The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-09
NEW YORK FAILURES.
Grant and Ward Make am Assignment
An investigation into the Accounts of
the Marine Bank Begun.

NEW YORK, May S.-The excitement occasoned
by the failure of the Marine National Bank and Of
Grant g. Ward was shown to have greatly moder-
ated on Wall street this morning. Grant & Wards
promised statement was anticipated with interest,
but other phases of trouble caused no extraordinary
concern. The rumors of yesterday that other
banks than the Marine would materially suffer by
the disaster were impractically denied by Manager
Camp of the clearing house who said that there was
no foundation for them to stand on.
At Grant & Wards office it was said that n cir
statement is being prepared but when it should be
made public could not be learned. 1t is thought
that 1t will appear sometime TO-DAY.
A committee consisting of j. W. Elwell, Henry
Barron and Ambrose Snow appointed by the
directors of the Marie bank to assist in the IN
yestigaton into the institutions accounts and have
begun their labors. The opinion grows more
general that President Fish acted prematurely In
closing the doors of the bank. Business men seem
to think that he should have made an efiort TO
secure means to tide over the difficulty.
There were comparatively few inquiries at the
bank this morning, as it is believed by depostors
that they will eventually be paid in full, and all APP
pear willing to awit the result OF the examination
now in progress.
Fred r. Grant and Jesse R. Grant have made as
signments to Jas. McNawee. The f-ruIer gave
preferences of $240 900 and the laster of $780, 0O
WASHINGTON, May 9-Mr. Langworth, acting
comptroller of the currency, to-day re oeived am
other letter from Mr. Serbia, examiner in charge OF
the Marine National Bank of New York, saying
that strong efforts are being made to res, S
known until the affairs of the bank thoroughly
investigated. He says that owing to frequent in
terruptons and other causes the examina ton will
take more time than was at first anticipated. -
The Marine Bank directors have been in session
but have just adjourned No statement is likely to
be made to-day. Director Sierck says that no
receiver will be appointed and the chances for
resumption are good. Fish has not been asked to
resign but In case of reorganization there will be
president and cashier Checks deposited
Tuesday will be paid unless there is an of settling
Indebtedness
and St. Louis Railway Company against Ulysses s.
Grant, Dr., Ferdinand Ward, Ulysses S. Grant,
james d. Fish, VIM. c. Smith, Julian I. Davis end
John H. Norris in the Supreme Court Judge
Donshue this afternoon granted an order requiring
the defendants to show cause on the 18th inst,
why receiver should not be appointed, and also
why an injunction should not be Issued and in the
meantime defendants and their agents are restrain
ed from interfering with the partnership assets of
the firm of Grant Il Ward.
AFIurry ON Wall street.
NEW YORK. May 9.-Soon after IL o'clock
Commissioner Fink received communication from
officials of the Baltimore and Ohio Railroad Com
pany asking for a restoration OF grain rates from
st. LOUIS % to basis OF 10 cents IRON rom gneago to
and viii, it is claiWed set at rest all fears enter
tanned concerning the intention of Mr.. Fink to
resign the cofnmissiOnership. Upon announcement
of the action of the Baltimore and Ohio the
temper of speculation at the Stock Exchange
underwent radical change and these has since
been sharp advance in prices in the entire list.
Shorts were greatly alarmed and there were heavy
purchases by brokers supposed to represent Gould
and rnderbilt. The dealings were attended with
great excitement. New Jersey Central advanced
from IL LIZ to rs IL, Laokawanna from liz IL
to l15 IL, Pacific Mail from IS 7-8 to 80 1-2,
Northwest from 100 1-s to 10 5-8. st. Paul from
70 3-4 to 81 3D. Lake Shore from SO IL to 9a 7-S
Michigan Central from II to rs IL, New York
Central from Ill 1-2 to lib, Erie from 15 So to
16 7-8 and the Northern Pacific preferred from
81 1-8 to So 5-8.
Judge Donabue has Just granted an injunction to
restrain all persons from interfering with the
sets of Grant Ward pending hearing Of motion
for receiver.
The World says that to-day's assignment of the
members of the firm of Grant & Ward indicate
that the fortunes of every member of the family of
Gen. Grant have been swept away. 1t is under
stood that when the General shall have had his
affairs diseatangled from those of the firm substan-
tial assistance will be rendered him.
LONG ISLAND CITY, May S.-Mayor Petry stated
this morning that President Fish of the Marine
National Bank had given him renewed assurance
that depositors would not lose dollar. Mayor
Petry also says that even should the CITY lose all
the money deposited with the the Marine Bank
only temporary embarrassment would be expert
encedsevera capitalists having notified him that in
case of need the city could have from them suffi-
Gent funds to keep it above water until next years
taxes were paid,