, 1884-05-07
The Substantial Marine Bank
Throws up the Sponge.
A Very Heavy Failure That
May Be Redeemed.
General Grants Firm Badly
Involved in the Ruin.
A Bad Failure.

~ - 'H So
President of the bank. The capital of
the bank was S4OO, 600. Its statement of
September %, last, showed Il surplus of
100000; undivided profits, So, 3+5. \
visit to the bank discovered some fifty
disconsolate depositors standing in the
pouring rain around the closed door.
No notice was posted on the door. The
bank opened at the usual hour this morn
ing, but before noon closed abruptly, with
ont assigning a cause. The stock market
is very active and there seemed to be some
connection between the failure and the
condition of affairs on the Stock Exchange.
The depositors, judging from the appear
ance of those about the building, are II
well to do class. The Post says: THE sus-
pension of the Marine National bank was
announced a little after IL o'clock this
morning. The immediate cause of the
failure was the banks inability
to meet its debt, about $500, 900,
at the clearing house this morning. But
the causes lying behind this is presumed
to be the real estate operations of Presi-
dent 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 a large
apartment building, The Mystic, ~ on
West Thirty-ninth street. The recon
struction of Booths theater and the
building of THE Mystic have taken Il
great deal of ready money which he is
presumed to have borrowed from the
bank. Fish is second vice president of
the st. Louis & San Francisco railroad.
1t Is not presumed this connection had
anything to do with the banks embar-
rassment though it is understood some
connection with either Ontario K Western
and West Shore max have had some
influence, though probably only secondary
to the real estate operations. A few
minutes after 10 O'Clock a gentleman
made a deposit at the Marine National
bank, and as he went out he was followed
to the door by the bank porter who
began rolling down the iron shutters. The
depositor ran back to the receiving teller.
but he 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 a crowd of excited deposi-
tors who gathered at the corner of Wall
street and Pearl within an incredibly short
time. Unless the failure was the result
of worse than too heavy real estate spec
ulatiOn. it will not prove disastrous. One
deposition says that Wall street gcner-
ally objected to the Marine bank,
because of its family character.
james d. Fish is President. John D..
Fish, his nephew, cashier, and half Il
dozen other relatives of the President
were in positions of trust. The capital of
the bank was $500, 600.
New YORK, May 6.-The suspension
of Grant x Ward was announced on Stock
Exchange. The firm was composed of
General L. 5. Grant, James ID. Fish, L.
S. Grant, Jr.. and Ferdinand Ward.
About 600 shares Of c., c., G. * l.,
Omaha & Alton and Terre Haute were
closed out under the rule; also some
Nickel Plate second mortgage.
Kiernan's Wall street agency furnishes
the following rumors Of defalcation of
$4,000, accompanied by the suspension
of the Marine bank. The party in
question said he had close relations with
the bank. I'VE have investigated and
found the following statement of embar-
rassment of Grant 4 Ward, said one re-
liable authority, ito be due to the absence
of one of the firm who has not been at his
place of business since Saturday. -
Various are the JUNIORS afoat in
financial circles, respecting which
Mr.. Grant Sewer, a member of the
firm, says: Il mo deny or ~corroborate
the reports current. We are nearly $50
900 short. Our safes are locked until we
can find Mr.. Ward. | cannot say how
we stand"
NEW YORK, April 6.-The Marine
Bank was the designated depository for
tnc NliS VI view lbEh' lestcTuhN tlt
city drew a draft of $500, 900 which was
part of the debit balance in the clearing
house this morning, and this did much to
precipitate the failure, Itis reported that
a stock firm overdrew its account at the
bank yesterday, $500, 900.
The World, in a sketch of Fish, says
he is n of the oldest bank presidents il
the city, there being but seven others who
held positions when he took charge of tn,
Marine bank. He has been identified
with most of the great institutions of tn,
city, foremost among which is the Stool
Exchange. In recent years the bank haC
great wholesale tobacco accounts and de
posits of private bankers, and twice
I month it sends a teller to Jersey City witt
the paymnsters ear to pay off the army 0
employees on the Erie railroad. Fish be
came m of the creators of modern juris
prudence of banking. The people 0
Mystic, Conn, were original subscriber
& to the Stock Marine bank, and many Q
the original certificates are held there I