The immediate cause of the Panic of 1884 was the failure of Grant and Ward and Marine National Bank of New York City. These two firms were joined closely together as James D. Fish was a partner in both. When these two major firms collapsed, it had a ripple effect across Wall Street causing many firms to fail. Another major cause was the Panic of 1873, in which many of the practices such as speculative bonds and over extension of credit to fund the construction of infrastructure. In addition, this failure undermined the confidence people had in Wall Street as it rebuilt after the events of 1873, especially after it became known that James C. Eno embezzled over $3 million and fled to Canada. Even thought the bank replenished the missing amount and avoided failure. This news as still a huge blow to any remaining good will and confidence Wall Street had and furthered the panic. Overall, the panic was mostly contained to New York but acted as a foreshadow to the Great Depression.