FINANCIAL FAILURES. Suspension of a Bank — Stock – Brokers Embarrassed.

Te Aroha News, Volume I, Issue 53, 7 June 1884, Page 3

FINANCIAL FAILURES. Suspension of a Bank — Stock - Brokers Embarrassed.

New York, May 6.— The " Post" says : The 6ußpeneion of tße Matftd National

Bank was announced a little alter 11 o'clock this morning. The immediate cause of the failure was the bank's inability to meet its debts of about $500,000 at the Clearing-house this morning, but the causes lying behind this are presumed to be the real estate operations of President James D. Fish during the last year or two. Within this timo he bought Booth's Theatre and the Casino, and has also recently been erecting a large apartment building, the Mystic, on West Thirty-ninth street. The reconstruction of Booth's Theatre [jmd the building of the Mystic have taken a great deal of ready money, which he is presumed to have borrowed from the bank. Grant and Ward, stock-brokers, announce their closing on account of the failure of the Marine Bank. The embarrassment of Grant and Ward is said, on reliable authority, to be due to the absence of one of the firm, who had not been at his place of business since Saturday. Various rumours are afloat in financial circles, respecting which Grant, the senior member of the firm, says : " 1 cannot deny or corroborate reports current. We are nearly 1500,000 short. Our safes are looked. Until we can find Mr Ward I cannot say how we stand." The firm is composed of General U. S. Grant, James D, Fish, U. S. Grant, junr., and Ferdinand Ward. Charles F. Elwell, Vice-President of the bank, said, " The trouble was all brought about by the dealings of the bank with the firm of Grant and Ward. On Monday the cashier was authorised to certify checks of Grant and Ward to the amount of $750,000, it being understood that the firm would deposit sufficient security this morning to cover the indebtedness. They failed to make the deposit this morning, and when the checks were presented at the Clearinghoufce there was nothing to meet them with in the bank. A relief movement on behalf of exPresident Grant is on foot.