New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-07
LANES W. ELwELL ASTONIsHED.
NO REASON FOR THE sUsPENSIoN-DID Mr. Fl'h
LOSE HIS HEAD"f

NO REASON FOR THE sUSPENoION-DID MN fI'"
LOSE HIS HEAD"f
lanes w. Flwell. one of the cOrpOrators and one
Of the Oldest directors of the Marine Bank sit
ting with other invited guests on the platform OF
the new Produce Exchange at the opening exercises
when director of the Farmers Loan and Trust
Company tapped him on the shoulder and said: Il
am very sorry to hear that the Marine Bank has
closed its doors' Mr.. Elwell responded; why
I've Just come from meeting of the directors, but
am glad you have told me-"
Mr.. L well sat quietly for an hour longer, hear
ing several others mention the suspension
Of the bank, but he gave no credence
to tho rumors until Calvin Is. LOCK-
wood asked HIM II the rumors were true
Impossible" said Mr.. ElweTl 1T can't be true
Why, I've just come from meeting OF the direc-
tors where we discounted note for O,OOO and
confirmed the purchase of property next 10 tne
bank for the purpose of building an addltlon'
Nevertheless Mr.. EIwell felt disturbed over the
rumors that he left the Exchange and went to the
bank, where he found crowd of anxious people
about the doors, which were closed, and newsbOys
crying: Great excitement in Wall-st.! Failure of
the Marine Banki"
"There was not the least reason, far as | am
aware. why the Marine Bank should have closed
its doors" said Mr. Elwel 10 a TRIBUNE reporter
last evening. eve had the usual meeting OF the
Board this morning and there was not the slightest
indication that there was anything wrong AT the
new Produce Exchange, when some one
said that the Marine Bank had closed
its doors | laughed at the idea. In
few minutes two gentlemen came TO me and made
the same statement. I found that the rumor was
general and thought would come up 70 the bank
and tell them. that they could contradict II be-
fore it had caused any embarrassment When l
III.
cIosedl asked the cashier what it all meant and
he said that he did not know. but that Mr.. Fish
had sent word to him not to receive any more de-
posits or pay ont any more money and to close up
immediately and that be had acted on these or
ders We got as many of the directors together
in the bank as could at once, and
at D. m. Bank Examiner Schrlba took pos
session. Tomorrow morning he will begin ms
examination into the condition of the bank. The
board Of directors will meet at 10 a. N. to-mor-
row.
"The statement of the condition Il the bank on
last Saturday shows everything all right then: Capt.
tal $500 900; deposits, S5,2540 600; loans. Si.57l,-
900; specie, 81 O40.OOO; circulation, T26G, 900;
surplus, S225 900; profit and loss, $4,000. The
bank had 81 100000 in it this morning, inc uding
Exchanges, and we sent between 100000 and
300 900 to the Clearing House. In charging up
we fouud Grant d Ward indebted 10
the bank for nearly three-quarters Of a
million dollars. That firm averages a deposit
with US each day Of from $4,000
to $4,000 and yesterday deposited nearly
800 900 some of those checks deposited came
back to US and we sent back Si56,OOO and got the
money from them. Those checks were certified up
10 a certain amount. =" make them good Ward
had TO make Il deposit this morning for securities
privately left with President Fish. This Mr.. Ward
did not do and he has not been seen to-day, but
know that he is in the city. These checks were
made upon different banks, 10 take up time loans
made to other institutions and individuals Tor
which securities were deposited and which were
secured by collaterals deposited with tie Marine
Bank for money borrowed on call"
"Will the bank resuF e =
81 would NOT like to say it would resume for it
certainly would not unless II could do 50 very
strong But feel sure-aud it Is absolutely GER
tain so far az my knowledge gOcs-that no one. de-
no,itOrs stock holders OF any other creditors, VIII
lose one single dollar We can pay 100 cents on tho
dollar within thirty days. II was one OF the most
foo ish things dOne-thls Oslug mp the DshA
and | think Fish lost his head Il money was
wanted the directors could have advanced all that
WAS necessary | consider Mr.. Fish 20 be worth
million and half He has made 100000 ID hlS
real estate operations within the last slA months
! The bank established IN lS32, ana FISH has
been president for tweuty-slX years
What securities does the bank hold against
Grant & Ward for this large Overdratt on their
paTtT'
have no knowledge on that point; as what
ever they are Nh Fish has them I'm ms private GUS
todv One Of the directors has Sl4lOOO, another
YG2, 900 and have large amount deposited IN
the bank and / think that SHOWS our confidence III