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VOL VII
RECORD SMASHING.
Wheat Scores the Lowest
Price Known to Modern
Cereal Speculation.
Seventy-Nine and One Eighth
Cents Hong Over the Septem
ber Option.
The Wall Street Bank Failure Adds
Its Mite to the Feeling: of*
Uneasiness.
A Recovery Expected, but Chances Favor an
Exceptionally Tardy Upward
Movement.
Provisions Considerably Hisjber.-Sharcs
Feverish, I nsettled, and a
Trifle Lower.
CHICAGO.
[Special Telegram to the Globe. 1
Chicago, Aug. 11. — It was another off day
on 'change and values sunk to the lowest
level yet recorded. Part of this was due to
tin- continued lack of aggressiveness on the
part of the bulls, but the major part was due
to the Wail street troubles, which seem to
have broken out afresh. Indeed the stock
market uttracted more attention than any
thing that was done on the produce board.
Stocks opened «lower and suffered a steady
decline all day, owing mainly to the failure
of the Wall street bank. Its officers were ar
retted and released on bail some weeks ago
for over certification, and since that time its
i-ifiiirs have not been in the best condition.
Early reports to-day were to the effect that
the cashier was a defaulter to the extent of
$200,000, which amount he had contributed
to ii brilliant scheme of his own to bull
wheat, and everybody knows that that side
of the market hasn't been a profitable one
lately. Later reports say the cause of failure
was the making of injudicious loans, that the
bank would probably settle dollar for dollar,
but tliut the stockholders would have nothing
left. At any rate, the news of the failure
bad the effect of demoralizing the opening
ofgniin. The big traders here knew of it
before the opening, so the weakness was not
a surprise.
September wheat opened at 7934 c, and
that it was not lower in view of the adverse
reports was considered an evidence of
strength at present prices. The close was at
V'.i '., i. a ln-s of ■',{•, as compared with Sat
urday's close. Coru closed at 49% for the
same mouth, a falling oil of J£c, and Sep
tember oats closed at 24$£c, }_ below yester
day.
The provision market showed considerable
more life, and a much better business was
transacted at a higher range of prices. Pork
went up £1 to 125 f or September, aud lard
clo.soM 5c higher, ut $7.40 for the same
month, while ribs distinguished themselves
by showing greater activity than anything
else in tin- market, going Dp S2>£c from tbe
opening, and closing at $9.25.
It-port* ol' a large increase iv receipts at
the leading winter wheat markets, together
with the Wull street failure, cave wheat a
weak opening, bat tlie weakness did not last
long, ;is there were fair outside orders, and
some local operators alio bought freely. Sep
tember went about half a cent above opening
figures, and at the close of tbe regular board
was '..e higher, but in the afternoon the feel
ing grew weaker and values settled down to
79'^e, the lowest for years. Wheat is now
lower than it ever was under the present
modern circumstances. There is on the ree-
Ord one instance of 75c wheat, but that was
before Chicago was a great market, nnd be
fore trailers could tell in the moruiug the
exact necessities of all the other wheat mar
kets in the world, Tlie recovery of wheat
now is only a question of time, but unless
there is a crop scare or some other bullish ac
cident, it will probably be very slow.
Th attention of shippers is called to the
tact that the demand for oil grades of both
spring and winter wheat is very light, noth
ing to speak of by sample, most of the con
signments being sent to etore to save de
murrage, nnd after it is placed there buyers
are scarce. At the close new rejected red
ras offered at 65c and No. ;? at 77c,
with no buyers. Nothing can be done with
Hi. se L'raiies until prices decliue to a point
M shippers eau take hold.
Bald .i prominent trader to-day: "A week
ago it looked :is if wheat was too high. There
were then a half dozen big blocks held by
traders who were evidently weary of their
loads, who bad suffered big losses, and who,
after making a long, stubborn, but losing
fight, were plainly ready to jjive it up. They
did give it up. Beginning with last Mon
day there was not a day that did not witness
the surrender of some big bulls; not an hour
of trading during which some great load
of h>ng grain did not tu:ike its appear
ance to Increase the weakness aud
to help lower prices. Sid Kent threw
out what he had, Lester what he had h ft.
llolilis and Comstook turned sellers, then
the Linns, finally Baker on Friday and Sat
urday unloaded a tot which had been carried
along through all aorta of unfavorable cir
cumstances, and utter others had given up
the bull Side. With the selling of linker's
property pretty nearly the !a>t bushel of high
priced (anything over SOc is called high
priced In these days) wheat came on the
market. The situation is now favorable for
an advance in prices. _ a decline could
DOW be engineered it would not briug out
much more long wheat, for it is pretty gen
erally conceded that whatever long stuff is
held vow is recently purchased and very low
priced. A 5 cent break would be marvel;
but while such a break would iucite a vast
purchasing, it is really believed that it would
not too— l any stop orders or exhaust any
margins."
torn was weak iv sympathy with wheat
snd lower markets elsewhere. The large in
crease in wheat also exercised a weakening
Influence, and crop reports were encourag
ing, the weather being reported much
warmer throughout the west. Local bears
sere free seders. The opening was about
i .it a decline of '- i e, and the morning
lea lion presented no special feature except
general wonknats. The extreme range of
prices was l\e in September, that option
al 4;'~„e on the afternoon board.
October closed at 4- r ,c.
• i orn is not yet cheap," remarked a bull
in this cereal, "unless the prospects change.
The weather may keep cool and frost may
eomc t.^> soon. Corn is just about as un
certain a speculative quantity as tulip bulbs.
The Impression exists here that there is
plenty of the old corn left, and plenty of new
Standing and maturing. With good condi
tions and no mishaps S«V is altogether too
maize, where wheat is selling at SOc,
cats at 35c, and hay is as cheap as dirt."
Oats ruled weak and went off under heavy
rounding, led by Hutchinson, who went
all rt 100,000 bushels of year at Me, which
v sj point of the day. He placed
I five wherever it could be located.
-firmer feeling prevailed in the provision
market during tbe greater portion of the
session and speculative trading was quite
active, The deal in short ribs attracted the
most attention. Commencing at $8.90 for
September It climbed right up to §9.35, and
at the close waa quite steady at $9.25. There
seemed to be a general desire to buy and
Cudahy & Steeners are spoken of as having
pursued the course usual with them of late
and taken their full share of all the ribs
offered.
Lard was also higher, but not so active. The
September option opened at $7.37>£ and
closed at the same figure on the morning
board and at $7.40 on the afternoon board,
where the feeling was somewhat stronger.
At one time during the morning session
lard was quoted at §7.52%. This was when
ribs were at their zenith and they both fell off
together.
Every one was disappointed in the extent
of the supply of cattle. It was little more
than half as large as some had predicted.
The effect upon prices was apparent in the
general stiffening. Buyers entered the
yards this morning with the expectation of
buying cattle cheaper, but they soon aban
doned that idea. After a slack opening
trade became active and before
noon most of the stuff had
changed hands. Shipping grades soid
10c higher than at the close of last week and
stockers and butchers' stuff also found buy
ers at stronger figures. Texans of which the
run was very light, showed a more decided
change than did native. They were in active
canning and shipping demand, and the
limited offerings were quickly disposed of
at an advance of 15@25c, Six loads of good
ones, averaging 1,031 pounds sold at §5. It
was said $1.75 would have been a good
price for them Saturday . Poor to fair grades
were quoted at $3.25@4.G0. The demand
for stockers continues far ahead of the sup
ply, and prices are higher than they have
beeh since early in July. They are quoted
at $3.50(«/4.50 for common to prime ones,
while feeders sell at $4.55@4.75 and even
higher in some cases.
Trade in the hog market opened in an ac
tive way at prices showing but a slight varia
tion from those current on Saturday. The
packers were acting as mulish as ever, but
an outlet was found for all the merchanta
ble hogs, and without sacriiicing prices; in
deed, in many instances sellers got a little
more money than obtained for similar grades
last Saturday, and no class of hogs sold any
cheaper. The early sales were largely to
scalpers, but the bulk of the stuff ultimately
found its way into packers' hands.
"The receipts," said Mr. Abe Poole,
"broke the market. Wheat is marvelously
cheap, but there is a total absence of outside
speculative orders. The whole trade is of a
scalping order, and as the scalpers are all
local traders, aud as all
local traders are constitutional bears, the
market is depressed rather than advanced,
the prospect is to my mind that unless some
big professional produce speculators come in
aud advance prices they will decline. Out
siders never come in while prices are low.
They wait uutilthey are advancing."
CHICAGO FINANCIAL.
| Special Telegram to the Globe. |
Chicago, Aug. 11. — To-day's associated
bank cleurings were $0,805,000. There is a
very slack demand for loanable fuuds, which
ure in good supply at o(it;7 per cent, on call,
and 7@B per cent, on time. The general
market is bare of new and interesting fea
tures. Sixty-day documentary sterling was
quoted inactive and nominally $4.80(«)
4.80,^, and New York exchange übout 40c
premium, with little offered and about none
called for.
MILWAUKEE.
I Special Tolecram to tho Gloho
Mn.WAUKEr. :, Aug. 11. — Wheat opened de
cidedly weak at the moruiug board under the
influence of liberal receipts of winter wheat
at southern markets with rumors of new
tinancinl troubles in Wall street. One bank
failure was reported from New York early iv
the day. The foreign markets, too, were
heavy, Beerbohm quoting Loudon at 0 shil
lings and Liverpool at 1 penny per
cental lower for all grades oil
coast. The weather iv Englaud is
hot and forcing, while in the northwest mod
erately heavy rains have fallen the past few
days. Receipts are fair, but large shipments
reduced the stock in store considerably. No.
2 spring seller September opened at 79% c
and declined to 79 :, £' c. October ranged at
lc above September, opening at SO^'e, re
ceding to Si)%c, rallying to 80?^c, falling
back to So% c and toward noon rising to
SOJ-j'c. Between 12 and 1 o'clock wheat
fluctuated considerably, September jumping
from 79 l 4 'c to So>t,'c and in ten minutes'
time dropped back and even sold as low as
79c. This was equal to 7Sc for cash — the
lowest price known on the board for many
years. There was no export demand to-dnv.
The dealings, owing to the fluctuations were
quite large, H they usually are when there is
a marked advance or decline. The stock
market is weak.
Ni:\V YOItfC.
Imperial Telcsram to the Globe.]
New Tohk. 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 hank, that, owing
to the irregularities on the part of the cashier,
the bank would remain earned until matters
could be Investigated, had become generally
kuown. The opening prices ou the ex
change were generally 1 to IJsj per cent,
lower than the fin:;', quotations on Saturday,
but sustaining orders were not wanting, es
pecially for the active stocks, and duriug tbe
forenoon most of the early declines were re
pained. This afternoon tlie 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 tha Northwestern railroad
for the first week in August show
a falling off of over $00,000 as
compared with last year. The extreme de
clines this afternoou have ranged from 1 to
3 per cent, a part of which has been recov
ered in tne last half hour. Tlie market is
feverish and unsettled, with evidence of sup
porting orders from stroug bouses and a nat
ural disposition to decline. It is stated that
the Truuk 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 smal lerthan that recommended
by Mr. Fink. There is no appeal from the
decision of the arbitrators. Tbe coal com
panies have agreed to suspend mining oper
ations during the first week in September.
Mr. Oliphaut. for many years vice-president
of the Delaware it Hudson Canal company.
has been elected president in place of Mr.
Dickson, deceased.
In reviewing the market Boody. McClellan
\- Co. say: '-The announcement of tbe fail-
ure 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 3 per cent below the closing
fieure of last week. There was considerable
excitement and the market was qntte fever
iah Orders, evident!? for the purpose of
ST. PAUL. MINN., TUESDAY MORNING, AUGUST 12,1884.
sustaining, made their appearance and sharp
rallies occurred only to be followed by fur
ther depressions and lower prices all round.
Operators were considerably demoralized by
this unfortunate occurrence and a good
many 6tocks were thrown overboard.
It also deterred many from purchasing
who where inclined to do so had the skies
been clear. The Grangers report a falling
off in earnings for the first week in August
—St. Paul $3,500, Northwestern $6,000.
Stocks were marked up during the last hour
and there was considerable activity in all the
leading shares. Mr, Gould's specialties
were particularly well sustained and tele
graph was quite lively. Opinions were
much at variance at the finish and it is very
difficult to predict what may be in store for
to-morrow. The clique in Delaware &
Lackawanna bought considerable stock to
day. Alton, Illinois Central and Chicago,
Burlington & Quincy were entirely neg
lected, hardly affording quotations. The
market closed irregular and somewhat un
settled.
BRITISH GRAIN MARKET.
London-, Aug. 11. — The Mark Lane Express,
in its weekly review of the corn trade says :
Intense dry tropical heat prevailed since
August 1, and harvest work proceeded rap
idly. Grain matured in an exceptionally
good form. All the earliest wheats are now
in perfect milling condition. Barley and
oats vary; in some districts they are excel
lent, in others poor. Spring beans appear
to be an absolute failure. The potato crop
will unlikely prove large, but will be freer
from disease than for many years. Through
out the past week new wheats made their ap
pearance in the various markets in a condi
tion doscribed as somewhat phenomenal.
New wheats are quoted 365(0)40s for reds and
44s for whites per quarter. Sales of En
glish wheat during the week, 29,758 quar
ters at 37s 6d, against 35,131 quarters at 43s
6d the corresponding week last year. The
trade in foreign wheats is chocked by sun
shine, and the present symptoms indicate a
rapid subsidence of values to a level hitherto
unknown. The present position of trade
will strengthen the argument of those who
claim the production of wheat throughout the
world in late years has been increasing on a
ratio exceeding tbe ratio of consumption.
Wheat in London and Liverpool is irregu
larly cheaper, oats 6d lower, maize firmly
held in London, barley remains unchanged.
The trade in cargoes off coast is literally
dned up under the blazing sunshine. There
was only one sale. Eleven cargoes arrived,
eight were withdrawn and tive remain. The
trade forward is virtually nil.
TAMMANY WASTING.
A Hint Thrown Out that Hilton is
Wanted as Compromise Candi
date for-Jtfayor.
I Special Telegram to the Globe.]
Sakatoga, Aug. 11. — There is but little
news to relate in regard to the doings of the
various political leaders stopping here.
Kelly, the Tammany chief, remains locked
in his room at the Grand Uniou most of the
time, and refuses to see anyone except his
most intimate friends and adher
ents. The Hon. Thomas F. Grady
spends considerable time in Kelly's
company, but is very close mouthed, and
refuses to talk with any one in regard to the
course Tammany will pursue in regard to the
coming canvass. It fact, he refuses to dis
cuss politics in any shape or form.
The report that Kelly wants tbe second
place on the Butler ticket is not believed.
Mr. Kelly is also reticent and refuses to say
anything in regard to politics, except
that Tammany must decide for
itself at the meeting of the society
next month as to what course It will pursue.
It is said that one of the measures to be
adopted to bring about the healing process
between Tammany and the Clevelandites is
the acceptance of Judge Hilton as the com
promise candidate for the mayoralty of New
York. Butler's candidacy does not appear
to trouble Cleveland men in the least. They
say the general will start off with a great hur
rah, but before election day his boom will
have petered out and nothing will come
of it.
The Dayton Soldiers' Home-
D.vytox, 0., Aug. 11.- The Soldiers' home
investigation committee has taken all the
testimony for the prosecution and to-day
began the defense. The sergeants of the
barracks testified that the men were not
treated harshly, were not punished unjustly,
did not complain of personal punishment
and none were sent to the dump unjustly.
Men often came In drunk and were sent
quietly to bed, but if remained out over their
pass time they were put on the dump for
thirty days. Some oflicials were more harsh
than necessary, but very few. The dump
work consisted in picking up debris on
the campus. The liberty of the home
grounds were given them, but were not al
lowed a pass, when once abused, for several
months. The quarantine quarters, where in -
corrigible, insane and epileptics sleep, was
the same as the other barracks, and under
the care of a kind-hearted sergeant. There
was chance for minor officials to vent per
sonal spite, and often used. Gov. Pattuck
WM gruff, but kind-hearted. Tlie soldiers
felt a lack of sympathy, and feared strict dis-"
ei.iline. Punishment for infraction of rules
was sure, but seldom fell on innocent heads.
The burden of complaint came from a few
men from each of the barracks, probably 500
grumblers. These infected the well behaved
w ith an uneasy feeling. the weak-mind,*! were
misguided, and some complaining came
from them. The stories of cruelty and bru
tality were detiied. Men relating such stories
were geuerally unreliable and imagined
wrongs. General Cutcheon called attention
to the stories of terror spread by the press
through the country and said the testimony
had not substantiated it. General Slocum
said: "This garden spot of America is
painted as a penitentiary, many papers call
| ing it Andersonville. thereby influencing: the
soktiers who would like to come to remain
away. One mile square of land,
tiuer than any park in Amer
ie.i. Central park not excepted.
pictured as a prison |>en, frightening men
away who desired to come, all because of
sensational stories in the press, unsupported
by reliable testimony. If such be the action
of the press, God spare me. from its clutches.
Let soldiers know through the land that a
paradise awaits well behaved men, and their
duty has been performed and food, shelter,
clothing, and a square mile of parks, beauti
fied by nature and with buildings, wherein
pleasure and amusements can be found, are
at their command.
Another Raid on the Boomers.
C— dweet,. Ang 11. — The troops have
broken up the settlement of boomers at Pearl
City or Staffcrdville, from Arkansas valley,
j and arrested three old offenders, viz : J. D.
j Ross, J S. Clark and C. W. Holden. who
will be taken to Ft. Smith for trial. Valua
j ble records pertaing to the colony were cap
' tured. A stub book of certificates of mem
j bership, showing issuance of 1,837 certifi
j cates at f5 each, bearing the seal of the col
l ony. the plats and field notes of the survey
I made by the H. H. Stafford colony surveyor.
together with numerous papers relating to
the concern. The recent demonstration at
Hiils is having the effect to open the eyes of
the remaining boomers, and they are leaving
in most cases without the interposition of
the military. Stafford's horses and wagons
were confiscated and have gone to meet
Cooper's printing press at Muskeogea.
CLEVELAND'S VINDICATION.
The Scandals About His Private Life
All Easily Disproved.
Investigation Shows that Instead of Being a
Villain He Saved the Honor of Two
Families by Taking on Himself
the Sins of Other Men.
[New York World, August 8. |
The refusal of the Rev. Henry Ward
Beecher to support Gov. Cleveland for presi
dent if the scandalous story published by the
Buffalo Telegraph about the candidate was
found to he true has caused a great deal of
discussiou. At Mr. Beecher's solicitation
Gen. Horatio C. King went to Buffalo re
cently to investigate the stories.
"The paper in which the slander was orig
inally published," said Gen. King, "is an in
significant, sensational sheet, and one of the
strangest things is that other papers in good
standing seem to give credence to the
stories."
He said he had no doubt that more prom
inent men than the editor of the Telegraph
were behind the scurrilous scandal, and the
indignation in Buffalo over the affair is very
great, the geueral sentiment being only
contempt for the men and paper.
In an interview yesterday Gen. King said
he left Brooklyn last Monday determined to
get at the bottom facts of the case, if possi
ble, for his own satisfaction and in order to
set Mr. Beecher's niind at rest.
"I felt confident," he continued, "that
these stories about the governor were false,
because the whole character and life of the
man repudiated the cowardly and unworthy
actions attributed to him. And my high
opinion of him was fully justified on finish
ing my investigation. I learned enough to
convince me that he had been wrongfully
accused. I went everywhere and did quite
a little bit of detective work on my own ac
count. The facts seem to be that many
years ago, when the. governor was sowing his
wild oats, lie met this woman, with whom his
name has been connected, and became inti
mate with her. She was a widow and not a
good woman by any means. Mr. Cleveland,
learning this, began te make inquiries about
her and discovered that two of his friends
were intimate with her at the same time as
himself.
A VICTIM OF CIRCUMSTANCES.
"When a child was born, Cleveland,
order to shield his two friends, who were
both married men, assumed the responsibil
ity sf it. He took care of the child and
mother like a man, and did everything in
his power for them, and he provided for them
until the woman became a : confirmed victim
to alcoholism and mada it impossible by her
conduct for him to have anything to do with
her. He never separated the mother and
child, nor did he do anything to injure the
woman. He was throughout the whole%ffair
a victim of circumstances. He accept^ re
sponsibilities that not one man in thojaaxid
lias shouldered and acted honorably Ifcyfe
matter. I questioned many men in B4_s£f
who have kdown the governor for years, and
I found that he was admired aud respected
even by those who disliked him personally.
THE OTHER STORIES ARE FALSE.
"Ex-Superior Krumholz, of Buffalo, had
served iv his official capacity while Cleve
land was mayor. He had known him for
years, and assured me that the firbt intima
tion of Immorality or anything of that kind
which he had seen came from the sheet that
published the scandalous story. Like many
men, Mr. Cleveland likes good living and
good company, but he never goes to excess
in anyting, and he respects the opinions and
the prejudices of others. The other stories
told about the governor cannot be substanti
ated; Indeed, the evidence all goes to s"how
that they were manufactured out of whole
cloth. No one seemed willing to father
them: it was, l I heard this and heard that,'
and 'So-and-so told me this.' "
A HEROIC ACT.
"After the child was born the. woman
made a habit of visiting every man with
whom she bad been intimate and demanded
money under the threat of exposure. Three
of her four admirers — for she was at atten
tive woman — were married, and the man
who in reality was the father of the infant
had an interesting daughter whom he idol
ized. He was in constaut dread lest his
offense should reach his wife and child, and
Clcvelaed, being the only unmarried man,
relieved bim of his embarrassment by shoul
dering all the responsibility. That man is
dead and the child is hi? perfect image ln
manner and looks. Cleveland acted a heroic
part, suffering the obloquy that his friends
might not bring unpleasantness to their
hi arthsides."
From Buffalo Gf-n. King went direct to
Albauy and called on Gov. Cleveland. "I
told him," added the General, "that Mr.
Beecher was very much disturbed by these
stories that have been circulated about him,
and that I would like a statement from him
about them. The Governor then frankly
told rac that my version of the stories was
substantially correct, and that the account
published iv the Buffalo Teler/raph was false
and scandalous. 'I acted throughout,' he
said, 'as any honorable man should.' "
"No man," continued Gen. King with
some warmth, "could have looked at the
Governorand felt that he was not speaking
the truth. lam sorry this tiling came be
fore the pubiic at till; it may force the Dem
ocratic party to show np the private life of
the Republican candidate, and you can take
my word for it there is a scandal in the life
of the Plumed Knight that I would not like
to see published even about an enemy.
THE REVEREND ACCUSER.
"The Rev. Ball, who originally fathered
the story," said Gen. King, "is the pastor of
a small Baptist church in Buffalo, and for
merly held a position in the custom house.
He is a campaign orator, who puts the high
est value on his political labors. Senator
Titus, of Erie, it is alleged, paid Ball $250
for services rendered in a political contest
while county treasurer. H. R. Jones and
Scheu were bled to an equal extent. Ball
claimed that he had done Jonathan Scoville
some service when the latter was running
for congress in Buffalo and tackled the con
gressman for $50, asking Cleveland to back
up his chiim. But the governor refused to
do this, good-naturedly giving the worthy
Ball the sum he was in need of.
"How he was requitted tbe events of the
last few days will show. The allegation that
the governor visited the club-house on
Grand Island, a 'resort of lust and drunken
ness," as Ball says, is ridiculous. The club
house was tbe headquarters for the best
families of Buffalo, where such people as
Judge Haight and his family were daily
to be found. Ball continues that the gov
ernor was one of a riotous party who accom
panied Osc ar Foleom when the latter was
thrown from bis carriage and broke bis neck.
That is an outrageous and actually ridiculous
perversion of tbe trouble, as all Buffa lonian s
know that Folsom'a only companion at that
time was Warren Fisher.
BET. MB. — ITCH— _ TO EITRACT.
"A clergyman named Mitchell, who has
been in Buffalo three years, and who is au
old friend of Blame, having preached in
Washington years ago, seems to assist Ball
in bis work. He had his facts second-hand
from BalL as the noveruor hut been away
\!^(jULJ-Uy^L+
from Buffalo during almost all the time of
Mitchell's ministrations, and he does not
hesitate to prefer grave charges, the truth
of which he has no means of knowing. As
a consequence the more respectable mem
bers of his flock are fast leaving him, and if
he continues in his present course a serious
split in the congregation is imminent. How
ever, I understand he is about to back out of
the ridiculous allegations urged against
Cleveland."
MR. BHKCHEK SATISFIED.
After Gen. King had concluded his re
searches he called on Mr. Beecher at Peeks
kill, where he related the result of his visit
to Buffalo and Albany. Mr. Beecher said he
had been wrongfully made to mistrust Gov.
Cleveland and that now he could not do too
much to show his appreciation of the man.
Eighteen copies of the Buffalo Telegraph con
taining thp stories had been mailed to him
from different parts of the country, besides
letters from the man Ball and others.
"The whole matter," said the general,
"having been explained to Mr. Beecher's
satisfaction, he will now support the gov
ernor, as the foolish peccadilloes of a young
man committed fourteen or fifteen years ago
will not weigh against his present life and
political record."
WALL STREET' BANK CLOSED.
The Wall Street Bank Closed its Doors
Owing to the Irregularities of
Its Cashier.
Considerable Excitement, But it Is Claimed
the Bank WiU Pay DoUar
for Dollar.
New York, Aug. 11.— The Wall Street
bank closed its doors this morning owing to
to the irregularities of the cashier, and will
remain closed till all matters are investi
gated. The president is Thos. W. Evans;
cashier, John P. Dickinson. The hank is
situated at 15 Broad street and is a s,tate
bank. When the last annual statement was
issued in September, ISS3, the figures Jwere:
Paid ud capital, $500,000; surplus, $65,197;
undivided profits, $47,730.
Kieruan's agency reports: The vice
president states the clearances of the bank
will go through the clearing house to-day.
The capital stock, $500,000, will probably he
swept away. The depositors eventually will
be paid in full. It is likely that fifty per
cent, will be paid them by the end of this
week. Tlie cashier's shortage is stated to be
$200,000 and the bank has $50,000 bad
debts.
President Evans, of the "Wall street hank,
says the depositors will be paid in full. In
Saturday's bank statement the bank figured
for $1,540,500 loans and discounts, $50,400
specie, $122,000 legal tenders, and $1,133,
-300 deposits. C. F. Timpson and C. J.
Osborn, directors of the Wall street bank,
Saturday night and Sunday, made a thor
ough examination, and, decided, in justice
M parties, not to open the institution this
lag. The. result of their examination is
as follows : Deposits $1,250,000, call loans
$1,100,000, good business paper $350,000,
cash 1186,000. Cashier J. P. Dickinson has
been lending money too freely on insuffi
cient margins, and it is estimated the loss will
be about $200,000. The bank was a debtor
at the clearing house of $28,000 this moru
iug, whleli has been paid. It is estimated
the depositors will be paid in full, and a
part of the capital stock will remain.
The Wall street bank officers declare the
suspension was due to the irregularities of
Cashier John P. Dickinson, who has not
been at his desk since Friday night. The
excuse for his absence Saturday was that he
was confined at home by illness. It is not
charged that Dickinson is guilty of any worse
irregularity than careless scrutinizing of col
lateral offered for loans. Several Wall street
firms are closely Identified with the bank,
among them C. F. Timpson & Co., E. S.
Chopin _ Co., and Dickinson Bros. All
these declare they will not suffer by the fail
ure, but the street is momentarily expecting
to hear of suspensions. The history of the
bank is peculiar. It was organized two years
ago by Wall street men during the agitation
regarding the establishment of a stock clear
ing house, succeeding an old bank with a
capital of $200,000. The organization pro
posed to do clearing for the street, but the
scheme fell through, and the institution be
came purely a brokers' bank. It had been
regarded with suspicion, but having weath
ered the late storm, had come to be regarded
as practically safe. During the recent flurry
it asked for no accommodations at the clear
ing house, and its officers frequently made
boast of its strength.
The Po*f suys: Tbe Wall Street bank was
originally a mechanics banking association,
but within the last two years it adopted the
national bank system and the name was
changed to tbe Wall Street National bank,
one of the objects in so doing being to build
up the stock exchange business. In conse
queuce of the recent conviction and repri
mand of the bank's officers for over certifica
tion of checks, iv accordance with the usual
Wad street custom but in violation of the
national bank law, the bank abandoned the
national bank system and has for some time
been speculating under the state law. There
seems to have been nothing unusual in its
connections with other members of the clear
ing house. Its debts and balances have run
along for a week or two just about even at
the rate of about $30,000 to $80,000 per
day.
The Com ptroller of currency received a
telegram to-day informing him the Wall
Street hank of New York had closed its doors,
but all its clearings were paid and there was
no excitement. It is learned at the treasury
that in September, 1833, the bank examiner
in New York found evidence of over certifi
cation checks on the the part of the officers
of the bank. The evidence was laid before
the secretary of the treasury and by him re
ferred to the attorney general. The result
was the teller of the bank was indicted for
violation of the bank law. Efforts were also
being made to indict the other officers of tbe
bank when the bank went into voluntary
liquidation and soon after was reorganized
under the laws of the State of New York. Its
suspension, therefore, calls for no action on
the part of the national authorities.
New York, Aug. 11.— It is stated that Mr.
D. O. Mills and Mr. Chas. J. Osborn decided
to advance sufficient money to enable the
Wall street bank to resume to-morrow.
Charles J. Osborn, one of the directors,
states the loss to bank cannot exceed the
capital of $500,000, and it is not likely to be
so great, and the depositors will not have to
submit to any delay in getting their money.
There's no reason why fifty per cent. will not
be paid out at once.
New York, Aug. 11.— Tbe directors of
the suspended Wall street bank held a long
session this afternoon at the bank buildine,
investigating the books and accounts. Pres
ident Evans said the conditions of affairs
was very confused, and it would be very
doubtful if a report of the statement could be
made for several days. The directors re
fused to say anything watever in regard to
the discoveries made. All that is disclosed
thus far is that the failure was due to tbe ab
straction by the cashier of collateral, lodged
with tbe bank as security for its call loan.
Another Earthquake.
Havebhtlx. Mass., Aug. 11. — A shock of
earthquake was felt this morning at Mount
Washington. The shock jingled ehande
tier pendents, opened inside binds, and
awakened the people from slumber. It was
not noticed in the center of the city, but was
felt in Georgetown.
MUSICAL INSTRUMENTS. i
ok Pianos enfl Orpns
TAKEN IN
FOR NEW ONES.
Recent additions to, and improvements in oar
_»ACTEMG DEPARTMENT
Enable us to Offer
SUPERIOR INDUCEMENTS!
To parties desiring to Exchange Second-hand
PIANOS OR ORGANS for new ones.
We shall be pleased to call and give yon an es
timate of value on any such instrument you may
have.
St. Paul and Minneapolis.
"MRS. M. C. THAYEET
418 Wabashaw street.
Sohmer, Decker Bros, and other PIANOS, New
and Second Hand. .
ORGANS.
Estey, New England, Smith, American, and
Sterling.
RCHALL BANJOS.
Everything in the line of Musical Merchandise,
at lowest prices and best terms. 130-1 y
For Pianos &organs
For Easy and Best Terms,
For Cat-iiojtu. • s and Lowest Price*.
For Agencies aud Territory. Address
O. W. YOUNGMAN,
115 — . Seventh street, ST. PAUL.
AMUSEMENTS.
GRAND OPERA HOUSE.
SALE OP SEATS
Commences this morning, for the Engagement
or
CARLETON
0 I ltl
KEPERTORT :
Fra DiavDlo & Tbe Merry War.
Usual prices. Reserved seats, 75c and $1.
Custer's Last Rally,
The greatest Picture withont a comparison
which has ever portrayed an American episode.
—0 square feet of Canvas.
HOTEL LIVINGSTON
On Wabashaw street, opp. the Postoffl ce. i
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THE BOSTON.
THE PROUD MAN.
4 CHARACTER SKETCH.'
What has a proud man to do with the clothing
business? Generally very little, as proud men,
as a rule, are too conceited to patronize a clothing
store, but pay exorbitant prices for "made-to
order goods," when if they were less blind to
their own interest they would do as the largest
portion of. the best-dressed men in St. Paul are
doing, viz., patronize '-THE BOSTON."
Our "Red Figure Sale" is, as usual, a success,
our many bargains attracting hosts of customers.
It looks now as though we should not have to
pack away a summer suit. This is just what we
want, and is the sole reason for our "Red Figure
Sale," to clear out our summer stock, if low
prices will do it.
BOSTON
"ONE-PRICE"
CLOTHING BOUSE,
Cor. Third anflßo_Brt Sts., St. Paul.
CAMPAIGN GOODS.
CanipaigDUnlfons,
CAMPAIGN BUHNERS!
Flags, Torches, Etc!
23 EAST WIStaCTOI ST.. CHICAGO.
oT"Send for Illustrated Catalogue. 200
