Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-05-08
NEW YORK.
Failure Of the Marine National Bank
"A Financial Elntier.

NEW YORK, May 6.-The Marine |
National bank has closed. J. d. Fish
was president of the bank yesr ago
The bank purchased Booths theatre. |
The clearinghouse is considering the
suspension, and 1t Is thought the
failure Is q bad ono. The capital of
the bank was 100000. Its statement,
Sept. % last, showed surplus of $780,
600; undivided profits s023i5 John
ID. Fish Is cashier.
A visit to the bank discovered some
disconsolate depositors standing in
pouring rain around the closed doors.
No admittance was given to reporters,
aud no notice posted on the door. The
bank was open at the usual time this
morning, but before noon closed alb
rmptly, without assigning any cause.
The stock market Is very active, and
there seemed to be some connection
between the failure and the condition
of affairs at the stock exchange Its
depositors, Judging from the appear
ance of those about the building, are
of the well.to.do class. An cxplana-
ton is promised this afternoon.
An Associated Press reporter visited
the clearinghouse, endeavorlng to OBJ
tain Information from Manager Camp,
but that official would only say that
the clearinghouse committee was in
session and nothing would be given to
the public until II concluded the exam
iDHtiOn of the accounts OF the bank. 1t
is said on the streets that the banks
! downfall ia due to the real estate
transactions of President Fish.
Some time ago he bought
Booths theatre, and is now converting
ii into stores. He is also interested in
: other houses. An official of the bank
J was asked whether Fish's operations
had caused the suspension, &
whether the bank was doing business
; with brokers and so lost money, but he
! refused to answer, though he believed
} the failure was due toa little of both.
NEW YORK, May 6-Grant and
Ward announce their closing on ac-
count of the failure OF the Marine
bank.
, CAUSES OF THE SUSPENSION.
NEW YORK, May G.-The Post says
2 the suspension of the Marine National
bank was announced n little after II
, o'clock this morning. The immediate
cause of the failure was the banks
inability to meet its debt, about S6OO,-
J 600. at the clearing house this morning,
' but the cause lying behind this Is
J presumed to be the real estate
Y operations of President James ID. Fish
\ during the last year or two, and within
: that time he has bought Booths
!, theater and the Casino. and has alst
d recently been building large apart
Q ment building, "The Mystic" on Thir
: ty-ninth street. The reconstruction
i OF Booths theater and the building o
the Mystic has taken q great deal
money, which he is presumed to hav'
borrowed from the bank. Fish Is secon'
vice-president of the ST. Louis ant
n San Francisco railway, and the Marin
bank is the registration office OF tha
stock. II is not presumed that TN
connection had anything to do Will
the banks embarrassments, though
lie is understood some connection witt
h either the Ontario and Western 9
West Shore bonds manipulation ma,
AZ have had some influence, thoug
ID probably secondary to the real estat
in operations of the president.
ri A few minutes after o'clock gen
- tleman made deposit at the Marin
" National bank, and rs he went out wa
r, followed to the door by the bank po
le ter. who began rolling down the iro
re shutters. The depositor ran back
t. find that the receiving teller had SHIT
his window and gone out OF bushes
Nv for an indefinite period. The payin
ne teller was still more conspicuou
n, by his absence, and the depositt
X had the consolation of standing @
IRA the steps of the bank for the ne:
all hour, and telling his experience TO u
er crowds OF excited depositors vino gar
in cred at the corner of Wall ana Pei!
M streets. Within short time after u
,yv failure of the bank was announce
. all information was denied to reporter
an C.ossip among the crowd OF deposito
ce attributed the failure chiefly to u
"a. miscarriage of large real estate spec
ut lotions by Jas. ID. Fish. The busine
at done was not considered large +
ID. the neighborhood, and the fseiir
nv among depositors was hopeful. son
ic. DELAY might be caused by the nece
alf sity of selling large amount oil re
ais estate, but unless the failure w
is worse than the too heavy real esta
re-. speculation, IL will not prove. disa
.pe trous to depositors, who are dispos
ars to make the best OF II. -
he II ia said Wall street generally q
ifsf iected to the Marine bank, because
mr. its family character, Jas. ID. Fish b
err inc president, John d. Fish,
in nephew, cashier, and half a doz
the other relatives of the president In po
zen tons of trust. The capital OF the pal
In. ia $500 OOO Cashier Fish's official
res mort. April "A, showed total resourt
of Of AZ 269 I25; total liabilities the san
hal On Friday II is said Fish transierr
,ws the building next TO the bank, q W.
mr., street, to the bank for Sl,OOo., III
nrt- became generally known, and !
effect OF the failure was virtually q
tied counted. =.
lon The bank was indebted to the Gle
Il ine.house in the sum of Sooo0oo q
the Manager Camp this morning rciu'
re. to allow clearing TO proceed until
hat eurity to that amount was proviu
we'd Thus the clearing was delayed, a
be. although finally accomplished, secur
Il an having been given for S5OO,O0
.daa Marine bank officials decided to
pods pend. r.,i,,o Ia
uas saws there was no defalcation or
side honesty in the management.
acsd nrincI1al trouble is that the bank c
. .ned pnt realize on some OF It's collaterals
was Ambrose Snow of the firm OF tsi
we're A. Burgess is vice.president OF
'sms. Marine bank, bat Left the oiliees Oh
cot, e,rn, Immediately after