New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-10-14
WARD, GRACE, TOBEY, AND JOHNSTON
THE MARINE BANK AND THE COMMERCIAL BANK
RESPONSIBILITY FOR LOSSES.


RESPONSIBILITY FOR LOSSES.
Ferdinand Ward has given himself over to
another those who were more or less in
tmatey associated in his remarkable business ventures
good part Of his last effort embraces his compliments
TO W. L. Grace Eighteen months ago, in the motifs
Grant litigation Ward that f. II. Tobey the cash
fer OF W. r. Grace Co., had taken hand In the
profits and had acted at least in behalf OF E. q. Tobey
his brother, a member of tho Produce Exchange. Mr..
Grace has stated that Z. II. Tobey rich in his
private business and developed such interests in his own
behalf that he left the firm Of W. r. Grace Co..
A dgent search for L. II. TObey made by TRIBUNE
reporter anxious to ascertain how Mr Tobey grew from
small beginnings to a financial independence which
could make him Indifferent to the power Of W. r. Grace
Co. has revealed the fact that Mr. Tobey on Wednesday
last left his desk in No 36l Produce Exchange and has
not been there since. f. G. TObcy says that his
brother is out Of town business On Thursday last
an acquaintance OF +. H. TObey him ferry
boat bound for Brooklyn, and 1t is said that the ex
does not know where his brother is. He said to a
TRIBUNE reporter that he had found silence
good role to play, and he was Inclined to keep u up
gentleman acquainted with the history OF F. H. ToDey
says that Mr roDey was clerk in the Windsor Hotel
The relations Of W. r. Grace to the Marine Bank have
bcen subject OF much discussion of late, as well as his
attitude toward Mr.. Tsbey Mr.. Grace has partner,
Mr. Flint. who ID director in the Bank Of the Republic
Another director there is Walter s. Johnston, once OF
errment to receiver Of the Marine National Bank
Mr. Johnston was appointed in 1877 receiver or the
National state Bank of Missouri. The cashier OF that
bank, according to his own statement made yes
teriay to a TRIBUNE reporter, was +. L. Curtis. hr
Curtis further said: 4" remained with Mr.. Johnston
until 1891, when Edgar Wcles, the son Of Gideon
Wellcs succeeded Mr.. Johnston receiver Of the
National state Bank of Missouri. am the cashier
OF W. Il. Grace 4 Co."
On July last the Commercial Bank opened It's doors
on the site Of the old Marine National Bank Its directors
James L. Ward, Michael p. Grace Edward b. Bart
lett Isaac EoacEwdd. j. d. krtl Crook. Nhen $: swan
H. l. Horton kenneth NJ. MurchisOn Michael w. Wall,
William BrOOkieli, Or5On Adams and w. W. Flanagan
Mr. Adams IS the president and Mr.. Flanagan is the
cashier ono OF the officers said to TRIBUNE reporter;
MI Johnston is not at all interested IN THIS bank
Mr. Johnston. receiver Of tho Marine Bank has au
Office GoOrs abOye1 / understand that Mr.. Curtis
became cashier OF W. L. Grace * Co. through Mr. Johl-
ston's influence"
20 far ~ Mr. Johnston has instituted 10 suit
against directors Of the Marine Bank to recover the
waich that corporation is said - have lost through
relations of the directors TO the Grant Ward Dus
mess. creditor OF Grant Ward said yesterday: Mr.
Grace tor OF the Marine Bank al tlmc when
the contract business going 80 was j. Nelson
Tippan 50 was Ward IL is an interesting question OF
whether the firm Of W. H. Grace Co. IL not respon
sbe for tue losses Of the Iarine Bank Though the
transactions ". X. Grace and his company in the
Grant Wari business. it is also an equally interesting
question wlether the directors Of the bank by thclr
transactions not mado the bank virtual partner
IN tile transactions o. Grant Ward by participating In
the profits or losses Of this firm