The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-20
FINANCIAL.
The Situation ON Wall street, New York
Failures Elsewhere Reported.

The Situation ON Wall Street, New York
Failures Elsewhere Reported.
WALL STREET, May 19.-W. B. Scott & Co.
have just announced their suspension at the
Exchange.
WALL ST., May 19.-C. g. Baldwin has re-
signed as president of the Louisville & Nash
vile Railroad Co The committee has audit
60 the company's accounts and all reports of
defalcation and embellishments Of its funds or
Misrepresentation of securities are officially an.
nounced without foundation. At meeting of
the board OF directors this afternoon, the resig-
nation was accepted and Mr.. Rogers Of Rog-
srs' locomotive works was elected in his place.
Baldwin still remains as director and member
OF the finance committee.
Grant 81 Wards Failure.
NEW YORK, May 19.-In the cases of Nor
ris vs. Grant & Ward, Ferdinand Ward testi-
ned today, that in his transactions with City
chamberlain Tappan, the following receipt
Received from Mr. Tappan $4,000 which we
agree to return. GRANT & WARD
he would take money for 80 days usually.
III the profits amounted to $4,000 he gave due
BIZ foI the amount and when he took money
from parties to make these investments he told
them that others were interested. He was eer-
tain that he told Warner & Tappan this.
Notes of the firm of Grant & Ward to the
amount of 81 800 900 were endorsed by James
ID. Fish. These notes hesissued to Mr.. Tappan
and others to get-money on them. He consid-
cred the making OF these notes as contract bus
mess. Fish divided his profits with Bingham
of the Marine Bank, Tappan and others.
Mr.. Ward stated that he had been actually
supplied by Fish with money and that the
Marine Bank had furnished money by dis
counting his notes. Fisk got them discounted
at other places. Tappan and Warner both
furnished money but he could not tell how
much. He received money from Mr.. Work
and gave him certificates. He denied that be
E.nTA ~&Nn~n - ~ l. sx.k.
the scheme. A check for 1874, 600 drawn by
him April IL; 1884, to the order of Mr.. Tap
pan he did not remember anything about. He
had special account at the Marine Bank to
represent the contract business with Fisk.
Fisk was only interested in part of the con-
tracts. The notes made by the firm and en-
dorsed by Mr.. Fisk were charged to the "con-
tract" account. With each of the others in
the scheme he kept separate account on slips
of paper.
CHARLOTTESVILLE, Va, May 19.-The bank
ing house of Brennan & Co., closed to-day. 1t
is thought that the depositors are safe.
ERIE, Pa, May 1e-The Erie County Saw
ings bank of this city, suspended this morning.
Its capital is $780, and its liabilities $780,,
600. 1t is said that the president has been
dealing in oil. He has left the city.
LAPoRTE, Ind, May 19.-The City Exchange
Bank made an assignment on Saturday. owing
to the failure of tDonnell, Lawson & Simpson
of New York. Their liabilities are $36, 900;
assets $21,O
allure of the Planters & Mechanics'
Bank of Petersburg, Va.
PETERSBURG, Va, May 19.-The Planters &
Mechanics Bank this morning temporarily
suspended operations. The following notice,
signed by the board of directors and president
of the bank was posted on the door: Owing
to the stringency in the money market, caused
in great part by the present financial crisis
this bank is forced temporarily to suspend OPP
erations. A statement of the condition of the
bank is now being prepared, which is to be
made public as soon as possible, and we feel
assured it will prove satisfactory. The bank
is believed to be perfectly solvent, and able to
pay every cent it owes.