The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1884-05-08
A FINANCIAL CRASH.
hLEADINo NEW YORK BANK sUsPENps.
Real Estate speouiations Cause the Ma
rlne National to Close fts Doors-Gen-
sral 0f~Hrs DrSherape Firm Car
rled Down-NO Statement
A anEAr SMASH.

New YonR, May 0. The Euentng Post
says the suspension OF tho Marine National
Bank was announced little after eleven
o'clock this morning The immediate
cause OF tho failure was the banks inability
10 meet lts debt OF about $500, 900 at tho
Clearing House, But the cause lying be.
hind this Is presumed 10 bo the real-estate
operations OF President James ID, Fish
during tho last year or two. Within that
time he bought Booths Theater and tho
Casino, and has also recently been build.
Ing large apartment building, tho "Mys'
tic" on West Thirty-nlnth street The
reconstruction OF Booths Thoater and
tho building Of "Mystlcn has taken great
deal OF ready money which he II presumed
TO have borrowed from tho bank. Fish IL
Second Nlco-Prosldent OF the st. Louis u
San Francisco Railroad, and tho Marine
Bank ls tho registration Office OF that stock.
II IN not presumed that this connection had
anything 10 do with tho banks embarras.
mont though II Is understood that some
connection With either tho 0ntarlo & West.
eIn or tho West Shore bond manlpuatlons
may have had some Influence, though
probably only secondary 10 the real estate
operations OF tho President
A few minutes after ten o'clock gentle.
man made deposit at the Marine National
Bank, and, as he went out was followed TO
the door by tho bank porter, who began roll
Ing down tho Iron shutters. The deposItor
ran back 10 find the receiving teller had
shut his window and gone out OF business
for an Indefinite period. The paying
teller was stlll moro conspicuous by his
absence and the doposltor had tho con.
ISOLATION Of standing on the steps OF tho
bank tho next hour and telling his exporI-
Gnce 10 crowd OF excited depOsIt0rs, who
gathered NJ tho corner OF Wall street and
Pearl street within on incredibly short
tlmo after tho failure OF the bank was an.
n0uncod. Two policemen were sent for,
who stood guard on tho steps Of tho bank
building, To few OF the largest deposit.
ors tho iron doors opened about IN inch and
q few words OF Indefinite announcement
were spoken by those within.
A illl statement OF tho banks condition
N promised 10 doposllora. All Information
ls denied to reporters, Gossip among tho
crowd OF deposltOrs attributed tho failure
ohleily 10 miscarriage OF large real estate
spccul0tIons by James d, Fish, The busl.
ness done was not considered large for tho
n0lghbOrhood, aud tho feeling among de-
p0Stors WAS hopeful. Some delay might
bO caused by the necessity OF selling n large
amount OF reul estate, but, unless tho failure
was the result of worse than too heavy real
estate speculation, II will not provo dlsas.
tr0us ono dop0stor, who was disposed 10
mako the best Of II, said Wall street gon.
orally objected TO tho Marine Bank, because
oi ts family character James ID. Fish Is
President; John ID. Fish, nephew OF tho
Cashier and q hali.dozen other relatives Of
tho President arc In positions OF trust Tho
capital OF tho Marine National Bank Is
Si0J 0O0 Cashier Fshs official report on
the cath Of April last showed total TO.
sources OF S7,2B9, ,4e5; total liabilities tho
same
On Friday, II Is said, Fish transferred tho
building n0Xt 10 tho bank, 7S Wall street. 10
the bank for Ssl, 1000. This became gon.
orally known, and tho effect OF the failure
Is virtually discounted.
IN tho Clearing house, this morning, tho
bank WIS debtor $500, 700, and Manager
Camp refused TO allow tho clearing 10 pro-
coed until security for that amounthod boon
provided, Thus the clearing was delayed,
aud although finally accomplished, tho
security having boon given for $500, 900, tho
Marine Bank officials decided TO suspend
The suspension of Grant and Ward Is an.
nouncol on tho Stock Exchange. The llrm
IA composed OF General u. s. Grant lamos
ID, Fish, u, .. Grant, Jr,, and Ferdinand
Ward, Abmt nix hundred shares Of o., g.,
&, a. H. aud Omaha, Alton & Terra
II Duto were closed out undor tho rulo also
sOme Nickcl Plato second mortgage bonds.