The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1884-05-08
THE h'62NE. BiNK.
The FURRY Over this Recent
Failure Nearly at
An End,
And Fears that Other Banks Will Be
Involved Being Rapidly
Dissipated.
General Grant, Though Heavy Loser
Safe From Anything Like
Absolute Ruin.

yesterday are the sole topic of converse
ton on the street to-day. Long before
the Stock Exchange opened groups OF
SPECTATORS were gathered around its ell
trance, despite the heavy rain, excitedly
discussing the situation and INDUCING
in speculation as to what the day would
bring forth. Many expressed the belief
that the worst was over, and that no
further failures would occur Some even
went so far as to assert that before many
days the Marine Bank would resume.
This was scoffed at by the more conserva-
tive spectators, who asserted that the
only time the bank would open its doors
would be to allow the entrance of re-
ceiyer, However this may be, the insti-
tuition remains closed and there is not the
slightest indication that business will be
resumed.
THE AMOUNT INVOLVED
in the failure of the Marine Bank Is vari.
ously estimated at from one to five mil
lions. 1t was the depository for a large
number of private bankers; held about
one million in New York city funds; held
all the surplus revenue of Long Island
City; is supposed to have had large de-
post from the Erie Railway, and besides
had large line of regular customers on
the street and throughout the country,
much larger than its capital, which was
only $500, 200, warranted.
Its President, James ID. Fish, is one of
the oldest financiers in New York, and
was a bank president here when there
OIL 10 cd
upon as a shrewd, conservative man, and
his judgment was always considered
sound IN money matters Although not
one OF the luminaries, he was one Of the
| strong men of Wall street, and perhaps
one of the best known He originated
| several ideas which have of late years
broadened and developed the money
market; was one of the founders of the
| Produce Exchange; and in various ca
| pacities proved himself to be most
careful and judicious manager
During President Grants administra-
ton Mr.. Fish attended to much of his
| financial business, and strong friend
ship sprang up between the two. Young
| L. S. Grant, the Presidents son, having
shown great business talent, it was partly
| through the instrumentalty of Mr., Fish
that he was put on the street. He made
number of fortunate investments, and
was 50 careful and so prosperous in a
small way that upon his retirement from
the Presidency General Grant placed
NEARLY ALL HIS MONEY
ut the disposal of his son. 1t may be re
membered that on the very day and al
most in the very hour that General Grant
was notified of his defeat at Chicago, a
| telegram brought him the intelligence that
''the boy" had made 100000 for him.
| When the General read his Chicago dis
| patch he turned in his chair and said:
| "Well, a man can't have everything his
own way, the boy has made good stroke
| to-day, however"
U. s. Junior and Fred Ward formed a
| partnership about four years ago, and
| about two years later the General and
Mr.. Fish became special partners in the
concern, each paying in $4,000 Young
Grant had small fortune of his own,
| and his marriage to Senator Chaffee's
daughter is supposed to have given him
100000 more. 1t is not known what
capital Fred Ward possessed, but he was
shrewd young broker, and for long
time the firm made money "hand-over.
fist" They dealt in risks which
some of the larger houses wouldn't
touch, such as mining stock and the
smaller class of corporation bonds. They
also advanced money on high rate of
interest to Government contractors, TAX.
ing their chances on the contracts being
| properly filled, and on the Government
making payment for work unfinished
When they won on this paper they coined
money, but when they lost, they lost ev-
erything. How far the crash will
INVOLVE GENERAL GRANT
is not yet known, but an independence is
secured to him for life, there being $780,
900 of trust funds deposited to his credit
with Drexel, Morgan & Co., the interest
on which he is entitled to. This is the
fund raised for him by the wealthy men
of New York few years ago. The fail
ure cannot affect it. His private fortune,
desire to save his credit and the credit of
his sons. Fred. ID. Grant, it will be re-
membered, resigned his Colonelcy in the
army about three years ago to take po-
sition in Southern railroad. He finally
became connected also with Grant &
Ward, but the extent of his interest is not
known.
NEW YORK, May 7.--Cashier Vail OF
the Garfield Bank says the Marine Bank
owed his bank 81 900, and that the Gar.
field Bank has no paper not sound.
Long Island City is threatened with
bankruptcy, because the taxes for the
year were deposited In the Marine Bank
General Grant told General Coils last
night he didn't know exactly how he
stood, but if he had gone down town
early in the day the failure of Grant s
Ward would never have occurred 1t is
generally believed that the General LOST
100000, and his son what he had; but
the Generals presented fund of S250,00(
remains intact.
Mr. Camp, of the Clearing House, said
' lie believed the Marine Bank would b.
wound up The failure was mainly due
to overdrafts by Grant & Ward No Other
banks are in trouble. Several examined
yesterday, about the standing of which