Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-07

successful in real estate operations, and
is reported to have made about 100000 in
this way. He is worth at least 81, 500, 900.
When l saw him Yesterday he was appa-
rently in the best of health and spirits,
and there was never the slightest suspic-
ion that anything was wrong in his
BANK
Capt. Ambrose Snow, another director,
confirmed the statements made by Mr..
Elwell in regard to the financial condition
OF the bank, and also said 1hat be was
unable to comprehend President Fish's
motive in closing the bank. The balance
against the bank in the clearing house
was not unusual, and it frequently hap
pened that it was larger than this in the
ordinary and legitimate transaction of
business.
At the office of Grant q Ward none Of
the members of the firm could be found.
VIM. Smith, the broker Of the firm, said
that he was authorized to state that the
losses of the firm would be something be-
tween $500,000 and 100000 and these liza
bilities being. unsecured the firm was
obliged TO suspend. Each of the four
partners held a quarter interest in the
firm to the extent of 100000 each, and
Gen. Grant would be liable for his share
Of the losses, which would probably be
about $250,000.
Gen. Grant waslin the office during part
of the day, but refused To make any state
ment whatever in regard to the affairs Of
the firm. Mr.. Ward, it was said, was out
of town and could not be found. Mr..
Fish also secluded himself carefully from
public view. 1t has long been known
that Mr.. Fish is one Of the largest opera
tors in real estate in this city. He has re-
Gently bought largely of both improved and
unimpr0ved property in all parts of the
city. In addition to the property mem
TONED he owns tho Casino fhn bandcoua-
est in this country. The firm with which
he was connected was very intimately
associated with the Marine Bank in all
its transactions. In connection with its
real estate operations, the firm is said TO
have recently borrowed larges sum of
money, and yesterday, when its loans were
called IN, 1t was unable to meet its Obli-
cations, and had recourse to the
Marine Bank TO procure the necessary
funds. The Marine Bank was organized
in 1892, and was considered to be one of
the strongest corporations in New York.
Mr.. Fish has been its President for 26
years, and has always been regarded as a
man of sound business principles. Mr..
ElWell, the Vice President, was one of the
incOrpOrat0rs. The capital of the bank
is $4,OOO,OO0, and its deposits amount 10
nearly S5,O00,OO0, and its surplus is stated
at $250,000 Ferdinand Wood, who has
been, 1t is said, engaged in real estate
speculatiOns with Mr.. Fish, was at one
time a clerk in the Produce EX-
change, but became wealthy. Among
the creditors Of the Marine Bank
are the Cotton Exchange, which had
$4,000 on deposit, and the Coffee EX-
change, whose account was only $4,000.
None of the other exchanges are affected
by the failure. President Hatch, of the
Stock Exchange, stated this afternoon
that he did not think the failure would
have any influence upon stock, the slight
depression in the market to-day being
only temporary. The records of the Regis
ter's Office to-day show that j. d. Fish
has borrowed 100000 from the First Ma
uonal Bank upon the Mystic Flats on
West Thirty-ninth street, and that u. 5.
Grant, Jr., has sold property in Seventy
third street, purchased by him yesterday,
for $27, 800 to 5. NJ. Hamilton.
GRANT & WARD GO UNDER.
The suspension of Grant & Ward has
been announced at the Stock Exchange.
The firm is composed of Gen. U. 5. Grant,
James ID. Fish, u. 5. Grant, Jr., and Fer
dinand Ward. About six hundred shares
of Cleveland, Columbus, Cincinnati and
Indianapolis, Omaha and Alton, and Ter
re Haute, were closed out under the rule.
Also some Nickel Plate second mortgages.
THE BOSTON CORRESPONDENT.
Boston, May 6.-The Boston corre-
spOndent of the Marine Bank of New
York is the Everett National, to which
less than $125,000 is owed. AS the Marine
Bank has funds in the Atlantic Bank in
this city, the Everett to-day brought suit
for $200,0 in the United States Circuit
Court, and attached the funds in the At
lantlc Bank.