The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-05-08
The Marine Bank.


NEW YoRK, May 7.-Mauager Camp, OF
the clearing house, stales there are no de-
yelopments in the Marine bank failure, bat
| tho situation Is not as bed IS ss first sup
posed. IL is now stated from exc, llent Gu'
| thority that President Fish exhibited I'M
due hsste In closing tho doors OF the bank,
and the directors wuuld not have consented
70 his action had they baen made
aware OF the exact status oi eitairs. The
same ~ said TO be true in Grant IL Ward'a
failure, which is claimed wac brought
about by Wards remaining swsy from BUS
inees And practically losing his heed.
HEw YosK, May Tile president end
directors Of the Marine back are 10 secret
nrssion. AN official states that II 10 more
than probable the bank will come ont ell
right Depositors ere being paid Ia full.
Statements that the Enc railway lost
heavily by the Marine osnk are denied by
President Jewett. who states that the bank
held but 500 coo TO their credit when 10
closed. The bank examiner declines 10 soy
anything Depositors say there Is no doubt
ths bank will pay deDositors IN full
II is stated the affairs OF Grant e Ward
are turning out better than suDposed fhe
firm expected to secure large loan which
would carry them along. The loan was
not obtained aud Ward gave UP. IL IL now
thought tho a5sete will go further than e1-
pected.
Comptroller Grant said to-day he had
reason to believe dcpositors in the Marine
bank would be paid In iuii and the city,
which had 81 100000 on depo 1t. would lose
nothing.
New YORK, Mey 7.-Captain Ambrose
Snow, director of the Marine bank said
this afternoon that IN formal meeting
OF the directors OF the bank to-day, Ia The
private Office of President Fish over the
bank, TO talk over the situation, on che re-
quest of the board Fish was present and
msde statement OF the cause which in.
duced him to Close the bank. Fish etnied
he had come 20 the conclusion that .Ferdi-
nand Ward had deceived MIN and was an
unmitigatod scoundrel, and finding that
his defalcstion amounted 10 $4,000 ne
had decided the best thing to do was to
close the bank and tave II from utter
failure. He also stated that he ana other
members of bis family owned three
quarters ofthe stock OF the bank. Captain
Snow said tho directors had always had
the greatest confidence in President Fish's
honesty and they still had
the same opinion, They only re-
GREETED that Fish had not called
q meeting of the board ana submitted mat
terra 10 them before he so hastily decided TO
close the doors OF the bank. They thought
ne lacked GOOD judgment in taking such
hasty action. He stated also that the bank
would probably soon be- able to resume
business, and none Of the depositors would
lose cent.
Ulysses 8. Grant. IT,, cold some pronsrty
on Third avenue to-day for $4,000
and borrowed $l,822 on n house
and lot in east Sixty-third street. The
lease was also recorded to-day Of stores 10.
20 and ~ west Twenty.third street, Booths
theatre, by James ID. Fish aud Ferdinand
Ward to Uonklin Il Cherere, al an annual
rental OF $4,000.
Although Ward was In his office to-day,
he refused to make a statementin regard to
his alleged deialcation. what has become
OF the large sums he borrowed ~ still
mystery, but 1t is supposed were sunk in
real estate speculations.
1t is stated by n well.known merchant
that the clearing house association has Tor
. long time regarded the Marine bank with
suspicion on account OF the well-known
real estate operations Of It's president, and
was ready 10 use the slightest pretext for
exoelling II from the association. The
bank examiners are still In charge OF the
books OF the bank.