The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-05-15
THE BANK FAILURE.

NEW Y DIRK, May Capt. Ambrose
Snow, director of the Marine bank,
said this afternoon that, at formal
meeting of the directors of the bank
to-day IN the private Office of Presi-.
dent Fish, over the bank, called to
talk over the situation, at the request
of the board, Fish was present and
made statement of the cause which
induced him to close the bank. Fish
stated that he had come to the conclu
sion that Ferdinand Ward had de-
ceived him, and was an
unmitigated scoundrel, and fiLd-
ing that his defalcation amounted
to $4,000 he decided the best thing
to do was to close the bank and save
it from utter failure. He also stated
that he and other members of his fam
lily owned three fourths of the stock
of the bank. Capt. Snow said the di-
rectors had always had the greatest
onfidence in President Fish's honesty
nd they still hell the same opinion.
They only regretted that Fish did not
call a meeting of the board and sub
NIT matters to them before he so has
tily decided to close the bank. They
thought he lacked good Judgment in
taking such hasty action, and stated
also that the bank would probably
soon be able to resume business, and
, tit TIT hone of the depositors would lose
a cent.
Ulysses S. Grant, jr., sold some prop
erty on Third avenue to-day for $780,
OOl, and borro wed 81, 1922 on his house
and lot on East Sixty-third street. The
lease is also recorded to day of stores
70 and Y West Twe1ty-third street,
and b. oth's theatre by Jas. ID. Fish
and Ferd Ward TO ConElin u CheVers,
at an annual rental OF. $4,000. AL
though Ward was in his Nflice to-day
he refused to make statement In
regard to his alleged defalcatton.
What has become of the large sums
he borrowed is still mystery, but it
is supposed they are sunk In real eS-
tate speculations.
NEW YORK, May 1.-THE state
ments that the Erie railway lost heav-
| ily by the Marine bank are denied by
President Jewett, who states that the
bank held but 100000 to their credit
when it closed. The bank examiners
declined to say anything. Depositors
saw there is no doubt the bank will
paw depositors in full. 1t is stated the
affairs of Grant & Ward are
turning out better than was
supposed. The firm expected to secure
a large loan which wo uld carry them
along. The loan was not obtained,
and Ward gave up. 1t is now thought
the assets will go farther than ex-
pected.
Comptroller Grant said to-day he
had reason to believe the depositors IN
the Marine bank would be paid in full
and the city, which had one million
dollars on deposit, would lose nothing
| New York, May SIN the suit
brought by the New York, Chicago x
st. Louis railway company against
Ulysses S. Grant, jr., Ferdinand Ward
U. S. Grant, ST., james ID. Fish, vii.
liam c. Smith, Julian L. Davies and j
H. Morris, in the supreme court, Judge
Donohue this afternoon granted an
order requiring defendants to SHOW
cause on NAV II, why a receiver
should not be appointed, and also why
an Injunction should not be issued
and in themeantime, and unit
further orders of court, deiend
ants and their agents are restrain
ed from interfering with th'
partnership assets OF the hrm O
Grant & Ward, or from ling. same
or from appropriating same to TN
payment of any debts OF the nrn
without leave of the court. Ih'
order and injunction were grante'
upon complaint and affidavit OF VIM
II. Vanderbilt, president OF New
York Central & ct. Louis ralWa
company. In his affidavit Wander
5 bilt says about April II, 1854, the rall
way company made Its promlssor
note, bearing date that day, whereof
] for value received it promised 10 pa
Grant & Ward S50O,OOO. The note WI
5 become due Jan. l, 1885. On the 2Ut
of April the railway company mao
another promissory note, payable Q
: the same firm, for 100000, which not
also becomes payable January l, S4
NEW YORK, May 8.-The Marin
bank directors have adjourned, an
> no statement is likely to be made tt
C day. Director Siereck says no receive
e will be appointed, and the chances {
l. resumption are good. Fish was NJ
asked to resign, but in case of REQ
r ganiZation there will be new pres
i. dent and cashier. The checks depo
e tied Tuesday will be paid unless thel
II is an off-setting Indebtedness.
. NEW YORK, May 9.-The suspicio
re grows that the Grant s. Ward failu
Is much more serious than at first su
L posed. To-day well-known memb'
of the stock exchange said: For fol
ID or five months l have heard rumo
of the strange transactions of Graz
81 Ward. l do not think S8O0.0O0
any means an extravagant estimate
~ the liabilities of the firm. My bell
d is that they exceed 100000. VIII
the failure was announced | said
E. would be the largest Wall street ev
al saw. and am now more firmly co
To- yinced than ever of the truth of t
n estimate. What the assets can be
80 l1rors hut they are nrnhal