Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1884-05-16
FINANCIAL CRASH.
Heavy Bank Failures I'm New York-Geusrnl
Grant and HIS Son Supposed to be Heavy

Heavy Bank Failures I'm New York-Geuernl
Grant and HIS Son Supposed to be Heavy
Losers.
New York, May THE Marine Nation
al Bank has closed. J. d. Fish is President
of the bank. A year ago the bank pur-
chased Booths Theater. The Clearing
House is considering the suspension, and IL
is thought the failure is bad one. The
carital of the Marine Bank was S40O, 900.
Its stateniert for September %
last showed a stirplps of Sl30,000;
undivided profits, SCI, 345. John ID. Fish is
Cashier A visit to the bank dis
covered some fifty disconsolate depositGrs
standing In the pouring rain around the
closed doors. No admittance is given to re-
porters and no notice is posted on the door.
The bank opened at the usual hour yester-
day morning, but before noon closed alb
ruptly without assigning any cause. The
stock market is very active. and there seems
to be some connection between the failure
and the condition of affairs ON the
Stock Exchange. The depositors, judg-
ing from the appearance of those
about the building, are we'll
to-do class. An Associated Press reporter
visited the Clearing House, endeavoring to
obtain information from Manager Camp,
but that official only says that the Clearing
House Committee is in session and nothing
will be given to the public until it has con-
Guided 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. Some time ago he bought
Booths theater and is now converting II
into stores. He is also interested i'm apart
ment houses An official of the bank was
asked whether Fish's operations had caused
the suspension, or whether the bank was
doing business with brokers and SO lost
money. He refused to answer. 1t is
believed the failure Is due to a little of
both.
GRANT WARD SUSPEND.
Grant & Ward announce a closing on ac-
count of the failure of the Marine Bank
The Suspension of Grant II announced on
the Stock Exchange. The firm Is composed
of General L. s. Grant. James d. Fish, l.. $.
Grant, jr., and Ferdinand Ward about GOO
shares Kiernan's Wall street agency fur.
niShes the following: There are rum0rs
| of a defalcation of about $500, 600, accom-
| panied by the suspension of the Marine
Bank. The party In question is said to
! have had close relations with the bank. We
| have investigated and got the following state
ment: The embarrassment of Grant X Ward
/ Is said, on reliable authority, to be due
| to the absence of one of the firm. who has
not been at his place of business since Sat
urlay. Various rumors are afloat in fnan-
! cial circles, respecting which Mt. Grant,
| senior member of the firm. says: Il caiIf0t
| deny or corroborate the reports current. We
are nearly 100000 short Our safes are
! locked until we can find Mr.. Ward. | can
not say how we stand.'' AT the office of
/ Grant x Ward no member Of the firm could
/ be found. William Smith, broker of the
! firm, said he was authorized To state that
the losses of the firm would be something
between $500, 900 and $780, 900, and these
! liabilities being unsecured, the firm was
! obliged to suspend. Each of four partners
had quarter interest in the firm to the ex-
! tent of 100000 each, and General Grant
would be liable for his share OF the losses,
/ which would probably be about $3.50, 900.
! General Grant was in the Office during part
of the day. but refused to make any state
meDt whatever in regard to the affairs of
the FIRM.
EXCITEMENT * WALL STREET.
Yesterday was a day of great excitement
in Wall street. The volume OF business
/ transacted on the Stock Exchange was
enormous The market opened with mod
! crate pressure TO sell stocks all along the
/ line and there was general slight de-
| cline. Later, however, the clique began
| buying and a considerable advance was
secured which greatly encouraged the bulls.
| This upward movement lasted until about
eleven o'clock, when raid on Union Pa
ciic by the Cammack and WOerishoffer
crowd unsettled values generally. Soon
after this there came the unexpected an
nOuncement that the Marine Bank had
| closed its doors, and the feeling at once
became panicky. Stocks were rapidly
! thrown over without regard TO prices. The
decline was rapid, in some cases amounting
almost TO two points at jump, the selling
being for both long and short accounts, and
all stocks seeming to suffer about equally.
| Union Pacific fell IL. The gran
| gers looked badly, Northwestern falling
pa per cent. The collapse of the stock
| house of Grant q Ward, with reports that
| half a dozen other firms were in trouble
made matters worse, and traders stamped
| on each other in their eagerneSs TO get rid of
/ their hDdinpS