The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-05-07
BIG BANK FAILURE
THAT TpIsTURBEoFINANcIALc CIRCLES
Ia New York Ytaterdsy-Ths Marine Bank Com.
PEELED to Close Its Doors-Ths House Of Grant
aad Ward Follows Salt, Beiag lAroivsd with
the CrAsh-The Cause OF tho Failure,

NEW YoRH, May 0.-The Marine Nj
tional Bank Is closed. J. D. Fish
cashier Of the bank. A year ago the ban
purchased Booths theatre. The clearln
house Is considering the suspension. 1t
thought the failure is a bad one. Th
capital Of the bank was $4,000 It's state
ment September Inst showed surplus O
$780, 900, undivided prof. S62, ,345.
A visit to tho Bank discovered soms fit,
disconsolate depositors standing in III,
pouring rain around the closed doors. N,
admi!,ance was given to reporters and n,
notice was posted on the door. The Baul
was open ut the usual time thia mornint
but before noon closed abruptly withou
assigning cause. The stock market wa
very active and there seemed to be som,
connection between the failure and thu
condition OF affairs on the stock exchange
The depostors, judging from the appear
ance OF those about the building, were
wcll.to.do class. An explanation is prom
ised. q 81 -
THO Associated Press reporter visited the
clearing house endeayoring 10 obtain in.
formation from Msjor Camp. That official
would only Say the clearing house com.
mittee WAS In session. Nothing will be
given public until the examination OF &C.
counts OF bank are concluded. It is said
on the street that the banks downfall ia
due to real estate transactions Of President
Fish. Some time ago he bought Booths
theatre and isnow converting it into stores.
He ia also interested in apartment houses,
Officials OF the bank asked whether Fish's
operations had caused the suspension,
whether the bank had been doing business
with brokers and no lost money, refused to
answer. It Is believed the failure is due
to little Of both. N
E GRANr& WARDS FAILURE.
Grant 4 Ward announce their closing
on account Of the failure OF the Marine
bank. The firm Of Grant & Ward, Wall
street, comprise General U. s. Grant, jas.
b. Fish, U. S. Grant, Jr., Ferdinand Ward
aud Wm. @. Smith. James D. Fish was
President Of the suspended Marine bank.
The direct cause Of the failure Of the Ma.
rine bank is now attributed to the over
drawing ofthe account Of the firm OF G l, mt,
Ward 4 Co., who, it is raid, haae been per-
sistent bulls on the market sinca the COM
nencement olthe ehrinkage in 1882. Gen.
eral Grant VAS at the office OF Grant, Ward
4 Go. when the failure Of the firm was an-
nounced. The General appeared to be in
i'll health and completely proslrated at
iirm's unfortunate speculstions. It is re-
ported that $780, 900 is missing from Grant
T. Ward, and that there has been dsialca.
ton. Ward is missing, and the vault doors
cannot be opened.
WILL PROBABLY NOT DO MUCH DAMAGE.
The Mail and EIprss,ays oithe Marine
bank failure: Inquiries elected the fact
that James D. Fish, President, had apart.
ments in the bank building, but did not
occupy them last night, and had not been
down town today. Ambrose Snow, OF the
firm Of Snow 4 Burgess, is Vice President
OF the Marine bank, but left the Office OF
tho firm Immediately alter the announce.
ment OF the failure, therefore no statement
has been obtained from hir. Among the
banks opinions vary greatly as to the prob
able influence the Marine bank suspension
will have upon the situation, but the ma
jority are inclined to believe it will not do
much damage,
The faOt that the bank had paid balance
OF S555, 900 at the clearing house this morn.
ing tended to allay the feasu OF great
many, and it is conjsctured tho suspension
will only be temporary.
George R. Rsad, connected with Ludlow
4 Co., real estate dealers, said the troubles
Of the bank were not due to anv nnfortrl.
nate speculat!onS in real catata OF Fish. for
hewasG shrewd speculate and boupLt moth
ing but valuable property. Ths bank exam
liner in charge suspended the Marine bank,
1t is probable the Washington au,ho,i.
ties will appoint receiver. I1'
The Marine Bank wsa tho Designated de-.
pository for the city OF New York. Yester.
day the city drew q draft Of $500 900, which
was part OF debit balance in tho Clearing
house this morning, and this did much 10
precipitate the failure. It is reported that a
stock firm overdrew their account at the
bank yesterday S500,000.