The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-07
The Closing of the Marine
Bank, New York.
owe are Nearly $5OO,OOO
Short. That's All.
The Failure Due to the cab
sence" of one of the Firm.
Six Hundred Doctors in Con-
VentiOn Assembled
Bank Failure.

New York, 6.-The Marine Ma
tional hank has closed. J. d. Fish
is president of the bank. A year
ago the bank purchased Booth't
theatre. The clearing house is con.
sidering the suspension. 1t is thougnl
the failure is bad one.
The capital OF the Marine bank
was 100000. Its statement on
September 22d last shoW we'd surplus
OF $4,000. Undivided profits, $62,.
345, John d. Fish is cashier.
Grant 8 Ward snnounce their
closing on account of the failure CT
the Marine bank,
A visit to the bank discovered
some fifty disconsolate depositors
standing In pouring rain around
the closed doors. NO admittauce
was given to reporters, No notice
was posted on the door, The bank
opened with usual tune this morn
ing, but before noon closed alb
ruDtly without assigning q csnse
The stock market was very active
and there seemed to be some con-
nection between the failure and the
condition of affairs at the stock ex-
change. The depcsltors, judging
from the appearance Of those ABOUT
the building are well-to do class.
An explanation IS promised for the
afternoon.
1t is said on the street that the
banks downfall is due to the real
estate transactions OF Piesident
Fish.
The Post says: The Suspension of
the Marine National bank was an
nounced a little after II this morn
ing. The immediate cause Of the
failure was the banks inability TO
meet its debts, about S500,C00, at the,
clearing house this morning. cut the
causes lying behind this are pres
sumed to be real estate operations
of President James D. Fish during
the last year or two. Within thAt
time he bought Booths theatre. and
the Casino, and has also recently
been building large apartment build
ings, the "Mystic," on West Thirty
ninth street. The reconstruction OF
Booths theatre and the building o.
the ''Mgsic," have taken q great
deal of ready money, which he is
presumed to have borrowed from
the bank. Fish is the second vices
president OF the st. Louis and San
Francisco railroad, and the Marine
bank is the registrator cffice OF that
stock. It is not presumed that this
connection had any thing to do with
the banks embarrass menr, though
il is understood some connection |
with either the Ontario and Western,
or West Shore manipulaticDs may |
have had some influence, 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 n National sank; as he went /
out he wsS followed TO the door by |
the bank porter, who began rolling |
down the iron shutters; the jepo5-
itor ran back I'd the receiving teller,
who had shut his window snd gone /
out on busioess for an indefinite
period. The paying teller was still /
more conspicuous by his absence,
and the depositor had the consola-
ton of standing on the steps of the
bank the next hour and telling his
experience to the crowd of excited
depositors who gathered at the corr
ner of Wall street and Pearl within
an incredibly short time. Unless
the failure was the result of worse
than too heavy real estate specula>
tions, the failure will not prove dis
astrous. One deposition says Wall
street generally objected to the
Marine Bank because of its family
character. James D: Fish is presi-
dent, John D. Fish, nephew, cash.
Ter, and half a doze other relati yes
of the president are in&positions of
trust. The capital of the bank was
$500. COO. Il
New York, 6.-some G. G. Z. s. 1.
stock was bought in under the rule |
for Grant and Ward, Wall Street.
The suspension of Grant and Ward
was announced at the Stock Ex
change. The firm is composed Of |
General u. S. Grant. James D. Fish,
y. S. Grant, Jr., Ferdinand Ward.
About 600 shares Of G. g.. G. &I.,ll
Omaha and Alton and Terre Haute
were closed out under the rule; also {
some Nickel Plate second mortgages.
Among the stocks and bonds
slosed out for the account Of Grant
& Ward were blocks OF Alton g
Terre Haute, American Gable. &C.
G. 6 l., Omaha, Western Union,
Rochester & Pittsburg stocks; New
York, Chicago s. st. Louis second {
mortgage bonds. The Marine Bank
Ke5 the designated depository for
;hs City of New York. Yesterday {
,ha city drew draft for 100000,
vhich was part of the debit balance
n the clearing house this morning, {
md this did much to precipitate the !
allure. The report is that stock I
I'm overdrew its account at the
,ank yesterday $500 900. II
New York, 6.-Kiernan's Wall l
treet agency furnishes rumors that
defalcation of $4,000 accem- t
,apieG the failure of the Union MAJ r
inc bank. The party in question, b
{ Is said,s had near relations with t
he bank; the agency have inVest1-
atad, and get t be following state> {