The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-07
BANK SUSPENSION.
The Marine Bank or New York Closes Its
Doors.
10y telegraph to the Disps,ch.l

IBy telegraph TO the Dispatch.I
NEW YORK, May 6.-The Marine Bank,
OF this city, has closed Its doors. The
capital OF this bank Is 100000, and Its
statement OF September 90. 1888, showed q
surplus Of S130.0O0 and undivided profits
| OF S62, 345. John ID. Fish IL cashier.
The suspension OF the bank has weak
ened and demoralized share speculation.
Large blocks OF long stock have been
| thrown on the market, and IL Is thought
that several firms will have to go under.
| The prices have broken ! TO 81 per cent,
with the Missouri Pacific, Union Pacific,
Northern Pacific preferred, and Erie as the
weakest shares. Messrs. Grant e Ward,
an old banking firm, state that the failure
OF the Marine Bank will affect them Sc
riously, and they cannot see how they can
secure themselves. They will hold con-
ference, issue q statement, and notify the
Stock Exchange OF their inability 10 carry
on business for the present.
The bank-eXaminer is in charge OF the
suspended Marine Bank, and IL Is aniici-
pated that the Washington authorities will
appoint receiver. The bank settled up
its debit balance OF S550.000 at the clear
ing-house by the payment OF some cash
and deposit OF commercial paper and Sc
curities OF various kinds for the balance.
II is the designated depository OF the city
OF New York.
| Comptroller Grant visited the bank
to-day after its suspension, and is credited
with the statement that the city has a bal
ance OF St,000.000 with the bank to-day,
and that yesterday the city drew a draft on
the bank for 100000. which was part OF
the debit balance In the clearinghouse this
morning. and this did much to precipitate
the failure. james ID. Fish is the presl-
dent, and his nephew. John ID. Fish, is the
cashier, and among street-gossipers il is
asserted that several other relatives hold
positions in the bank.
Kiernan's Wall-Street News Agency is
sues the following: Rumors OF defalca-
ton Of $500, 900 have accompanied the sus-
pension OF the Marine Bank. The party in
question is said 10 have had close relations
with the bank. We have investigated
and get the following statement: The
embarrassment OF Grant Il Ward is
said, on reliable authority. TO be
due to the absence OF one Of the firm, who
has not been at his place OF business since
Saturday last. Various rumors are aloat
in financial circles, respecting which Mr..
Grant. the senior member OF the hrm, says /:
II cannot deny or corroborate reports cur
rent. We are nearly S500,000 short. Our
safes are locked, and until we can find
Ward cannot say how we stand"
The bank-examiners are in charge OF the
books OF the bank, and nothing could be
learned in regard TO the progress OF their
work. The directors OF the bank remained
i'm session at the bank-building all the after
noon with closed doors. President Fish,
it is understood, was not present.
The members OF the Board claimed
that the bank itself was in a perfectly SOL
vent condition.; that rumOred suspension
would amount TO no more than temporary
embarrassment, and business would be re-
sumed i'm a few days. Charles +. Elwell,
vice-president Of the bank, said the bank
is solvent, and there is no reason why
it should not 90 on. The trouble
was all brought about by dealings
Of the bank with the firm OF Grant x Ward.
on Monday the cashier OF the bank was
authorized to certify checks OF Grant x
Ward to the amount Of S150.000. 1t being
understood that the firm would deposit
sufficient security this morning to cover
the Indebtedness. They failed to make
the deposit this morning, and in conse-
quence, when the checks were present
ed at the clearinghouse there was
nothing to meet them with in the
bank. The account showed that The
bank owed balance OF S555,OOI
to the Clearinghouse, but this was reduce,
to 1899, 900 by discovery that there wa
among the checks presented over S200,OO
+, in uncertitied checks OF Grant IL Ward
The bank then made payment to the clear
ing-house OF 100000 IN cash and the re
mainder in valuable securities, thus dis
charging the Indebtedness. The surpiu
J OF the bank over and above its real estate
Is S250,OO0. and there are no other out
standing liabilities. Fish must have los
} his head completely.