V-
SEPTEMBER 4, 190.8 -.
The Commoner.
7
BILLIONS SUNK IN WALL STREET IN LAST FEW YEARS
'WTW'. ww
1891-
1895-
700,000
393,000
60,000
(Prom the New York World)
As nearly as can be estimated more than $2,500,000,000 has been
squandered by the speculative public in -Wall Street in the last
twenty-five years. Little of this stupendous sum was actually in
vested in stocks or bonds. Over $250,000,000 of stolen money is
known to have been poured into the street. The Wagner bill is
aimed at this evil, with its attendant train of embezzlement and
suicide.
1884 Two stock gambling directors of Marine National
Bank loot it of $ 2,000,000
Second National Bank, through speculations of its
President, John C. Eno, lost .m 4,000,000
-National Shoe and Leather Bank, through opera
tions of bookkeeper, Sam S. Seeley and Depositor
Frederick Baker is robbed of 354,000
-F. C. Marrin. Brooklyn lawyer, steals from clients .... 76,000
1897 John S. Hopkins, cashier of the People's Bank
of Philadelphia, lost the bank's funds in specula
tion and killed himself
The Chemical National Bank, of this city, lost
through "mistakes of judgment" on the part of
cashier
Ex-Mayor F. H. Twitchell, of Bath, Me
1899 George M. Valentine, cashier of the Middlesex
County Bank, and treasurer of the Perth Amboy
(N. J.) Savings Institution, confessed to losing
in speculation 125,000
1900 Cornelius J. Alvord, Jr., note teller of the First
National Bank, this city, lost in stock speculation
William Schreiber, clerk in the Elizabeth Banking
Company, Elizabeth, N. J., squandered in Wall
Street
1901 A confidential clerk of a wholesale house in
Walker street, this city, lost in Wall Street
1903 Frank V. La Bountie, confidential clerk for law
firm of Wilson & Smith, of Chicago
William S. Allen, treasurer of the Preachers' Aid
Society, Boston
United States Playing Card Company, of Cincinnati,
robbed by a trusted woman employe of 100,000
Enoch L. Cowart, cashier Navesink (N. J.) Bank. . 49,000
John A. Scott, cashier of the New York office of
London Assurance Company 25,000
William B. Given, president of the Lancaster County
(Pa.) Railway and Light Company 100,000
Thomas W. Dewey, cashier of the Farmers' ana lYIer
chants' Bank of Newbern, N. C
James M. Watson, Jr., clerk for auditor of the Dis
trict of Columbia
Trusted clerk at the Hotel Beresford, in this city
1904 Arnold Beathlen, cashier of a bank at West Lib
erty, Pa
John F. Goggin, treasurer of the Nashua Trust Com
pany of Nashua, N. H., arrested charged with
defalcation of
George A. Rose, cashier of the Produce Exchange
Banking Company of Cleveland 170,000
Wallace H. Ham, Boston agent of the American
690,000
106,000
200,000
500,000
70,000
125,000
100,000
.50,000
85,000
100,000
Surety Company, of this city
Ex-Mayor S. F. Smith, of Davenport, Iowa
F. H. Cutting, bank president of Ota, Iowa
1905 Ex-Tax Collector E. J. Smith, of San Francisco. . .
Paul O. Stonsland, Chicago banker who was cap
tured abroad
Cashier of the Cornwall (N. Y.) Bank
W. W. Karr, accountant of the Smithsonian Institu
tion, Washington, D. C
Mayor William H. Belcher, Paterson, N. J
Frank G. Bigelow, head of the First National Bank
of Milwaukee
F. H. Palmer, cashier of the State Bank, Peconic, L. I
Denver (Colo.) Savings Bank looted by speculating
officials of
Newton C. Dougherty, Superintendent of Schools,
Peoria, 111
T. Lee Clarke, cashier of the Enterprise (Pa.) Bank
F. R. Green, cashier, Fredonia National Bank
1906 -Joseph A. Turney, note teller in the National
Bank of North America, of this city, took from the
institution and lost in Wall Street
County Treasurer F. E. Smith, of Akron, Ohio
Gordon Dubose, president of First National Bank,
Ensley, Alabama
Frank K. Hippie, president of the Real Estate Trust
Company, of Philadelphia
C. S. Hixson, bookkeeper Union Trust Company of
Pittsburg
1907 Charles T. Barney, president of Knickerbocker
Trust Company, who killed himself when the finan
cial crash came. It is estimated by his close friends
that the total amount lost by him in speculation
was almost
F. Augustus Heinze, whose losses in the market
fluctuations, according to a" statement made by
him to a friend, were
Charles W. Morse, "Ice King," "Steamboat King"
and "Bank Ohainer," whose losses in market fluct
uations are figured at
Chester Runyan, bank clerk, this city
George H. Brouwer, known as the "soul of honor,"
confidential man for James H. Oliphant & Co.
stock brokers, of this city
Clerk for the Tax Collector of New Orleans
William F. Walker, treasurer of the New Britain
(Conn.) Savings Bank
Miss Flora Stelpel, cashier in a Philadelphia depart
ment store
Oliver M. Dennett and William O. Douglass, stole
$1,300,000 in securities from the Trust Company
of America and pawned them for $140,000
Levi C. Lincoln, treasurer of the Electric Machine
Company, Woonsocket, R. I
Treasurer of Peddle Institute, Hightown, N. J
Clerk of E. B. Havens & Co., stock exchange firm of
this city
M. J. Sage & Co., stocks, of this city, refuse to pay
customers who lost through speculation
286,000
150,000
112,000
60,000
1,500,000
45,000
60,000
150,000
1,450,000
. 40,000
1,700,000
250,000
1,200,000
300,000
34,000
282,000
40,000
7,000,000
125,000
10,000,000
9,000,000
20,000,000
86,000
90,000
100,000
600t000
25,000
1,300,000
92,000
85,000
100,000
700,000
CHAIRMAN THEODORE BELL NOTIFIES JOHN W. KERN
In advising Mr. Kern of his nomination
at the Denver convention for vice presidential
candidate of the democratic party, Theodore A.
Bell, chairman of the notification committee,
said:
The lines of battle are drawn up for one
of the severest political struggles in the history
of the country. Just one more ceremony re
mains to be performed before the contending
forces take the field for action. Assembled here
today from every section of America are rep
resentatives of "the democracy to whom has
been delegated the great privilege of tendering
to you, Mr. Kern, an honor and trust as sacred
as any political body can offer to one of its
most loyal and distinguished members, and that
is the democratic nomination for the vice presi
dency of the United States. In selecting you
for this high honor the democratic national con
vention was not unmindful of the fact that the
office of vice president has so gained in authority
and national importance, that he who is chosen
for that exalted position must possess every
qualification, moral and Intellectual, that fits a
man to become the chief magistrate of his peo
ple. These qualifications you were found to
possess In pre-eminent degree. Your neighbors
told us at Denver that in your private character
you value the homely virtues of life far above
the tinsel which so often excites the desires and
ambitions of men. In your public career as a
legislator in your state your neighbors recalled
that your official acts were always born of an
honesty of purpose and that your constituency,
from your point of view, was limited only by
the boundaries of your state. They also told us
that in offering yourself for the governorship of
Indiana you had declined to compromise with,
any force or Influence not in strict harmony with
the highest interests of your people, and that
you preferred to go down to defeat, preserving
the integrity of your manhood, to accepting the
glory of office at the sacrifice of the principles
which you deemed essential to the security and
welfare of tho commonwealth.
This splendid testimony of your neighbors,
whoso golden opinions are tho rarest gems that
can adorn the reputation of any man, coupled
with your own pleasing personality and your
comprehensive grasp of problems that affect
the nation's life, moved your democratic breth
ren as a unit to demand that you be one of the
two men to carry the democratic standard to
glorious and lasting victory at the November
polls.
Beforo you accept this nomination and go
forth thrice armed with the truth to overcome
your foes, you will pardon us if wo briefly pre
sent the democratic cause that you purpose to
sustain before the jury of your country.
You will be able to show that the repub
lican party has been unfaithful to its trusts,
that it has violated the most solemn command
ments of the political decalogue, that its use
to the people has not only been impaired, but
utterly destroyed by permitting its energies to
become absorbed in the artificial life of the
corporate creatures of their laws, and that at
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