The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-08
The Big Bank Breaks.

New York, ferdinand Ward
Of Grant & Ward, is at his Office to-
day. He stated that large amount
of outstanding loans Of the 6rm
were settled after business hours
last evening.
New York, 7.-All information
concerning the future was refused
by officers of the Marine Bank.
Notices were posted on the banks
doors, from Luerett bank, Boston,
the Bank OF Commerce of C)nnecti~
cut and Davide and Davis, stating
that drafts; checks ETC., on the
defunct bank drawn by these par
ties will be honored on presentation
at Hanovre and Metropolitan banks.
Manager Camp, of the Clearing
House, states there ara no new de-
velopnonts in the Marine Bank
failure, but the situation is not
nearly so bad as st frat 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 acti*n had
they been made aware of the exact
status of affairs. The same ia said
to be true of the Grant and Ward
failure which it is claimed was
brought about by Ward remaining
away from business and practically
losing his head.
Conservative brokers gay the eff
feet Of yesterdays failure is very
much over estimated so far as the
Stock Exchange is concerned, but
believe it may induce some out Of
town selling by weak holders. 1t
is reported that several large bear
operators took advantage of the de-
cline yesterday to cover up shorts,
and expressed a determination to
keep out of the market until they
can see the way more clearly.
An attachment against the prop
erty OF Fred Ward, on the ground
that he had sbsconded with intent to
defraud, was procured from JAdgs
Danohue by Hotchkiss & Burnbam,
Heath & Co. and Wilson Sc Co., who
sue Grant s. Ward for a sc1all balls
ance.
The supreme court to day granted
several attachments against ths
property of Ferdinand Ward, of
Grant Sc Ward, brokers'. The first
was granted in the suit of Horace G..
Hotchkiss and Jcs. B. Beternham,
against Ferd. Ward. U. S. Grant,
Jr., Jas. D. Fish, u. S. Grant and
VIM. G. Smith, to recover 81. 325
from the defendants as drawers of
q check upon the Marine National
bank. The check was delivered to
plaintiffs, presented to the bank and
payment refused. They charge on
information and belief that Ward
left the S ate with intent TO defraud
his creditors, and had removed his
property with like purpose. The
next attachment was in q suit by
Theo. Wilson q Co., to recover 81 200
money deposited for stocks. These
stocks had bsen borrowed, and Will
son & Co. offered to return the stock
yesterday, and demanded the money
deposited, but Ward & Grant refused
to receive the stock or return the
deposit. Ire third was granted in
q suit by Heath 6 Quincy, brokers,
to recover $54S. This money was
owed to plaintiffs by defendants,
and the latter refused to pay.
The Post says: Notwithstanding
opinions to the effect that the worst
is over, &C., the stock market was
very feverish and weak to-day, as
the effect of yesterdays failures.
There can be no question that con.
fidence has been considerably IN
settled. The market was not so ac~
tive as yesterday and apparently
there was no excitement. Aside
from the effect of the failures yes
terday there are no influences affect. |
ing the general market unfavorably |
as far as any information can be
obtained. The situation in various
railroad pools remains unsettled and |
and unsatisfactory, with the further
complication that the opening Of |
on Lake Superior will |
bring the st. Paul s. Duluth road ia
q competition for Minneapolis and
other northern freights. The pros
pect Of the cessation of gold exports
as result OF relative higher rate
of interest for money here than in
London is a favorable feature,
The sta 'ement that the Erie Rail
way lost heavily by the Marine
Bank is denied by President Jewett,
who states that the bank held but
100000 to their credit when it
closed. The Marine Bank directors
are still in cession. The bank exs
aminer declined to say anything.
A depositor says no doubt the bank
will pay depositors in full.
It is stated that the affairs of
Grant and Ward are turning out
better than was supposed. The
irm expected to procure large
oan which would carry them along.
The loan was not obtained and |
Ward gave up. 1t is now thought
he assets will go farther than
vas expected.
Comptroller Grant said today he
aad reason to believe the depositors |
n the Marine Bank would be paid
N fuIi. and tbs citV. which had enc