The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-05-07
E0R HALF A MILLION
Suspension OF a Bank With Five
Millions ON Deposit.
The Marine National Goes Under 10
the Conformation of 'sthe Street''
zen. Grants Firm In
ehe Wreck.

the clearing house, where the bank failed to
settle its balance, amounting TO $780, 900,
about $500 600 being left unpaid. TIE bank
soon afterward closed up.
Intense excitement was caused in mercan-
tile circles and in Wall street, as there had
been such an uneasy feeling prevailing in
both the speculative and legitimate branches
OF trade lately, that it was regarded as the
signal for a general break up Stocks in
Wall street. which had just begun to reach
foothold where they could make
a stand against the continued attacks of the
bears at once gave way and semi-panic
was created, even the most solid of the divi-.
deDd payers yielding to the pressure
The Marine National was one of the oldest
in the city, and had always besn regarded
as among the most conservative. The
president, James d. Fish, and the
cashier, his son, John D. Fish, owned
most of the stock in the institution.
The stock has for long time been quoted at
par. The capital of the bank is $1,000 and
the last report shows surplus of $145, 900,
add undivided profits of $4,000, besides
$40O, 600 in real estate and fixtures
In the last Saturdays returns of the
associated banks the Marine re-
ported having on hand $780,
600 in specie and $4,000 in legal
tenders. The deposits were reported at
81 900, GOO. 1t is feared that the failure will
prove to be the worst in some years, owing
TO the lar ge peposits and inexplicable tangle
in which the affairs of the bank are mixed.
James D. Fish, the president, although al
ways reputed to conduct the bank affairs on
the most conservative principles, has been
known for many years as heavy Spectator
with his own fortune.
He was associated with Joseph Young in
the Danville & Vinceunes railroad, which
afterward passed into other hands under the
name OF the Chicago & Eastern Illinois. OF
late years he has been big dealer in real
estate. Among his latest ventures in that
respect was his purchase of Booths theatre
for 81, 100000. He was also connected
with the Casino property, which cost
something over S5O0,0OO. During the
past three years he has taken large interest
in the Mexican railroads, and the recent de-
cline in the Mexican Central bonds to As is
said to have caused a heavy loss to him.
In the stock market the greatest consterna-
ton was produced by the announce
ment of the failure, and the heavily
loaded bulls fastened to sell out
their holdings as fast as pos
sible. St Paul dropped from "a to 81,
Northwestern from ll22l to no, and the
Northern Paeifics which have lately had an
incipient boom lost all their gain of the past
fortnight. The Gould properties and Union
Pacific suffered equally as much the latter
falling in half an hour from 81 to 81 A
panicky feeling prevailed.
In the clearing house the bank was a
debtor s50OOO0, and Manager Camp refused
to allow the clearing to proceed until security
for that amount has been provided Thus
the clearing was delayed, and although fl.
nally accomplished, the security having
been given for $500, 900, the Marine bank
officials decided to suspend
The Evening Post says the suspension of
the Marine National bank was announced
little after IL o'clock in the morning The
Immediate cause of the failure was the banks
inability to meet its. debt of about $500 OOO
at the clearing house. But the cause
lying behind this is presumed to be
the real estate operations of President james
D. Fish during the last year or two Within
that time he bought Booths theatre and the
Casino, and has recently been building a
large apartment building, the GMystic,D on
West Thirty ninth street. The reconstruc-
ton of Booths theatre and the building OF
"MysticF has taken great deal of
ready money which he is presumed to
have borrowed from the bank. Fish is
the second vice president of the st. Louis
& San Francisco railroad, and the Marine
bank is the registration Office of that stock.
1t is not presumed that this connection had
anything to do with the banks embarrass.
ment, though il is understood that some con-
nection with either the Ontario & Western
or the West Shore bond manipulation may
have had some influence, though probably
only secondary to the real estate operations
of the president
The fact that the bank had paid the
balance of S555, 200 at the clearing house
tended to allay the fears Of great many
depositors, and it is conieetured that
the suspension is only temporary. George
R. Read, who is connected with
Ludlow & Co, real estate dealers,
said 1.-THE troubles of the bank are not due
to any unfortunate speculations in real estate
by Fish, for he is shrewd Spectator and
buys nothing but valuable property" c. H.
Mallory G. Co., shipping merchants, are
among the heaviest depositors in the bank.
One of the firm stated that the house
will not be embarrassed by the suspension,
and that there is not much likelihood that
any failures will follow. Mallory & Co. had
very little money in the bank. Other ship
pers are in the same position. The bank
examiner is in charge of the suspended
bank. 1t is probable that the Washington
authorities will appoint recei yer.