The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-08
THE FAILURESIN NEW YORK.
Expectation that DepositOrs Of The
Marine Bank viii Be Paid in Full.
General Grants Partner Rcappears, and the
Condition of the Firm Is Reported.
Changed for the Better.
THE EASTERN FAILURES.
Condition of the Affairs of the Marine Bank
and of Grant s. Ward.

NIdll 90 NdIuy Is al HE OuiCG bOud1. II IL
stated that a large amount of the outstanding
loans of the firm were settled after business
hours last evening.
Officers of the Marine Bank decline to give
any information. Notices posted ON the banks
doors stated that checks, drafts, etc, drawn on
the defunct bank by the Everett Bank of Bos-
ton, the Bank of Commerce of Connecticut and
Davidge & Davis's would be honored on presen-
tation at the Hanover and Metropolitan banks.
Manager Camp, of the clearing house, states
that there are no new developments in the
Marine Bank f allure, but the situation is not
nearly 80 bad as first supposed. 1t is now
stated, on excellent authority, that President
Fish exhibited undue haste in closing the doors
of the bank, and the directors would not have
consented to his action had they been made
aware of the exact status Of affairs. The same
is said to be true Of the Grant & Ward failure,
which, it is claimed, was brought about by
Ward remaining away from business and prac-
tically losing his head.
The president and directors of the Marine Bank
are in secret session. An official states that it is
more than probable the bank will come out all
right and depositOrs be paid in full. Conservative
brokers say the effect OF yesterdays failures was
very much overestimated so far as the Stock
Exchange was concerned, but believe it may in
duce some out of-town selling by weak holders,
1t is reported that several large ''bear" operators
took advantage of the decline yesterday to cover
up their shorts, and expressed a determination
to keep out of the market until they can see
their way more clearly.
The Supreme Court to-day granted
several attachments against the proper
ty of Ferdinand Ward, of Grant & Ward,
brokers. The first granted was in the suit of
Horace G. Hotchkiss, and Joseph B. Barnham
against Ferdinand Ward, u. S. Grant, jr,
James D. Fish, T.. S. Grant, and VIM. G. Smith,
to recover S., 225 from defendants as drawers of
a check upon tho Marine National Bank. The
check was delivered to plaintiff, presented to the
bank, and payment refused. They charge, on
information and belief, that Ward left the State
with intent to defraud his creditors, and had re
moved his property with a like purpose. The
next attachment was in a suit by Theodore Will
son &c Co., to recover 81 200, money deposited
for stocks. These stocks had been borrowed.
Wilson d Co., offered to return the stocks yes
terday and demanded the money deposited, but
Ward & Grant refused to receive the stock or
return the deposit. The third attachment was
granted in a suit by Heath & Quincy. brokers,
to recover 1915. This money was owed plaintiffs
by defendants, and the latter refused to pay.
1t is stated that the affairs Of Grant d. Ward
are turning out better than was supposed. The
firm expected to procure a large loan, which
would carry them along. The loan was not OBJ
tanned, and Ward gave up. 1t is now thought
the assets will go further than expected.
Comptroller Grant said to-day that he had
reason to believe depositors in the Marine Bank
would be paid in full, as the city, which had
81, 900. 900 on deposit, would lose nothing.
The statement that the Erie railway lost
heavily by the Marine Bank is denied by Presi-
Aant 1auo+f xvhn c4afaO fhot fha honlF 6oll hHf
500, 900 to their credit when it closed.
The bank examiner declines to say anything.
Depositors say there is no doubt the bank will
pay depositors in full.
WHY MR.. FISH CLOSED THE M
Capt. Ambrose Snow, a director of the Marine
Bank said, this afternoon, that an informal meet
ing of the directors of the bank had been had in.
the private Office of President Fish to talk over
the situation. At the request of the board, Mr..
Fish was present and made a statement of the
causes which induced him to close the bank.
Mr.. Fish stated that he had come to the conclu-
sion that Ferdinand Ward had deceived him, and
was an unmitigated scoundrel, and find
ing that his defalcation amounted to
$3.50, 900, he had decided that the best
thing to do was to close the bank and saveit from
utter failure. He also stated that he and other
members of his family owned three quarters of
the stock of the bank. Captain Snow said the
directors had always had the greatest confidence
in President Fish's honesty and integrity and
they still held the same opinion. They regretted
that he had not called a meeting of the board
ana submitted matters to them before he so
hastily decided to close the doors of the bank.
They thought he lacked good judgment i'll taking
such hasty action.
1t was stated, also, that the bank would prob
ably soon be able to resume business, and none
of the depositors would lose a cent.
Ulysses S. Grant, ir., sold some property on
Third avenue, to-day. for $50, 900, and borrowed
81, 822 on a house and lot on East Sixty-third
street. A lease was also recorded to-day of
stores No. 20 and II West Twentythird street
Booths Theater-by James D. Fish and Fer
dinand Ward, to Conkling g. Chivois, at an an
nual rental of SIG, 900.
Although Ward was in his office to-day he
refused to make any statement in regard to his
alleged defalcation. What has become of the
large sums he borrowed Is still a mystery, but
it is supposed they were sunk in real estate
speculation.
1t is stated by a well known merchant that
the Clearing house Association has for a long
time regarded the Marine Bank with suspicion
on account of we'll known real estate operations
of its president, end was ready to use the
slightest pretext for e~xpelling it from the asso-
citation.
The bank examiners are still in charge of the
books of the bank.
Character of Grant e. Wards Rusiness.