The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1884-05-09


The Brokerage Firm of Which Express
The Generals Losses.
NEW YORK, May THE NJ rine Ma
tional Bank closed its doors yesterday. j.
d. Fish is President of the concern. The
capital of the bank was four hundred thou
sand dollars. Its statement Of September
% last showed surplus of $4,000, and
undivided profits $62, 345
A few minutes after ten o'clock a gentle
man made deposit at the Marine National
Bank, and, as he went out was followed to
the door by the bank porter, who began roll
ing down the iron shutters. The depositor
ran back to find the receiving teller had
shut his window and gone out of business
for an indefinite period. The paying
teller was still more conspicuous by his
absence and the depositor had the con-
ISOLATION of standing on the steps of the
bank the next hour and telling his expert
ence to crowd of excited depositors, who
gathered at the corner of Wall street and
Pearl street within an incredibly short
time after the failure of the bank was an
nounced. Two policemen were sent for,
who stood guard on the steps of the bank
building. To a few of the largest deposit
ors the iron doors opened about an inch and
few words of indefinite encouragement
were spoken by those within.
The gossip among the crowd of deposit
tors attri buted the failure chiefly to the
miscarriage of the large real estate specula-
tons by James d. Fish. The business done
is not considered large for tile neighbor-
hood, and the feeling among the depositors
was hopeful. Some delay might be
caused by the necessity Of selling a
large amount of real estate, but,
unless the failure was the result Of
worse than too heavy real estate
speculation, 1.-THE suspension may not prove
disastrous. One depositor, who is disposed
to make the best of it, says Wall street
generally objected to the Marine Bank be-
cause of its family character. James d.
Fish is President; John d. Fish, a nephew,
CASHIER and half dozen other relatives of
the President are in positions of trust
Cashier Fsh's official report of the
Oath of April showed total resources
of $780, 25, and total liabilities the
same. On Friday. it is said,
Fish transferred. the building next to the
bank, rs Wall street. to the bank, for $751;
900. This became generally known, and
the effect of the failure was virtually dis
counted. In the clearinghouse yesterday
morning the bank was debtor $500, 900, and
Manager Camp refused to. allow clearing to
proceed until security for that amount was
provided. Thus the clearing was delayed,
and, although finally accomplished, security
having been given for 100000, the Marine
Bank officials decided to suspend.
In reference to the suspension of the
bank Jay Gould said: 81 do not consider
the failure of serious Importance. 1t was
not heavy institution at all, and did not
do much business in stocks. A slight de-
cline in stocks has been caused by the APP
prehension which always attends the future
of bank. The name goes for great deal,
and the failure of bank means more to
the general public than that of an indiyid-
ual, even though the amount involved is
less. The firm had, l understand, been
specializing largely in real estate, and the
bank had been loaning money"
James d. Fish is one of the oldest bank
Presidents in the city, and has been identi-
fed with most of the great institutions here,
including the Stock Exchange. After Cen
eral Grants last term as President, Fish be-
came his business partner. In 1879 he became
connected with the Chicago & Northwestern
Railroad, being one of its first directors. He
was in 1878 made President of the st. Louis
q San Francisco Railway Company, which
position he held for two years. Fish and
Ward were on the bond of City Comptroller
Grant 1.-THE city," said the Comptroller,
chad 81, 800, 900 on deposit in the Marine
Bank few days ago. Monday $500, 900
was duly honored. Saturday expressed
the opinion that 81, 900, 900 was too much to
have on deposit in bank Perhaps Cham
berlain heard what 1 said and drew out
$500. 900 on Monday"
/ Captain Ambrose Snow, director of the
Marine Bank, says that the deposisors will
lose nothing, as the bank holds $4,000, 600
of good paper, to secure its loans of an
equal amount. Other directors think Presi-
dent Fish got nervous, didn't know just
what to do, and ordered the bank closed.
Among the directors the feeling is one of
confidence that the bank will resume bust
ness by Saturday. Marine Bank stock
was held at IT'S five days ago. The
city of New York has 81 1000, 900 on deposit
in the bank, and Long Island City about
$500, 900. Tfie bank has been a landmark
in the financial world since 1851 and was
considered one of the strongest institutions
| in America. The bank made loans on IN
| ion pipeline certificates for 100000 bar
rels, and the failure created the widest ex-
| element on the petroleum exchange, where
| oil fell from $l.0214 to ninety-SiX cents
| per barrel. There seems little doubt
| that the bank went down through
wild speculations of Grant & Ward,
| whose indebtedness the latest reports fix
| from $500, 900 to 5000, O00 President Fish
| alone knows the real condition of the bank
| and he will not talk. General Grant is said
| to be heavy indorser of Grant & Wards
paper, and has probably lost all he had,
save the $3.50, 600 fund, which is safe in the
hands of trustees. Many wild rumors are
afoat regarding the solvency of other
banks and firms, but are not generally cred
| tied.
| The suspension of Grant and Ward is an
nounced on the Stock Exchange. The firm
| is composed of General u S. Grant, James
D. Fish, q. S Grant, Jr., and Ferdinand
| Ward. About six hundred shares of e.. c.,
| G. & l., and Omaha, Alton & Terra
Haute were closed out under the rule; also
| some Nickel Plate second mortgage bonds.
At the office OF Grant & Ward no MEM
bers of the firm could be found William
| Smith, broker of the firm, said he, was au-
| thorized to say that the losses of the firm
would be something between $500, 900 and
| $500, 900, and, these liabilities being unSe-
cured, the firm was obliged TO suspend.
Each of the four partners held quarter in
terest in the firm to the extent of 500, 900
| each, and General Grant would be liable
for his share of the losses, which would be
about $250,000. General Grant was in his
office during part of the day, but refused
to make any statement whatever in regard
to the affairs of the firm.
"A foolish young man at Norwich,
Conn. named Mussell, amused crowd
the other day by pretending to violent
| " stab his friend Dennis Coughlin.
Mussen turned his wrist with every
blow so that the handle instead of the
blade of the knife struck Coughlin, but
after a while forgot the turn, and