Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1884-05-15
THE MARINE BANK.
Gen. Grants Failure More Seri-
Gus than was at First
Supposed.
A Reckless Young Partner
the Cause of His Ruin.
Gen. Grants Firm Falls.

formal meeting of the directors q
& the bank was held, te day, in the pri
vate office of President Fish, over tn
bank to talk over the situation. A
the request of the board Fish wa,
present and made statement of tn,
causes which induced him to close th,
bank. Fish stated that he had come
to the conclusion that Ferdinand
Ward had deceived him and that ht
was an unmitigated scoundrel and find
ing that his defalcation amounted To
$50, 600. He had decided that the best
thing was to close the bank and save
it from utter failure. He also stated
that he and other members of his
family owned three-quarters of the
stock of the bank
Capt. Snow sand the directors had
always had the greatest confidence in
President Fish's honesty and integ-
rity, and they still held the same
opinion. They only regretted that
Fish had not called a meeting of the
board and submitted matters to them
before he so hastily decided to
close the doors of the bank.
They thought he lacked good
Judgment in taking such hasty ac-
ton. 1t is stated, also, that the bank
would probably soon be able to re
sumo business and that none of the
depositors would lose a cent
u S. Grant, Jr., sold some property
on Third avenue, to-day, for $50, 600,
and borrowed $l8,2 on his house
and lot on East SD street
A lease is also recorded to-day of
stores 20 and - West 23d street
Booths theatre), by James D.
Fish and Ferdinand Ward
to Conklin & Chivis, at
an annual rental of $4,000 Al
though Ward was in his office today
he refused to make statement in re-
gard to his alleged defalcation. What
has become of the large sums ne Dor
rOwed is still a mystery. 1t is sup
posed they were sunk in real estate
soeculations. 1t is stated by a well
known merchant of the clearing house
association that he has for long time
regarded the Marine bank with sus-
picion on account of the well known
real estate operations of its president
and was ready to use the slightest
pretext for expelling it from the asso-
citation. The bank examiners are
still in charge of the books of the
bank. The joint executive commit
tee Of the passenger department be-
gan its session to-day in Commissioner |
Kinks office to consider renewal of /
the passenger pool contract Twenty
live lines are represented, including /
the West Shore, D. L. 81 w, /
and PIttsburg, Lake Erie and West /
ern which We're not members of the |
old pool. The terms proposed in the
new agreement were discussed in de- I
tail. 1t will probably be several days
before the terms of the new agree
ment will be fully determined upon f.
and be ready for signature.
New YORK, May 6.-Not long after
the announcement of the failure of
the Marine bank the stock exchange
firm of Grant & Ward also failed 1t
is learned from friends that Ward, of
Grant & Ward, left his house this
morning at z o'clock and cannot be
foand that he locked his own safe,
ana It'll discovered his account is over
drawn at the Marine bank 500, 600.
The failure of the Marine bauk was
what dragged down Grant & Ward.
A partner of the firm said just before
the collapse: Il cannot see how we
can save ourselves We are now wait
ing to see Fish. We will doubtless
publish a statement notifying the
stock exchange of our inability to pro
coed as soon as the partners hold a
The firm of Grant & Ward com
prsed u, S. Grant, James D. Fish,
U. 5. Grant, Jr., Ferdinand Ward.
and William S Smith General U.
D Grant and j. d. Fish were general ]
partners, and are liable for the debts /
OF the concern. Fish having failed [
a great share of the loss will fall up '
on the ex president Gen. Grant was !
al the Office of Grant, Ward & Co.
When the failure of the firm was an 8
hounced. Hs appeared to be in i'll {
Aealth, and was completely Frustrated |
al Tue hrm unfortunate speculation. S
IL is reported that $500, 0000 is missing !
rom Grant 81 Ward, and that there !
VCtu uelalcablOu. w ara Is
missing. The vault doors cannot be i
opened v
klernan's Wall Street agency fur t
4shes the following: "Rumors of 5
lei9lcation of $50, 600 have accompa- &
MED the suspension of the Marine L
'a1k The party in question said he +
,I4d close relations with the bank. \
we have investigated the report h
ana get the following state a
l4ent; The embarrassment of Il
Ifant q Ward, bankers, Il
due to the absence of one of the ii
urn, who has not been at his place of
'lsIness since Saturday. Various b
1mofs are ahoat in financial circles,
SPeetlng which Mr.. Grant, the
-nior member of the firm, says: Il
'Hhot deny or corroborate the reports
"'fent. We are nearly $500 600
mort Our safes are locked. and un-
u we can find Mr.. Ward I cannot say
~" we stand Director Yates, of
IN Marine Bank says there is no de-
@.catlon or dishonesty in the man
cement. The principal trouble is