The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1884-05-13
The Marine Bank Failure.


New YORK, May THE suspension
of the Marine Bank and Its disastrous
consequences to Gran; & Ward continues
the most exciting topic IN commercial
circles. Universal sympathy is felt for
Gen. Grant The General himself feels
the blow very seriously ami does not at
tempt TO disguise it. A member of the
firm says that the money had been used
to make advances TO Government con
tractors, principally to those furnishing
supplies to the Government Owing TO
the red tape which attends payment by
the Government and the consequent de-
lay the firm has taken assignments OF
contractors claims, paying less than
their face value, and assuming the risk
that the supplies furnished or the work
done would be accepted The firm has
also made large advances to railroad
companies in process of contradiction
notably the Buffalo, Pittsburgh aud
Western and the New York, Chicago and
ST. Louis. They advanced the Inter
company $500 900, taking as security q
lot OF its second mortgage bonds.
About 8 o'clock, Mr. Ward failing to
put in an appearance. permission was
obtained from the Safe Deposit Company
to break open the vault. A safe man
was sent for, and a legitimate job Of
craftsmanship was done. Mr.. Smith
said that very large amount of securi-
ties was found. He presumed there we're
as many as there ought to be, and said
if they had been able to get into the
vault in The morning they would not have
had to susperd Regarding the rumors
that Mr.. Ward was defaulter, he said
that up TO the present time nothing had
been discovered to warrant the state
mepts. They had probably arisen from
the fact that Mr. Ward had not the cour-
age to face the music. A friend of the
6rm said that from what he could gather
he could estimate its gross liabilities Of
from $3.50, 900 to 81, 100000
Gen. Grant visited the office of Grant.
Ward 4 Co. He was on crutches, atten
ded BY colored servants, and seated him
self in large easy chair. His face was
pale, but not a muscle OF it moved except
when, in an absent and apparently indit-
ferent manner, he responded in mono
sylIables TO occasional remarks address
ed 10 bfm. 10 answer to an inquiry re-
specting the affairs of his firm, he said,
quietly and decisively: "Tve nothing TO
saw. | don't want to talk about 1t !"
The directors of the bank were in con-
ference with President Fish until late
hour, but no statement OF the condition
of the bank has vet been made. The
general impression is that the bank is
hopelesslv bankrupt. Mr. Fish and
Grant, Ward & Co are reported to have
both overdrawn their accounts to the
amount OF $1,000, 900. Grant, Ward &
Co g overdratt amounts 10 S6O0,00 or
100000
1t is stated that Gen. Grants city
property and Long Branch residence is
settled upon Mrs. Grant, and the $780,
900 tund is in trust guaranteed by the
Ex-Governor Morgan estate.
Further Details of tie Failure.
New YoRK. May 7.-Cashier Vail OF
the Garfield Bank says the Marine Bank
owed his bank 81 900, and that the Gar
field Bank has no papers not sound.
Long Island City is threatened with
bankruptcy because the taxes for the year
we're deposited in the Marine Bank. Gen.
Grant told Gen Coils last night that he
didn't know exactly how he stood, but II
he had gone down early in the day the
failure OF Grant & Ward never would
have occurred. 1t is generally believed
that the General lost 100000, and his
son what be had, hut the Generals pre-
sented fund of $3.50 900 remains intact
Mr.. Camp of the Clearing House said
he believed the Marine Bank would be
wound up. The failure is mainly due to
overdraits OF Grant & Ward, and no
other banks are In trouble.
Several were examined yesterday,
about the standing OF which there had
been adverse rumors. From what was
learned this morning the collapse ot
Grant & Ward is mainly owing to the
drop in various himsy fancy stocks du
ring the past year, since which there has
been some pothecation Of securitie;
similar to the Bonner case year ago
1t is charged that the BROOKLYN concern
which recently put 100000 securities
with Ward fer loan are unable to gel
their money or collateral back. Wart
is at the office this morning,and it is sta
ted the firm has settled its outstanding
loans TO large amount