
he discoveries made. All that has .
oen disclosed thus far, is that the 7
lilure is due to distractions, by the :
sshier, of collaterals lodged with the .
ank, as securities for its call loans.
RECEIVER LANES REPORT.
INDIANAPOLIS, August H. Re- =
liver Lamb, OF the late Harrison's y
ank, filed partial report this morn :
lg and finds the assets to be $sl3S 900,
which $51,0O0 are available, and :
lat only If no offsets. He mas not .
,ncluded the schedule of liabilities, g
ut says they will exceed $5OO,OOO. .
STATEMENT FROM WASHINGTON. s
WASHINGTON, August IL. = The /
of currency received a s
,legram to day informing him the G
FALL street bank, of New York, closed a
s doors, but all its clearings were T
aid, and tl.ere was no excitement. 1t I
learned at the treasury that in Sep t
,mber, 1888, the bank examiner in +
.ew York found evidence OF over !
ratification of checks on the part OF /
q officer of the bank. The evidence i
as laid before the secretary of the
'easury and by him referred to the T
The result was the
,ller of the bank was indicted for c
collation. of the bank law. Efforts were
Iso being made to convict other Off $
ars of the bank when the bank went 3
/ voluntary liquidation, and soon
fter was reorgani7ed under the state i
wv of New York. Its suspension, .
lerefo-e, calls for no action on the :
art of national authorities. 7
THE BANK TO RESUME. +
NEW YORK, August lit IS stat T
4 that Mr.. d. D. Mills and Mr.. Chas.
Osborne decided to advance suffi-
lent money to enable the Wall street
ank to resume tomorrow. Chas. S
, Osborne, one of the directors. states
ne loss tc the bank cannot exceed its t
apital OF $4,000 and it is not likely t
} be so great, and the deposition will 6
OF have to submit to any delay in g
citing their money. There is no rea-
On why so per cent. will not be paid I
ut at once. {
IRISH CONVENTION.