Marine Bank (New York, NY)

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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.

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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."

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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.

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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.

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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.

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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.

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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.

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Vanderbilt and Grant

NEW YORK, May 10.-It is pretty generally known that on Sunday last General Grant went to William H. Vanderbilt and asked him to loan him $150,000, which he said was to help the firm of Grant & Ward tide over the affairs of the Marine Bank, which he said needed a little aid. Mr. Vanderbilt loaned the money to General Grant, and on the Tuesday following both the Marine Bank and Grant & Ward failed. On Wednesday Mr. Vanderbilt had an interview with-General Grant, and asked him to explain the affair. The General had little to say. He had been asked to borrow the money for the firm, and did it in good faith. The failure was as much a surprise to him as to any one, and he felt his position keenly. He said be would make all the reparation possible, and he assigned all his property to Mr. Vanderbilt, Mrs. Grant including her Newport property. Two hours before Mr. Vanderbilt sailed for Europe to-day he sent for General Grant, handed him all the deeds that had been assigned him, and told the General he had no use for them. He also told him to pay him the $150,000 when he got good and ready; hoped the General would come out of his difficulties OK, and bade him a cordial good-by.

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THERE was considerable of a panic in New York on the 6th, caused by the fail, are of the Marine Bank of that city and the suspension of Grant & Ward, bankers and brokers. The bank had a captital of $400,000 and a surplus of $200,000. The failure of Grant & Ward was occasioned by the collapse of the bank. Jay Gould takes a hopeful view of the situation of the country, financially and commercially, and does not think the Marine Bank in New York amounted to much.

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The failure of the Marine Bank. 0 New York, which was considered one of the strongest monied institutions of that city caused considera ble excitement in Wall street on the 5th inst. Gen. Grant and his son, Ulysses, Jr., were heavy losers and it may possibly be the ireans of bringing them very near the door of poverty. Dawson, also, had a sufferer by the failure, in the person of Mr. Joe Wooten. He had deposited with this bank about $4,300. that be was using in his business, subject to demand, and was very much frightened when the report of the failure came to hand. Mr. Wooten now seems, however, tolerably confident that he will be able to recover the amount in full, as the stock-hold. ers and directors are all known as solid monied men, and the suspension having been caused by some misunderstanding of its officials Mr. Wooten feels very much relieved as he has already been offered 50cts. in the dollar for his claim. The bank will likely resume payment in 1 few days and meet all its obligations.

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Closing of a Quincy Bank

QUINCY, III., May 15.-The Union Bank, of this city. has 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 the doors of that bank yesterday is given as the cause for suspension. No statement can be obtained at present. but the officials are confident depositors will be paid in full It is stated by the officials that the bank will probably not resume business.

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-A PANIC has been caused in Wall Street, New York, by the failure of several large and heretofore reliable firms, Hatch & Foote is the name of the principal firm and it is stated that the failure of Grant & Ward and the Marine Bank is the cause of the whole trouble. As a consequence stocks are somewhat off, and it is also reported that the Chicago grain market has felt the shock. However there is no need of the people in this section of the country being alarmed, as the price of butter, eggs and beans will not be affected.

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MISCELLANEOUS

THE railways of Canada have abolished special privileges to commercial travelers. THE Bishops at the Methodist General Conference in Philadelphia give the increase in church membership for the past four years as 69,232. NUMEROUS arrests of persons supposed to be Nibilists and of artillery officers said to have been connected with the murder of General Sudeiken, are reported from St. Petersburg. THE Prefect of Police of Berlin is in receipt of letters threatening to blow up the Parliament Chambers upon Bismarck's next appearance. THE Finance Committee of the Senate has decided that the trade-dollar bill be reported adversely after another meeting of the committee. THE Vatican will shortly issue another plea for the independence of the Propaganda, and against the confiscation of the property. THE New York Produce Exchange moved into their new building on the 6th, the members marching from the old building to the New one in a drenching rain. THE Grand Orient of Italy has published a reply to the Pope's encyclical letter against secret orders. THE suspension of Dunlap. & Twaddell, jute spinners, Glasgow, with liabilities of $450,000, is announced. THE Court of Inquiry to examine into the conduct of the Fourth Regiment during the Cincinnati riots convened at Dayton on the 6th. It will be in session a week or longer. THUS far this year the total exports of domestic cottons have been 52,712 packages, against 57,986 the same time in 1879, the largest quantity in any previous year. A GENERAL strike of the stove molders in Pittsburgh and Allegheny is looked for within a few days. CONSIDERABLE of a panic was caused in New York on the 6th by the failure of the Marine Bank of that city and the suspension of Grant & Ward, bankers and brokers. The bank had a capital of $400,000 and a surplus of $200,000. The failure of Grant & Ward was occasioned by the collapse of the bank. Jay Gould takes a hopeful view of the situation of the country, financially and commercially, and does not think the Marine Bank in New York amounted to much. THE steamship Nevada, sunk in collision with the Romano, was valued at $200,000. THE Swiss Republic wants to get rid of the salvation army. N consequence of a severe hail storm, hea y damage to crops is reported near Day O. T E American Mediter no nean squadron has arrived at Tenedos. InJRING the year past donations and legaches to the American Tract Society are S given at $102,869. A NORD Gato the annual report of the 9 Lake hore Road the increase in net earnings for che year were $343,900. ] ON the 7th the Allentown Iron Works, t Philadelphia, Pa., weresold for $50,000, and buts will soon be running again. Two English railroad companies, owing to the depression in trade, have discharged ] 2,500 employes and cut down salaries ten t per cent. (

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Peace After Panic

I From the New York Morning Journal I All quiet and peacetal in Wall street, they say, Except now and then a stray broker 1: "scooped" or "Iroze out, " like some people who play A peculiarly poor game o! poker. One bank that suspended is busy again Delightfully dealing out dollars; Dejected depositors, emiling and same, Are upright and from as their collars. But what of the bank which is called the Ma. rine? Will it ever appear above water! or will it sink down and be never more seen. Likes submarine "snorter?" The clouds have rolled by and again ehines the sun, A nd bushed is the hollow-toned thunder, in suture when booms the big burst or a gun, Let the eliaby ones then stand from under

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SAN ANTONIO.

SAN ANTONIO, June 11.-[Special.]-C. H. Mallory & Co, of New York, bring garnishment suits against Berg & Bro., wool merchants and scourers of this city, to obtain possession of all rmonneys held by the latter to the credit of Grant & Ward and President Fise, of the New York Marine bank some time ago. Berg & Bros. borrowed $5,000 from Elihu Spicer, $5.000 from Ward and $5 000 from James D. Fish to aid in the construction of a wool-scouring establishment here. The money fails due in two years. There will be a reaction over it. As the matter now stands, Ward owes the Mallory company $50,000: Berg & Bro, owe Ward $5,000, and the notes for the whole amount have been turned over to the receiver of the Marine bank as assets of James D. Pish.

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LATER

OVER fifty arrests have been made of parties supposed to be implicated in the Lizzie Bradley outrage in the camp on the Monongahela River near Pittsburgh recently. "One gang of thirty-two laborers employed on the Baltimore & Ohio Road, were arrested on the 26th; also George Helton and Robert Grimes, of West Elizabeth, Pa. A portion of Miss Bradley's jewelry was found in Helton's possession. The parties will have a hearing August 1. A CYCLONE visited Cimarron station, eighteen miles from Dodge City, Kan., on the night of the 26th, demolishing about a dozen houses, including a dry goods store and livery stable. Mrs. Barton and her child were seriously hurt and several other persons received painful injuries. DURING a severe thunder storm at Ulverstone, near Lancaster, England, on the 26th, a gunpowder factory was struck by lightning. Aterrific explosion followed, completely wrecking the building and killing three persons, the only occupants of the building at the time. RECEIVER JOHNSON, of the New York Marine Bank, on the 26th began the payment of a fifteen per cent. dividend. Three hundred depositors were paid $400,000. The total amount of the dividend will be $600,000. OFFICER McLAUGHLIN, of the Minneapolis (Minn.) police, was fatally shot by three roughs named Tony Carteney, Mark German and James Parker, whom he was endeavoring to arrest on the 26th. The prisoners escaped but were afterward arrested and jailed. Lynching was threatened. JUDGE ADVOCATE GENERAL SWAIM has been suspended from duty pending his trial by court martial. It is now thought when the trial comes off he will be called upon to answer charges of embezzlement in connection with the disposition of money raised for the Garfield Monument fund. Colonel Lieber, assistant Judge Advocate General bas been ordered to act as Judge Advocate General during General Swaim's suspension. SILAS HUDSON, James Podgett and Arthur Page, young men, are under arrest for placing logs on the track of the Richmond & Allegheny road at Lynchburg, Va., a few days ago. A STORM in Eau Claire County, Wis., on the 26th damaged crops and buildings to the extent of $20,000. Hail stones fell which are alleged to have measured six and eight inches in diameter. 1 JUAN C. BACKA, of Las Vegas, New Mexico, representing himself as a millionaire cattle dealer, fell among thieves at Cincinnati on the 26th and was drugged, beaten and robbed of money and checks valued at $13,000. THE first case against the liquor dealers under the Scott law was decided in a justice court at Cincinnati on the 26th in favor of the County Treasurer.

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Mr. J. W. Wooten, of this city, has just received notice from the Receiver of the New York Marine Bank, which suspended some months ago and in which Mr. Wooten had a deposit of about $4,500 that he was ready to another dividend declare cent. ten Mr. of per Wooten thinks that he will recover all that he had on deposit.

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FERDINAND WARD INDICTED

A Charge of Grand Larceny Brought Against Him. NEW YORK, June 3.-The indictment found to-day against FerdinandWard charges him with grand larceny in the first degree in carrying away from the Marine bank a short time before its suspension a bag containing a million and a half dollars worth of bonds. Ward was to have been arraigned to-day, but his counsel not being ready, the case went over. It is understood that the reason for the delay in having Ward indicted was because the district attorney had not been able to get a copy of Mr. Fish's testimony which was given in his trial before the United States circuit court criminal branch.

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-THE receiver of the New York Marine Bank thinks that Ferdinand Ward has hidden away about $1,000,000.

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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.

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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.

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The Warner Examination, 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, a book-keeper in the First National Bank, and Nathan D. Daboll.

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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.

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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.