Wall Street National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1075
Charter Number: 1075
Start Date: August 11, 1884
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 08d766d0

Response Measures

None

Description

Multiple August 1884 reports state the Wall Street National Bank (though named 'National') had earlier withdrawn from the National system and was reorganized under New York state laws; contemporary accounts (Aug 11-12, 1884) report the bank closed its doors pending investigation of cashier John P. Dickinson's 'irregularities' (defalcation). No clear contemporaneous report of a depositor run causing the suspension — articles describe the bank 'failed to open' and being bolted, police guarding entrance, and probable sweeping away of capital. Contemporary pieces indicate likely permanent failure or reorganization; category chosen as suspension_closure because the bank suspended and appears to be failing (capital swept away) with no clear rescue/reopening reported in these articles.

Events (4)

1. April 28, 1865 Chartered

Source: historical_nic

2. October 15, 1883 Voluntary Liquidation

Source: historical_nic

3. August 11, 1884 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier John P. Dickinson accused of irregularities/defalcation and loaning on insufficient/worthless collateral; reported shortage ~$200,000–$250,000 leading directors to close pending investigation.
Newspaper Excerpt: Wall street bank has just closed its doors owing to irregularities on the part of its cashier. The bank will remain closed until matters are investigated.
Source: newspapers

4. August 12, 1884 Other

Newspaper Excerpt: The doors of the bank are bolted and police guard the entrance... The vice president announces the loss through the irregularity of the Cashier Dickinson will aggregate $250,000. The capital will be undoubtedly swept away, but the depositors will be paid in full (or partly).
Source: newspapers

Newspaper Articles (6)

1. October 25, 1883 The Bolivar Bulletin Bolivar, TN

Article from The Bolivar Bulletin, October 25, 1883

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PERSONAL AND GENERAL. IRVING BISHOP, the mind reader, broke down completely in Dublin recently and has congestion of the brain. HYAMS BROS., wholesale clothiers, New York and San Francisco, have susspended. Liabilities, $250,000. THE St. Petersburg hotel-keepers are under instructions to strictly watch the movements.of foreign guests. DRESS GOODS, valued at several thousand dollars, consigned to the Misses Partridge, New York, were seized on the 15th by the New York customs authorities. THE top of a Grand Trunk locomotive blew off at Yarmouth, Me., on the 15th. It weighed a ton and landed a quarter of mile away. A FIERCE gale is reported on the English coast. Among the vessels ashore are two of Her Majesty's training ships. THE Egyptian cholera investigation develops the fact that the disease is propagated by thread-like micro-organisms. THE new Spanish Minister of War does not expect to displace any Generals, but vacancies will be filled by friends of Marshal Serrano. FORTY women were killed in a panic caused by a false alarm of fire during service in a Jewish synagogue in Ziwonka, Russia, on the 14th. LINCOLN POST, G. A. R., visiting Richmond, Va., from Newton, N. J., was cordially welcomed on the 16th. LORD CHIEF-JUSTICE COLERIDGE was entertained in Philadelphia on the evening of the 16th by the University of Pennsylvania. THE Pittsburgh Bessemer Steel Works at Homestead, Pa., were sold on the 16th to Cornegie Bros., for $1,200,000. WM. BUTTERMORE, a fireman, was fatally injured at Buffalo on the 16th by an accident on the N. Y., L. E.& W. Railroad. JOHN CHISHOLM, of Newark, N. J., convicted of the murder of his wife, was sentenced on the 16th to be hanged November 22. THE Directors of the Western Union Telegraph Company met in New York on the 16th and re-elected the old board of officers. PROF. A. W. HOFFMAN, of the University of Berlin, was entertained in New York on the evening of the 16th by the American Society of Chemists. TWELVE of the sufferers in a recent railroad accident at Marshall, Tex., have instituted suit against the railroad company for damages. THE first Over and Terminer Grand Jury called in New York since 1877 was ordered in that city on the 16th to investigate frauds on the city Treasury. THE Papal nuncio to France has been instructed to observe s'rict neutrality between the _political parties. WILLIAM P. BRONSON, with his wife and son, of New Haven, Conn., the 16th sentenced to imprisonment for varying terms for causing the death, by neglect, of Carrie E. Gerden. AT Brimsleben, Prussia, 180 persons were reported on the 16th as suffering from trichinosis. Several cases had proved fatal. TROOPS had to be called out to quell a bloody riot between Slavs and Magyars in Upper Hungary. THE remaining coal mines in West ern Pennsylvania, where strikes have been for some time in force, were reopened on the 15th without trouble. SIXTY delegates attended the meeting of the National Telegraph Association in Cincinnati on the 16th. Morris F. Tyler of New Haven was elected President. CARL HENCKEL, a medical student, indicted at Syracuse, N. Y., for bodysnatching, has been arrested in Chicago. THE Band of Oregon pioneers visiting the East called upon President Arthur on the 17th. MOODY and Sankey opened a mission in Cork, Ireland, on the 16th. A mob gathered outside the building and hooted persons who entered. The mob was dispersed by the police. COLONEL SIDNEY D. MAXWELL was re-elected Superintendent of the Cincinnati Chamber of Commerce at its meeting on the 17th. E. COUSELBAUM, a dry goods peddler, was found murdered by the roadside near Albany, N. Y., on the afternoon of the 17th. THE anniversary of the surrender of Burgoyne was celebrated at Schuylerville, N. Y., on the 17th. A PASSENGER and freight train collided on the Rochester & Pittsburgh Road near Scottsville. N. Y. on the 17th. PORTRAIT of Oliver Wendell Holmes and bust of Dr. Bigelow were presented to the Harvard Medical School on the 17th. A REMARKABLE bed of iron ore is reported found in the northern part of Mianesota. It is asserted to be the most valuable on the continent. WM. S. GRAY, a farmer residing near Dover, N.J., attempted to murder his wife on the 17th, and, failing, robbed her of $12. He is still at large. THE Wall Street National Bank went out of existence on the 17th, and the Wall Street Bank took its place in New York the day following with a capital of $500,000. DIETRICH SUTHOFF, a German employed at Havemeyer's Sugar Refinery, at Williamsburgh, N. Y., was caught in the machinery on the 17th and reduced to pulp. FIVE United States vessels under command of Admiral Cooper, anchored off Newburgh, N. Y., on the 17th to participate in the peace centenniel celebration which occurred there on the 18th. THE French-American Claims Commission met in Washington on the 17th, and made an order requiring the submission of briefs on both sides in all cases undisposed of. THE bodies of North Carolina Confederate soldiers, recently exhumed at Arlington, Va., were on the 17th buried with impressive ceremonies at Raleigh* An address was made at the cemetery by Governor Jarvis. AT the meeting of the National Association of Wholesale Druggists in New York on the 17th, W. A. Gelatly, of New York,was elected President; Arthur Peter, of Louisville, Secretary; A. B. Nernoni, of Cincinnati, Treasurer; J. M. Strong, of

2. May 17, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, May 17, 1884

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THE WALL STREET PANIC. Some Features of it as Presented by th New York Papers-1 President Georg I. Seney's Career-His Gifts-The Caus of His Failure-Facts About Grant Ward. The Wall street panic appears to b about over and confidence is partially, not wholly, restored. At one tim Wednesday), however, the situation looked very threatening. One of the ugl features of the day was the ruthless man ner in which the names of banks wer bandied about. Scarcely a bank withi a radius of half a mile of the Stock Ex change escaped suspicion, and incipien "runs" were started in half a dozen in stitutions that proved to be perfectly so vent. Depositors, each in a more or les feverish state of anxiety. presented them selves at the tellers' windows of the Phe nix, the Union, the Wall Street and th Gallatin National Banks, but they wer speedily reassured as to the soundness those institutions. Reports were in cin culation about noon that 'runs' were ing made on the Fourth National an United States National Banks, but officer of those two banks laughed the state ments to scorn. President Baldwin, the first -named institution, said that hi bank was not only as firm as a rock, bt that there had not been an excited cust mer inside of it during the day AMONG THE MANY EXCITING RUMORS of the day was one that Jay Gould ha been driven to the wall and had bee obliged to open his famous strong box which he keeps in the vaults of the Me cantile State Deposit Company for purpose of raising money by using all hi securities as collateral. Mr Gould ha been unable-so the story went-to rais as much money as he needed on thes securities Mr. G. Morosini, M Gould's assistant, said that the repor concerning Mr. Gould was not true. "If Mr. Gould has failed, said M Morosini, with a pleasant smile and charming broken English, wish that might fail also, in the same way. He as solid as what you call-rock Mr Washington E. Connor, Mr. Gould broker. said the report was one of th wildest and most absurd of the day has not borrowed a dollar,' added M Connor "The securites were taken of the vault this morning, but they wer taken back this afternoon. That is a every day occurrence, and is done in th usual course of business. IT WAS APPARENT THAT THE RECEN FLURRY in Wall street had trightened the de positors of the Metropolitan Nation: Bank. The deposits have ranged as hig as eleven millions of dollars. The las statement showed that they had run dow to a little over three millions, and withi the past few days there had been heav depletions. The bank had become in volved in the heavy operations of Nelso Robinson & Co., whose checks were large ly certified and not made good on Tue day. Mr. Robinson is son-in- law of Pre ident Seney, and two of Mr. Seney's son are partners in the firm. But the most serious matter presente was the embarrassment of the Presiden George I. Seney. who is largely connecte with many railroad enterprises. La summer Mr. Seney was the holder of about $4,000,000 of East Tennessee, Virginia an Georgia Railroad income bonds, whic cost him and the other members of syndicate about 40 cents on the dolla They are now selling for about 15. T1 bonds have been as high as 73, and M Seney had great confidenc in them. The constitute a large part of the assets of bank When the demands of deposito and other creditors became pressing, was, of course, impossible to realize an thing on such assets without a ruinou sacrifice Some of the Directors, among who were Isaac H. Bailey, were loth to su pend, and up to the last minute urged tl possibility of obtaining aid from other banks MR SENEY AND HIS ENTERPRISES. The bulk of the responsibility for tl failure the bank was sides place with President Seney He was born Astoria, L.I., in 1826, and was the son a Methodist who occupied se eral pulpits in this city including Mulberry street and Allen street His was daughter of Con modore Nicholson. One of his aunts the wife of Albert Gallatin. Mr. Sene was educated at Wesleyan Universit and Columbia College, and was graduate from Columbia in 1847 He W: made paying teller of the Metropo itan Bank in 1847, and cashier years later. On the death of John Williams he was made President, since he reached that position his will been really the law of the bank M Seney negotiated what is known as tl Nickel Plate Railroad enterprise, and said to have realized about a million an a half out of his sale of it to the Vande bilts. GIVING A FORTUNE AWAY. Then he loomed out as one of the m lionaires of the metropolis, and about te years ago astonished even his most in mate friends with his princely gifts various ational and stitutions. He began with a gift of to the Long Island Historical Society at followed up with valuable books manuscripts. He gave 500 to the Your Men's Association and $27 000 to the Wesleyan University Middletown. Conn., where he received early education. He gave sixteen lots Seventh avenue, Brooklyn, and $200,000 cash for the purpose of constructing new hospital, which is not yet finishe His total gifts to the Long Island Histo cal Society amounted $62,000 He $20,000 to the Industrial Home in Butl street, $50,000 to Emory College in 0 ford. Ga., and $100,000 to Wesleyan F male College at Macon, and other benefa tions, most of which were unsolicited. In explanation of these gifts, he said them to the Lord that he found it better to give than that he took pleasure in partir with half a million dollars in this way that he preferred giving in his lifetime waiting until death for a bequest which might be defeated by contest over will. He used to talk of the bad effec upon a man's disposition of hoardin wealth, and took pride in saying h gifts did not go to the idle, the dissipate or the undesery Yet at the time most of these gifts we made, while many who had long know him were surprised at these unexpecte evidences of wealth, others who kne something of his real situation, and tl immense required by his ex sive terprises. remonstrated with hir He was warned that he could not aff it; that he might get his affairs into ous complications. But he replied with great ardor and enthusiasm that he cou well afford it, and that it was his rigl and pleasure to do what he chose with own. He at the same time disclaime any desire for notoriety in the matter, an did not give ostentatiously. but rath quietly He prided himself upon bein governed by business common sense his gifts. MR. SENEY'S HOME AND WAYS. Mr. Seney lives in the splendid mansio built by Rockwell, on the crest of hill opposite Wall street ferry in Broo lyn. His neighbor across the street is A. Low. The house, which was fitted at great expense as model in sanitatio proved fatal to Mr. Rockwell, and aft his death it was discovered that the ma sion was actually ventilating gre sewer. Mr. Seney, since purchasing has added to it an art gallery. containir the choicest collection of paintings Brooklyn. He was a domestic man, ticent in habit and was but little know by sight in Brooklyn. Like Ferdinar Ward, he was an attendant of the Churo of Pilgrims. The persuasiveness of tl Rev. Dr. R.S. Storrs was potent in ope ing his purse strings, especially for ditions book treasures in the Lor Island Historical Library, of which was a most liberal patron, buyir classics, engravings, and rare thing

3. August 12, 1884 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, August 12, 1884

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BANK SUSPENSION. The Wall Street National Bank Unopened Monday-Cashier Charged With Irregularities. NEW YORK, Aug. 11. Wall street bank has just closed its doors owing to irregularities on the part of its cashier. The bank will remain closed until matters are investigated. The president is Thos. W. Evans and the cashier John P. Dickinson. The bank is at No. 15 Broad street, and is a State bank. When its last annual statement was issued in September, 1883, the figures were: Paid up capital $500,000; surplus $65,196; undivided profits $47,736. C. F. Timpson, a prominent banker, says relative to the closing bank, that trouble arises from the fact that the cashier had been loaning money freely on insufficient securities which at the present time have little market value. The bank owes the house of C. F. Timpson & Co. a small and insignificant sum. The vice president of the Wall street bank states that the clearances of the bank will go through the clearing house today. The capital stock will probably be swept away. Depositors will eventually be paid in full. It is likely that 50 per cent will be paid them by the end of this week. It is stated that the cashier's shortage will amount to $200,000 and that the bank has $50,000 of bad debts. The bank's deposits will be paid in full and the bank will be able to straighten out its affairs. C. F. Timpson and C. J. Osborne, directors of Wall street National Bank on Saturday night and Sunday made a thorough examination of its affairs and decided in justice to all parties not to open the institution this morning. The result of their examination was as follows: Deposits $1,250,000; call loans $1,100,000; good business paper $350,000; cash on hand $185,000. WASHINGTON, Aug. 11. It is learned at the treasury that in Sept. 1883, the bank examiner in New York, found evidence of over certification of checks on the part of officers of Wall street bank. The evidence was laid before the secretary and by him referred to the attorney general. The result was that the teller of the bank was indicted for violation of bank laws. Efforts were also being made to indict other officers of the bank. when the bank went into voluntary liquidation, and soon after was reorganized under the laws of New York. Its suspension calls for no action on the part of the national authorities. NEW YORK, Aug. 11. Henry Clews said Chas. J. Osborne, who is worth several million dollars and director in Wall street Bank, had expressed willingness to help the bank out of its present emergency. A rumor prevailed that the deficiency would reach $250,000, and Dickson had been in the habit of charging on the books for larger loans than he actually made and pocketing the difference, the latter however did not receive general credence. J. P. Dickinson is 38 years old and is a son-in-law of Chas. H. Simpson, vice president of Wall street Bank. The bank has been regarded as shaky for some time past and depositors has been withdrawing accounts from it. At the clearing house it had liquidated its debts and its accounts were even. Rumors of failure of other firms closely connected with the bank could not be verified.

4. August 12, 1884 New-York Tribune New York, NY

Article from New-York Tribune, August 12, 1884

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years. He is a son of John B. Dickinson, a California millionaire, who died in March. 1875. It is reported that he received but a small portion of the estate in consequence of the heavy advances made to him during his father's lifetime. His position in the bank was due to the influence of his father-inlaw. C. F. Timpsom, who had been active in its management. HISTORY OF THE BANK. The bank was chartered originally in 1838 as the Mechanics' Banking Association of New-York, and it became a National Bank on May 1, 1865. About three years ago some of the active directors, under the leadership of the late Trenor W. Park, secured control of the stock with a view of making the bank strictly a Stock Exchange institution, whose chief business should be the clearing of stocks Application for the change of name to the Wall Street National Bank wasgranted, and on the completion of the Mills Building the bank removed from its old quarters, No. 38 Wall-st., to its present rooms just north of the main entrance to the building on Broad-st. About a year ago the bank withdrew from the National system and was reorganized under the State laws. Just before this change had been accomplised the failure of Cecil, Ward & Co., stock brokers, exposed the fact that the bank had been guilty of over-certifying checks. and for this violation of the Federal laws the officers were subsequently indicted. The present officers and directors of the bank are Thomas W. Evans, president; C. F. Timpson, vicepresident: and besides these Charles J. Osborn, William L. Scott. Joseph K. Wells, J. G. McCullougn, William J. Hutchinson and F. B. Jennings, directors. The vacancy in the board caused by the recent death of Joseph G. Mills has not been filled. The capital has not been increased, although it was a part of the plan of the present stockholders at least to double the present capital of $500,000. According to the report of its condition on March 22, the bank had, in addition to 1'8 capital, a surplus of $65,197. and undivided profits amounting to $23,003. In the last weekly bank statement made to the close of business on Friday. the bank reported: loans, $1,472,300; specie, $151,700: legal-tenders, $86,100; and deposits $1,192,000. ITS FUTURE COURSE UNDECIDED. The present directors are said to own the bulk of the stock, which was recently quoted at about par. The bank has not recently been considered strong, however, and during the May panic checks drawn on it were refused by several prominent brokers. The officers declared at the time that there was no excuse for this alarm and no foundation for the rumors affecting it which were frequently circulated. Indeed, President Evans has often boasted in a mild way that the bank had passed through the May crisis with greater ease than many larger institutions. As to the future the principal directors said yesterday that no course had been decided on. They denied the rumor which was circulated in the afternoon that some of the large stockholders had agreed to make up the deficiency in capital so as to allow the bank to resume business immediately. President Evans said that some of the heaviest stockholders were out of town at present and that no action would be taken, probably, without consulting them. Charles J. Osborn, who holds a large amount of the stock, said that until he had found out exactly the condition of affairs he could not sav whether the bank would be reorganized or not. NOTHING KNOWN AT DICKINSON'S HOUSE. John P. Dickinson's house. No. 80 East Seventyseventh-st. 18 one of a handsome brownstone row close to Madison-ave, When a TRIBUNE reporter rang the bell last night a portly woman emerged from the only part of the house which showed a light-the basement-and came into the area. She seemed much aggrieved when asked what she knew of Mr. Dickinson's whereabouts and her only answers to any questions were firstly that she was only the care-taker and secondly that she had not seen any one of the name of Dickinson for a week or more A stone's throw from John P Dickinson's dwelling is that of his brother. Frank 1 Dickinson No. 1,00g Madison-ave He received the reporter with much courtesy, but denied any knowledge of his brother or his brother's atfairs We rately met in business, sald he, and quite as rarely socially, I am therefore simply in the position of one of the public in this matter and derive all my knowledge from the newspapers,

5. August 12, 1884 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, August 12, 1884

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NEW YORK. [Special Telegram to the Globe.] NEW YORK, Aug. 11.-As usual during the summer season, the stock exchange did not open until 11 o'clock this morning, and the announcement which was posted on the door of the Wall Street National bank, that, owing to the irregularities on the part of the cashier, the bank would remain closed until matters could be investigated, had become generally known. The opening prices on the exchange were generally 1 to 11/4 per cent. lower than the final quotations on Saturday, but sustaining orders were not wanting, especially for the active stocks, and during the forenoon most of the early declines were regained. This afternoon the market has again been weak, without any special feature other than the development of this morning and the announcement this afternoon that the earnings of the Northwestern railroad for the first week in August show a falling off of over $60,000 as compared with last year. The extreme declines this afternoon have ranged from 1 to 3 per cent. a part of which has been recovered in the last half hour. The market is feverish and unsettled, with evidence of sup. porting orders from strong houses and a natural disposition to decline. It is stated that the Trunk line arbitrators have forwarded their decision in the matter of percentages to Commissioner Fink, with a request to have it promulgated at once and the Grand Trunk percentage is smaller than that recommended by Mr. Fink. There is no appeal from the decision of the arbitrators. The coal companies have agreed to suspend mining operations during the first week in September. Mr. Oliphant, for many years vice-president of the Delaware & Hudson Canal company, has been elected president in place of Mr. Dickson, deceased. In reviewing the market Boody, McClellan & Co. say: "The announcement of the failure of the Wall Street bank before business commenced was sufficient to insure a weak and feverish opening and quotations were very Irregular. The first sale of Central & Hudson was 2 per cent. below the closing figure of last week. There was considerable excitement and the market was qutte fever ish Orders, evidently for the purpose of

6. August 12, 1884 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, August 12, 1884

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ANOTHER "IRREGULAR." Wall Street Has Some More Experience of the "Trusty" Cashier. One More Bright Light Goes Astray in the Paths of Mammom to the Value of $250,000 More or Less. NEW YORK, Aug. 12-The Wall street Na tional bank, 19 Broad street, failed to open its doors in the morning, and a notice posted ou its doors announced that "owing to irregularities of the cashier" it had decided to close, pending an investigation. Wall street is entirely upset by the announcement, although, as to the extent of the defalcation, the character of it, the amount of the deposits, or the result on the market, nothing is known. The doors of the bank are bolted and police guard the entrance. The stock market did not open until 11 o'clock, SO that the effect on stocks could only be conjectured, but the impression was widespread that a terrible shaking up is inevitable. The Wall street National bank was started by the Grant family about three years ago. Victor Newcomb was also largely interested in it. The officers were T. W. Evans, president. and John P. Dickinson cashier. Its capital was $500,000. Suspicion was directed against it at the time of the panic, and on the failure of Messrs. Grant & Ward there followed a general drawing out of deposits. John P. Dickinson, who is, according to the announcement of the bank, a defaulter, is well known on the street He has been cashier of the bank ever since it started. He lived in brooklyn, and is a member of Dr. Storr's church. The report is that he has been selling stock of late, and been a loser by the recent rapid advance. It is reported that Dickinson has abseconded with $500,000. It is stated that the officers of the bank are all responsible for any deficit arising from the irregularities of the employes, and stand ready to make good all losses. It is stated now that the clearances of the bank all went through correctly, and without default, on Saturday. The vice president of the Wall street bank announces that the loss to the bank through the irregularity of the Cashier Dickinson will aggregate $250,000. The capital will be undoubtedly swept away, but the depositors will be paid in full. The clearing of Saturday will, he says, go through all right. He says that Dickinson claims to have lost his money bulling wheat. The bank is returning to its customers quietly its checks for moneys deposited on Saturday. A director says, that within ten days the depositors will be paid 50 per cent. of their deposits. The deficit at the clearing house of the institution was only $28,000. When the announcement of closing was tacked on the doors of the bank the fact of the bank having collapsed spread like wildfire, and a few minutes after it first became known crowds of brokers, clerks and office boys flocked to the Mills' building, and one after another read the notice 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 be was a depositor in the bank broke excitedly into a group of brokers who were standing in the entrance to the building, and exclaimed: "For Heaven's sake, what is the trouble? money gone?" One of the brokers said: Don'tknow what's the trouble except that Dickinson, the cashier, is said to have gone to join Eno and Henckley in Canada. Representatives of the press were not admitted to the bank, and there was such confusion inside among the officers that they were unable to say when an official statement of the bank's condition would be made public. One report had it that the cashier had allowed securities that had been hypothecated for loans to accumulate until they were practically worthless. Another statement of the difficulty was that J. P. Dickinson, the cashier, had helped himself liberally to the funds of the bank, and had left worthless securities as collateral. Dickinson is the son-in-law of Charles Simp son, vice president of the bank. Mr. Simpson, when approached by a reporter, said: can't tell you anything about the trouble now until matters are straightened out." Mr. O. D. Baldwin, president of the Fourth National, had several interviews with the Wall street bank officers before the arrange ments for its clearances could be effected. Dickinson is said to have skipped on Friday last, although it is said he was seen out driving on Saturday.