The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-05-08
A BAD BREAK.
A New York Bank Suspends, and Grant
Goes Down in the Smash.


Goes Down in the Smash.
NEW YORK, May 6.-The Marine
national bank has closed. j. D. Fish
is president of the bank. A year ago
the bank purchased Booths theatre,
and now the clearing house is consid
ering its suspension. 1t is thought
the failure is a bad one.
NEW YORK, May 6.-The Capital
Marine bank has failed for four hun
dred thousand dollars. Its statement
September 22d last showed surplus
of $4,000, with undivided profits of
$62. 2.345. John D. Fish is cashier.
NEW YORK, May GA visit to the
bank discovered some fifty diseonso-
late depositors standing in the pour
ing rain around the closed doors. No
admittance was given reporters, and
no notice was posted on the door.
The bank was open at its usual
time this morning. but before
noon closed abruptly, without assign
ing any cause. The stock market was
very active, and there seemed to be
some connection between the failure
and the condition of affairs at the
stock exchange. The depositors, judg-
ing from their appearance thereabout
the building, are a well-to-do class.
An explanation is promised.
New YORK, May 6.-The associated
press reported visited the clearing
house and endeavoring to obtain in
formation from Manager Camp.
That official would only say the clear
ing house committee was in session,
and nothing could be given the public
until it concluded it's examination on
account of the bank. 1t is said on the
streets the banks downfall is due to
the real estate transactions of PreSi-
dent Fish. Some time ago he bought
Booths theatre, and is now convert
ing it into stores. He is also inter-
ested in other matters. The officials
of the bank were asked whether
Fish's operations had caused the sus-
pension, or whether tn. bank was do
ing business with brokers, and so lost
money. They refused to answer, and
believe the failure is due to little of
both.
LATER.
NEW YORK, May 6.-The failure of
the Marine bank eXcites much sur
prise. Its fall is due to speculation in
too much real estate. Its liabilities
will probably reach $500, 900, and Gen.
Grant, as well as his son, U. s. Grant,
it,, are deeply involved in the wreck.
They, also, will probably suspend.
Ambrose Snow, one of the firm of
Snow s. Burgess, is vice-president of
| the Marine bank, but left the offices
| of the firm Immediately after the an
nouncement; therefore no statement
can be obtained from him.
| Among the banks, opinions vary
greatly as to the probable influence
the Marine banks suspension will
have upon the situation, but the ma
| jority are inclined to the belief that ii
will not do much damage.
| The fact that the bank had paid a
balance of $685., 900 at the clearing
house this morning tended to allay
the fears of great many, and 1t is
conjectured the suspension is only
temporary.
George R. Reid, connected with
Ludlow & Co., real estate dealers
said "The troubles of the bank are
not due to any unfortunate specula-
tions in real estate by Fish, for he is q
shrewd speculator, and buys nothing
but valuable property"
G. HI. Mallory & Co., shipping mer.
chants, are among the heaviest de
| positors in the bank.
One of the firm stated they would
not be embarrassed much by the sus
pension, and there was not much like
lihood any failures would follow
Mallory & Co. had very
little money in the bank
and other shippers are in the same po
sition. The bank examiner is il
charge of the suspended bank. Prob
ably the Washington authorities will
appoint a receiver at onnc. The Ma
rine bank was designated the deposi
tory bank of the city of New Y York ,ant
yesterdaylthe city drew draft TO
$780, 900, which was part of the debi
balance in the clearing house thi
morning, and this did much to pre-
clpitate the failure.
The Executive committee of the as
sociated banks held a meeting this al
ternoon at the clearing house and re
msined in session several hours. A
the close of the session 1t was al
nounced that it had been decided t
drop the marine bank from the assoc
alton, and cut it off from all furthe
privileges of the clearing house.