Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-08
A COLOSSAL THEFT.
Ferdinand Ward Steals About
$4,000.
IT BREAKS THE MARINE BANK.
The Latest DEVELOPMENTS in tuesdays New
York Faiure---A Startling State
ment Made Before the =,
Board of Directors.

New York, May Captain Ambrose
Snow. a director of the Marine bank, said:
this afternoon at an informal meeting of the
directors of the bank today in the private
office of President Fish, over the bank, to
talk over the situation, at the request of the
board Fish was present and made a state
ment of the causes which induced him 10
close the bank Fish stated he had come TO
the conclusion that Ferdinand Ward
had deceived him and that he was an
unmitgated Scoundrel, and finding that
his defa!cations amounted to ST50000
he had decided best thing to do was to close
the bank and save it from utter failure
He also stated he and other members of his
family owned three quarters of the stock OF
The bank Captain Snow said the directions
had always had the greatest confidence in
President Fishs honesty and integrity, and
they still held the same opinion. They only
regretted Fish had not called a meeting of
the Board and substituted the matters TO
them before he so hastily decided TO close
the doors of the bank. They
thought he lacked good judg-
mcnt in taking such hasty action, and
stated also that the bank would probably
soon be able to resume business and none
of its depositors would lose cent. Ulysses
5. Grant, Jr., sold some property on Third
avenue to-day for $4,000 and borrowed
81 .s22 on house and lot in East Sixty
third street A lease was also re-
corded to-day of stores at 20 and y
West Twentv-third street, (Booths
theatre, by James D. Fish and Ferdinand
Ward to COnkling and ChiviS at an annual
rental of $4,000. Although Ward was in
his office to-day, he refused to make any
statement in regard TO his alleged defalca-
ton. What has become of the large sums
he borrowed is still very much of
mystery, but it is supposed that he
sunk them in real estate speculation.
Ii is stated by well known merchants
that the clearing house association has for
ong time regarded the Marine Bank with
suspicion on account of the well known real
estate operations of its president and was
ready to use the slightest pretext for ex-
telling it from the association. The bank
examiners are still in charge of the books
Afternoon Reports
New YoRE, May The failure of the
Marine Bank and the firm of Grant
Ward confined TO he the topic of the con
yerSation to-day The bank officers refuse
anv information whatever The brokers say
the effect of Yesterdays failures is very
mlch over-estima,cd, so far as the Stock
Exchange is concerned But they fear
the effect on the outside world will he bad
The Supreme Court today granted several
attachments against the property Of Fcrd-
mand Ward, of Grant Il Ward.
The Post saws: Notwithstanding opin-
iorS To that effect that the worst is over.
The stock market is feverish and weak to-
Law as ihe effect of Yesterdays failure.
There can be no question that confidence
aa, been considerably unsettled and the
market is not so active as Yesterday and ap-
uarcnlv there is no excitement aside from
he effect of the failures yesterday There
arr no influences affecting the general mar
ict infavorable As far as any information
can he obtained the situation on the various
raiiroad pools remains unsettled and unSat-
isfactorv with the further complication tina
opcning navigation in Lake Superior vii
bring tie st. Paul and Duluth road in as
competitor for Minneapolis and other north
western frcights The prospect of the ccs-
|ation of gold exports as result OF the
uelatiue higher rate of interests for money
here than in London is a favorable feature
The Bank Examiner refuses TO say any
thing of the condition of the bauk further
than that he has no doubt all depositors will
hc paid in full Gen. Grant expressed the
same opinion. The city of New York had
81 .OOO, 900 in deposit in this bank. Consid
cradle excitement existed at Hunters Point
because all the funds of that place were in
Tho Marine hank