16140. Marine Bank (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 6, 1884
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 35557c3a

Response Measures

None

Description

The reports describe the Marine Bank closing its doors (suspension) in early May 1884 after heavy dealings/defalcation with the firm Grant & Ward. Examiners recommended a receiver and a receiver was reported in mid-May — indicating permanent closure/receivership. The articles describe panic effects elsewhere but do not present a discrete depositor 'run' on the Marine Bank prior to suspension; failure is attributed to bank-specific fraud/defalcation involving Grant & Ward and large certified checks. No clear evidence that the bank merely suspended temporarily and later resumed.

Events (2)

1. May 6, 1884 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Defalcation and heavy overdrafts tied to the firm Grant & Ward (certified checks presented with insufficient funds; dealings with Grant & Ward accused of causing the trouble).
Newspaper Excerpt: It was announced that the Marine bank had failed...the suspension of the Marine bank demoralized share speculation
Source: newspapers

2. May 12, 1884 Receivership

Newspaper Excerpt: examiner ... in a preliminary report ... recommended the appointment of a receiver. ... Receiver Brown ... Receiver Johnston ... receiver of the Marine Bank, charges ... caused its suspension, was before the United States grand jury later in 1885 (continuing receivership-related proceedings).
Source: newspapers

Newspaper Articles (25)

1. May 7, 1884 The Democratic Leader Cheyenne, WY

Article from The Democratic Leader, May 7, 1884

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this day. After General Grant's retire ment from the presidency. Fish became his partner in business. Fish has had extensive experien e as a railroad director and financier. In 1859 he became connected with the Chi ago & Northwestern railway. He was one of its first directors, and was associated with William B. Ogden and Samuel J. Tilden. In 1878 he was made President of the St. Louis & San Francisco Railway company, which position he held for two years, after which he acted as vice president. He had also settled many estates as executor, and as trustee by orders of court, and of late years he has been identified more or less with the receiverships of insurance companies and other financial institutions, he and William Best being regarded in financial circles as two expert receivers. Of the fact that Fish & Ward were on the bond of City Controller Grant, he said he would probably get new bondsmen to-day in their places. Fish had been secured for him through Ward, the latter being a personal friend of the controller's. "The city," continued the controller, "had $1,300,000 on deposit in the Marine bank a few days ago. On Monday $300,000 was duly honored. Last Saturday I expressed the opinion that $1,000,000 was too much to have"on deposit in the bank. Perhaps Chamberlain heard what I had said and drow out $300,000 on yesterday.' Long Island City made the Maine bank its depository. All the funds are there, and if the bank remains closed the city will become bankrupt, the second time within two years. No bank in New York seems in the least involved in or embarrassed by the failure of the Marine bank. The executive committee of the associated banks held a meeting this afternoon at the Clearing house, and remained for several hours in session. At the close of the meeting it was announced that it had been decided to drop the Marine bank from the association and cut it off from all further privileges of the clearing house. Manager Camp said the balance due the clearing house yesterday from the bank was $500,000, and this sum had been paid up by the bank before the rumor of its suspension had reached the street. It was decided also to call a special meeting of the whole association to-morrow to further consider matters in relation of the Marine bank to the clearing house. The bank examiners in charge of the Marine bank and the directors of the bank were in session at the bank all afternoon President Fish was not present. The members of the board claimed that the bank was in a perfectly solvent condition and that business would be resumed in a few days. Charles F. Elwell. vice president of the bank, said: "The bank is solvent and there is no reason why it should not go on. The trouble was all brought about by the dealings of the bank with the firm of Grant & Ward. On Monday the cashier of the bank was authorized to certify checks of Grant & Ward to the amount of $750,000, it being understood that the firm would deposit sufficient of the money to cover the indebtedness. They failed to make the deposits this morning and when the checks were presented at the clearing house there was nothing to meet them with in the bank.

2. May 7, 1884 Seattle Daily Post-Intelligencer Seattle, WA

Article from Seattle Daily Post-Intelligencer, May 7, 1884

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be due to the absence of one of the firm, who has not been at the place of business since Saturday. Various rumore are afloat in financial circles respecting which Grant, the senior member of the firm, says: "I cannot deny or corroborate the reports current. We are nearly $500,000 short and our safes are locked. Until we can find Mr. Ward, I cannot say how we stand." The Grain Supply. CHICAGO, May 6.-The report of the visible supply of grain as prepared by the Secretary of the Chicago Board of Trade, shows a decrease in the supply of wheat during the past week of one million six hundred and twenty thousand bushels; decrease in corn, one million four hundred and ninety-five thousand; decrease in oats, two hundred and seventy-seven thousand: decrease in rye, two hundred and sixteen thousand; decrease in barley two hundred and fourteen thousand. Fatlure of Grant & Ward. NEW YORK, May 6.-Grant & Ward announce their closing on account of the failure of the Marine Bank. The suspension of Grant & Ward was anannounced at the Stock Exchange. The firm is composed of General U. S. Grant, James D. Fish, U.S. Grant, Jr., and Ferdinand Ward. About 600 shares of C. C. C. and I, Omaha and Alton, and Terre Haute were closed out under the rule; also some nickel plate and second mortgages. Flurry In the on Market. PITTSBURG, Pa., May 6.-The boom in oil went to pieces this morning, owing to rumors of New York bank failures, and unfavorable field news. The market was excited and panicky. and selling heavy. It opened at 1.02%, and declined to 98½, closing at 99. Death of Dr. S. D. Gross. Philadelphia, May 6.-Professor S. D. Gross, the eminent surgeon, died this afternoon. Dr. Gross was one of the founders and early presidents of the Kentucky State Medical Society, and has been elected an active or honorary member of the Royal and National Medical Societies of England. Scotland, Austria, and other European countries. Accidentally Killed. NEWARK, N. J.-May 6.-General N. Norris Halstead was killed this afternoon at the railroad station. He was founder of the astronomical observatory at Princeton College. The Methodist General Conference. Philadelphia, May 6.-The Methodist Conference reassembled this morning. The report of the Women's Foreign Missionary Society showed the receipts for the four years to be $50,458 04. A proposition to organize self-supporting Methodist churches in foreign lands was referred to the Mission Committee.

3. May 7, 1884 New-York Tribune New York, NY

Article from New-York Tribune, May 7, 1884

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by the news of the suspension. He said: "I had no idea whatever that the bank was in financial trouble. I have been very sick for the last three months and was only able to leave my house two weeks ago. I have never known much of the bank's financial affairs. I have never been one of the examining committee. I have attended the meetings of the Board and heard the reports of its condition from time to time. At the last meeting I attended we decided to purchase the property next to the bank in Wall-st. I am not a financier. I was thunder-struck when told of the bank's suspension. I was offered 165 for my stock less than a week ago. On Monday I deposited $20,000 in the bank. I cannot comprehend why the bank should have failed." "I think Mr. Fish got nervous and did not know what to do and so ordered the bank shut," said C. Sierck. of the firm of Moller, Sierck & Co., at No. 90 Wall-st.. and a director of the Marine Bank. "Grant & Ward have overdrawn their account by over $500,000, and I don't know what arrangement will be made about it. The bank will resume in a few days and go on as usual. It is as strong as ever 80 far as I am aware."

4. May 7, 1884 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, May 7, 1884

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Wall Street. New ork, 6.- Stocks dull; Railways, weaker. The suspension of the Marine bank demoralized share speculation; large blocks of long stock were thrown on the market through several firms going under. Prices fell ½ to 3½, with Missouri Pacific, Union Pacific, Northern Pacific preferred and Erie, weakest. Stocks were weak and depressed this afternoon on the reported defalcation of the house of Grant & Ward. Prices touched the lowest figures, but subses quently got steadier, with some recovery from the lowest point, closing steady. Governments are steady, railways heavy and lower. Stocks opened generally & fraction higher, but soon became weak, on account of a break in Missouri Pacific; subsequently sustaining orders made their appearance, and there was a sharp rally, which carried many stocks up to the closing figures of yesterday, and in some cases even a fraction above. Union Pacific was depressed, opened ½ higher to 61, but was immediately offered down to 593/4. Later there was a rally to 603/4, and then a decline to 59½. After 11 a, m. a weaker feeling prevailed. It was then announced that the Marine bank had failed, and there was then 8 rush to sell, prices dropping ½ to 43/4 per cent. Later, Union Pecific touched 563/4. This sharp break was succeeded by a rally of 1/4 to 1½ per cent. In the afternoon, however, the failure of Grant & Ward was read from the rostrum of the Stock Exchange, and improvement lost. It was rumored. in connection with the failure of this firm, that there had been 8 defalcation of half a million dollars. Nearly 2,000 shares of stock were closed out for their account, including 200 Wabash preferred, 300 Rochester & Pittsburg, 600 0. C.C. & I., 300 Omaba, 100 Alton & Terre Haute, 300 Western Union and 100 Am. Cable. There were also 30,000 New York, Chicago & St. Louis seconds, and 3,000 U. S. cupons 4, closed for the same fi m near the close, 1 per cent Pacifle Mail being the most prominent, but in final transactions a alightly weak tone set in, and the market left off steady. The comparative steadiness of the market latein the d&y was due to purchases based on the belief that the bank failure would have only a local effect, and would not ex'end, as was thought might be the case during the morning. Compared wi h last night's closing prices ½ to 3% p:r cent lower; Union Pacific. Northern Pacific preferred and Central Pacific show the greates de cline.

5. May 8, 1884 Fort Worth Daily Gazette Fort Worth, TX

Article from Fort Worth Daily Gazette, May 8, 1884

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A bank examiner is in charge of the suspended bank, and probably the Washington authorities will appoint a receiver at once. The Marine bank was designated as a depository for the City of New York. Yesterday the city drew a draft for $300,000, which was part of the debit balance in the clearing-house this morning, and this did much to precipitate the failure. LATER. NEW YORK, May 7.-Manager Camp of theclearing-house states there are no new developments in the Marine bank failure, but the situation is not nearly so bad as at first supposed. It is now stated on excellent authority that President Fish exhibited undue haste in closing the doors of the bank, and the directors would not have consented to his action had they been made aware of the exact status of affairs. The same is said to be true of the Grant & Ward failure, which it is claimed was brought about by Ward remaining away from business, and practically losing his head. NEW YORK, May 7.-The president and directors of the Marine bank are in secret session, and it is stated that it is more than probable the bank will come out all right, depositors being paid in full.

6. May 9, 1884 Daily Los Angeles Herald Los Angeles, CA

Article from Daily Los Angeles Herald, May 9, 1884

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NEW YORK, May 8.-The Marine Bank Directors have adjourned. No statement is likely to be made to-day. Director Siesck says no receiver was appointed and the chances of resumption are good. Fish did not ask to resign, but in case of a reorganization there will be a new president and cashier.

7. May 10, 1884 The Daily Cairo Bulletin Cairo, IL

Article from The Daily Cairo Bulletin, May 10, 1884

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NEW York, May 9.-President Fish, of the Marine Bank will not be asked to resign until a receiver is appointed, when a new President will doubtless be elected. Fish repeats his statement that the depositors will lose nothing. The bank, according to its own statement, had $1,450,000 in cash last Saturday, and on Tuesday its cash was only $250,000. It is strange how the large difference disappeared in three days, and the matter excites much comment. Grant & Ward are sued by the New York, Chicago & St. Louis Railway Company, and the Supreme Court has granted an order requiring defendants to show cause why a receiver should not be appointed to wind up their affairs. Meantime, they are restrained from interfering with the partnership assets. Vanderbilt alleges that Grant & Ward, upon the receipt of certain notes and securities from the N. Y., C. & St. L. Company, made reckless use of them in borrowing money. U. S. Grant, Jr., has conveyed city property to Jerome Chaffee, his father-in-law, for $300,000. The last effort of Grant & Ward to weather the storm was made ten days before their failure, when they borrowed through an agent $500,000 from a foreign bank. It is not know. what securities were used in negotiating this loan. The members of the firm, by agreement, drew out $3,000 each per month for living expenses. The younger partners lived very extravagantly. Both Jesse and Fred Grant have lost heavily.

8. May 10, 1884 Arizona Weekly Citizen Tucson, AZ

Article from Arizona Weekly Citizen, May 10, 1884

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The Marine Bank, NEW York, May 8.-The Marine Bank directors have adjourned. No statement is likely to be made to-day. Director Sieack says no receiver has been appointed and the chances of resumption are good. Fish has been asked to resign. but in case of reorganization there will be a new president and a new cashier.

9. May 13, 1884 Wheeling Register Wheeling, WV

Article from Wheeling Register, May 13, 1884

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THE CRASH CONTINUES. a Three Receivers Appointed in Day. SABIN, GRANT-WARD WABASH. Settling Uo the B Losses and the Losers---State of Affairs at the Marine Bank Sabin's Stock is Everywhere. NEW YORK, May 12.-Little or nothing new has been learned concerning the affairs of the Marine Bank. A meeting of the Directors was held this afternoon, but thebusiness transacted has not been made public. The report of the bank examiner will be forwarded to Washington shortly Until it is made public no official statement of the bank's affairs can be obtained. Wayland Trask an intimate friend of Senator Sabin, says no one in the East will be hurt by the failure of the Minnesota firm. There are no failures here to justify the heavy decline in wheat reported in Chicago dispatches. A dispatch from Norwich, Conn., says that not over $30,000 was invested there in the stock of the Northwestern Car Company, and that personal loans are small. The stock of Sabin's Company sold at Fitchburg, by Mass., by Worcester parties and President Lawrence, of the Worcester Bank Lawrence says the stock is all held by S rong parties, who will not be embarrassed by the company's suspension. The Post says, the second meeting was afternoon by the special committee of House to the case of the First held tigate the this Clearing appointed National inves- and the banks in which is to pay $2,115,000 required Marine bank the of former worthless had checks which the Marine acand also to to the and cepted constitution devise by-laws amendments of the Clearing will a of such At the & House occurrences. which prevent office investigating repetition of Grant the Ward, Receiver Davies is books. He refuses to say anything. Mr. Smith says that the report that the liabilities are ten millions is exagerated. Director Ellwell says the reported synopsis of a rough report of Examiner Seriba's is founded on guess work and is not accurate. It is reported we have no funds in the bank We have $100,000 cash; also $500,000 in real estate making $900,000 not shown in this statement. I think the depositors will be paid in full. Receiver Brown. 3.-Receiver Brown, of the Car -ST. Northwestern PAUL May Company, will of all begin the the an inventory of the concern without embraces small lots property property work objaining of delav. machinery in This the scattered throughout the country hands of the numerous agents, as well as commercial paper held by the company and the enormous plants and the large amount of material on hand at the works. says he will pay the 15th of the present and the will then be shut a hands Mr. Brown on shops off down all month, for the infew days to facilitate the taking of an ventory Senator C. D. Gilfillan, the First Vice President of the Car Company says the intention is to continue operations under the Receiver for ten months after which time it is thought the company will be in condition to continue under management of its own. The Senator says there has been no management but still believes the creditors will be paid in full Bank Insolvent. WASHINGTON May 12.-No detailed revet been received from Examiner Seriba the affairs New York Mr. port Bank has of concerning Seriba, of the however, Marine conclusion that is and in a preliminary report to has insolvent reached the has the bank recom- the Comptroller of the Currency, mended the appointment of a receiver. In the East. May 12 Fogg Bros. bankers, of the papers of the Car but decline to sav hold BOSTON, Company some Northwestern how much A banker savs Sabin is bank in Boston and his paper every leading in is is about held all over New England, but nobody going to lose anything WORCESTER MASS, May 12 The paper the Northwestern is held of Company by banks here. but not in amounts to cause inconvenience The Wabash Follows Suit. NEW YORK May is officially announced that the Wabash Company will be placed in the hands of a temporary receiver a until for placing are perfected. It is solid basis the plans property for estimated the on days will be required reIt is understood bonds will be organization. dated that ninety mortgage This the exchanged consoli- action for the first preferred stock. at rest all reports that the Pacific will sets be called upon to take care of the Wabash

10. May 15, 1884 The Abilene Reflector Abilene, KS

Article from The Abilene Reflector, May 15, 1884

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at Pittsburgh and Allegheny was expected. The manufacturers were reported to have made a compact to reduce wages in all shops, so as to bring down the cost of production, and the moulders, who are well organized, have decided to strike rather than accept the reduction. GEORGE BAKER was found lying on the truck of one of the cars of the limited express the other morning when the train reached Enan Station, forty miles west of Pittsburgh, Pa. He was nearly dead, and said he had ridden on the truck from Chicago, a distance of over four hundred miles. ROLAND G. HAZARD, the stockholder upon whose complaint a receiver was appointed for the Credit Mobilier of America, has filed in the United States Circuit Court at Philadelphia, an answer to the petition of the Union Pacific Railway Company for the removal of Oliver Ames from the Re ceivership. PROF. S. D. GROSS, an eminent surgeon, died recently in Philadelphia. He had been elected an honorary member of many of the medical societies of Europe. AT an entertainment the other night in the Brooklyn Academy of Music, in aid of the Home for Confederate Soldiers at Richmond, the house was well filled, and Henry Ward Beecher presided. W. H. MEYER, of Lockport, N. Y., who several years ago was convicted of embezzling a large amount from the Niagara County National Bank, and who served a term in Auburn on a charge of forgery, was recently sued in the Supreme Court for the amount of the deficiency by said bank and a judgment obtained against him for $15,600. JOSEPH P. ASCH'S furniture factory at Norwalk, Conn., burned recently. Loss, $70,000. Sixty hands were thrown out of employment. Ex-ALDERMAN FITZGERALD, champion "go-as-you-please" pedestrian, was wel comed home by 20,000 residents of Long Island. THE steamer City of Portland, plying be. tween Portland, Me., and St. Johns, N. B., struck a ledge near Fisherman's Island, recently and broke up. The passengers and crew were saved. Loss, $125,000. THE remains of Dr. Samuel D. Gross, of Philadelphia, were cremated at Washington, Thursday. THE Alice Oates Opera Troupe was stranded at Pittsburgh, Pa., recently. The company for some time had been playing to exceedingly small houses. PATRICK SHEA, serving a five years' sentence in the western penitentiary of Pennsylvania for burglary, was recently identified as the murderer of Policeman Patrick Duray in St. Louis in 1882. THE belief was general in New York that the condition of the broken Marine Bank was worse than anticipated. It was feared that depositors would come very badly off. Ir was reported that the affairs of Grant & Ward, the firm which went down with the Marine Bank of New York, were in a far worse condition than at first expected. One report said the liabilities reached up to $10,000,000, while the assets would turn out to be small. General Grant was believed to have been sadly victimized, as he was in the habit of giving his notes for worthless paper. Ex-MAYOR SANDERS, of Lawrence, Mass., has been held for trial for ballot-box stuffing. DANIEL C. RITZER and Alexander Burket were crossing the Allegheny River recently at Freeport, Pa., in a sandboat, when it sprung a leak, and the two men were drowned.

11. May 15, 1884 Evening Star Washington, DC

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THE STOCK GAMBLERS' PANIC. Review of Yesterday's Events. THE FAILURES; THEIR ORIGIN AND EXTENT. The wild excitement in Wall street, which commenced at 9 o'clock yesterday morning, continued until after business hours. Values at the stock exchange were demoralized; the Metropolitan bank of New York and the Atlantic bank of Brooklyn were forced to close their doors, and to the stock exchange were announced the failures of the following banking and brokerage houses Hatch & Foote; Hotchkiss, Burnham & Co.; Donnell, Lawson & Simpson; Nelson, Robinson & Co.; O. M. Bogart & Co.; J. C. Williams, and Goff & Randall. Other banks and banking houses were seriously threatened or involved by rumor. The Clearing-house association. in the afternoon, decided that the bankers would work together for general support, as in 1873; and the Secretary of the Treasury ordered the prepayment without rebate of $10,000,000 three per cent bonds called for June 20th. These actions tended greatly to allay the feeling of alarm, and there was an easter feeling at the close. THE IMMEDIATE CAUSE OF THE PANIC among the stock brokers and the alarm of the banks was caused by the Marine bank failure. They commenced to call in their loans; brokers took them as fast as possible, expecting to get loans elsewhere. They found this impossible, and there was nothing to do but to sell gradually. This broke down the market, making matters worse with each fractional appreciation in values until the banks practically threw out all but gilt-edged securities. The final blow came yesterday. The defalcation in the Second National bank destroyed all confidence. Then came the refusal of the banks to certify checks in advance of deposits, as is their usual custom for brokers' business. Yesterday the banks shut down on this kind of business. They demanded money, not securities. The consequence was that when business opened yesterday morning the brokers had nothing to do but to sell for cash. Those who held plenty of securities but no cash, and could not sell what they had. had nothIng to do but to suspend. This is the real cause which precipitated the panic which began with the day. opening of the Stock Exchange at 10 a. m. yesterJAY GOULD, It is said. found difficulty in securing some renewals. He was seen coming out of the United States Trust company with a carpet-bag, which, It is said. was full of securities, and which he afterwards succeeded in placing. He has been largely short of stocks, and yesterday steadied the market by purchasing some 50,000 shares or stock to cover his shorts contracts. Other bears followed his example and thus steadied the market and prevented any such serious decline as that which followed the failure of Jay Cooke in 1873. RE PORTED RUPTURE BETWEEN JAY GOULD AND RUSSELL SAGE. The N. Y. Commercial says: "It is reported, on excellent authority, that a serious rupture took place yesterday between Jay Gould and Russell Sage. In consequence of this, a large block of Western Union was thrown upon the market, and S0 broke the price from 60 to 54. The bad feeling between the two great financiers continues, and today's catastrophe is believed to have been largely induced by this circumstance." THE SECOND NATIONAL BANK DEFICIT $4,000,000. At 4 o'clock yesterday afternoon It was estimated at the Second National Bank that $500,000 had been paid out during the rush. A rumor prevailed that the deficit amounted to $4,000,000, and that Amos R. Eno, proprietor of the fifth Avenue hotel, and the father of the president, John C. Eno, paid $3,500,000, while the directors made good $500,000. THE ACTION OF THE CLEARING HOUSE of associated banks, in resolving to issue clearing house certificates for 75 per cent of the bills receivable, or securities held by the banks, the same to be received and paid in settlement of balances between banks at the clearing house, had a very reassuring effect late in the afternoon and led to a more hopeful feeling, particularly as this plan was tried with marked success in checking the panic of 1873. The committee appointed by the clearing house reported a decision to sustain the Metropolitan Bank. GRANT & WARD'S LIABILITIES NEARLY $15,000,000. In the hearing of the suit brought by John H. Morris against the firm of Grant & Ward, in New York yesterday, Julien T. Davies, the receiver of the firm, testified. He believed that Gen. Grant and his sons were ruined, and that they had no part of the firm's property in their possession. From his investigation thus far he believed that the firm owed about $12,449,537 borrowed on collaterals; $1,289,807, borrowed money due depositors according to the ledger account; $227,224, balances of stock transactions, and $594,962, due general crediters, including the Marine bank, making a total of $14,501,531. The insecure debts were between $2,000,000 and $3,000,000, he thought. He knew nothing in regard,to the assets.

12. May 16, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, May 16, 1884

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At the opening of the Produce Exchange prices fell off and wild rumors of failures were started. Subsequently the market regained what it had lost only to decline, however, on the announcement of further failures in Wall street. The closing was slightly lower than on Wednesday. There was talk at the Exchange of abolishing calls, as has already been done in Chicago. It was the general opinion that this would be done Immediately. THE COTTOCE EXCHANGE. At the Cotton Exchange the market opened firmer, prices being firmer than at Wednesday's close. There was little business done. When the news of thefailure of Fisk & Hatch reached the Exchange the market broke somewhat at the close, May had tallen off 12 points and June 4 points. Some of the others had fallen off one point and others none at all. There were no failures afeither exchange. BOSTON'S BREAKS. NEW YORK, May 15, 11:30 A. M.-A patch from Boston reports the supension of F.A. Hawley & Co., a firm which, although not heavy dealers, were regarded as of good standing. Messrs. Hotchkiss & Burnham are engaged in the work of balancing their accounts and expect to be able to resume business to-morrow morning. BOSTON, May 15, 2 PC M.-Hill, Stanwood & Co., brokers, and Boston correspondents of Goff, Randall & Co., of New York, have suspended. Their liabilities will probably not reach $10,000. The failure is not considered of any significance. It is now said that the deposit account of F. A. Hawley & Co., at the time of their suspension, amounted to $250,000, and that their total liabilities are $500,000- There are rumors that the firm has been speculating, but nothing authentic is yet known. HAWLEY & CO'S FAILURE. BOSTON, May 15, 11 P. M.-H. A. Mandell has been appointed assignee of all the property, accounts and business of F.A Hawley & Co., without preferences. Mr. Hawley, in an interview this afternoon, acknowledged that his failure is a very bad one in that almost everything is gone, and that resumption is impossible. He says that his affairs are somewhat mixed, and it will require several days before any statement of a definite character can be obtained. His liabilities, he believes, will not exceed $150,000. BRADFORD'S EXCITEMENT. BRADFORD, PA., May 15.-The Tuna Valley Bank did not open its doors this morning. It was the correspondent of the Metropolitan Bank of New York, and when the announcement was made of the suspension of that bank it was thought best to suspend temporarily. It is thought that the bank will resume in a few days. A promise has been made to the depositors that they will be paid in full. There was a run on other banks to-day, but all demands were met promptly and the excitement was over by noon. A QUINCY BANK CLOSES. CHICAGO, May 15. A Quincy, III., dispatch says: "The Union Bank of this city failed to open its doors this morning. When the Marine Bank of New York failed, the Union transferred its account to the Metropolitan, and the closing of that bank yesterday IS given as the cause for the suspension. BONDS NOT RUSHED IN FOR REDEMPTION. WASHINGTON, May 15.-Up to noon today but $10,000 of the $10,000,000 worth of bonds called by the Treasury on the 127th call had been presented for redemption. ENGLISH SPECULATORS NOT ALARMED. LONDON, May 15, 10 P. M.-An agent of the Associated Press called upon leading bankers having important American connections with a view to learning their opinions concerning the panic yesterday in Wall street. The feeling generally expressed was one of confidence that the panic should be considered merely a local occurrence. They were positive that it would occasion no failures in London, either inside or outside of the Stock Exchange. The general soundness of the financial situation here is evinced in the fact that there have not been rumors of large failures. The remarkable decline of American securities the last during few days has attracted a new class of investors into the market, who are stimulated also by the cheapness of money in England, Germany and France. One prominent banker said that it was amazing how little real stock was being sold here, but he said the bear sales were immense. The market shows a strong disposition to respond to anything favorable from America. The participation of bank officials in fraudulent schemes was censured. This one thing had done more than anything else to weaken public confidence. TRAVELERS IN ENGLAND ANXIOUS. LONDON, May 15, 7 P. M.-The failures in New York have caused great anxiety and excitement among the Americans residing here and having business connections or interests in the United States. The anxiety is particularly painful among travelers, and many of these have decided suddenly to terminate their trips and to return to America.

13. May 20, 1884 New-York Tribune New York, NY

Article from New-York Tribune, May 20, 1884

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MR. MORGAN'S VIEWS OF STOCK GAMBLING-MR. SHERMAN ON THE "PANIC." WASHINGTON, May 19.-When the Chair laid before the Senate, to-day, the resolution offered on Thursday by Mr. Morgan, directing the Committee on Finance to examine the causes of the recent failures of National banks, and whether such failures are due to violations and evasions of law on the part of the officers or directors of the banks, Mr. Morrill moved to amend by substituting for the purposes of the investigation the Controller of the Currency for the Finance Committee. Mr. Morgan said that the very reason why he had moved to devolve the duty on a committee was because the officers who had been appointed to see that the banks complied with the law bad not performed their duty. There was for instance, a law against over-certification of checks which it bad become notorious was utterly disregarded. On the occasion of the passage of the law on the subject in July, 1882, the New-York newspapers had broken out into spasms of merriment and told Congress that the banks laughed at Acts of Congress and were beyond Congressional control. The failure of the Marine Bank had been due to the fact that the bank was connected with a firm of brokers. That bank had supported the firm of Grant & Ward in all the wild schemes in which a young speculator saw proper to engage. A spectacle had been presented to the world that argued a painful condition of commercial honor in the city of New-York. There had been a time when the honor of New-York merchants was a standard for the world and was the syno ym for probity. What has It now become? It has become a by-word, a reproach and a cause of suspicion. It had only to be said of a man that'he was engaged in speeulative transactions in New-York to carry against him the impression that he was a robber and a gamblera man of no honesty or commercial integrity. Mr. Morgan said he did not himself make such accusations; he spoke of It with painful feelings, but he believed that what he had said represented the sentiment of the country. Mr. Morrill modified his motion by moving a reference of the resolution to the Finance Committee. MR. SHERMAN'S OPINIONS. Mr. Sherman supported the reference. The Senate ought. he said, to be most careful in a question of this kind. He had been In New-York on the day when the trouble referred to occurred, and he could assure the Senate that although there might here and there have been an over-certification of checks. yet that had not been the trouble at all. In every case the trouble had been caused by speculative operations of the officers of the banks affected, and in some cases not by certifying checks, but rather by non-certitication. The proper remedy would be to prescribe severe penalties against any dealing in speculative transactions by officers of banks, or the using of the money of the bank in any transactions that such officers might engage m. Mr. Sherman saw no special use in a committee investigation in NewYork. We had Government officers there who could give us all needed information. If a committee were to go there to make a commotion and keep up an agitation in regard to the failures, it might embarrass others. To call the recent trouble a "panie" was applying to it a misnomer. There had been no panic; the people of Now-York had not been alarmed. The securities specially affected had been those involved in the transactions exposed by the failures, but confidence in the standard securities of the country had not suffered. It was like the case of a storm contined to the locality of New-York City, and not extending over any other part of the country. It had resulted in a clearing of the atmosphere, and Mr. Sherman believed the present commercial position to be better than It had been before the recent troable. Mr. Morgan said the fears of the Senator from Ohio were groundless, if he supposes that any injury could come to the proper business of the country by the investigation proposed. The business of the country did not mean the operations of stock gamblers. Mr. Morgan critielsed the action of the Secretary of the Treasury for his interference in the late troubles, and the officers of the Government generally for not seeing that the banking laws were enforced. We might as well, he said, farm out the credit of the United States to the faro dealera on Peunsvlvania-ave. as to allow the National

14. May 22, 1884 Western Sentinel Winston-Salem, Winston, NC

Article from Western Sentinel, May 22, 1884

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JIM KEENE'S KERFLUMUX. FAILED FOR THE TRIFLING SUM OF A MILLION OR TWO. Excitement Caused by the Grant & Ward Failure. Reported that they will Pay a Hundred Cents on the Dollar. Special Correspondence of the Sentinel. NEW YORK, May 16.-James R. Keene has failed for a million or two and he will be sent to the rear and forgotten in a few days by the fellowgamblers who beat him at his own A failure in any game. less legitimate business is always more or a public calamity, but the Keene failure is simply one gambler plundered to nakedness by more successful gamblers, and the legitimate channels of industry, trade and commerce are not in any degree affected by it. Mr. Keene acquired a fortune of several millions by lucky ventures on the Pacific coast, and he made the common mistake of supposing that three or five millions could beat fifty or a hundred millions. He came to New York in state in a palace car, and Gould's reputed prophecy that Keene would be sent back in a freight car, now promises to be fulfilled. Keene had conquered in California; he staked all to conquer Wall Street, and he has lost. That is the whole story. The excitement caused by the fail. ures of the Marine Bank and the firm of Grant & Ward, subsided yesterday and the street breathed easier. Men who went home the day before perturbed and fearful came down town with lighter hearts and with more con fidence. As the day progressed and no other banks or firms suspended, and as it became known that the failure of the bank was not so disastrous as at first reported, a buoyant feeling prevailed. On all sides it was said that there was no cause for alarm. The announcement by Clubing-House Manager Camp that other New York t banks were not affected by the failure a and were in a sound condition, the freh quently repeated assertions of the dif rectors that the Marine Bank would I pay 100 cents on the dollar, the return of Mr. Ward to the city and the fact t that the failure of Grant & Ward was e not due 80 much to the financial condition of the company as to peculiar and extravagant methods of doing business all tended to allay the excitement. s The irony of fate can receive no 1, sadder illustration than the sight of a y sister-in-law of John C. Calhoun, the i. great statesman, and a cousin of the s, rich Van Reneselaers, wandering p homeless and penniless, through the streets of New York. The policeman who on a recent afternoon saw an old and feeble lady, whose face was wan d with hunger, and clothes were wet e with the pouring rain, tottering along Greenwitch Street, did not sus;; pect that she was SO closely related to d the distinguished South Carolinian and 1to the family of the old Albany patroon. He watched her until she fell ex hausted to the pavement, when h n hastened to her assistance. When h g asked her where she lived she burs ys into tears and answered that she di is not know. Several times she shook by her head, the hair of which was per r. fectly white, as she tried in vain to re call her last place of residence. Th policeman, suspecting that her min was affected, took her to the Twenty on seventh Precinct Station. At nigh Ice she was taken to Police Headquarter or and remained there all day yesterda in the charge of Matron Webb. ty TARHEEL o-

15. May 30, 1884 Wessington Springs Herald Wessington Springs, SD

Article from Wessington Springs Herald, May 30, 1884

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GRANT & WARD FAILURE, Estimated at Nearly $10,000,Grant and Sons Make PerAssignments for the Benefit of YORK, May 9.-Interest in the failof the Marine Bank and of the firm of & Ward was renewed yesterday by announcement that General Grant, James D. Fish, Grant & Ward, the firm members individually, Colonel lerick Grant and Jesse Grant had made gnments, thereby indicating that the have swept away the fortunes of member of the family of General All that the latter possessed outside he income from the Grant fund was he firm which has been wrecked by of Ferdinand Ward. That ColoGrant and Jesse Grant should have been to make assignments of their propoccasioned general surprise, as they not partners in the firm, and were supto be in excellent circumstances fortune being estimated at $400,000. understood that when the General have had his affairs disentangled from of the firm. substantial assistance will endered to him. W. H. Vatiderbilt does that he loaned General Grant a few days ago which went into broken firm. & Ward, in their assignment, gave erences to eleven persons, but no are affixed. Frederick D. Grant preferences for $243,666, including to Mrs. B. L. Honore, of Chicago, $6,000 to his wife. Henry F. Shoeof this city, is preferred for $125,Jesse Grant gives preferences for President Fish followed with his gnment, omitting amounts. far as Grant & Ward are concerned, best opinions agree that they are beyond all hope of recovery. GenGrant was at the office yesterday afterand Roscoe Conkling joined him imiately, and will act as legal adviser to General in this trouble. W. K. Vanderis haunting the firm with legal proin behalf of the Chicago & St. Louis way Company. In his affidavit Vansays that about April 12, 1884, the Chi& St. Louis Railway Company made its nissory note, bearing date on that day, for value received, it promised to to Grant & Ward the sum of $500,000. note will become due January 1, 1885. 23 the railroad company made anothromissory note dated on that day, payto the order of Grant & Ward, for which note will become January 1, 1885. As collateral for the payment of these notes plaintiff deposited with the firm of & Ward 1,400 negotiable bonds of railway company for $1,000 each, the of which was secured by a second tgage upon its railroad. Vanderbilt declares that Grant & Ward rehyrecated these securities for the purpose procuring loans. The assignees will dethe suit, and Mr. Vanderbilt may not back his securities for months, if at all. were few important developments he affairs of the Marine Bank. United Examiner Scheniba continued his intigation, but reported that owing to coninterruption and new developments statement would be delayed. The Comof Investigation appointed by the were at work all day straightening affairs. Strenuous efforts are making the resumption of the bank. These however, are not entertained and some who are pecuniarily interin the deposits said that they feared there had been unpleasant facts discovThe directors,, so ready to speak bewere strangely reticent this afternoon. assignment of Mr. Fish making a pretto the bank is regarded by some as a picious circumstance, inasmuch as if Mr. relations with the bank had been why should he be in debt to it to amount making an assignment neces The belief that the affairs of the are not in as good condition as was ected is strengthened by the fact that the bank should have had in its vaults eserve of $1,300,000 against its deposits $5,200,000, yet its suspension was caused inability to meet the clearing-house

16. June 2, 1884 National Republican Washington, DC

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MR. JAMES D. FISH, in explanation of certain entries in the books of the broken Marine bank, testified before Referee Cole that he was in the habit of selling the notes of the firm of Grant & Ward at 30 per cent. per annum discount. Singularly enough he could find purchasers who were willing to buy paper which the indorser esteemed so lightly. Mr. A. B. Graves, president of the St. Nicholas bank, was one of the purchasers of these notes, and lost $20,000 by his investment. It would seem that a money panic is needed in New York occasionally to clear up the financial atmosphere and weed out the frauds. A bank president who indorses notes and sells them at 30 per cent. discount, can hardly be rated as honest, and certainly the bank president who buys them is not fit to take care of other people's money. Mr. Graves says, however, it was his own and

17. August 8, 1884 The Iola Register Iola, KS

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brought against him by an Erie (Pa.) newspaper. REPRESENTATIVE CULBERTSON, of Kentucky, who attempted suicide in Washington, was reported better, with hopes of his recovery. # THE EAST A PRIZE fight came off in Irving Hall, New York, the other day between Mike Cleary, of New York, and Jack Burk, an Englishman. It resulted in a draw. It was reported that James R. Keene's estate at Newport had been sold to Mr. Fiske, of New York, for $80,000. FIVE of the Salvation Army of Bridgeport, Conn., were sent to jail for four days recently for violation of the city ordinance by parading on Sunday. GOVERNOR CLEVELAND was formally notified of his nomination by the Democrats for the Presidency at Albany, N. Y., on the 29th. W. F. Vilas made the introductory speech, when the address was read by the Secretary of the Notification Committee. Governor Cleveland replied, expressing his sense of the honor and of the responsibility involved. THE Republicans of Maine are preparing to celebrate the thirtieth anniversary of the birth of that party at Strong, in Franklin County, where the Whigs, Free-Soilers and Independent Democrats united in convention and the next year swept the State. BEATTLE & BROTHERS, wool merchants of Philadelphia, have assigned to Samuel Lee. Liabilities, $120,000. The firm refused to make a statement. On the 30th, at the Grand Union Hotel, Saratoga, N. Y., Thomas A. Hendricks was waited upon by the Notification Committee and formerly notified of his nomination by the National Democratic Convention to the Vice-Presidency of the United States. PAUL STEVENS, aged eighty-seven, of Washington, D. C., died recently at Camden, Me. He was Librarian of the House of Representatives under Lincoln and Grant. Since then he had been a claim agent at Washington. ROYAL PHELPS died at his residence in New York on the 30th. He was seventy seven years of age. MR. BLAINE was reported busy on his book. He was forced to secure the aid of a stenographer, his time being greatly encroached upon by callers, social duties and correspondence. VENTUROLI, the once famous danseuse, was arrested in New York the other day for begging in the street, and was sent to the work house for six months. THE shareholders of the wrecked Marine Bank, of New York, have appointed a committee to confer with the Comptroller of the Currency to ascertain the condition of the bank. The committee will also report as to the expediency of proceeding against the directors. OLD MOTHER MANDELBAUM, charged at New York with receiving stolen goods, says that she is the victim of police persecution and is used by them as a catspaw to further some schemes they have in hand. Mrs. Mandelbaum is said to have amassed prodigious wealth dealing in stolen goods. A NUMBER of coupons of the Pittsburg, Cincinnati & St. Louis Railway seven per cent. bonds were stolen from Henry Day, at New York recently. Payment was stopped. A FEW days ago, at New York, Horace Merrill, an old farmer, complained to the police that he had been robbed of $18,000. A little time afterwards he again complained that he had been robbed, this time of $40,000. It was then found he was under the influence of liquor. RUFUS CONNERS, serving a twenty-three years term for a series of daring burglaries, escaped from Riverside (Pa.) Penitentiary through a broken window recently. COLONEL C. D. WARING was sentenced in Long Island City recently to fifteen years in the penitentiary and a fine of $5,000 for killing his brother in-law. ABOUT 70,000 bushels of No. 2 red winter wheat were found musty and out of condition in the Commercial Wharf, New York, recently. THE members of the Democratic Notification Committee were banqueted by the Manhattan Club at New York. THOMAS DICKSON, President of the Delaware & Hudson Canal Company, who had been ill for some days, died at Morristown, N. J., on the 31st. It was reported that a very serious railroad war was prevailing between New York and Buffalo, though carried on in an irregular way. A STARTLING story was in circulation at Philadelphia that the crew of the Julia Baker, from New York to Point au Petrie, had murdered their captain and were trying to sell the ship and cargo. The crew were arrested at Key West, Fla., and held for developments. A FIRE in the Wanamaker furniture factory at Philadelphia recently, caused a loss of $100,000. JENNIE BARTLETT, of Boston, a beautiful girl, who was infatuated with a policeman, killed herself with carbolic acid because he failed to keep an appointment. THE Greely survivors arrived at Portsmouth, N. H., on the 1st. They were most cordially welcomed. The interview between Greely and his wife and mother was very affecting. Greely was improving in health, but was still suffering from weakness, although he was erect in his walk as ever. Secretary Chandler promised promotion to the returning survivors of the expedition. AT Narragansett Park races on the 1st, Jay-Eye-See trotted a mile in 2:10, beating the 2:10½ record of Maud S., which heretofore ranked as the fastest time on record. THREE children of James Burgess, of Grindstone Island, River St. Lawrence, were buried recently while playing under a bank, and all killed. They were dead when found. ASSISTANT-POSTMASTER CAMP, of Boston, summoned to Atlanta, Ga., to participate in the trial of Chief Post-office Inspector Kyler, charged with embezzlement while

18. February 22, 1885 New-York Tribune New York, NY

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SENATOR CHAFFEE'S SECURITIES. TESTIMONY BY HIS BUSINESS AGENT-THE EXSENATOR TO BE EXAMINED. The reference case of Morris against Grant went on yesterday morning before Referee Hamilton Cole. The special topic was the petition of Senator Chaffee to recover certain securities which had been given to his agent by U. S. Grant, jr., on the day of the failure of the Marine Bank. Senator Chaffee had loaned a large amount in securities to Grant & Ward, and these securities were given by U. S. Grant, jr., to guarantee him as far as possible against loss by the failure of the firm. They were claimed back by U. S. Grant, jr., on the day after they had been given and were returned by Senator Chaffee's agent. W. B. Hornblower represented the receiver of Grant & Ward, Colonel George Bliss appeared for Senator Chaffee, and C. W. Bangs for John H. Morris, the receiver of the Marine Bank. Augustus Ebert was the first witness. He testified that he had known Senator Chaffee, U. S. Grant, jr., and Stephen Elkins for five years, and that in last May he had an office with Mr. Elkins at No. 92 Broadway. On the day of the failure of the Marine Bank U.S. Grant, jr., Mr. Elkins and Mr. Larogue invited him to come down into the safe deposit vaults in the lower part of the building to take charge of certain securities supposed to belong to Grant & Ward as agents for Senator Chaffee. Two lists had been made of the securities which were to be transferred to him for the purpose of protecting Chaffee against Grant & Ward's creditors. He aid not compare the securities with the lists, but took Mr. Grant's word for the correctness of the latter. He signed two receipts for the securities; he gave one to Mr. Elkins and placed the other in the box with the securities. The same day he hired a safe in the United Bank Building and placed the securities in it. The next day Mr. Grant came to get the securities back, but he refused to surreuder them. Mr. Grant stated that they did not belong to his firm and that he had no right to give them. Mr. Elkins and Mr. Larogue said the same, and at last the witness surrendered them under protest The receipt given by the witness to Mr. Elkins was produced, the name having been torn off when the securities were given back. Mr. Ebert further testified that for five years he had had charge of Senator Chaffee's business operations and keeps the key or his safe. When Senator Chaffee is in town he makes his headquarters with the witness and Mr. Elkins and receives letters and telegrams at their office. On cross-examination by Mr. Hornblower the witness stated that he received MO regular salary either from Mr. Elkins or Senator Chaffee, though he had received compensation. Mr. Elkins calls him his private secretary.

19. May 7, 1885 Daily Kennebec Journal Augusta, ME

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# General News. Two cremations took place at Lancaster, Pa., Tuesday. Now it is proposed to continue the New Orleans Exposition next winter. English manufacturers now turn out 20,000 incandescent lamps per week. Americans projected, built, and now control the street railroads of Moscow, Russia. A Sumpter County, Ga., farmer has a horse that takes its fodder to the water trough and wets it before eating it. The highest mountain in the world is Mt. Kunchainyunga, one of the Himalayas, which is 28,178 feet or 5 5/8 miles in height. A ten years' old New York boy broke into a real estate office in that city, pried open a desk, and stole $25. A large number of employes were discharged from the Portsmouth, N. H.. navy yard, Saturday. Work in all departments is suspended. The Washington correspondent of the Medical Journal says that we may look for cholera, if at all, through Spanish channels, and our outpost of observation should be Havana. Last Autumn the loggers of the Northwest adopted a rule pledging a reduction in the log supply. The result shows a decrease of 873,938,000 feet, the figure for 1884 standing 3,238,000,000 against 2,364,562,000 for 1885. "Paddy" Ryan applied Tuesday, for a license to sell liquor in New York city, but was refused, on account of his having previously violated the laws of his country in arranging several prize fights. The total distance run by the cars on the Brighton (England) Electric Railway during the first six months of its existence was 15,600 miles. Two hundred thousand passengers were carried, at an expense of about five cents per mile. A few days ago a gentleman left Kingston, Ont., in the morning, and arrived at Boston in the evening. When he left Kingston, the ice in the Bay of Quinte was frozen over solidly for fifty miles. But as soon as he reached Vermont he experienced a temperature of 90°, and began to think he was in the tropics. There is a family living in Harlem whose fortune was swept away in the downfall of the Marine Bank. The family's horses and carriages were sold and all the servants dismissed. One of the daughters, 17 years old, is now earning $4 a week, doing plain sewing for a dressmaker. Ward and Fish pay $15 a week for good board at a special table in Ludlow Street Jail.-N. Y Tribune.

20. June 13, 1885 Savannah Morning News Savannah, GA

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GRANT AND WARD. The Cashier of the Late Firm Tells How Business Was Conducted. NEW YORK, June 12.-Testimony was taken before Referee Hamilton Cole to. day in another suit growing out of the Grant & Ward failure. John H. Morris, receiver of the Marine Bank, charges that James D. Fish conveyed to six relatives on Dec. 21, 1883, property that should go to the creditors of the bank. 8. E. Spencer, cashier for Grant & Ward, testified that the firm's capital was $400,000. Of the cash contributed U. S. Grant put in $92,000; U. 8. Grant, Jr., $30,000, and Ferdinand Ward $30,000. Fish contributed no cash. The balance of the $400,000 was made up of "flour," notes, bonds and stock by all the members of the firm. Spence said that the loans on securities ofteu ran as high as $1,000,000. It was frequently the case that the firm paid more for the use of money than it received on its loans. The witnesssaid Fish sometimes drew on his private account to pay fictitious earnings to depositors. He stated that Grant & Ward did a losing business after Feb. 28, 1882.

21. September 30, 1885 New-York Tribune New York, NY

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# A SAVAGE DEMOCRATIC ATTACK ON OUR DEMOCRATIC MAYOR. From The New-York World. Mr. William R. Grace was elected Mayor of New-York as a beau ideal reformer. He was the model candidate of the Mugwumps. The revelations now made of the Mayor's transactions with Ferdinand Ward affect the public interests, and, if the stories are true, the City Government ought not to remain for more than a year under Mr. Grace's control. William R. Grace was a director of the Marine Bank. Likewise Ferdinand Ward. Mr. Grace was a discounter of Grant & Ward's notes, and it is openly charged, a sharer in their profits. When he became Mayor, Mr. Grace shrewdly retired from the directorship of the Marine Bank and was succeeded by his business partner, Mr. Charles R. Flint, who was fortunate enough to leave the board just before the failure. The Marine Bank was a depository bank, according to Mr. Grace's story, before his first term as Mayor. But it is alleged that after he first became Mayor the deposit banks were rearranged and the amount assigned as the limit the Marine Bank was to hold was increased from a trifling sum to $2,000,000, although its capital was only $400,000. Mr. Grace discounted Grant & Ward's paper, according to the statement now made by Ferdinand Ward himself, at 5 per cent, but used to receive in addition, as a bonus, $1,000 for every $10,000 he advanced. "He got in round numbers," says Mr. Ward, "as I remember it, $100,000 in profits." As Mr. Grace admits that some of the notes were rediscounted for him by the Lincoln Bank, of which he is a director, his large profits must have been made without any investment of his own money. When the joint concerns, Grant & Ward and the Marine Bank, failed, the city lost $1,000,000 supposed to have been on deposit to the Marine Bank. But as it was not there, and as it is lost to the city, except such small amount as may be obtained in the shape of a dividend, the reasonable conclusion is that it was used to pay the "profits" in which Mayor Grace is alleged to have been a liberal participant. Surely this scandalous business ought to be thoroughly sifted. Even ideal reform will not recompense the people for the loss of a million dollars through operations certainly not of a practical reform character. For it is inconceivable that a shrewd, successful business man, with adventures stretching to Chili and Peru, and skill and sagacity enough to secure political influence to protect his foreign claims, should have supposed any legitimate speculations could have realized the enormous "profits" of Grant & Ward, in which he shared, or that a bank linked with such a wildcat concern was a safe depository for $2,000,000 of the city's money.

22. October 22, 1885 Evening Star Washington, DC

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# Mr. Warner Arraigned. CHARGED BEFORE A U.S. COMMISSIONER WITH ACTING IN COLLUSION WITH WARD. NEW YORK, October 22.-Wm. S. Warner appeared before a U. S. commissioner to-day to answer a charge of acting in collusion with Ferdinand Ward to defraud the Marine bank. Warner was represented by a large array of counsel, while Assistant District Attor- neys Foster and Tifft represented the govern- ment. Receiver Johnston, of the Marine Bank, was the first witness, The minute book of the directors' meeting showed that on January 11, 1884, Ward was elected a director of the bank. The book was admitted in evidence.

23. October 23, 1885 Weekly Commercial Herald Vicksburg, MS

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Relations or City Officials With the Firm of Grant and Ward. NEW YORK, Oct. 15-The senate investigating committee met again today. Comptroller Grant was on the stand. Concerning his connection with Ferdinand Ward, the witness said that he had numerous relations with Ward in a period of ten years, and was indebted for a time covering his firm as comptroller. The witness refused to state the nature of this indebtedness, saying that it was his private business. He said he had business transactions with Grant & Ward in regard to contracts. Ward was a bondsman for him as comptroller, as was also James D. Fish, of the Marine bank. He said that the deposit in the Marine bank might have been an unusual one, still he had nothing to do with it, all the deposits being made by the city chamberlain. His business relations with Ward were still pending. When a large number of city bonds were offered for sale outsiders were not refused the purchase of them, nor were they afterwards secured by Grant & Ward. It was not through the witness' personal influence that Grant & Ward secured these bonds. It was not the custom of the witness to notify the firm of Grant & Ward of the application made by other firms for city bonds. A few days before the failure of the Marine bank witness became alarmed in regard to thesafety of the bank, because Ward had requested him to increase the deposit in that bank. Witness consulted Mayor Grace, and $60,000 was withdrawn. The city chamberlin drew the warrants for this amount and they passed through witness' hands for endorsement. Isaac S. Barret, chief bookkeeper in the comptroller's office, was recalled. He said that on three occasions he called Comptroller Grant's attention to the large amount of money on deposit in the Marine bank. Mr. Grant denied that Barrett spoke to him about deposits. The Governor-Elect of Ohio Tells What Led to the Result in That State. CINCINNATI, Oct. 15-Judge Foraker, governor-elect, being asked what he regarded as the leading motives that lead to the result in Ohio, said: First-The Republicans regarded it important that a decisive expression should be given at the first election after the beginning of a Democratic National administration. Second-A determination to give an expression in favor of a free ballot and a fair count in all our elections. Third-Distrust concerning the free trade tendencies of the Democratic party, coupled with a recognition of the necessity of maintaining the Republican ascendancy in the United States senate. Fourth-Disguest with the Democratic State administration in Ohio, notably the election of the last senator and the extravagance of the last legislature. Fifth-A wish to have the liquor traffic regulated and taxed as a practical method of dealing with the subject, and dissatisfaction with the Democratic portion of license, which is impracticable.

24. November 7, 1885 Evening Star Washington, DC

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# Ferdinand Ward's Partner. PROCEEDINGS IN NEW YORK YESTERDAY. The case of William S. Warner, who is charged with having assisted Ferdinand Ward in having robbed the Marine bank and caused its suspension, was before the United States grand jury in New York yesterday. The witnesses examined were John E. Carr, formerly teller of the Marine bank; Samuel D. Cornella, book-keeper in the First National bank, and Nathan D. Daboll. At a hearing before Referee Cole in the case of Geo. C. Holt, as assignee of Ferdinand Ward, to have set aside the transfers of property made by Ward to Warner, the check books of Ward and the firm were produced. On a check stub, dated January 2, 1883, were the words, "Don't give" in Ward's writing. There were stubs bearing the names of Mr. and Mrs. Green. They were Ward's father and mother-in-law, and in some cases the checks were for division of dividends, and $3,000 and $2,000 were for payment in full of mortgage on property at 37 Monroe place, Brooklyn. Gen. Hubbard, counsel for Holt, said Ward never had any money of his own, and that he was at all times insolvent, and that the firm of Grant & Ward was in the same condition.

25. November 7, 1885 Richmond Dispatch Richmond, VA

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Ward's Partner. NEW YORK, November 6.-The case of William S. Warner, who is charged with having assisted Ferdinand Ward in having robbed the Marine Bank and caused its suspension, was before the United States grand jury this afternoon. The witnesses examined were John E. Carr, formerly teller of the Marine Bank; Samuel D. Cornell, book-keeper in the First National Bank, and Nathan D. Daboll.