Marine Bank - New York, NY

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: e6b397ef

Response Measures

None

Description

Article links the collapse of Grant & Ward to the wrecking/failure of the Marine Bank in New York. The text does not describe a depositor run or a temporary suspension/reopening; it reports the bank was 'wrecked' (failure). Cause appears to be bank-specific adverse information (large overdraft/exposure to Grant & Ward). No precise date given in the excerpt (newspaper is Feb 17, 1899) so event date is left null.

Events (2)

1. * Other

Newspaper Excerpt: He had received notice from the Marine bank that the account of Grant & Ward had been overdrawn to the extent of from $500,000 to $750,000.
Source: newspapers

2. * Receivership

Newspaper Excerpt: Before the farmers reached home the firm of Grant & Ward had failed, the Marine bank had been wrecked and Wall street ... was shaken to its foundations with panic.-Gallatin, in New York Press.
Source: newspapers

Newspaper Articles (1)

1. February 17, 1899 Kansas Agitator Garnett, Greeley, Topeka, KS

Article from Kansas Agitator, February 17, 1899

Click image to open full size in new tab

Article Text

# A WALL STREET SCENE ex-president of the United States was the wonder of the nation, sat alone in his office. Banking hours were over. He had received notice from the Marine bank that the account of Grant & Ward had been overdrawn to the extent of from $500,000 to $750,000, and in the solitude of his poor, barren castle he was scheming to discount a cark and forbidding future. "Gentleman to see you, sir," said a boy, peeping in. "Who is he? What his name? What is the nature of his business?" said the doomed Napoleon, still clinging to the formula. "Mr. Alling Johnson," said the boy. Ward smiled. "Show him in, but say that I am very busy." His head was buried among papers and accounts when the farmer entered. "Awfully glad to see you, Mr. Johnson," he said, nodding indifferently as he pretended to be looking for a lost memorandum. "General's just gone-as usual when you are here. What can I do for you? Sorry I have a pressing engagement and can give you but a few minutes. Been a fear-fully active day. You see I am working over hours." "Mr. Ward, I know you are a very busy man, so I won't keep you long. I've just come to town to ask you and the gineral if you could make an exception in my favor about that syndicate business with the government contracts. Can't you let me in for $20,000 less than the limit set?" The farmer was actually pleading. Ward hesitated. "And what more I'd like to know," continued Mr. Johnson, "is if it makes any difference to you and the gineral if I don't put up all the $180,000 myself, but collect it among my friends." Still Ward hesitated, slowly shaking his head. "You've got me in a tight place, Mr. Johnson," he said, finally. "The negotiations are about closed, and there is not a single interest but exceeds $200.000. I dare say the entire business will be wound up before 5 o'clock, and that hour is close at hand. It would require a prompt cash-" "Here it is," interrupted the Cattaraugus man. "Me and the rest of the boys fetched it along." He jerked his thumb in the direction of the door. "They are outside. Can't you let 'em in? All neighbor o' mine, and mighty good boys. They chipped in what they had against my check-the certified one you gave me and we are all on the make." He laughed as his mind conjured up great profits. "Show the gentlemen in," said Ward to the clerk who sprang in to the sudden alarm of the bell. Mr. Johnson began counting out his money. Introductions were briefly made, chairs were brought and the five sat down. Ward became jocular. His wit was a revelation. His eyes had already dwelt upon the comfortable roll of notes, the sight warming the cockles of his heart. "This is what did the business," said Mr. Johnson, holding up his certified check, much worn. "When I showed it to the boys they forked over all they had. Haw, haw, ha, ha, he! Whoones!" He had exhibited it among his neighbors, calling particular attention to the certification, the amount of profits in ten weeks, and, the strongest card of all, the signature of General Ulysses S. Grant. The general's name was like a certificate of eternal salvation. To join a syndicate with him was an indorsement stronger than the safe deposit vaults of the clearing house. With the money actually in hand Ward expeditiously disposed of his visitors. Receipts were given to them individually for each's share of the $180,00, after which they shook hands several times apiece with their "benefactor" and departed with many expressions of good will. "Drop in when you happen to be in town and see how things are going," was Ward's cheerful valediction. Before the farmers reached home the firm of Grant & Ward had failed, the Marine bank had been wrecked and Wall street, the charnel house of hope, was shaken to its foundations with panic.-Gallatin, in New York Press.