New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-10

find out where. understand the sheriff Is IN possession
of Wards house and other property Tor the Dans
have been with President Fish this afternoon ana ne
says that he was deceived by Ward In various ways u
anybody could be. He says he had and that General
Grant had. too The utmost confidence In WaIds integrity
and supposed bin to be very wealthy aud that the repre-
sensations made to them had not proved true now
bank in the bank books and find that since January
that firm have had balance Ia their favor OF hundisus
their daiiy DEPOSITS have ranged from $4,000 to
100000 and that ON last Monday they deposited ABOUT
This on Nav the balance in their favor was 100000;
on May it was over 100000, aud the transactions on
81 500 600 and $4,000 900; on May s. the day before
the failure when all the checks had been charged up ana
Ward OF $4,000 but before notico could be sent to
them they deposited $4,000 aud later on the same
day $4,000 more. | speak Of this TO show that Mr.:
Fish had good for believing In the integrity aud
! ability financially OF Ward Mr. Fish is a man who will
20 Good way with man who has once gained his conf
dence and Ward had 1t fuy ana used unscInpuousy
for his ends /, in common with the bank people,
| have perfect faith in President Fish
VIEWS OF A DEPosIToR.
| "The failure Of the Marine Bank will be COM
pete as ever you saw" said Cornelius Morrison Of
the firm of Wait Creighton * Morrison, at No. 81
| Wall-st., who has been depostor in the Marine
| Bank for over twenty years Fish owned five
! elghths of all the stock in the Marine Bank and
owned of course by that the Board of Directors
He could control every thing about the business and
| elect or defeat any for director. There are
several mere 6gureheads in that Board. you can 1e-
| pend on it, All this talk about the bank resumng
| is nonsense and comes from men who have no con-
cepiOn of the Xtent TO which the bank Is involved
| Nobody excepting Fish knows how the matters
stand Fish and Ward have been INTO the widest
60 into when this crash came was TO purchase the
old Produce Exchange Building. What / say
know is true. but what they going to do with
| the building cannot imagine. Our firm has only
small amount locked up by the fnilnre-not enough
to speak of as trouble us but know of forty per-
vl,a thara htu md bn will
all they have in the world, or nearly all. Our
neighbour John Wood. an lrshman, who has $500
deposited there-the savings of a life-tlme-l
all. know young business man just starting III
who loses 5000 that he deposited on Saturday, and
| he will have to give, up business. In my opinion,
about all there will be left when know 1T all will
| be the safe and Office furniture Fish moved away
| from the bank over two weeks ago and went INTO
| apartments at the Mystic Flats. He knew the
and You gamble that he discounted this smash
up long ago. This whole business was run by tish
| and Wa.d as long as they could run IT, ana they
have got everybody they could into It, THINK that
you will fnd that the general opinion among deposl-
tors is about the same as have expressed"
THE CLEARING HOUSE COMMITTEE.
A meeting of the committee appointed by the
Clearing House Association to report such amend
ments to the constitution and bylaws as will
prevent the recurrence of the case of the Marine
and First National Banks was held yesterday. The
committee consists of Frederick ID. Happen. chair
Jams and James ID. Woodward. They were IN
session from until $50 p. IN. President
George f. Baker Of the FIRST Nationai Bank a ab
First National Bank being held responsible for the
go 900 of worthless G ecks drawn on it by Grant
& Ward which came through the Marine Bank.
Ferdinand Ward had only 81 200 to his credit III
the bank. 1t was argued that this course placed
the First National Bank at great disadvantage.
In fact, if this thing were allowed, any bank would
be at the mercy of any of its dcpOsltOrS no mat
ter how small his deposit who could get another
|
thus send them through the Clearing House The
only proper way, 1t was argued, was to assess the
amount drawn by Grant * Ward on the First
National pro rata on all the banks in the Clearing
House Association.
All the members of the committee gave their
views on what was necessary to be done to prevent
rs far as pOssb a recurrence OF case like that
from which the First National had suffered. Re-
curing all checks above certain sum 10 be certified
was suggested "a one means to lessen the risk. 80
much of the business of the city and country and
especially Wall Street is done on credit that3ltswas
thought advisable TO move slowly IN the matter
The individual case of the First National Bank
against the Marine Bank, ii was decided, would
have to be disposed of by the Clearing House Assoc
citation. The matter Will be discussed at length
there The committee will meet again on Monday,
nothing definite having been determined on.
TALK WITH CONTROLLER GRANT.
Controller Grant asked yesterday by
TRIBUNE reporter whether the locking up of
81 100000 of city funds in the Marine Bank would
cause any Inconvenience. He replied
additional amount Of short time revenue bonds and tho
cy in that ease would be the loser to the extent Of the
interest that additional amount OF bonds This would
be small sum, however the rate of interest being only
ner cent Should the bin relative to the sinking Fund
which has passed both houses OF the Legislature. be
signed by the Governor ii might make some diff renee
Heretofore have taken about 81 100000 Of the
of the shaking Fund al the beginning Of each
and invested in revenue bonds, paying them of when
the taxes received I'm October 1t simply saved that
much interest. 1t ia doubtful. to my mind, under one
provision which provides for the prompt cancellation OF
whether this can be followed a. heretofore"
How was it that Grant Ward obtained so large an
In me early PAT o. me year tne various ranks
me to hid OH the revenue bonds, Is there was
considerable amount TO place liked the rate OF Interest
thoy cond be placed for that efecting a considerable
saving I'm the matter OF interest. Heretofore per cent
placed The banks refused to take them for less than
per cent Grant Ward took large number at 2la per
until they were paid for The mode OF procedure IN
these is for parties wishing the bonds to inform the
the name Of The rGTehaer by the stock and bond clerk
aud then delivered the Chamberlain, who in turn de-
yes them TO the purchaser All moneys are paid to tho
as sy o TaS is He by DEPOSITS '' the d moneS g
thus rseeySd m,vd the oaR n5 Gesg
s[sa for city moneys The amt in the ya
banks is left to the discretion OF the chamberlain
He Is restrained by law from placing than 1000
the faithful performance of his duties"
"In the OF the Marine Bank he DO held respOn
sible Tor placing 80 much money in one banki"
"Tnat l. matter i should prefer not 10 speak
positively about, not quite clear without
lining further am rather of the opinion however that
long ho Keeps within the requirements OF the law
and he certainly IN this case-he cannot
held responsible for any loss should there he
to saw too the middle Of April banks and
other moneyed institutions have been taking the
freely found necessary however to restore
the rate OF interest on the bonds 10 per cent"
Have You seen President Fish, OF the Marine Bank
since the faurel"
81 have not, have heard any thing positive as to
the condition of the bank"
THE FAILURE OF JOHN +. SMYTH.
lBY TELEGRAPH To TIE TRBUSEI
ALBANY. MAY 9-Business men and noliti-