The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-05-12
GRANT q WARD AND THE MARINE
RANK.


BANK.
For the past few days the dispatches have
teemed wi TIE circumstances connected
with the New York failure Of the broker
firm Of Grant & Ward and the Marine
bank. 1t seems to be complicated re-
lstionship that existed between the two
monetary institutions, and rum tue tangled
heap OF detail 1t lie somewhat difficult to
thread the true status OF the cmbroglio.
concern, established some thirty five years
since, and row national bank, SO that Ito is.
sue is protected. The amount OF capilat stock
il only $4,000. for which the stockholders
ara liable in double that amount, and that,
with the surplus Of between 100000 and
$500, 600, with real estate Of about $500 GOO
In value, would seem to be told essets in
sight to considerably over a million Of
dollars. Their last statement OF April
2i.h, 1884, shows IN individual deposit
on hand Of $5,24O 5os.li, for which
they were indebted to depositors subject to
check. JAMES d. FISH was president, and
rated as being worth some So QUO eco or
more. FERDINAND WAnp Of the firm Of
GRANT e. WARD, was director Of the bank
and the city chamberlain, Mr.. /. NELSON
TApPAs, also. The city is deposition 10 the
amount OF 81 600 eco, placed there by TAP
PAN, who, with the comptroller and mayor
were empowered to select the banks where
the city current receipts, amounting to
from $500. COO to $4O0 Goo per doy, should be
deposited, only limited by the inhibition OF
leaving more than 100000 ct any one
bank. The morning cfthe failure Japan
had checked out $500, COO before the close,
this leaving en- even million on deposit for
the city.
The firm OF GRANT & WAnD..was composed
OF ULYSSES GRANT, JR, FERDINAND
GRANT, GENERAL U. g. GRANT
and w. o. SMITH. They were brokers,
and their business was to borrow money
from the banks at 0 per cent. on time,
and lonn at much shorter time and heavier
interest to railroad companies ard others
able to furnish collnternls satisfactory in
character and amount They also purchased
revenue ss we'll % long bonds, nnd placed
them at times. The firm was supposed to
have capital Of $4oo COO paid up-each
partner contributing 100000.
II appears that the cause OF the failure Of
the bank was the certifying Of checks
OF the firm OF GRANT q WARD to the
amount Of 100000, said firm having
promised at the time Of receiving the Ger.
tlficates 10 furnish ample collaterals
for their security which promise they
failed to redeem. On Tuesday morning,
which was one Of the discount days Of the
bank, the directory met % usual and trans-
acted the routine business Of the day. The
absence Of the president, MR. Fish, was OF
served, bat NO alarm excited, and the direc.
tory adjourned without the least apprehen-
zion Of impending danger. In the mean
time FISH had gone to the clearing houses
where he met . difference figured mp against
the bank Of $555.00o. He Immediately
became psnic-struck and telephoned the
officers Of the bank 70 close doors.
This peremptory command produced
great condensation among the employees.
but had to b obeyed, although little A.
ter noon the deficiency was msde mp By
Fuu. But Il was too late. The clearing
house would not DO modified. The clos Ing
Of the doors was the mortal s6ront to com-
mercisl honor and the Marine bank was or
dsred out in the cold-she cold ofa bank
oorpss. Nothing remained but administrp'
lion On lie estate and this 10 TIE point upon
vhioh oesditou, seookholdsrs end deposl-
tors ars sadly aeitatsd. IL appear that
Fmn, who h man Of 8|
yeeu Of go, became rsttled
To soop. end thss "a sxsrtien Of nerve, In
e>ond u . display Of ehildish tImidIty,
vsuld hsve I'M ~ Insslsution @ ~ Leg,
perhope loeevor. 1hs New Yoess Chlcs6oI
z =. Lsuls coileoo1. u Whioh WuasAn B. |
vkn5mnue'b DgUu11soe. boezoVo9 30
0nAns 4 VA D>ooeo4 - V1leA oo1vI