National Republican. (Washington City (D.C.)) 1872-1888, 1884-07-04
THE MARINE BANK.
Report of the Receiver Giving a statement Of
lis Financial Condition.

Mr.. Cannon, comptroller of the currency, re-
ceivcd the report OF Walter S. Johnson, receiver
Of the Marine National bank ofthc city of New
York, by express about noon yesterday.
Tho report is accompanied by schedules and
exhibits relating to the assets of the bank, ana
the following is general statement of thc con
ditiOn of It's affairs on June 30 1881. Mt
johnson in forwarding his report prcinccs IL
with the following statement;
II has been simply impossible for me 70 get
through II thorough examination OF all inc
affairs of the bank to date. With ullthe force
fmy Office at work they have. not been able us
yet to get to the point OF Scheduling, any hlore
than the assets of the bank MS called orby the
books except the real cstnte, ana they are
now engaged in going through mass OF assets
which have been charged oil during great
many years, and scheduling the same to cna'
bic me to take up the several items, obtain
their history and present vHluc, II any anu
the schedules of the real estate are expected 70
follow that work. Nevertheless ] forward
herewith II report, with the accompanying
schedules, which, without being rs thorough
and complete as | would Ike, and WhiCn'
from time to time hereafter viii supplements
will in the meantime enable youto coniTIe-
bend the situation here, and give suG lni0r-
nation as you deem 1T, and Tor which take
II YOU are constantly import,lncd.
"Thc Marine National bank, Of the city oil
New York, was chartered on the Isl OF jan
uary, 1853 Ii opened for business on the oti
of May, 1873 It was organized as a'national
bank aud began business ON the ~ oil June,
1895. II failed on the 9th of Nay 1881, and It's
doors were closed about 1880 u. M of that day.
The president of the bank was james d. FISH,
a man who had been for forty years i'll busi-
ness in New York and who seems to have
borne good business reputation. The di'
| rcctory were james ". Elwell, Henry Barrow,
| Ambrose snow John y. Qulrk, Jos. W. Yates,
| Carsten Scrck, John :. Wilson. jas. X. smith
Amasa IL. Scovil Henry j. Cullen, jr., Elihu
! SpicCr, IT,, Bird W spencer, j. Nelson Iappan
| and Ferdinand Ward"
The comptroller says while he has not had
| time to go through the schedules and examine
| the report which Is very voluminOus, In de
| tail, but, from the fact that the proved claim,
amount to Si,i03,0 OIL IL and the assets estimated
as good amount to only 2302l, hs6.2l he mas ne
| doubt but that an assessment Will be mad,
| against the shareholders of the bank in nc
/ corduncC with section 6l5l, Revised Statutes
/ In reply to Inquiries regarding probable diyi
| deudS. the comptroller says he hopes TO bI
! able to make II dividend to the creditors OF thu
| bank within month or six weeks
| In reply TO inquiry, the comptroller Is MOI
! prepared to say whether proceedings VIII Dt
| commenced against ;hc directors or not.
In reference to the bad and doubtful debts
amounting to 81 500, 1873, the comptroller 4
of opinion that it will not be n total loss, bu
| the condition of the Marine bank is involved
| in such legal complications that the amount
recovered from these bad and doubtful asset
| will he collected with great difficulty, ant
! their collection will be attended with mucl
delay and considerable expense.