Marine National Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1215
Charter Number: 1215
Start Date: June 22, 1877
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e7eaf09e

Response Measures

None

Receivership Details

Depositor recovery rate: 83.5%
Date receivership started: 1884-05-13
Date receivership terminated: 1899-09-30
OCC cause of failure: Fraud
Share of assets assessed as good: 59.4%
Share of assets assessed as doubtful: 13.9%
Share of assets assessed as worthless: 26.7%

Description

Article (1877-06-22) records appointment of a receiver (Spencer C. Mustin) for Marine National Bank. No article describes a depositor run; failure appears linked to losses from the Grant & Ward/Grant & Ward-related transactions (bank-specific adverse information). By 1885 the Commercial Bank had opened on the site of the old Marine National Bank, indicating permanent closure and winding up under receivership. Dates taken from article publication and internal references.

Events (5)

1. June 3, 1865 Chartered

Source: historical_nic

2. June 22, 1877 Receivership

Newspaper Excerpt: Marine National Bank V8. Losee.-Spencer C. Mustin appointed receiver.
Source: newspapers

3. June 22, 1877 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Losses and entanglement with Grant & Ward affairs and related transactions by directors leading to insolvency and appointment of a receiver.
Newspaper Excerpt: MARINE COURT CHAMBEB3. By Judge Goepp. Marine National Bank V8. Losee.-Spencer C. Mustin appointed receiver.
Source: newspapers

4. May 13, 1884 Receivership

Source: historical_nic

5. July 1, 1885 Other

Newspaper Excerpt: On July 1 last the Commercial Bank opened its doors on the site of the old Marine National Bank.
Source: newspapers

Newspaper Articles (2)

1. June 22, 1877 The New York Herald New York, NY

Article from The New York Herald, June 22, 1877

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Article Text

Carroll; Mein vs. Babcock; Devlin vs. Devlin; in the matter of Millard; Stratton vs. Dingeo; Lyon vs. Fiyun; O:well vs. Casey; Darming vs. Darming; in the matter of Derby; Manning vs. Righter; Bradley vs. McLaughlin.-Grante.L. Van Stein vs. Levy. depositing $75 to pay costs on appeal motion granted. Peel vs. Peet.- want to see counsel. Clement vs. Slattery; Coklay vs. Gotz and others.Motions granted. Memorandum. Callahan vs. Anderson.-Discharged. Hannity vs. Banfield.--Granted. Memorandum. Sterne VS. White.-Receiver appointed. Knowlton VS. Kimball.-What question is submitted? Dodge vs. Herbell; Thayer vs. Bassett.-Motions granted. Conklin VS. Lewis-Motion denied. Conkling vs. Secor Sewing Machine Company.-Mo. tion granted. Victory Webb Printing and Folding Company vs. Beecker.-Dented. National Shoe and Leather Bank vs. Herz-Party has the right to an order for commission, but it must be without stay as there has been great laches. SUPREME COURT-SPECIAL TERM. By Judge Van Vorsi. Fowler vs. Mehrbach. -A copy of the brief of the attorney for defendant Knapp should be served on the plaintin's attorney, that he may answer the same. Denny VS. Lester and others. -Judgmout for plaintiff. Opinion. By Judge Donohue. Watson vs. Kerwin.-Judgment for plaintiff. Opinion. The Mayor, &a. vs. Goodman and others.-Signed. Nichols vs. Nussbaum and others.-Findings and decree signed. SUPERIOR COURT-SPECIAL TERM. By Judge Sanford. Davis vs. Bodmer.-A order of arrest is not usually 111 cases of this description unless 16 appears is reason to apprehend the that granted there defendant's ot holding departure from thejurisdiction. The object to bail is merely to secure his amenability to final process. Hussey vs. Park.-Motion granted. See memorandum indorsed on printer's complaint. Goetzel vs. Lynch.-Order disturesing plaintiffs complaint. In the matter of the petition of Goldbacher &c.Order appointing Joseph Goldbacher guardian ad Item of intant defendants. Conover et al. vs. Conover, &c.-Order modifying orders of March 28, May 29 and the 11th of June, 1877. Rubert vs. The Reliei Fire Insurance Company; Joyusen vs. Richards et al.; Miller vs. Miller: Lovejoy vs. McKesson et al.; More vs. McManus; Vohlin vs. Maas; The National Trust Company vs. Roberts et al.; Reuth vs. Stanley; Haden vs. Coleman; Euslie V8. Ferdinand et al.: Goetzel vs. Lyuch; Atherion vs. Hennessy; Adains vs. Welsh et al. ; Kelly vs. Brew-. ster; Powers vs. The Mayor, &c.; Wolf VA. The Mayor, &c.-Orders granted. COMMON PLEAS-SPECIAL TERM. By Judge Van Hoesen. Dongan vs. Meyer.-Mot denied without costs Gearty vs. Dynan; Hume vs. Hondrickson.-References ordered. MARINE COURT CHAMBEB3. By Judge Goepp. Marine National Bank V8. Losee.-Spencer C. Mustin appointed receiver. Schroeder vs. Watson.-Motion granted. Cause must be put on the calendar or the complaint will be dismissed. Spoflord vs. Boinay; Disbrow vs. The National Bur. glar and Theit Insurance Company.-Motions granted. Erckhard vs. Green.-Motion granted as per order. The Board of Commissioners of Pilots vs. Dibbell; Berliner vs. Bernstein.-Motions granted as per indorsements on papers. Schoudorf VS. Mebihopt.--M to vacate order of arrest granted. Murphy vs. Fettrecht.-Motton for judgment on demurrer granted. Clailin VA. Farnuam; Jost vs. Couner; Wencke vs. Bach; Yaenke vs. Hiker; Fisher vs. Steilel; Humvs. Life Association of America; Reimond vs. Morris vs. Lurge; vs. vs. vs. granted. Eble mell Bliss; Goldstein; Newton Cantield The Boyle.-Orders Mayor, &c.; Wilson vs. Morris.-Denied with $10 costs, unless plaintiff, within ton days from service of this order. pay defendant's attorney $10 costs 01 this motion and files bond 111 $230, with two sureties to be approved on justification. &c. See papers.

2. October 14, 1885 New-York Tribune New York, NY

Article from New-York Tribune, October 14, 1885

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Article Text

WARD, GRACE, TOBEY, AND JOHNSTON. THE MARINE BANK AND THE COMMERCIAL BANKRESPONSIBILITY FOR LOSSES. Ferdinand Ward has given himself over to another outburstagainstthose who were more or less intimately associated in his remarkable business ventures. A good part of his last effort embraces his compliments to W. L. Grace. Eighteen months ago, in the MorrisGrant litigation, Ward swore that E. H. Tobey, the cash1er of W. R. Grace & Co., had taken a hand in the profits and had acted at least in behalf of E. G. Tobey, his brother, a member of the Produce Exchange. Mr. Grace has stated that E. H. Tobey grow so rich in his private business and developed such interests in his own behalf that he left the firm of W. R. Grace & Co. A diligent search for E. H. Tobey made by a 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. 361 Produce Exchange and has not been seen there since. E. G. Tobey saye that his brother is out of town on business. On Thursday last an acquaintance of E. H. Tobey saw him on a ferryboat bound for Brooklyn, and it is said that the excashier is to be found in that city. E. G. Tobey says he does not know where his brother is. He said to a TRIBUNE reportera few daysago that had found silence a good rôle to play, and he was inclined to keep it up. A gentleman acquainted with the history of E. H. Tobey says that Mr. Tobey was a clerk in the Windsor Hotel in this city a few years ago. The relations of W. R. Grace to the Marine Bank have been a subject of much discussion of late, as well as his attitude toward Mr. Tobey. Mr. Grace has a partner, Mr. Flint, who is a director in the Bank of the Republic. Another director there is Walter S. Jobuston, once of Philadelphia, but sent here by the United States Government to act as receiver of the Marine National Bank. Mr. Johnston was appointed in 1877 receiver of the National State Bank of Missouri. The cashier of that bank, according to his own statement made yesterday to a TRIBUNE reporter, was E. P. Curtis. Mr. Curtis further said: remained with Mr. Johnston until 1884, when Edgar Welles, the son of Gideon Welles, succeeded Mr. Johnston 68 receiver of the National State Bank of Missouri. 1 am now the cashier of W. R. Grace & Co." On July 1 last the Commercial Bank opened its doors on the site of the old Marine National Bank. Its directors are James E. Ward, Michael P. Grace, Edward B. Bartlett, Isaac Rosenwald, J. D. Kirtz Crook, Allen S. Swan, H. L. Horton, Kenneth M. Murchison, Michael W. Wall, William Brookfield, Orson Adams and W. W. Flannagan. Mr. Adams 18 the president and Mr. Flannagan is the cashier One of the officers said to a TRIBUNE reporter: 'Mr. Johnston is not at all intereated in this bank. [Mr. Johnston, as receiver of the Marine Bank, has au office two floors above.] I understand that Mr. Curtis became cashier of W. R. Grace & Co. through Mr. Johnston's influence." So far as is known Mr. Johnston has instituted BO suit against the directors of the Marine Bank to recover the sums which that corporation is said to have lost through the relations of the directors to the Grant & Ward bustness. A creditor of Grant & Ward said yesterday: "Mr. Grace was a director of the Marine Bank at a time when the contract business was going on: 80 was J. Nelson Tappan 80 was Ward. It is an interesting question of law whether the frrm of W. R. Grace & Co. is not responsible for the losses of the Marine Bank through the transactions of W. R. Grace and his company in the Grant & Ward business it 18 also an equally interesting question whether the "directors of the bank by their transactions have not made the bank a virtual partier in the transactions 01 Grant & Ward by participating in the profits or losses of this firm."