New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-14


financial markets. and prices huctuated throughout
the day. Unfounded rumors of great failures
seemed to be the most disturbing element and
great caution was observed in trad ng In the Pro-
duce Exchange the fluctuations in gram and pro-
visions were noteworthy. In the early part OF the
day wheat advanced from 10 y cents Dnshel'
corn from 81 to cent, and oats from 2 TO cent
bushel. During the day the market was up ana
down bnt at the close it was comparatively steady
at about the opening prices. In the Cotton EX-
change there was no disposition to trade excepting
upon actual orders. At the Coffee Exchange the
market opened strong, owing to the hurried cover
ing of contracts by the shorts" but eased OIL be-
fore the close In the Importers and Grocers' Ex-
change, where the principal commodity dealt in is
tea, there was an advance of from 1 to 2 cents
pound, but the trading was limited.
A RECEIVER FOR THE MARINE BANK.
WALTER S. JOHNSTON APPOINTED BY CONTROLLER
CANNON-uIs QUALIFICATIONS.
WAsHYGToN, May l3.-Mr. Cannon, Controller OF
the Currency, to-day appointed Mr.. Walter :. John-
ston receiver of the Marine National Bank OF New
York. Mr. Cannon says that he has not yet re-
celved detailed statement from Examiner Serbia,
who is in charge of the affairs of the bank, but that
ON reading the preliminary letter received yester-
day from Mr. Serbia, he became satisfied of the IN
solvencv of the bank, and has accordingly APP
pointed receiver.
Mr. Johnston, who is at present at the Fifth
Avenue Hotel New-York. this evening in
formed by telegraph of his appointment. Mr.. Can
non said tonight that tle appointment was made
after careful consideration of all matters pertain
tanning to the failure of the bank. He added
Much depends upon the receiver in the initial stages OF
his duty and in failure OF the Marine Bank many n-
trcate questions affecting the National Banking law
viii have TO he Immediately considered. dr Johnston
has the special ability and legal nOwdge necessary to
enable him promptly and caiefuy 10 hah1le te anas
of the broken bank for the best Interests OF a Us ered
tors He has been Of five different National
banks, the most important OF which was Ihe NaoHa %
Bank of the State of Missouri OF ST. Louis whicn nad
! capital Of $25000OO. MI Johnstohs record az
receiver Is excellent his mahagemet p tpe e SecS% cS
banks OF which he has been In charge having Deen Guar
acterz,d by economy and prudence HIS appointnenss
was recommended by nearly all the largest creditors OF
william Dowd E.. H. Perkins, jr o: ID, Baldwln dNvdt
PetIy OF Long Island City; the Mutual Life Insurance
Company Of New-York; HI Jewett and other large
York the largest depostOrs Of the broken bank tee-
crapIed me yesterday asking TO be heard in the matter
OF tbe appontment of receiver, and to-day received
a ioint telegram from these gentlemen recommending
| the appointment OF Mr Johnson.
SPECULATION AND NEWS II THIS CITY,
The directors of the bank held an informal meet
inc Yesterday morning. but did not remain in the
bank afterward as on previous days since the fail
ure President Fish was at the bank for a short time
only and was accompanied by Colonel Fellows.
The rnmor that he in custody wascrculated, but
was contradicted positively by his son. There was
| con sid erable talk about the receiver to be ap-
| pointed. and the names Of Walter 5. johnston
| William Dowd and Walter L. Hatch were men
toned 1t was said that the city officials had sent
! The name of Mr.. Dowd to the authorities
at Washington with the request that ne
De appointed. Examiner SchrIba was at
| the hank all day. He said that he knew OF moth
ing new to be said about its cOndI IlOn. lie had not
vet sent detailed statement to the authorities at
| Washington. All that had been sent was 10 the
st1,oh htt,l- hp INIT
TpI8INF reportcr asked cashier John ID. Fish if
| the LIST of shareholders which was published IN
The NeJC- Ork lines was correct MI i5h repAcu.'
not anywhere near correct and the statement that
was taken from stock ledger Is as false as false can
nm from an old list III the Tax Ohce-it must have been
three or four years Old and II contains the names OF
| very many who did then but do not low own own STOCK.
There have been many changes in the ownership OF our
| stock in the past two or three years
Controller Grant received dispatch from Con-
roer Cannon Yesterday in reply to his request that
! the appointment of receiver should be delayed
sufciontly long for MIR. Grant to communicate with
| him. After referring Nix Grant to the law upon
the appointment OF receivers for National banks,
| MIR Cannon SAID:
lam convinced that the Marine National Bank Is inso
vent and shau appoint receiver AZ tue eAes PoSSI-
bic moment
Mr. Grant regarded the dispatch as warning
that time was to be lost before the hnal appoint
ment and he and Mayor Edison held consultation
and chose a man who, they thought, would not
alone make a satisfactory receiver, but would
|
sent Immediately to Mr. Cannon with Mr.. Edson's
and Mr.. Grants recommendation.
HOW DEEPLY LONG ISLAND CITY IS INVOLVED. =
Treasurer Bleckwen Of Long Island City, last
night submitted to the Aldermen the following re-
mort of the city's financial transactions with the
! Marine Bank
The amount Of the deposits in the bank is $143943 1,
OF which S9O53o 52 is for the current expenses 0I tne
present $500 - for special ddePGS1 }5 S2cs SI9 % -
the credit old accounts The bank carried the follow
ing loans the city First. $4,000 advanced to take
M ike amount of 7 per cent NewtOwn funded DEBT
bonds maturing February l. 1882, during the admnisra
tiou OF Mayor DeiievOse second, $i,75O borrowed
by DE BeyOse third, $4,000 advanced TO take uI
maturing February l, 1885, fourth, $4,000 advanced
to take up like amount OF per cent NewtOwn funded
debt bonds maturing February |, 1884 For the S.
900 tie bank held the said maurcd bonds, and bonds
be issued and sold III place OF them as collateral The
of the loan $4,000 with interest has been pad on
by me as provided by law, and the correspond
ing bonds and colateras have been
cancelled and ARE are nddedy. my &c custody ite ytv sin
1913 s4 There may be also small balance yet at the
bank Of the cy's deposits for maured interest coupon:
not yet presented and some of the latest checks they may
moi hnye had Ouabe time TO collect. Since the sus
pension have called at tue bank almost daily, and th
cashier Of the opinion that the city Will come out al
right.
The city treasurer also Informed the Aldermen
that since the failure of the bank he had negotiated
the sale OF $4,000 of funding bonds at par, AM
was waiting for the board to designate place o
deposit when the sale would be consummated
| The committee selected to confer with the cit
treasurer after consultation reported III favor o
making the Bank of the Metropolis, Of this city
and the Mechanics and Traders Bank. of Green
point, as the depositares of the citys money. III
report unanimously adopted
THE AFFAIRS OF GRANT & WARD.
RE-HYPoTHECArED SECURITIES TO BE TAKEN UI-
Wards GOOD INTENTIONS.