Morning journal and courier., 1884-05-07
NEW YORK.

HaWley Edm unds-The Choice OF The
independents Republicans.
New YORK, May 6.-The conference COM
mittee of the Independent Republicans met
to. day and after making arrangements to
send a delegation to the national convention
the committee discussed the presidential can
didates. The committee is strongly opposed
to Blaine and is not in favor of Arthur.
Several Of the members are in favor Of Ed
munds, while others bear towards Gan. Haw-
ley of Connecticut. The committee will
hold special meeting on Saturday next.
The New Produce Exchange - Formal
Opening of the BuiIdInK.
NEW YORK, May 6-The old Produce Ex-
change of this city contained this morning
large number of members and their friends
who had assembled to participate in the oere-
mopy of taking farewell Of the old building
The exercises were brief but impressive and
of great interest to the large gathering. After
a valedictory address had been delivered by
ex Presi lent James McGee and song special
ly composed for the occasion had been sung
by the Gee club the line of march for the
new building was formed and the procession
started at IL o'clock, On leaving the old
Exchange several enthusiastic young brokers
smashed bottles of wine on the upper Aoor
and scattered about handfuls of wheats and
corn. At the new Exchange the board was
received by Mayor Edison, who in brief
and appropriate speech presented to
them the new building. President Herrick
accepted the building in behalf of the mem-
bers and delivered short but very interest
ing address in which he traced the growth of
trade in this city from its beginning under
our Dutch ancestors of New Amsterdam up
to the present day. He was followed by Mr.
Chauncey M. DepeW, who was loudly ap-
plauded when in the course of his spesch he
eaid: "The Produce Exchange was organized
to deal in food products, not to gamble"
Mr.. Henry 81. Wheeler, of Chicago, then de-
livered an address of congratulation which
was listened TO with marked attention
and the speaker frequently interrupted
by loud and long continued applause.
There were present delegations from many
of the leading business centres of the United
States and Canada.
An excursion took place in the afternoon,
the steamer Sam Sloan conveying the menu
bers and their guests down the bay. About
eight hundred persons were on board. The
number of delegates from other exchanges
included in the party was: From Chicago
nine, Milwaukee eleven, Philadelphia sixteen,
Toledo six. St. Louis four, Pittsburs seven,
Montreal seven and Toronto nine.
The New York Fatlures-TrouBIes Of the
Marine Bank and Grants Company
Both Concerns ReticenG Concerning
Their Affairs.
NEW YoRK, May 6.-The Marine National
bank, which suspended this morning, waa
chartered February, 1881, and was made
national bank in 1860. The officers are:
James D. Fish, president; James W. Elwell,
Spencer, Ambrose Snorr, John N. Quirk,
Joseph w. Yales, Carsten Sierck, John T.
Wilson, James r. Smith, Amasa H. Scevilla
Henry j. Collin, jr., Ferdinand Ward and B,
W. Spencer, directors. The depositors of the
bank were for the most part sea captains,
who banked comparatively small sums. There
were but few large depositors, while COM
mercial men did not bank there to any great
extent. 1t is said the institutiens dealing
with the Stock Exchange have been ON q
small scale and that the decline in stocks to-
day was more the reflection of the sxae
gerated reports of the bears and unloading
of thu weak holders, than from fear of sny
large holdings in the market az the bank.
1t is leaned from talks with the presidents
of other banks that the failure of the Marine
bank was not unexpected. Mr.. Fred D.
Tappan, president of the GaIIatin hank,
stated to United Press sepoEter this sitter
noon that the shaky state of the Marine
banks affairs was known to most business men
down town. "Fhe clearing house" said Mr..
Tappan. ''keeps itself thoroughly posted on
the affairs of all banks with which it has
dealings and knowing tbs Strengthened con-
dition of affairs refused to ALLOW its ciearan-
ess to be made to day until the bank had put
up $500, 600 to SECURE the other banks and
the clearing house against lezs, the suspend
ed bank being debtor to the clearing house
10 that amount."
City Comptroller Grant visited the bank
this afternoon and remained q short time.
When he left he stated that the city had a
deposit in the bank of 81 900, ooo. Ra;agssked
if he thought tie sara was safe 10 stated that
Ae beilsved tpat-it was and added that he
fhsought it mistake to slass she bank. He
said the ofAeeza of the bank few hours af-
ter they closed It's doors settled its balances
with the clearing house and that If instead OF