New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-08

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of resuming will probably be settled soon AFTER t
| exact condition of the bank is made known by th'
bank examiners report. This we are pr9inisea ~
Friday. that the depositors and shareholders VII
not have long to wait to know what VIII DC gone
| | trust of course that the suspension Will b'
merely temporary"
ACTION OF THE CLEARING HOUSE.
| A meeting of the Clearing House Association was
| held TO act on the recommendation of the EXecu
| tive and Conference Committees relative to the
| Marine Bank The question of suspending the
! bank until the report Of the bank examiner was
made or expelng il at once was discussed at con-
siderable length. Finally ii was agreed that II
would be best to await tie report of the examiner
and the action of the committees III suspcndlng the
| bank was confirmed.
A resolution offered by +. u. Happen was passed,
providing for the appointment of committee to re-
port such amendments to the constitution and ny
laws as will prevent the recurrence of the case oil
| the Marine and First. National Banks Grant Il
Ward drew and the Marine Bank accepted on de-
post checks on the First National Bank TO the
amOuntof $4,000. Mr.. Wards balance in the
First National Bank was only about 81 200 Never
theless, the checks coming through the Clearing
House, the FIRST National Bank had to pay them:
II was argued that by this means perfectly solvent
bank might be ruined There was appointed as
such committee Frederick d. Tappen, chairman ;
Jacob ID. Vermlye, George S. COe, G. G. Williams
and James T. Woodward.
RUMoRs ABOUT OTHER BANKS.
All through the day rumOr followed rumor that
this bank or that banking house, some other
hitherto solid financial concern, in trouble and
about to go under. The rumors heard most fire.
quently in the afternoon were i'll regard to the Sea-
board Bank and the Bank of the Republic. 1--WE
cleared % 600, 600 barrels of oil today said
President W. A. Pullman, Ofthe Seaboard Bank and
this great increase our usual business made us
little slow and presume that is what caused the
runOr that we were in trouble. There is not the
slightest ground for anxiety, for we are solid ana
substantial and can meet all our obligations as
they arise"
Il want to nail that lie which is being circulated
about u.s." said Vice-Presldent Adams of the Bank
of the Republic. =" Controller John J. Knox was
e sIe'''S May pIe'iG and just prior to that
the bank examiner made thorough and exhaust
i've examination ofOur condition and was completely
satisfied with it, as was Mr.. Knox. Our
deposits are increasing and continually
receiving accounts, and there is not the slight
est foundation for any rumor preJudlclal to the
bank"
1.-The bank is in a very strong condition." said
President Knox, who had overheard Mr. Adams,
and has money far above our reserve required by
law, and we are always ready to meet our engage
ments"
WHAT CITY OFFICIALS SAY.
Mayor Edison was not disposed to add much to
the statements which published yesterday.
He said
81 have not been informed through any official chan
mel that there h anything in the failure and until
am can do nothing TO protect the city from loss
Have you heard from the directors OF the bank in
Simply indirectly. Some of the direcors-at least, so
anything, the bank will pay hundred cents on the
You do not think them that the city will be large
oserl"
80 far as 7 have heard, have a decided reason to
doubt that the city will lose any of the money which was
DO you think that the Controller will substitute new
surees on his official bond In the place OF President Fish
and Mr.. Wardl'
Il understood that he intended to obtain substitutes,
but that matter must rest entirely with him."
"Will you make any effort 10 remove City Chamberlain
Tappani"
for his MY power remove MIN is the
Il is with al the heads OF the departments"
Controller Giant gave evidence Of the anxiety
which the failure of the bank has given him.
When asked if he intended to change the sureties
on his bond, he said:
81 do not understand that that course is absolutely
necessary. but | shall probably do prominent man
offered to become nv bondsnan this morning. have
seen none of the bank directors today but think that
things are much better
Corporation Counsel Andrews was asked who he
thought could be held responsible for the loss of the
cIty's money. He replied that as he had not yet
received any definite information he could not eX-
press an opinion. The hanks which had been desig
mated as repositories Of the citysmoney must receive
the funds, and if the proper officials had exercised
the requisite diligence in the matter he was not
aware that they could be held responsible Oh their
bonds.
Deputy City Chamberlain Gilley was asked why
the Chamberlain deposited SO large an amount III
the bank. He replied
1.-THE baanceOn Monday was not the largest that we
have had Last week there 81 900 10 the eitys
credit in the bank The reason WHY so large deposit
was kept in the Marine Bank was that Grant & Ward
have taken large quantities Of the city revenue bonds
and their profits from them being almost nothing The
most important places OF deposit for the citys money
ATTACHMENTS AGAINST WARDS PROPERTY.
Three attachments, amounting to $5,973 Do |
against the individual property of Ferdinand |
Ward, were granted yesterday 10y Justice Donohue.
in the Supreme Court, in suits against
Grant IL Ward. The first attachment was
granted to Horace l.. Hotchkiss and Joseph r.
I}uInham, who sued the brokers as drawers of a !
check upon he Marine National Bank. Payment |
on the check had been refused at the bank. The !
second attachment secured by Theodore VIII |
son & Co., brokers. for 1000 for an alleged bal |
ance due on account. The third attachment was |
for the benefit of William Heath and Charles l.. |
Quincy, brokers, for 1918 %, the payment OF |
which had been refused by Grant x Ward.