The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1884-05-16
FINANCIAL CRASH.
Heavy Bank Failures In New York--Geaeral
Grant nnd His Son Supposed to ~ Heavy

ue1vy BANK FAILURES IN new 1Ork--9eUOfol
Grant md His Son Supposed to ~ Heavy
Losers.
New YORK, May THE Marine Nation
al Bank has closed. j. d. Fish Is President
Of tho bank. A year ago the bank pur-
chased Booths Theater. The Clearing
House is considering the suspension, and it
Is thought the failure is bad one. The
capital of the Marine Bank was s4OO, 900.
Its statement for September %
last showed surplus of $4,000;
undivided profits, s82, 345. John d. Fish is
Cashier. A visit to the bank dis
covered some fifty disconsolate depositors
standing in the pouring rain around the
closed doors. No admittance is given to re-
porters and no notice is posted on the door.
The bank opened at the usual hour yester-
day morning, but before noon closed alb
ruptly without assigning any cause. The
stock market Is very active. and there seems
to be some connection between the failure
and the condition of affairs on the
Stock Exchange. The depOsitors, judg-
ing from the appearance of those
about the building, are we'll
to-dO class. An Associated Press reporter
visited the Clearing House, endeavoring to
obtain information from Manager Camp,
but that official only says that the Clearing
House Committee is in session and nothing
will be given to the public until it has con-
cluded the examination of the accounts of
the bank. 1t is said OH the street tile banks
downfall is due to real estate transactions of
President Fish. Some time ago he bought
Booths theater and is now converting it
into stores. He is also interested i'm apart
ment houses. An official of the bank was
asked whether Fish's operations had caused
the suspension. or whether the bank was
doing business with brokers and so lost
money. He refused to answer. 1t is
believed the failltre is due to q little of
both.
GRANT WARD SUSPEND. 81.
Grant & Ward announce closing OIL ac-
count of the failure of the Marine Bank.
The suspension of Grant is announced on
the Stock Exchange. The firm is composed
of General U. S. Grant, James ID. Fish, U. S.
Grant, jr., and Ferdinand Ward, about 600
shares. Kiernan's Wall street agency fur
niShes the following: There are rumors
of defalcatiOn of about $500, 900, accom-
panied by the suspension of the Marine
Bank. The party in question is said tc
have had close relations with the bank We
have investigated and got the following state
ment: The embarrassment of Grant & Ward
is said, on reliable authority, to be due
to the absence of one of the firm. who has
not been at his place of business since Sat
urday. Various rumors are ahOat i'm finan-
cial circles, respecting which Mr.. Grant,
senior member of the firm, says: 81 cannot
deny or confederate the reports current. We
are nearly 100000 short. Our safes are
locked until we can find Mr.. Ward can
not say how we stand" At the Office of
Grant Il Ward no member of the firm could
he found. William Smith, broker of the
firm, said he was authorized to state that
the losses of the firm would be something
between S500,000 and $500, 900, and these
liabilities being unsecured, the firm was
obliged to suspend. Each of four partners
had quarter interest i'm the firm to the ex-
tent of 100000 each. and General Grant
would be liable for his share of the losses,
which would probably be about $3.50, 200.
General Grant was in the Office during part
of the day, but refused to make any state
ment whatever in regard to tie affairs of
the firm
EXCITEMENT IN WALL STREET.
Yesterday was day of great excitement |
in Wall street The volume of business |
on the Stock Exchange was |
enormous. The market opened with a mod |
tIdtt pItSSuTc 10 Seil StI'hS I'LL aiOHR Tile L
line and there was general slight de-
cline. Later, however, the clique began
buying and considerable advance was
secured which greatly encouraged the bulls.
This upward movement lasted until about
eleven o'clock, when raid on Union Pa
cifc by the Cammack and WOerishOffeI
crowd unsettled values generally. SOoE
after this there came the unexpected an
that the Marine Bank had
closed its doors, and the feeling at once
became panicky. Stocks were rapidly
thrown over without regard to prices. The
decline was rapid. in some eases amounting
Utmost to two points at jump, the selling
being for both long and short accounts, and
Ill stocks seeming to suffer about equally.
Union Pacific fell IL. The gran.
gers looked badly, Northwestern falling
~ per cent The collapse of the stock
house of Grant d Ward, with reports that
lalf dozen other firms were in trouble.
made matters worse, and traders stamped
IN each other in their eagerness to get rid of
heir holdinpS |