Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1884-05-30
A GREAT CRASH.

Tho Marine National Bank OA NeW AoAA
Forced to Suspend Further Payments
The brokerage Firm of winch r
id.nt Grant Il the Head Goes Down
The Generals Losses.
New YORK, May 1.-THE Marine Ma.
tional Bank closed its doors yesterday. j.
d. Fishis President of the concern. The
capital of the bank was four hundred thou
sand dollars. Its statement of September
% last showed a surplus OF Sl2o,ooo, II
undivided profits $62,345.
A few minutes after ten o'clock a gentle
man made a deposit at the Marine National
Rank. and, as lie went out, was followed to
fine door by the bank porter, who began roll
ing down the iron shutters. The depositor
ran back to find the receiving teller had
shut his window and gone out of business
for an indefinite period. The paying
teller was still more conspicuous by his
absence and the depositor mad the con-
ISOLATION of standing on the steps OF The
bank the next hour and telling his eXperi-
ence to a crowd of excited depositors, who
gathered at the corner of Wall street and
Pearl street within all incredibly short
time after the failure of the bank was an
nounced. Two policemen were sent for,
who stood guard on the steps of the bank
building. To a few of the largest deposit
ors the iron doors opened about an inch and
a few words of indefinite encouragement
were spoken by those within.
Tho gossip among the crowd of deposit
tors attri buted the failure chiefly to the
miscarriage of the large real estate specula-
lions by James d. Fish. The business done
is not considered large for the neighbor-
hood, and the feeling among the depositors
was hopeful. Some delay might be
caused by the necessity of selling a
large amount of real estate, but.
unless the failure was the result Of
speculation, the suspension may not prove
disastrous. One depositor, who is disposed
TO make the best of it, says Wall street
generally objected to the Marine Bank be-
cause of its family character. James D.
Fish is President; John d. Fish, a nephew,
cashier, and half q dozen other relatives Of
the President are in positions of .trust.
Cashier Fish's official report of the
Oath of April showed total resources
of 81, 1863, 425, and total liabilities the
same. On Friday, it is said,
Fish transferredfthe building next to the
bank, rs Wall street, to the bank, for $751;
600. This became generally known, and
the effect of the failure was virtually dis
counted. In the clearing house yesterday
morning the bank was debtor $500, 600, and
Manager Camp refused to allow clearing to
proceed until security for that amount was
provided. Thus the clearing was delayed,
and, although finally accomplished, security
having been given for $500, 900, the Marine
Bank officials decided to suspend.
In reference to the suspension of the
bank Jay Gould said: 81 do not consider
the failure of serious importance. 1t was
not a heavy institution at all, and did not
do much business in stocks. A slight de-
cline in stocks has been caused by the APP
prehension which always attends the future
of a bank. The name goes for a great deal,
the general public than that of an individ-
ual, even though the amount involved is
less. The firm had, l understand, been
specializing largely in real estate, and the
bank had been loaning money!"
James D. Fish is one of the Oldest bank
Presidents in the city, and has been identi-
fed with most Of the great institutions here,
including the Stock Exchange. After Cen
eral Grants last ter as President, Fish be-
came his business partner. In 1879 he became
connected with the Chicago & Northwestern
Railroad, being one Of its first directors. He
was in 1878 made President OF the st. Louis
& San Francisco Railway Company, which
position he held for two years. Fish and
Ward were on the bond of City Comptroller
Grant.
Captain Ambrose Snow, a director of the
Marine Bank, says that the deposi.ors will
lose nothing, as the bank holds 1900, 600
OF good paper, to secure its loans of an
equal amount. Other directors think Presi-
dent Fish got nervous didn't know just
SVhQt tn do and nr1orn1 tho hoylY o1ocoI
Among the directors the feeling is one OF
confidence that the bank will resume BUSH
ness by Saturday. Marine Bank stock
was held at IT'S five days ago. The
city of New York has 81, 900, 600 on deposit
in the bank, and Long Island City about
$500, 900. The bank has been a landmark
in the financial world since 1851 and was
considered one Of the strongest institutions
in America. The bank made loans on I'm
ion pipeline certificates for I, 0OO,O 900 bar
rels, and the failure created the widest ex-
element on the petroleum exchange, where
oil fell from $1.021 to ninety-six cents
per barrel. There seems little doubt
that the bank went down through
wild speculations of Grant & Ward,
whose Indebtedness the latest reports fix
from $500, 600 to 5000, 600. President Fish
alone knows the real condition of the bank
anu Nc Will HOT Lalk. General Grant Is said
to be u heavy indorser of Grant g. Wards
paper, and has probably lost all he had,
save the $3.50, 600 fund, which is safe in the
hands of trustees. Many wild rumors are
afioat regarding the solvency of other
banks and firms, but are not generally cred
tied.
The suspension of Grant and Ward is an.
nounced on the Stock Exchange. The firm
is composed of General U. S. Grant, James
,. Fish, U. S. Grant, Jr., and Ferdinand
Ward. About six hundred shares of C., c..
c. s. l., and Omaha, Alton & Terra
Haute were closed out under the rule: also
some Nickel Plate second mortgage bonds.
AT the office OF Grant & Ward no mem
bers of the firm could be found. William
Smith, broker of the firm, said he. was ar-
thorized to say that the losses of the firm
would be something between $500, 600 and
$3.50, 600. and, these liabilities being unse-
cured, the firm was obliged to suspend.
Each of the four partners held a quarter in
terest in the firm to the extent Of 500. 600
each, and General Grant would be liable
for his share of the losses, which would be
about S250,O0O. General Grant was in his
once during part of the day, but refused
TO make aOv ctatan,oot yubo+oro. -.