Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-08-12
CLOSED ITS DOORS.
The Wall Street Bank Suspenis
Business.
THE CASHIER AT Fault
That Official Not Guilty Of Anything But
Carelessnessin the Transaction
of Business.

Danh clOSeu us uOOrs tnlS mOTnluS owing
to irregularities of its cashier. 1t will re-
main closed until matters are investigated.
The President of the bank is Thomas W.
Evans, and cashier John P Dickinson.
The bank is situated at No. II Broad street
and is State bank. When its last annual
statement was issued September, 1883, the
figures were: Paid up capital, S500,OO0;
surplus $65, 1917; undivided profits, S47, 1856.
The Vice President of the bank states that
the clearances of the bank will 90 through
the clearing house to-day. The capital
stock of 100000 will probably be swept
away and depositors eventually be paid in
full. 1t is likely 80 per cent will be paid
them by the end of this week. The cash
ier's shortage is stated to be 100000 and
the bank has $4,000 of bad debts.
Examined.
c. +. Simpson and o. j. Osborne dnec-
tors of the Wall Street Bank, on Saturday
night and Sunday made thorough exam
ination, and decided, in justice to all par
ties, not to open the institution this morn
ing. The result of their examination Is as
follows: Deposits, Sl,2j0,0OO call loans,
$l,l0O,OOO; good business paper, s35o,OO0
cash, Sl95,0O0. Cashier J. P. Dickinson
has been lending money too freely on insult
fcient margins, and it is estimated the loss
will be about two hundred thousand dol
lars. The bank was debtor at the Clear
ing House $2S, ,0CO this morning, which has
been paid, and it is estimated depositors
will be paid in full and part Of the capital
stock will remain.
Paid in Full.
President Evans, of the Wall Street Bank,
this afternoon says the depositors will be
paid in full In Saturday bank statement
tie bank figured for Sl,jO4,500 loans and
discounts $50 specie, 1922 900 legal
tenders and 81 800 deposits. The Wall
Street Bank officers all declare the suspen-
sion is due to the irregularities of the cash
er, John p Dickinson, who has not been
al his desk since Friday night. His excuse
for absence Saturday being that he was con-
fined at home by illness. 1t is not charged
that Dickinson is guilty Of any worse irregu-
larity than carelessness in scrutinizing
the collateral offered for loans Several
Wall st:eet firms are closely identified with
the bank, among them C. F. TimpSon 4
Co., T. S. Chaplin Il Co., and Dickinson
Bros. All these declare they do not suffer
l. Il. r.. l,,. = .l,-
expecting to hear of their suspension. The
history of the bank is peculiar 1t was or
ganizcd two years ago by Wall street men,
during the agitation regarding the estab'
ishment of stock clearing house, succeed
ing all old bank with a capital Of $2O0,OOO
The organizers proposed to do the clearing
for the street but the scheme fell through
and the institution became purely brokers
bank. 1t has been regarded with suspicion
but, having weathered the late storm, had
come to be regarded as practically safe
During the recent furry it asked for no ac-
commodation at the clearing house and its
officers frequently made boast Of its
strength.
The Notice.
Following is the notice posted on tho
doors of the bank this morning: Owing to
irregularities on the part of the cashier, this
bank will remain closed until matters can
be investigated" This announcement was
not signed. The fact of the bank having
collapsed spread like wildfre, and few
minutes after it first became known crowds
of brokers, clerks and office boys locked to
the Mills building, and one after another
read the above notice and then, coming
down the stairs leading to the offices Of the
bank. stood on the sidewalks in groups dis
cussing the failure A man, VINO said he
was a depositor in the bank, broke excitedly
into group of brokers who were standing
in the entrance to the Mills building and
exclaimed: For heavens sake, what is
the trouble? Is my money gomez 4
broker answered: Don't know what's the
trouble, except that Dickinson, the cashier,
is said TO heve gone to join Emo and Hcnck-
lev in Canada
a state Bank.
The Post says: The Wall street bank
was originally the Mechanics Banking As
sociation but within the last two years il
adopted the National Bank system and its
name was changed to the Wall Street Ma
tional Bank, one of the objects for so doing
being to build up stock exchange business
In consequence ofthe recent conviction and
reprimand OF bank officers for overcertifca-
ton of checks in accordance with the usual
Wall street custom, but in violation Of the Ma
tional bank law the bank abandoned the
National bank, and has for some time been
speculating under the State law. There
seems to have been nothing unusual in its
connection with other members of the clear
ing houses. It's debts and balances have
run along for a week or two Just about even
a, the rate Of $4,000 to $4,000 per day.
Decentralization n Year Ago.
WASHINGTON, August ll.-While the
Wall Street Bank was in the National sys-
tenn. in the autumn Of 1888, evidence Of the
over-certifcation Of checks was discovered,
and suits commenced against some Of the
officers of the bank. The bank then went
into voluntary liquidation under the Ma
tional Bank act, and reorganized under
the New York State laws.