Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-05-05
100000 GONE.
Philadelphia Banker Beats TaintOr by
100000 Without Much Trouble.
The Quaker City Ahead-A Philadelphia
Jay GOuld-A Wonderful Man.

The Quaker City Ahead-A philadelphia
! Jay GOuld-A Wonderful Man.
a PHILADELPHIA, April 80, I873.-Wal
street may congratulate itself on .ts fire.
! quent irregularities, and think in its
! egotism that bankers and bank officials
and operators outside its precincts are
too "snlall potatoes to merit notice
at its shands; and in many cases Wall
street is correct, but the details of the
irecent failure of Harrison GTambO,
banker, Of this city, throws in the shade
anything you have had in Wall street
In this line in some time, not even ex-
cepting the recent exploit Of the tainted
Taintor. MT. Harrison GFambO was
certainly ambitious; and, so far as
shreWdness at the expense Of principle
entities man to respect, so far is Mr..
GrumbO entitled to applause for
the manner in which his PLAYED
its little game. If, however, this
man congratulates himself on the pres
ent situation, with his character blasted
and his innocent wife and family made
to suffer by his operations, than he pos
sesses a nerve and effrontery unequalled
in the annals of villainy. Mr.. GrambO
began his career at the foot of the lad
der; indeed, it is said that his fathers
funeral expenses were paid some years
ago by collection taken up by the old
| gentleman's former business associates,
so reduced had the family become
pecuniarily. After the death of Che
elder Grambo, the hero of this
story engaged in a mercantile
business, but, owing to the peculiar
| ity of this method, lit was not long be-
| fore he found himself a wreck. His
next effort was in banking. He started
| out on large scale at once, and so far
as assumption and cheek could give him
! tone he had it. But the brokers of the
| city never took to him very kindly.
Philadelphia is not the place for a
| splurge, and any business man who
ever undertook this method in Philadel-
phia has, sooner or later, found himself
a dead cock in the pit. Grambo gave
sneer for sneer, and Kept on in the un-
even tenor of his way, unmindful of the
steady old burghers, who frequently
prophesied his downfall. In course Of
time he fitted up his offices in princely
style, and wondering countrymen were
frequent recipients of GrambO's cir
culars, with the interior of the banking
palace engraved thereon. The counting
house and the private offices, with
sofas and easy chairs, and all the papers
and royal ingram carpets, were therein
displayed, and people who knew nothing
Of the inside working of this wonderful
institution said Grambo was wonder
fully successful man. Confiding labor
ers, and clerks, and working women,
and farmers brought him their money to
invest, and always received the interest
promptly on time; but what of the prin-
cipal? Echo answers, what Mr.. Gram
bO's sisters were provided with a COM |
Portable home. Grambo moved into |
Walnut street, that locality so dear to |
the heart of Philadelphia respeetability; |
costly pictures adorned his walls, the |
finest viands tempted his palate, and |
Grambo went on prospering with |
other peoples money. Not content |
with possessing the finest offices, he
fitted up su1-Office in gorgeous style
in the rooms of the board of brokers, |
which was at once the envy of the
younger members and an object of saT-
casm to the older heads. The banking
palace in Wall street-Mr. Grambo's
office was also in Wall street-although
very fine, could hardly be expected to
suffice for the Philadelphia Gould, and
he began to cast his eyes around for a
more palatial building wherein he
might organize a banking-house with
out rival ON the American continent.
There is in Chestnut street, between
Eighth and Ninth streets, a very ele-
CANT marble building, formerly occu-
pied by Bailey & Co, Jewellers, and
this building the adventurous Gram
DO decided to possess He sought out
Mr.. Joseph Tobias, the owner, and made
q bargain with that gentleman. Mr..
Tobias agreed to eXpend fifteen thousand
dollars in repairs and alterations, and
Grambo decided to move in as soon as
possible. The repairs were concluded,
and Mr.. Tobias congratulated himselfo on
the possession of such adesirable tenant.
A few days ago, before Grambo was
ready to move, an ugly rumor tOuchingi
his solyency began to spread. An in
vestigati0n proved the correctness of the
rumor, and it required but two or three
days to ascertain definitely that Grambo :
had failed for seven hundred thousand '
dollars. A man to whom he was in !
iebted for gardening went into the sta .
Die one night, and there found two
furniture cars loaded with household
furniture, awaiting the flight of
'ew more hours for its removal to the
house occupied by the Grambos. A few Z
ago crowd was attracted to S
he new clearinghouse to see an iron
remove some iron work 1
hat Grambo had ordered. Two or three I
more days elapsed and the financier of {
he period found himself arrested on c
hree distinct charges of embezzlement.
Bail was furnished in each instance, but L
here are more charges pending, and
dr. Grambo, from present appearances, a
las an excellent chance of verifying in n
lis own person, the experiences of one =
Who suddenly finds himself trans
erred from a palace to a prison.
speculation, a desire to ape the habits :
nd fOllies of men who can afford to
ratify their wishes, and an overween-
ng vanity and belief in his own clever
less, seem to have been the causes of
lr. Grambo's downfall, and the moral !
f the story, though plain, will be COM
lented on for day, and men will fail ~
With other peoples money just the same
5 ever. At a hearing to-day in the a.
ase of Grambo it was announced that a p
7arrant had been issued forcing him into ?
His liabilities are seven
undred thousand dollars and his assets :
ne hundred thousand dollars. His res r
lence cost, with the furniture, one hun
red and twenty thousand dollars; but
is heavily m0rtgaged.
Cincinnati IfeIns