The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-07
The Suspension Not the Result of Defalca-
tiOn, but Caused by Extensive Real Estate
Speculation by President Fish.
The Firm of Which General Grant Is
a Member Compelled to Suspend.
IntimatiOns that Mr.. Ward, One of the Part
ners, Is Defaulter for Not Less Than
Half Million Dollars.
THE SUSPENSION.
The Marine. National Bank Closes Its Doors
Causes of the Failure.

The Marine National Bank Closes Its Doors
Causes of the Failure.
| NEW York, May 6-The Marine National
Bank has closed. Jas D. Fish is president 1t
is thought the failure is a bad one The capital
of the bank is 100000 Its statement, Septem-
ber %. showed surplus of $780, 600; undivided
profits, $685. ,345.
A visit to the bank discovered some fifty dis
consulate depositors standing in pouring rain
around the closed doors. No admittance was
given reporters. No notice was posted on the
door. The bank opened at the usual time this
morning, but, before noon, closed abruptly with
out assigning q cause. The stock market was
very active, and there seemed to be some con-
nection between the failure and the condition of
affairs on the Stock Exchange. The depositors,
Judging from the appearance of those about the
| building, are Of wellto-do class
| 1t is said on the street that the banks down
fall is due to the real estate transactions of Pres
| ident Fish. Some time ago he bought Booths
Theater, and is now converting it into stores.
He is also Interested in apartment houses An
official of the bank was asked whether Fish's
operations had caused the suspension, or whether
the bank had been doing business with brokers
| is believed the failure is due a little to both
The Post says: 1.-The suspension of the Marine
National Bank announced at little after II
o'clock this morning. The immediate cause of
the failure was the banks inability to meet its
debts of about $500,00O at the clearing house
this morning But the cause lying behind this
is presumed to be the real estate operations of
President James d. Fish, during the last year or
two. Within that time he bought Booths
Theater and the Casino and has also recently
been building large apartment building, the
| Mystic, on West Thirty-ninth street. The re-
construction of Booths Theater and the building
of the Mystic has taken a great deal of ready
money, which he is presumed to have borrowed
from the bank. Fish is second president of
the st. Louis & San Francisco railroad. and the
Marine Bank s tho ~oo;-4,.e +;o, eee--
stock. 1t is not presumed that this connection
had anything to do with the banks embarrass-
ment. though it is understood that some cOnnec-
ton with either the Ontario & Western or West
Shore bond manipulating may have had some in
luence, though probably only secondary to the
real estate operations of the president"
A few minutes after 10 o'clock gentleman
made a deposit at the Marine National Bank, and
|
bank porter, who began rolling down the iron
shutters. The depOsitor ran back to nnu Lle.-,e7
ceiving teller had shut his window and gone out
of business for an indefinite period. The paying
teller was still more conspicuous by his absence,
and the depositor had the consolation Of standing
on the steps of the bank for the next hour and
| telling his experience to crowd of excited de-
positors who gathered at the corner of Wall
street and Pearl within very short time after
the failure of the bank was announced. Two
policemen were sent for, who stood guard on the
steps of the bank building. To few of the
larger depositors the iron doors opened about an
| inch, and few words of indefinite encourage
ment were spoken by those within. A full state
ment of the banks condition was promised de-
! positors at 81. NJ All Information was denied
| reporters.
| Gossip among the crowd of depositors attrb-
| uted the failure chiefly to the miscarriage of
| large real estate speculations by James ID. Fish.
| The business done was not considered large for
the neighborhood and the feeling among de-
positors was hopeful. Some delay might be
caused by the necessity of selling large amount
of real estate but unless the failure was the re-
| suit of worse than too heavy real estate specu-
| lation. it will not prove disastrous One of the
| depositors. who disposed to make the best
of it, said: Wall street generally objected to
| the Marine Bank because of its family character
James d. Fish is president, John d. Fish, q
nephew, is cashier, and half a dozen other reIa
tives of the president are in positions of trust
| Cashier Fisl's official report of the oath of
April showed total resources of $7,269 325; total
liabilities the same. On Friday, it is said. Fish
| transferred the building next to the bank, No
! 7S Wall street, to the bank for $Sl, 900. This
| became generally known and the effect of the
| failure virtually discounted.
| In the clearing house, this morning. the bank
was debtor for $500, 600, and Manager Camp re-
| fused to allow the clearing to proceed until Sc
curity for that amount was provided Thus the
clearing was delayed. and although finally ac-
complished, security having been given for $780,
000 the Marine Bank officials decided to sus-
| pend.
Of the fact that Fish and Ward were on the
bond of City Comptroller Grant. the latter said
he would probably get new bondsmen to omorrow
| in their places Fish's name was secured for
him through Ward, the latter being a personal
friend of the Comptroller. THE city," continued
the Comptroller, held 81 800, 900 on deposit in
| the Marine Bank few days ago; on Monday,
5000, 900 was duly honOred On Saturday l ex-
pressed the opinion that $1,000, 900 was too much
to have on deposit III one bank; perhaps the
chamberlain heard what had said, and drew
out 5000, 600 yesterday"
A TALK WITH JAY GOULD.
A World reporter asked Jay Gould about the
failure He said
II do not consider the failure of the Marine
Bank matter of serious importance. 1t was
not heavy institution at all, and did not do
much business in stocks"
Has the decline in stocks been caused by
these failuresP
''Well, by the apprehension which always at
tends the failure of bank. The name goes for
a great deal and the failure of a bank means
more to the general public than does that Of an
individual even though the amount involved be
less"
Had the failure of the firm anything TO do
with that of the bankT
| nCertainly. The firm had. understand. beer