Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-08-11
kilograms to The Star
TIE WALL STREET BANK CLOSED.
EFFECT ON THE STOCK MARKET
THE EARTHQUAKE VISITATION
THE CHOLERA STILL SPREADING.
I" Irregularities the Part OF the
CaSlbier.ss

NEW YORK, August II, Wall street, l0:40 a m.-
The Wall Street Bank has Just closed It's doors,
owing TO irregularities on the part OF its cashier
The bank will remain closed until matters In
and e Cashier 5ohn @ pcs,nsop ias The w. nanR k IS
situated at No. Is Broad street. and is state bank
When its last annual statement was issued, in Sep
tember, 1888, the figures were: Paid up cfptal.
S5OOOO0 surplus, sl65, ,lg undivided profits &l. 736
kiernan's financial agency reports: A" he vice
president OF the Wall Street Bank states that the
clearances OF the bank will so through the clearing
house to-day. The capital stock OF the bank.
amounting TO 100000. Will probably be swept away.
The depostLors Will eventually be paid in iulL tits
likely that 80 per cent viii be paid by the end OF
this week."
II is stated that the cashiers shortage amounts
to $4,000, and that the bank has $4,000 or bad
debts
EFFECT OF THE rArLuRE.
WALL STREET, nOon.-The stock market this
morning opened heavy and lower on the announce
ment that the Wall Street National Bank would
close on account OF Irregularities OF its cashier
Prices dropped TO 27s per cent. but later RALLIED
on information that the depositors would be paid
full and that the shareholders would also receive
something.
HOW THE TROUBLE AROSE
MI c: r. Tfmpson says relative TO the closing OF
the Wall street bank: 'The trouble IroI the
fact that the cashier had been loanlng money
freely on Insufficient securities. and Secur les
which at the present time have very little market
value He was one OF the committee appointed TO
examine into the condition or the banks affairs
and insisted, In View OF the circumstances, that
account should be rendered, pending which the
bank has closed its doors The banks eepositors
will be paid in full and the bank viii be able to
slraighten out its affairs"
RESULT OF AN INVESTIGATION.
Messrs c. 4. Timpson and c. J. osborn. directors
OF the Wall Street National bank, Saturday
night and sunday made thorough examination OF
It's affairs and decided, In justice TO al parteS not
TO open the institution this morning. The result Of
ther examination was In round h2u-es as lowS:
Deposits 81. $50 90; cali loans 81 10000 good buSi-
ness paper, $a500o0; cash on hand, s1s5.Ooo. The
money too freely on insucient margins and L +
estimated tnat the loss therefroIn will be Salnu-
where in the neignborhood OF saO.OOO The bank
was debtor at the clearing house S2s 600 this a. IN,
wins mas been paid. IL Is estimated mat the de-
positors viii he paid in Iun and that part OF the
capital stock viii remain.
STATEMENT OF THE PRESIDENT
WALL STREET, 1880 r. M.-Pr,sident Evans. OF
the Wall Street bank, has issued the following:
lowing to the Irregularities OF the cashier We
deemed IL best TO make a full examination OF the
affairs OF the bank. From the examination al
ready made we feel assured that the depositors Will
be paid In full and speedily"
In saturdays bans statement. the Wall Street
bank figured for II $40 $40 loans and discounts.
$50 400 specie. <l22OO0 legal tenders, and 81 800
deposits
TINE HISTORY OF THE BANK A PECULIAR ONE
Another account OF the failure OF the Wall street
bank Is as follows: The street was startled this
morning by the announcement OF the suspension
OF the Wall street bank, which CLOSED It's doors
soon after the opening OF business The Officers
decl.re that the suspension is due to Irregularities
on the part OF the Cashier, Mr.. John T. Dickn Son,
who has not been at his desk since Friday ni:.nt
the excuse made for his absence Saturday b.. nS
that he was confined 10 his home by Illness The
capital OF the bank Is 500 90, and 1t Is said on
what appears to be good authority, that this Will
be entirely swept away. So far II is not charged
that Mr. Dickinson has been guilty OF anr worse
rregular1ty than care.essneSs In Scrutiniz,ng the
collateral offered for loans several Wall street
firms were oSely Identified with the bank, amo NJ
The c. F. Timpson Co., E. S. Chaplin Co., and
1c iinson BIOS All OF these decllre that they
WILL not suffer by the failure. but the street is
momentarily expecting 10 hear Of suspensions
The history OF the banS is a peculiar one. IL was
organized about two years ago by Wall street men
Dunn; the agitation rtgarding the estabi >n;nent
Of a stock clearing house. succeeding an old bank,
with capital OF 100000. The organizers proposed
TO do the clearing for the street, but the scheme
feii through anu the Institution became p.rely a
brokers' bank. 1t has often been regarded with
suspicion but having weathered the laie storm had
come to be regarded aS practically sale. During
the hurry it asked FOR no accommodation AZ lle
clearing house, AMI its Officers frequently made a
boast OF its strength.