St. Landry democrat. (Opelousas, La.) 1878-1894, 1884-05-24
A FINANCIAL FURRY.

Closing of the Marine National Bank, New
Xork-The Firm of Grant s. Ward TnvOlv'
ed in the Crash-RumOrs of Defalcation-
| Excitement Among the Stock Operators
NEW YORK, Mayo.
The Marine National Bank closed its
doors to-day.
There is a large crowd around the
doors endeavoring to obtain some in-
formation regarding the disaster. The
concern is entirely closed, and the police
are in charge. 1t is generally thought
that the President has lost a great
deal of money in uptown real estate.
The direct cause of the failure is now
| attributed to overdrawing of the account
OF Grant, Ward & Co., who is said have
been persistent bulls on the market ever
since the commencement of the special cut
of 1882.
Speaking of the failure Fred House,
of Grant & Ward, brokers, No. Wall
street, and partner to the firm, has just
said: 81 can not see how we can save
ourselves, am now waiting. to see Fish,
and will doubtless publish statement
notifying the Stock Exchange of our ina
bility to proceed as soon as the partners
can hold conference.
Serious apprehensions are felt that
the closing of the Marine Bank means
the gravest condition of affairs. Re-
cuperation is believed to be improbable.
The condition of the bank on April oath
was: Capital, 100000; profits, S27,-
900; circulation, $260,00O; due banks,
$42l,600; due depositers, S5,O16,-
900; unpaid dividends, $4,000;
total, $6,355,10 certified checks,
$322,900. Resources: Loans and
discounts, $4,202,3OO; United States
bonds securing for circulation $4,000 900.
Other stocks and bonds, $18,2O0; real
estate, 1921, 200; due from other banks,
S109,70 cash items, $56,400; specie,
81, al 200; legal tenders, 1886, 700; over
drafts, $500.
The firm of Grant & Ward, of Wall street,
comprise General u. S. Grant, Jas. d.
Fish, Y. 8. Grant, Jr., Ferdinand Ward,
VIM. G. Smith. Jas. D. Fish was Presi-
dent of the suspended Marine Bank.
Grant & Ward announce d closing on
account of the failure of the Marine Bank. |
Some c., c., G. & I. stock was bought |
in under the rule for Grant Ward.
About 600 shares of c., c., c. I. and |
Omaha and Alton and Terre Haute were
closed out under the rule; also some |
Nickel Plate. Kiernan's Wall street |
agency furnishes the following:
s'RUMORs OF DEFALCATIoN OF $500, O0G |
accompanied the suspension of the Marine
Bank. The party in question is said to |
have close relations with the bank. We |
have investigated and get the following
The embarrassment of /
Grant & Ward is said on reliable
authority to be due to the abb
~ NE l,
been at his place of business since Satur-
day. Various rumors are afoat in finan-
cial circles, respecting which Mr.. Grant,
senior member of the firm, says: I can
not deny or corroborate the reports cur
Dur safes are locked. Until we can find
Mr. Ward can otsay how we stand"
THE FIRM OF GRANT WARD
vas composed of Messrs. Grant, ,Tr. and
Fred Ward as full partners, and General
]. S. Grant and James d. Fish as
'speciaf' or limited partners, the latter
icing responsible only to the amount of
took held by them. Mr.. Fish is also
PRESIDENT of the Marine Bank, and re-
,arded as one of the heaviest stock deal
rs in New York, if not the hea1 lest.
The failure of the Marine Bank explains +,
he collapse of the broker firm. The lat
er has at no time been regarded as a
argely moneyed concern, and the impress
ion is that the failure is not for any large
mount. The impression may be alto
ether wild, however, as the r. G. Dun
gency quotes the firm at 1000, 900,
ouble A. Young Grant was married
My few years ago under auspices of
plendor to the brilliant daughter of I
erome Chaffee, Denver's millionaire
enator, and the Senator settled upon
ne young groom very hand
ONE business capital, together with
handsome residence in New York.
is understood that the capital has
II been exhausted, but the residence is
till safe. General Grant has always had {
ne confidence of Jay Gould, and there is
strong impression that the failure of his
I'm is due to his investments in Gould
locks, which have all taken such an UNI
recedented tumble during the past
lOnth.
The news of the failure spread rapidly,
nd Union Pacific went down Immediate c
7 from 81 to Sc 3-4-a heavier fall than on /
ny other day since the drop began.