The daily Cairo bulletin., 1884-05-07
Closing of the Marine National
Bank of New York
Yesterday.
General Grants Firm of Brokers Involved
in the Crash and Forced to
Suspend.
Ugly Rumors of Defalcation and Abscond
ing Members-Ssoo,ooo Short, and
the Safes Locked.
Closed Its Doors.


tional Bank has just closed its doors rea-
son not yet aSccrtained.
LATER.
The Clearing House Committee on
banks is now in session investigating the
SUSPENSION of the Marine Bank. On
April l4th the bank had capital of $780,
600. Fish. the President owned the
Booth theater building and was largely
engaged in other real estate matters.
AT the Marine Bank it is stated that
President Fish has not been down to-day.
Business is entirely suspended.
There is a large crowd around the
doors cndeayoring to obtain some in
formation regarding the disaster. The
concern is entirely closed, and the police
are in charge 1t is generally thought
that the President has lost a great
deal OF money in uptown real estate.
STILL LATER.
NEW YORK, May G.-The direct cause
of the failure of the Marine Bank is now
attributed 10 overdrawing of the account
of Grant, Ward Co., who tits said have
been persistent bulls on the market ever
| since the commencement OF the special of
lSs2
NEW York, May Speaking of the
failure of the Marine Bank, Fred House,
of Grant 4 Ward. brokers, No. 8 Wall
street, and partner TO the firm, has just
said II can not see how we can save
ourselves, am now waiting to see Fish,
and will doubtless publish statement
notifying the Stock Exchange of our ina
bility TO proceed as soon as the partners
can hold a conference.
NEW YORK, May G.-Tne Clearing
House Committee has resolved upon
nothing. ApprehenSions are felt that
the closing Of the Marine Bank means
the graveSt condition of affairs. Re-
cuperation is believed to be improbable.
The condition OF the bank on April oath
was: Capital, 100000; profits, S27,-
600; circulation, S2G0,000; due banks,
S42l,G00; due depositers, S5,0l6,-
600; unpaid dividends, $4,000;
total, 81, G,3jj,l0O certified checks,
S3229OO. Resources: Loans and
discounts, S4,202 300; United States
bonds securing for circulation 100000.
Other stocks and bonds, SlS,2O0; real
estate, s29l, 200; due from other banks,
SlOg, 700; cash items, $50, 400; specie,
81, ,l4l 200; legal tenders, $3.50, 700; over
drafts, $500.
NEW YORK, May G.-The firm of Grant
& Ward, of Wall street, comprise General
L. S. Grant, Jas. d. Fish, L. S. Grant,
Jr., Ferdinand Ward, VIM. c. Smith,
Jas. d. Fish was President of the e-sus-
pended Marine Bank.
GRANT 4 WARD FAIL.
NEW YORK, May G.-Grant & Ward an
nOunce closing on account of the fail
ure of the Marine Bank.
Some c., c., c. & |. stock was bought
in under the rule for Grant & Ward.
About coo shares of c., c., c. & |. and
Omaha and Alton and Terre Haute We're
closed out under the rule; also some
Nickel Plate. Kiernan's Wall street
agency furnishes the following:
"RUMoRs OF A DEFALCATION OF 100000
accompanied the suspension of the Marine
Bank The party in question is said to
have close relations with the bank. We
have investigated and get the following
statement: The embarrassment of
Grant 4 Ward is said on reliable
authority to be due to the alb
Sence of one of the firm, who has not
been at his place of business since Satur.
day. Various rumors are afioat in tlnan.
cial circles, respecting which Mr.. Grant,
senior member Of the firm, says; | can
not deny or corroborate the reports cur
rent. We are nearly 100000 short.
Our safes are locked. Until we can find
AIr hA,
THE FIRM OF GRANT & WARD
was composed of Messrs. Grant, Jr. and
Fred Ward as full partners, and General
u. S. Grant and James d. Fish as
especial" or limited partners, the latter
being responsible only to the amount of
stock held by them. Mr.. Fish is also
President of the Marine Bank, and re-
garded as one of the heaviest stock deal
ers in New York, if not the heaviest.
The failure of the Marine Bank EXPLAINS
the collapse of the broker firm. The lat
| ter has at no time been regarded as a
| largely moneyed concern, and the imprcs-
sion is that the failure is not for any large
amount. The impression may be alto
gether Wild however, as the Il. G. Dun
agency quotes the firm at 81 ,OOO. 600
double A. Young Grant was married
only few years ago under auspices of
| spendor to the brilliant daughter of
Jerome Chaffee, Denver's millionaire
Senator, and the Senator settled upon
the young groom very hand
some business capital, together with
a handsome residence in New York.
1t is understood that the capital has
all been exhausted, but the residence is
still safe. General Grant has always had
the confidence of Jay Gould, and there is
a strong impression that the failure of his
firm is due to his investments in Gould
stocks, which have all taken such an un-
precedented tumble during the past
month
The news of the failure spread rapidly,
and Union Pacific went down Immediate
ly from 81 to 56 3-i-a heavier fall than on
any other day since the drop began.
A Panioky Day on Wall Street.
NEW YORK, May G.-Money stringent
and the rate up to to A per cent. Ex-
change quiet; governments firm. Currency