The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-07
INDIANAPOLIS, WEDNESDAY

had been loaning money
What is your opinion of the future of the
market, Mr.. GOuld22
81 take very hopeful view of it as a whole.
The situation looks much better than it did
week ago. The earnings of the railroads are in
creasing, and almost all the people meet tell
me business is improving. 1t looks to me as if
! we had turned the spring corner and, with an
Improvement in general business throughout the
| country, and very favorable outlook for crops,
L consider an improvement in the stock market
assured"
THE BANK SAID TO BE SOLVENT
No bank in New York seems in the least in
volved or embarrassed by the failure of the Ma
rine Bank. The executive committee of the as
sociated banks held a meeting this afternoon at
the clearing house, and remained for several
hours in session. At the close of the session it
was announced that it had been decided to drop
the Marine Bank from the association and cut it
on from all further privileges of the clearing
house. Manager Camp said the balance due the
clearing house yesterday from the Marine Bank
was 900, and this sum had been all
paid up by the bank before the rumor of
Its suspension had reached the street 1t was
decided also to call a special meeting of the
whole association tomorrow to further consider
the matter of the relations of the Marine Bank
to the clearing house.
Bank examiners are in charge of the Marine
Bank The directors of the bank were in session
all the afternoon. President Fish was not pres
emit Members of the board claimed that the
bank was in perfectly solvent condition. and
that business would be resumed in a few days
Charles F. Elwell, vice president of the bank
said: ''The bank is solvent and there
is no reason why it should not go
on. The trouble was all brought about by the
dealings of the bank with the firm of Grant &
Ward. On Monday the cashier of the bank was
authorized to certify checks of Grant & Ward to
the amount of $750000, it being understood the
firm would deposit sufficient security this morn
ing to cover the Indebtedness. They failed to
make the deposit this morning, and when the
checks are presented at the clearing house there
was nothing to meet them with in bank The
accounts showed that the bank owed a balance of
$o5O, 600 to the clearinghouse but this was re-
duced to 1899, 900 by the discovery that there
were among the checks presented over 5000 600
in uncertifed checks of Grant e Ward. The
bank then made payment to the clearing house
OF $2l0 600 cash and the remainder in valuable
securities, thus discharging its entire indebted
ness. The surplus of the bank, over and above
real estate, is $3.50 000 and there is no other
outstanding liabilities. Fish must have
lost his head completely. He is
a man who has been very successful
in real estate operations and reported as having
made about $60O000 in this way He is worth
at least 81, 100000. When 1 saw him yesterday
he was apparently in the best of health and
spirits, and there was never the slightest sus-
picion that anything was wrong in the bank"
Captain Ambrose Snow. another director. con
tirmed the statements made by Elwell IN regard
to the financial condition of the bank. and also
Fishs motive in closing the bank.
SOMETHING ABOUT FISH
The World in a sketch of Fish, says: ''He is
one of the oldest bank presidents in the city,
there being but seven others who held similar
position when he took charge of the Marine Bank
He has been identified with most of the great in
stltutlons of the city. In recent years his bank
has had great wholesale tobacco accounts and
the deposits of private bankers, and twice a
month sends teller to Jersey
ClUy Win the paymastefs car
road. People of Mystic Conn, were the origi-
nal subscribers to the stock of the Marine Bank.
and many of the original ceptif-c.-- -; -,,+;ra-
there to this day After General Grant 5 re.Ie 5
ment from the presidency Fish beea29ee be- Intensive ex-
perience as railroad director and financier. In
1859 he became connected with the Chicago &
Northwestern railroad. He was one of its first
directors, and was associated with VIM B.
Ogden and Samuel J. Tilden. In 1870 he was
made president of the st. Louis a. San Francisco
Railroad Company which position he held two
years, after which he acted as vice-president He
has also settled estates as executor and trustee
by order of court, and of late years has been
identified more or less with receiverships of in
surance companies and other financial institu-
tions, he and VIM. Best being regarded in
financial circles as to expert receivers
NOTES OF THE FAILURE.
The SUSPENSION of the Marine Bank demoral-
lied railroad shares, portlvns Of large blocks of
long stock being thrown on the markeu..
Long Island City made the Marine Bank It's
depository; all its funds are there, and if the
bank remains closed the city will become bank
rupt second time within two years
Director Yates, of the Marine Bank, says that
no defalcation or dishonesty exists in the man
agement of the bank. The principal trouble is the
bank cannot realize some collateral
Stocks were weak and depressed this afternoon on
the reported defalcation in the house of Grant &
Ward Prices touched the lowest figure, but
subsequently there steadier tone, with
some recovery from the lowest point. The
market closed steady.
The suspension of Grant & Ward was an
nounced on the Stock Exchange. The firm is
composed of General U. S. Grant, James D.
Fish. u S. Grant jr., and Ferdinand Ward.
About 600 shares of G. c. c. & l., Omaha, and
Alton & Terre Haute stocks were closed out un-
der the rule; also, some Nickel plate seconds.