Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-07
BUSINESS CRASHES.
Two Notable Failures In New York
City.
TIE MARINE BANK sUspEEOs.
Gen Grants Bank Goes Under---The Losses
Heavy - The Result Caused by
Speculation in Uptown
Real Estate.

New YoRE, May 6.-The Marine Bank
failed to-day, carrying with it the firm Of
Grant L Ward The president of the Marine
Bank is John d. Fish This is the bank
that about year ago purchased Booth
theatre. The capital of the bank is SiOO,'
900. On the 22nd of last September Its
statement showed surplus of Sl3O,OOO
and undivided profits of S62,345.
The Announcement.
The failure was announced shortly after
ii o'clock, and spread into Wall street and
among depositors with remarkable celebrity.
Soon clamorous crowd besieged
the doors, hurting anathemas at
the officers of the institution, and searching
eagerly for the slightest bit of information
as to the failure, its extent and causes. The
information cleaned was very unsatisfactory
and meagre in its details. The officers OF
the bank opened the doors a very little to
few of the principal depoSitors who were
present and expressed hope that the insti-
tuition would be able to resume. But there
was little real hope in all they said, and the
belief that the failure was bad one grew
instead of diminished.
An Incident.
Just prior to the closing of the bank a
derositor entered the institution and banked
a large sum. He started to leave the room
but before reaching the street the porter
began rolling down the iron shutters. The
depoSitor rushed back but only to find that
the receiving teller had shut his window and
suspended from business indefinitely. The
paying teller was so gone, and the depos-
itor had the consolation Of standing on the
steps of the bank for the next hour and
telling his experience to ctOwd OF excited
depositors who gathered at the corner of
Wall street and Pearl. Within an incredl-
bly, short time after the failure Of the bank
was announced two policemen were sent for,
who stood guard on the steps OF the bank
buildings.
Statement Promised.
A full statement of the banks condition
was promised to the depositorS at three
clock All information was denied the
reporters. The gossip among the crowd OF
depOsitOrs attributed the failure chiefly to
the miscarriage of the large real estate
speculations by James ID. Fish The busl-
ness done was not considered large for the
neighhOrhOOd, and the feeling among depOSl-
tors was hopeful. Some delay might be
caused hv the necessity of selling large
amount of real estate. but unless the failure
speculation, the failure will not prove a dis
astrous one 4 depoSitor who was disposed
to make the best of it. said Wal street gen
orally objected TO the Marine bank because
of its family character James D. Fish is
president, and John ID. Fish a nephew,
cashier, and a half.dOzen other relatives Of
the president are in positions of trust.
On Friday, it is said Fish transferred the
building next to the bank, No, 7S Wall
street, to the bank for 1000. This be-
came generally known, and the effect of the
effect of the failure virtually discounted, In
the Clearing House this morning the bank
was debtor 100000 and Manager Camp
refused to allow the clearing to proceed un-
til he would be provided. Thus the clear
ing was DELAYED, and although finally ac-
cOmplishcd. security having been given for
$JO0,OO0, TIM Marine Bank officials decid-
ed TO suspend.
Director Yates of the bank, says there
was no defalCalion or dishonesty in the
management. The principal trouble is the
bank cannet realize on some of its COLA
teral.
Fish, the President, is second vice presi-
dent of the st. Louis and San Francisco
Railroad, and the Marine Bank is the regis
uation office of that stock.
The direct cause of the failure Of the
Marine Bank is now attributed to the over
drawing of the account ofthc firm of Grant
Ward Il Co., who, it is said, have been
persistent bulls on the market since the
commencement of the shrinkage in 1882.
Ward is missing and the vault doors cannot
De opened.
The Grant-w Ward Failure.
Immediately following the announcement
of the failure Of the Marine Bank Grant K
Ward brokers and bankers announced their
suspension. The firm of Grant & Ward,
Wall street comprise General L. s. Grant,
James ID. Fish, L. S. Grant, Jr., Ferdinand
Ward and William c. Smith. James d.
Fish was President of the suspended Marine
Bank. General Grant was in the Office of
the bank when the announcement of the
failure was made. The shock was quite
severe to him and he appeared completely
Frustrated at the news. 4 rumOr obtained
to the effect that 100000 is missing from
the safe of Grant ( Ward and there has
been q defalcation. The announcement of
the failures caused sensation on Change
and a decided drop in prices.
Heavy Glasgow Failure.
GLASGOW, May 6.-The announcement Of
the failure of Dunlap & Twaddle, iute spin,
nerS, is announced The liabilities are
placed at $45O,OO0; assets not known.
Pittsburgh oil Market.
PITTSBURGH, Nav 6.-The boom in oil
went to pieces this morning owing to rumorS
from New York of the bank failure and un-
favorable oil field news The market was
excited and panickv and selling heavy
Opened at OPS; declined to oslo; closed
at 99c.
Jay Gouid's Opinion.
New YORK, May 6.-Jay Gould said
tonight that he did not regard the failure
of the Marine bank as anything serious.
Naturally there would be some uneasiness
in the stock market for few hours, but it
would soon subside. Unlucky real estate
speculations had probably caused the en-
barrassment. Of the general outlook Mr..
Gould said: at looks to me as if we had
turned the spring corner, and with the i'm
provement in general business throughout
the country and the very favorable outlook
for crops, consider improvement in the
stock market assured
Ohio's Latest Bid for Sotoriety.
ALLIANCE, o., May GA singular freak
of nature has just been made known a short
distance from this place. The parents of
the child which has been stamped BY Dame