16142. Marine Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 1, 1884*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
54f73124

Response Measures

None

Description

The Marine Bank collapsed in connection with the Grant & Ward/Ferdinand Ward frauds (bank-specific adverse information). The bank failed/suspended operations (closure) and a receiver (Walter S. Johnston) handled claims; later winding up/final dividend to the city is reported in 1891. No explicit separate depositor run is described in these items—this is a failure leading to receivership and permanent closure.

Events (3)

1. May 1, 1884* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Collapse tied to Grant & Ward frauds and Ferdinand Ward's embezzlements and related losses that wrecked the bank's solvency.
Newspaper Excerpt
the scandal of the Grant and Ward failure and the Marine Bank collapse filled the city.
Source
newspapers
2. July 1, 1891 Receivership
Newspaper Excerpt
the referee recommends that the remaining money be paid to Walter S. Johnston, receiver of the Marine bank, who holds claims of $6,577,596 against Grant & Ward.
Source
newspapers
3. July 26, 1891 Other
Newspaper Excerpt
The affairs of the Marine Bank have been wound up under a recent order of Judge Beach to the receiver. Yesterday the city received $150,433.13, the final dividend.
Source
newspapers

Newspaper Articles (6)

Article from New-York Tribune, June 28, 1891

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Article Text

The Marine Bank failure was far more disastrous to depositors and the business community at large than the temporary suspension of the banks wrecked by Simmons, Pell, and their associates, but the operations of the later speculators have been more severely punished. James D. Fish, the president of the Marine Bank, was the only person directly punished for its failure, the conviction of Ferdinand Ward being on an outside transaction. Simmons, Pell and Claassen have all now been tried, convicted and sentenced to long terms of imprisonment. Such examples of sure, if slow, justice should deter bank-wreckers in the future from attempting their operations in this city.


Article from The Morning News, July 2, 1891

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Article Text

ASSETS OF GRANT & WARD. The Referee Approves the Accounts of the Assignee. NEW YORK, July 1.-The report of Referee James H. Fry approving the accounts of Julian T. Davies, assignee of Grant & Ward, has been filed. Davies is awarded $30,600 for his services. The accounts show that be received $2,531,988 and disbursed $2,056,555, leaving a balance of $495,483. The referee recommends that the remaining money be paid to Walter S. Johnston, receiver of the Marine bank, who holds claims of $6,577,596 against Grant & Ward.


Article from Richmond Dispatch, July 3, 1891

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Article Text

The Last of Grant & Ward. NEW YORK, July 1.-The report of Referee James H. Fry approving the accounts of Julian T. Davies, assignee of Grant & Ward, has been filed. Mr. Davies is awarded $30,600 for his services. The accounts show that he received $2,531,988, and disbursed $2,056,505, leaving a balance of $495,483. The referee recommends that the remaining money be paid to Walter S. Johnston, receiver of the Marine Bank, who holds claims of $6,577,596 against Grant & Ward.


Article from The Sun, July 26, 1891

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Article Text

The City Lost $120,000. The affairs of the Marine Bank have been wound up under a recent order of Judge Beach to the receiver. Yesterday the city received $150,433.13. the final dividend. which makes a recovery of 80 per cant. of the $600.000 of city money on deposit when the crash came.


Article from Virginia Free Press, December 30, 1891

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Article Text

Virginia free Press. Gen. Grant's Emphatic Denial. New York Herald. It's rather an unusual statement for a newspaper man who has been in the traces long enough to be counted an "oldtimer" to say that he never saw Gen. Grant but once. Such is the fact in my case, however, but that once I will never forget. I saw him in such a way as few people have. It was at the black period in the great general's history, when the scandal of the Grant and Ward failure and the Marine Bank collapse filled the city. The rumor that Mr. Fred. Grant was more deeply implicated than he was and that he had fled to Canada had been started. The city editor sent me out to verify it. This was late at night and I had but slight hope of accomplishing my mission. It was near midnight when I rang the bell at Gen. Grant's residence. After awhile a colored servant opened it. He only opened a little way. No, he said, I could not see Gen. Grant under any circumstances, he had re.ired. Neither would he take my card or a message up. Of course I did not give up easily and tried to convince the man how very important it was for me to see the general. WI ile we were talking at the door a deep voice at the head of the stairs called out: "What is it I stepped inside and looked up. There was Gen. Grant in his night shirt leaning over the balustrade. I told him of the rumor concerning his son and asked what truth there was in it. He had evidently not heard it before and a queer look came over his face while he was talking. He thought for a few seconds and then he said : "Young man, it is not true. I doubt if there is money enough in the Grant family just now to take Fred to Canada. Good night." And the white-robed figure of the sturdy old hero disappeared in the gloom back of the landing. I had got what I wanted, an authentic denial, and, as subsequent events proved, the rumor was not true. That was the only time I ever saw Gen. Grant, and I always associate him now with a stubby, sad-faced figure in a night shirt.


Article from Grand Rapids Herald, May 1, 1892

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Article Text

FERD WARD IS OUT After Seven Long Years of Prison Life HE IS SET AT LIBERTY AGAIN His Brief Career as the Young Napoleon of Finance in Wall Street- He Rumed General Grant. SING Sme. N. Y., April so.-Ferdi- for Ward, the wrecker of many and nand who ruined Gen. Grant the Fish in his work of of bank. the tunes, helped Marine "Napoleon ruining door was is free. His cell last .in front of him for his finance, rattled at He the took 6 o'clock m. contime in a line with his fellow place and shuffled the lockstep victs them to the big dining- of with After his breakfast cernedbeef room. hash and strong black coffee the to the clothesroom. where clothes he wore the day in and a new suit suit tered he went of prison material made he were the enof cheap, coarse his own prison before hfm. He donned for the placed Then he was searched went suit. and finally he with to last the time, property-room and him the when things he that into be the had institution were returned pockcame him. The principal article cash. is a He to containing $200 in which etbook in addition to this $10.80 he has drew board has decided years of the prison his six and a half he will earned in by prison, and with this is labor into the world to begin life. that go here believes talked Ward to No one one who has broke, and he every has been in prison expects soon as him since him make the for fly as work to he see puts his scheming brain to again. Ward has arranged his plans them. for If he will not disage the United the still future under indictment said by Ward. with States am grand of jury, apprehension, fact, "and to know that I am, I am some do not degree Of course, in glad re- I gain my term liberty. here is over. If I set felt free that my of being absolutely turbulent was sure no more to newlife. times and there ahead of were affairs me I might and the feel free about old had received talk Brown said he to be arno Warden intimations the old that indictments Ward was obtained rested on federal authorities. above had by After the been all carried the details out prison the mentioned warden and there led him he to was to the informed door of that the he was at liberty go whither he will. when Ward left the It was 9 o'clock to be interviewed He refused the railroad and was for prison. where driven he rapidly started ronte, to it immediately is said. depot, New York, en he has an only for Stamford. Conn., years where old, at school. October 1884, child, a son, 8 sentenced 12 31. to ten years' and obtaining son of Ferdinand embezzlement Ward imprisonment was Ward was with the money hard boy un of Haptist exchange Grant & bor der the for false produce minister 2.94 nass. and rose of from to be messenger manager Grant Ward. & of respected firm given out that The re the 6, 1884, it was their doors crooked Ward May had closed wildfire. At good first was the port spread suspected, like but was so considered with its Young work was name and so sold were rejected busimany basis firm's that such Word theories was shrewdness. looked upon and his other close scorn. ness man of with unusual the Grants and placed in his al. most influential connection and moneyed whereby persons to could obtain after the the the corner hands unlimited the means credit. doors The of morning the little office Wall failure the bank building by hunit reported and firm Broadway of in eager were and them resieged interested all with friends. clerk dreds confronted and through sustained his all told out that the losses than $800,000, the susgiven amount to more on account of smiling was Ward net countenance, merely and the Wall street was of the in pasic. Hatch, the doors did pension were closed Marine bank. Sency. the Brook- and the lyn president millionairo of small the brokers stock were were frightened worthleas. pressed But numerous wail. Stocks bealeged by alone The to banks suspicious were depositors. had caused stood sides ruined Ward. and amidst the cuffed. ruin he All the money that he Gen. friends caim and and eaved benefactors and laid by connest in order extin Grant end had his days partally in succeeded left in almost with the man might s Bash. He the enormous only much for his a by who. destitute guinbing in who old had age. wild done and so conscienceless 1394. country. and had all. and May 21. specialator, was demanded, landed in Ludios later by street his Ward Revenge was arrested was joined and Ave days whom mcient Fish friend, jail, where James he D. Fish. gathered against to A few convict weeks Him later proof had Ward's been crimes. convicted and sentenced his term partner was in tried Auburn and has served in New October York seven years resident in with came his US the following in 520 city. and Ward's now secretar trial Tracy made 10 obtain and October Ward's behaif General Every all effort to no purpose, ten years at hard At freedom. to but was sentenced prison by to Judge Berrett pets. bus 81. 1844. Sing work cleaning omo labor sing was put to in the printing he be WHS placed be the head.