The Red Cloud chief., 1884-05-17
FINANCIAL CRASH.

Heavy Bank Failures in New York-Genefa>
Grant and His Son Supposed tn be Heavy
Losers.
NEW YORK, May THE Marine Nation
81 Bank has closed. J. ID. Fish is President
sf the bank. A year ago the bank pur-
chased Booths Theater. The Clearing
House is considering the suspension, andtis
Is thought the failure IS a bad one. The
capital of the Marine Bank was 800. 900.
It's statement for September 81
!ast Showed Il surplus of SISO.OOO.
Undivided profits, S63,%45. John ID. Fish is
cashier. n visit 70 the bank dis
covered Sone fifty d~isrOuSoiate depoSitOrs
standinS In the pouring rain around t.iS
closed doors. No admlttance is given to re.
porterS anu no notice is posted on the doOy'
HE bank opened 1t the usual hour veSter-
lay morning, but before noon closed alb
ruptiy without assigning any cause. The
stock market is Very active. and ther,. seems
20 be some connection between the failure
and the condition of affairs Oh the
Stock Exchange. The dcpositors, ,ud..
rnS from the appearance of ihosa
about the building. are a we'll.
tO-do class. An Associated Press reporta,
visited the Clearing House. endeavorinc ID
obtain information from Manager Camp.
out that official only says that the Clearing
House Is in session and nothing
VIII he gwen TO tlie public until it has con
cludet the examination of the accountS of
The bank. Ii is said on the street the banks
downfall Is due To- real estate transactions of
President Fish. Son time ago he bought
Booths tileater and is now converting Il.
INTO stores. He Il also interested in amgy.-
ment houses. An official of the bank VIZ
asked whether FiSh'S operations hal caused
the suspension, or whether the bank VA
doing business with brokers and So lost
money. He refused to answer. IL Is
believed the failure is due 10 Il little OF
both.
IRAN & WARD
Grant n Ward announce a closing on ac-
count of the failure of the Marine Bank.
h suspension of Grant is anuauIsrd d:
the Stock Exchange. The fi-n is coAiro>e,!
Of General L. :. Grant. James u. Fish. Us
Grant, jr.. AMI ferdinand Wari. about 500
shares. kienan'S Wall street agency tur-
ni>hes the following: There are rlmor.
of a detalcatiOn of about 500. 900, arr"Iu-
panied by the suspension of the Marine
Bank. h party in question is said to
have had close relations with the bank. VS.
have investigated and got the following state.
ment: The embarrassment of Grant " " ard
is said. on reliable authority. 10 BE- due
10 the absence Of II of the firm. who has
been at his place of business since SAL.
urday. Various rumOrs are a;iOat in iinan.
ciai circles, respecting which Mr. Grant.
senior member Of the firm. SAYS: Il canAoI
deny or confederate the reports current. We
are nearly $4,000 short. Our SAFES arg
Inrl-aI until NJ. ,p,, tirI NJ VOL
say how We stand" At the ofinr az
Grant IL Ward no member of the firm could
be found. William Smith. broker ri the
said he was authorized 10 state tina,
the losses of the firm would be something
$500, coo and $500. ttO, and these
being unsecured, the firm was
to suspend. Each of four partnerg
had a quarter interest in the firm To the exS
tent of S100.000 each. and General Grant
would be liable for his share 0f the losses,
would probably be about S3jo. OUu.t
Grant was in the office during par
of the day. but refused Ia make any state
nient whatever in regard to the affairs OF
the firm.
EXCITEMENT IN wALL STREET.
Yesterday Vas 4 day of great excitement !
in Wall street. The volume of business.
on the Stock Exchange wa4
enormous. The market opened with Il mod
crate pressure to sell stocks all along the
line and there vas Il general slight de-
Later, however, the clique began
and a considerable advance was
which greatly encouraged the bulls
This upward movement lasted until abouA
eleven o'clock, when 4 raid on Union Pa
rife by the CamImack and WOeriShOffer
,rowd unsettled values generally. Soon
after this there came the unexpected an
louncement that the Marine Bank had
.lOsed its doors, and the fcclin. at once
paaEky. Stocks We're rapidly
over without regard TO prices. The
trline was raDid. in some cases amounting
Utmost to two points at a jump, the selling
BEING for both long ard short accounts, and
Ill stocks seeming 10 suffer about equally.
Union Pacific fell IL. The gran
,ers looked badly, Northwestern falling
"a per rent. The collapse of the stock
house of Grant Il Ward, with reports that
lalf a dozen other firms were i'll trouble
made matters worse, AMI traders stamped
IN each other in their eagerness 20 get rid OF
heir holdings.